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Mitsui Fudosan to sell ¥9.3B stake in retail center to Frontier Real Estate

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Mitsui Fudosan to sell ¥9.3B stake in retail center to Frontier Real Estate

Japanese retail real estate investment trust Frontier Real Estate Investment Corp. agreed to acquire a 60% quasi co-ownership stake in the Sakae Globe property in Japan for about ¥9.30 billion from Mitsui Fudosan Co. Ltd.

The property, standing four stories above the ground on a 1,288.50-square-meter plot, is an urban retail center anchored by Zara store in Nagoya City, Aichi prefecture, with 4,595.52 square meters of floor area.

Frontier will fund the transaction through self-financing and ¥9.00 billion of borrowings. The company will draw a short-term ¥4.00 billion loan from Mizuho Bank Ltd. at a fixed interest rate of 0.06818%, due April 19, 2018, and two long-term loans of ¥2.50 billion each from Shinkin Central Bank at a fixed interest rate of 0.22500% and 0.34721%, maturing March 27, 2024, and Feb. 19, 2027, respectively.

The loans will be drawn March 27, while the transaction is scheduled to be closed March 28.

As of March 22, US$1 was equivalent to ¥105.72.