Imperium Crown gets 3.05b yen offer for two Tokyo properties

Imperium Crown Limited said it has received letters of intent for the remaining two of its properties in Tokyo, Japan, for 3.05 billion yen (S$38.6 million).

These properties are Green Forest Itabashi, comprising a 1,221.67 sq m leasehold land and an 11-storey

retail-cum-apartment building; and Hatchobori Place, a six-storey retail-cum-office building and 579.98 sq m land on which the building sits.

Imperium Crown's Japanese portfolio consists of five properties in Tokyo. The group had earlier received letters of intent for three other properties for S$41.8 million. On April 7, it signed a sale and purchase agreement for one of the three properties for S$19.3 million.

The planned sale of its Japanese property portfolio is aimed at strengthening the group's cash and financial position to embark on its proposed business plans in the coming years.

Imperium Crown has, in recent months, set its sights on Australia and China as potential growth markets and is exploring opportunities to enter these markets.

Group executive chairman and CEO Wan Jinn Woei said that the group has been approached by interested investors seeking to partner the company on potential projects.

"The company and the Board will carefully evaluate these opportunities and look into partnerships that can bring to fruition the company's long-term growth strategies," he added.

Imperium Crown had in February entered into a conditional sale and purchase agreement with Lionbridge Asset Management Limited to acquire Development West Pty Ltd, which owns a 27 per cent interest in Richardson Trust, the developer of a commercial and residential complex in South Perth.

In the same month, it entered into another sale and purchase agreement with Fortsmith Investments to acquire a 27 per cent interest in Global Entertainment Media (GEM). It is currently conducting due diligence on this proposed deal.

GEM, through its subsidiaries, holds a 40-year operating right to Wonder Stone Park, a historical park showcasing natural stone boulders and rocks in Shandong, and owns a hotel within Wonder Stone Park.

Imperium Crown shares closed 0.1 Singapore cent lower at S$0.069 on Tuesday.

Lynette Khoo

12 April 2017