Hinokiya Holdings Co., Ltd. (NSE:1413) signed a share transfer contract to acquire Rescohouse Corporation from GEOSTR Corporation (TSE:5282) for ¥700 million in cash on February 8, 2016. Hinokiya Holdings will acquire 0.7 million shares of Rescohouse. In a related transaction, Hinokiya Holdings Co., Ltd. signed a land purchase and sale contract to acquire a property at Inashiki-shi, Ibaraki from GEOSTR Corporation for ¥185 million in cash on February 8, 2016.

Rescohouse Corporation reported net assets of ¥256 million, total assets of ¥1.66 billion, sales of ¥4.66 billion, operating loss of ¥176 million and net loss of ¥155 million as of March, 2015. The deal was resolved by the Board of Directors of GEOSTR on February 8, 2016. The deal is expected to close on March 9, 2016.