14 Mar '11, 3am

S'pore companies report damage to Japan assets after quake, tsunami

S'pore companies report damage to Japan assets after quake, tsunami

SINGAPORE: Global Logistic Properties announced on Monday that after further assessment, it has estimated that the damage to its total portfolio of properties in Japan will cost it US$38.8 million. That is less than the US$47.5 million originally anticipated. The total estimated cost is around 0.6 per cent of the portfolio value of GLP in Japan. The company said in a statement that it will however maintain the estimated US$10.8 million loss of rental income. Meanwhile, Saizen Real Estate Investment Trust said it has been able to contact all its local property managers in Sendai, Koriyama and Morioka, and all staff are accounted for. In a statement to the SGX, however, the company said the property managers have not yet been able to reach and assess the conditions of all Saizen REIT's properties in those cities as they are restricted by safety concerns and hampered by diffi...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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