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Hulic REIT buys seven properties for ¥47 billion

by Andrea Waitrovich

Tokyo-based Hulic REIT has acquired seven properties in Japan for ¥47 billion ($438.56 million) from various sellers. The portfolio consists of two office properties, two retail assets and three network centers.

Hulic REIT acquired a 13 percent interest in the Ochanomizu Sola City in Tokyo. The Hulic Co. will retain the remaining interests. As of August 2014, the property has an appraisal value of ¥23.01 billion ($214.71 million). The 1.06 million-square-foot complex is 91.4 percent occupied with 26 tenants. It has retail and office space with 248 parking spaces. The main tenant is the Nippon Paper Industries Co.

The second highest asset was the Chiba Network Center, a telecommunications buildings leased to SoftBank Telecom Corp. As of August 2014, the property has an appraisal value of ¥7.09 billion ($66.2 million). The seller was the Godo Kaisha NC2 Funding.

The other office is the eight-story Higashi Ueno Building in Taito, Tokyo. The s

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