According to the company, the divestment is in line with its strategy to recycle capital to unlock its long-term property values. The proceeds will allow Thakral to “explore fresh opportunities”.
“The sale of the hotel property came at the right time given the strong tailwinds for the property market in Osaka. The exit is part of our capital recycling efforts to unlock value. We are looking to redeploy the capital into higher-yielding investments and our group’s working capital needs,” says Inderbethal Singh Thakral, Thakral’s group CEO and executive director.
In its statement, the group also revealed that it is in the process of offloading two office buildings in Osaka. They are expected to be put on sale by late September 2023.
Shares in Thakral closed flat at 59 cents on Aug 28.
