IPC

IPC: has entered into an agreement to purchase a business hotel in Naha, Okinawa, in Japan, with expected completion by Jul '13. The hotel is currently being operated under the name of Okinawa Port Hotel – a 10-storey building, has 193 guest rooms. The acquisition cost cannot be disclosed as there is a non-disclosure agreement signed with the seller. The purchase will be partially funded by bank borrowings. The Okinawa Hotel shall be leased to Nest HOTEL Japan Corporation (NHJ) with a fixed term till 30 June 2018. IPC, with its portfolio of 8 business hotels in Japan, has been amongst the top actives of late, riding on the Japan cap rate compression theme, and improved Japan property /Reit sentiment arising from the fresh debut of Croesus Retail Trust on Friday. IPC is +4.6% at $0.159.