Kenedix Real Estate Fund Management, Inc Sells KDX Hon-Atsugi Building
March 1, 2021 – Kenedix Real Estate Fund Management, Inc. announced that it has decided to sell KDX Hon-Atsugi Building for an anticipated sell price of 935 million yen (US$8.8 million).
The Investment Corporation said the sale will is part of the company’s portfolio’s enhancement by arranging a reshuffle and sales of properties before potential deterioration in asset profitability.
The Property is an office building which is approximately 25 years in age and is relatively small in comparison to other portfolio properties. The decline in profitability is due to an increase in operating expenses (e.g., repairs), and a stagnant occupancy rate; therefore, the Investment Corporation has decided to sell the Property with an aim to improve the profitability of the portfolio.
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