Japan Real Estate Investment Corp. has plans to acquire two office properties in Tokyo and Sapporo for a combined JPY 23.7 billion ($149 million), according to a company announcement.
The Tokyo transaction involves the purchase of an additional 7.1 percent co-ownership stake in CoMoRe Yotsuya, an office property in Shinjuku, from sponsor Mitsubishi Estate for JPY 15.5 billion ($98 million). The acquisition will increase the REIT’s ownership in the asset.
The second acquisition is the full purchase of Sapporo Arch Building, a newly constructed nine-story office property located in central Sapporo, for JPY 8.2 billion ($52 million).
Japan Real Estate Investment Corp. said it plans to fund the Tokyo acquisition through the issuance of new investment units, while the Sapporo purchase will be financed through debt
