Zhitong Financial App News, SIS INT'L (00529) announced that on September 28, 2023, the buyer (JP20Assets KK, the company's indirect wholly-owned subsidiary) intends to acquire the target property in Japan from the seller (the bankruptcy administrator of AWH Co., Ltd.) for a total consideration of 725 million yen.
The target property is located at the Tamajima Hotel, 186 Neipu Chong Temple, Makazu City, Shizuka Prefecture, Japan (including buildings, furniture and equipment, leased land use rights, works of art, shipping rights and trademarks), with 60 rooms, restaurants and banquet halls.
The acquisition is in line with the Group's investment strategy in real estate that provides income and has the potential for long-term asset appreciation. The acquisition provides an opportunity to expand the Group's hotel business portfolio. The board believes that Japan has reopened after the epidemic, that the hotel and tourism industry is recovering and that the acquisition will have a positive impact on the future development of the group.