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Japan Real Estate Investment to acquire 2 assets in Tokyo for ¥50.5B

SNL Image

Shinjuku Eastside Square, Tokyo

Source: Japan Real Estate Investment Corp.

Office-focused Japan Real Estate Investment Corp. agreed to acquire trust beneficiary rights of two office-and-retail properties in Shinjuku, Tokyo, for a total of about ¥50.49 billion from Mitsubishi Estate Co. Ltd.

The transaction involves the 167,245.46-square-meter, 22-story Shinjuku Eastside Square to be acquired for ¥25.46 billion on March 30, and the 92,092.30-square-meter, 37-story Shinjuku Front Tower to be bought for roughly ¥25.03 billion on April 17.

SNL Image

Shinjuku Front Tower, Tokyo

Source: Japan Real Estate Investment Corp.

The company will borrow on March 30 a total of ¥25.00 billion to fund part of the acquisition price of Shinjuku Eastside Square.

The Bank of Tokyo-Mitsubishi UFJ Ltd., Mizuho Bank Ltd. and Sumitomo Mitsui Trust Bank Ltd. will provide short-term loans totaling ¥16.00 billion. The loans will have a fixed interest rate of 0.0754% and will mature April 27.

Japan Real Estate will also borrow ¥4.00 billion each, at 0.3963% fixed interest, from Mizuho Bank Ltd. and The Bank of Tokyo-Mitsubishi UFJ Ltd., in addition to a ¥1.00 billion loan from Taiyo Life Insurance Co. with 0.3963% fixed interest rate. The loans will mature March 30, 2028. The ¥1.00 billion loan will be used to repay a ¥2.00 billion loan executed March 30, 2011, which will be due March 30.

Separately, the company revised its forecast results for the September 2018 period and provided estimates for the March 2019 period.

For the period from April 1 through Sept. 30, net income, ordinary income, operating income and operating revenues are expected to amount to ¥12.61 billion, ¥12.62 billion, ¥13.83 billion and ¥32.49 billion, respectively. The previous respective estimates were ¥11.78 billion, ¥11.79 billion, ¥13.01 billion and ¥31.76 billion. Dividend estimate for the period was adjusted to ¥9,100 per unit from ¥9,000 per unit.

For the period from Oct. 1 to March 31, 2019, the company expects to record net income of ¥12.88 billion, ordinary income of ¥12.90 billion, operating income of ¥14.07 billion and operating revenues of ¥32.63 billion. Dividend for the period is forecast to be ¥9,300 per unit.

As of March 27, US$1 was equivalent to ¥105.71.