JAPAN RESIDENT. INV. : Acquisition of Property

30 January 2014

Japan Residential Investment Company Limited

(the "Company")

Acquisition of Property

Japan Residential Investment Company Limited (AIM: JRIC) is a closed-ended Guernsey registered company established to make and hold investments in residential property in Japan. The Company, its subsidiaries and entities in which it has a beneficial interest are referred to collectively as the "Fund".
The Fund acquired Regalia Toritsudai Residence (the "Property") on 30 January 2014 in an all-cash transaction. Constructed in 2007, the 23-unit apartment building has 1,044 square meters of leasable area. The Property has an estimated prospective net operating yield of 5.1% against the purchase price of ¥702 million (£4.12 million), excluding tax and other acquisition costs. The Property was externally appraised at
¥707 million (£4.15 million).
The Toritsudai neighborhood is highly sought after due to the attractive environment and amenities which include restaurants and shops. The Property is a 9 minute walk from Toritsudaigaku station which provides direct access within 9 minutes to Shibuya station in the Shibuya business and leisure district.
Alec Menikoff, Managing Director, Halifax Asset Management said, "With its modern design and popular location, this acquisition represents a quality enhancing addition to the portfolio while increasing the Tokyo allocation in accordance with Fund strategy." The Fund's Investment Adviser continues to progress a strong pipeline of quality residential assets with a view toward achieving full investment of the recent capital raise proceeds in the near term.
Note: Sterling denominated purchase price value is based on an exchange rate of ¥170.49/£1.

Enquiries

KK Halifax Management Limited

Manager

Edward Barrow [phone]

KK Halifax Asset Management

Investment Adviser

Alec Menikoff [phone]

Smith & Williamson Corporate Finance Limited

Nominated Adviser

Azhic Basirov

David Jones

[phone]

Jefferies Hoare Govett

Joint Broker

Sara Hale

Simon Hampton

[phone]

Liberum

Joint Broker

Richard Bootle [phone]