Croesus Retail Trust unit sells stake in Japan mall for 20.8b yen

Croesus Retail Trust is selling its stake in Japanese shopping mall - Croesus Shinsaibashi - for 20.8 billion yen (S$251.9 million).
Croesus Retail Trust is selling its stake in Japanese shopping mall - Croesus Shinsaibashi - for 20.8 billion yen (S$251.9 million).PHOTO: CROESUS RETAIL TRUST

SINGAPORE - Croesus Retail Trust's trustee-manager said on Monday (April 22) that Mangosteen TMK, in which the trust indirectly holds 49 per cent of the preferred shares and 27.27 per cent of specific shares, has sold its entire interest in a Japanese shopping mall - Croesus Shinsaibashi - for 20.8 billion yen (S$251.9 million).

The sale price was arrived at on a willing-buyer and willing-seller basis, taking into account the valuation of the property, trustee-manager Croesus Retail Asset Management said.

The sale represents part of Croesus Retail Trust's ongoing strategy to streamline its operations.

None of the trust's directors has any interest, direct or indirect, in the disposal.