Roxy-Pacific Holdings has entered into a joint venture called Nigella SG to acquire a retail building in Ginza, Chuo-ku, in Tokyo, Japan, for 6 billion yen, or around S$75.73 million, the Singapore-listed property company said in a filing to SGX Thursday.
Under the deal, Roxy-Pacific’s wholly owned subsidiary RPV Two acquired 1.10 million shares of Nigella SG, or a 53.07 percent stake, for 1.10 billion yen, the filing said.
Joint venture partner TE2 Development will hold 25 percent of Nigella SG, and 21.93 percent will be held by other individual investors, the filing said.
Roxy-Pacific said the cost of the Nigella SG stake and the property acquisition will be financed via internal funds and bank borrowings.
Roxy-Pacific said it classified Nigella SG as an associate.
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