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Japanese REIT buys stake in office tower for $103m

by Andrea Waitrovich

MCUBS MidCity REIT has acquired a 40 percent stake in Nagoya Lucent Tower in Nagoya, Japan, from Hulic Co. The property is valued at $256.3 million.

MCUBS MidCity REIT paid $102.5 million for its stake in the 42-story CBD office tower. As of 2010, it was Japan's 49th tallest structure.

MCUBS MidCity REIT is also acquiring G Square Shibuya Dogenzaka in Tokyo for $99.7 million from Mitsubishi Estate. The property is part of a three-property portfolio, which has a total sales price of $198.4 million. The other two office buildings are the Yokohama Creation Square with a $57.8 million sales price and Shibuya Sakuragaoka Square, which sold for $40.8 million.

Other pending deals for MCUBS MidCity REIT include the purchase of Cube Kawasaki in Kawasaki, Japan, for $163 million from Nomura Real Estate Development.

 

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