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19 Oct 2011 10:07
19 October 2011
Japan Residential Investment Company Limited ("the Company")
Portfolio Occupancy
Japan Residential Investment Company Limited (AIM: JRIC) is a closed-ended Guernsey registered company established to make and hold investments in residential property in Japan. The Company, its subsidiaries and entities in which it has a beneficial interest are referred to collectively as "the Fund".
Portfolio occupancy for the ten months ending 30 September 2011 increased to 95.0% from an average of 91.9% over the same period one year prior. The occupancy rate was 93.9% at the end of September, down from 94.8% on the same date one year prior. The decline follows the cancellation of leases for 12 residential units by the Fund's second largest tenant, a subsidiary of a major Japanese automotive manufacturer. Located in Granduke Suzuka near Nagoya, these units represent 0.5% of the total net leasable area of the Fund. Average occupancy for the 12 months ended 30 September 2011 increased to 95.0% from 91.8% for the 12 months ended 30 September 2010.
Enquiries:
Praxis Fund Services Limited Fund Administrator
| Shona Darling | +44 (0)1481 737600 |
Smith & Williamson Corporate Finance Limited Nominated Adviser
| Azhic Basirov David Jones | +44 (0)20 7131 4000 |
Fairfax I.S. PLC Joint Broker
| John Korwin-Szymanowski Gillian McCarthy | +44 (0)20 7460 4376 |
Westhouse Securities Limited Joint Broker
| Alastair Moreton Hannah Young
| +44 (0)20 7601 6100 |
K.K. Halifax Asset Management Investment Adviser
| Alec Menikoff | +81 (0)3 5563 8771 |
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