Thakral Corporation has completed the divestment of its commercial building Yotsubashi Nakano Building in Osaka, Japan for 5.3 billion yen ($46 million).
Through the 57% effective ownership that the company has in Thakral Japan Properties (TJP) under which this investment was made, the divestment has unlocked about $6.4 million in cash flow and generated a one-off attributable profit of about $2 million.
Thakral says that proceeds will be channeled to bolster working capital and support the group’s plan to redeploy funds into opportunities that enhance earnings and drive future growth.
The Yotsubashi Nakano Building, located along Yotsubashi-suji, one of Osaka’s prime commercial districts, was one of the group’s first two property acquisitions in the fourth quarter of 2014.
The asset has nine storeys with a land area of 806 square metres and gross floor area of 7,925 square metres. As of 1H2025, the property maintained a 100% occupancy rate.
Thakral Corporation, together with other investors in TJP, bought back about 11% of TJP shares from a minority shareholder, raising its effective stake in TJP to 56.96%.
See also: GKE renews lease of property with JTC, to deploy funds raised from recent placement
Thakral Corporation will continue to maintain substantial exposure to the Osaka office market through its remaining five offices and one hotel property.
Shares in Thakral Corporation closed 1 cent higher or 0.625% up at $1.61 on Sept 30.
