(S$1.75) Monetizing its Japan hotel assets, the group announced that it was disposing seven hotels in Japan to GK Nishi Nihon and GK Shinsaibashi Jisho for ¥14.94b ($172.2m).
Based on the group’s FY14 accounts, the aggregate book value of the seven hotels is ¥10.36b ($119.4m), and the proposed disposal is expected to result in a net gain of ¥2.7b ($31.1m) or $0.365 per share.
This will enable IPC to unlock the value of the seven hotels acquired and held through the last few years.
Following completion, the board intends to distribute the net proceeds from the proposed disposal to shareholders by way of a capital reduction exercise.
IPC is currently trading at a 38.5% discount to its post sale NAV of $2.845 per share.
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