Japan-listed office REIT Kenedix Office Investment Corporation is divesting its stake in its asset known as Shinjuku Sanei Building.

The asset is a 15-storey office tower featuring two basement levels with retail spaces .

The property is 100% occupied by 31 tenants, and it generates a rent of JPY74,925,000 monthly.

The REIT’s stake in the asset is being divested for JPY1,150 million, which is significantly above the appraised book value of JPY538 million.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.