Retail REIT to invest in five properties in Japan
Japan Retail Fund Investment Corp. is under contract to acquire and lease five properties in Japan for ¥46.751 billion ($437.7 million). Among the properties are the DFS Galleria Okinawa, Cute Cube Harajuku and M-City Touonaka.
DFS Galleria Okinawa, located in Okinawa, was sold by Omoromachi 41 and an undisclosed partner. The sales price is approximately ¥15.6 billion ($146.1 million). The 452,037-square-foot, five-story mall is 100 percent occupied. Major tenants include Mont Blanc, Burberry and Tiffany.
The 15,377-square-foot urban mall Cute Cube Harajuku, located in Tokyo, was sold by Mitsubishi Corp. and UBS Realty for ¥8.52 billion ($79.77 million). The three-story mall is 100 percent occupied. Major tenants include Monki and Spinns.
And the 358,462-square-foot M-City To