Croesus Singapore buys Fukuoka mall
Singapore’s Croesus Retail Trust has bought Torius Property in Fukuoka Prefecture, Japan, for JPY 7,997 million (S$95.2 million).
Torius, comprising 36 separate retail buildings, will be Croesus Singapore’s eighth Japanese property and marks its first foray into Kyushu Island. It is the fourth property to be bought by the trust since its IPO in May 2013.
One of the largest properties in Fukuoka Prefecture with a diverse and unique tenant mix, Torius has a yield of 7.8 per cent.
The deal will be funded by a rights issue.
Torius is a large-scale suburban retail mall located in the satellite town of Hisayama-machi of Kasuya-gun, which is approximately 13 km from central Fukuoka City in Fukuoka Prefecture, on Japan’s Kyushu Island. The property occupies a land area of 257,173 sqm and has a net lettable area of 77,032 sqm. Torius Property is situated on leasehold land, with the leasehold interest in respect of the main parcel of land on which Torius Property is sited (comprising a land area of 205,543 sqm) expiring in February 2060.