Galileo Japan Funds Management Limited (“GJFML”), as responsible entity of Galileo Japan Trust (ASX: GJT) provides the following update on the sale of the Japanese property portfolio.
GJFML was informed late Friday by Galileo Japan KK that the sale of the Japanese property portfolio had completed and the majority of the Japanese yen net sale proceeds were available for conversion into Australian dollars.
On confirmation of the sale completing, GJFML entered into a foreign exchange trade to convert ¥21.5 billion Japanese yen into Australian dollars. The actual exchange rate for this trade was A$1 = ¥78.08, which resulted in approximately A$275.4 million ($2.61 per unit). This trade significantly reduces the FX related volatility for the amount available for the special distributions payable to GJT unit holders.
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