Babcock & Brown Japan Property Trust, an investment trust based in Sydney, sold its stake in a Tokyo property at an 18 per cent discount to the most recent valuation.
Babcock & Brown sold its 39 per cent stake in an office in Tokyo's Shinjuku district for 11 billion, thetrust said in a statement to the Australian Stock Exchange on Thursday.
Babcock & Brown bought the asset for 8.26 billion in March 2005, and net proceeds to the trust will total about 6 billion.
