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Nippon Building Fund secures ¥8B in loans

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Nippon Building Fund secures ¥8B in loans

Nippon Building Fund Inc. secured short-term loans totaling ¥8 billion from five separate lenders at an interest rate of 0.08545%.

Of the total, Sumitomo Mitsui Trust Bank Ltd. will provide ¥3 billion and Shinkin Central Bank will provide ¥2 billion. Mizuho Bank Ltd., Resona Bank Ltd. and The Yamanashi Chuo Bank Ltd. will each provide ¥1 billion.

The Japanese office real estate investment trust will use the borrowings to partially finance its upcoming cash distribution payment, according to a company release.

The loans, due Oct. 12, are expected to be drawn down Sept. 12.

As of Sept. 7, US$1 was equivalent to ¥111.16.