ANN out, could of been much worse I suppose, by my calculations it is only $55K AUD in repairs.
Rubicon Japan Trust (ASX: RJT) – Japanese Earthquake Update Further to RJT’s announcement on 16 June 2008, in relation to the effect of the recent earthquake with a magnitude of 7.2 in Sendai, an assessment of the safety of the buildings by technical teams of the Property Manager, Sanko Estate (Sanko) has been completed. Sanko have confirmed that the damage to the buildings “is not in a state that requires the owner to close the buildings for tenant entry”. Further, Sanko has assessed that the damage for each building is as follows: • for Shin Heiwa, the damage is cosmetic in nature and principally contained within the common areas and stairwell. It does not require immediate attention and tenants’ amenity to the building is unaffected by the damage. • for Sendai Matsumura, the structural damage does not affect the integrity of the building and relates to damage in the expansion joints. The estimated repair cost of this damage is ¥4.5 million. Further, additional damage such as cracks in internal walls and door frames will cost an additional ¥1.0 million to repair. Both issues require immediate attention and will take approximately one to two months to complete. Tenants’ amenity to this building is also unaffected by the damage. The total estimated cost of repairs represents 0.11% of the current value(1) of the two Sendai office assets. In addition, these assets currently represent approximately 4.3% of RJT real estate assets by value(1).
RJT Price at posting:
0.0¢ Sentiment: None Disclosure: Held
