Japanese developer Tokyo Tatemono has agreed to sell a 22.5 percent interest in two office towers in Tokyo to Japan Prime Realty Investment Corp. for ¥32.8 billion ($207.4 million), according to Mingtiandi.
The properties, JA Building and Keidanren Kaikan, are located in Otemachi, a business district near Tokyo Station.
Japan Prime Realty Investment Corp. is a Tokyo Stock Exchange–listed real estate investment trust sponsored by Tokyo Tatemono.
The interest was appraised at ¥36.1 billion ($228 million) by Japan Valuers and has a net operating income yield of 3.3 percent, according to the REIT’s manager.
