Hotel Properties inks JV with Japan real estate firm to invest in hotel, condominium.
HOTEL Properties Limited announced on Thursday that it has entered into a joint-venture agreement with Japanese real estate firm Tokyo Tatemono Co to acquire a 75 per cent stake in a new hotel and a 25 per cent co-ownership interest in up to 450 condominium units for approximately 20.85 billion yen altogether .
Both the hotel and the condominium components will be developed under a proposed 50-storey mixed development project with a total gross floor area of about 80,000 square metres located on a freehold site in Dojima 2-chome, Osaka City, Japan.Subject to the granting of planning approval for the redevelopment of the Dojima site, the construction of the project is expected to take about four to 4½ years.
Hotel Properties said that the investments will be funded by a combination of internal funds and external bank financing. The JV is not expected to have a material impact on the consolidated net earnings per share and consolidated net tangible assets per share of the group based on its audited consolidated financial statements for the financial year ended Dec 31, 2018.
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