Japan Residential mulls offer

Japan Residential Investment Company, the Aim-listed fund invested in Japanese homes, yesterday said it was mulling selling fund assets after being approached by a listed buyer. The company, which has a portfolio of 2,200 homes in Tokyo, Osaka, Nagoya, said it had been approached by a firm to buy assets and was reviewing the proposal. The fund, which has its biggest holding in Tokyo’s Spacia Akihabara complex, reported a small increase in net asset value for the fund to 71.5p a share for the end of August compared to 71.2p a share at the end of November 2011. It also said occupancy rates had surged 1.5 per cent year on year at the end of September, leading to a 95.5 per cent occupancy rate at the end of the month.