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Daiwa Office to buy 2 properties in Japan for ¥42.3B

Daiwa Office Investment Corp. is acquiring trust beneficial interests in two office properties in Japan for a combined ¥42.30 billion.

The 20-floor CONCURRED Yokohama in Yokohama-shi, Kanagawa, will be acquired for ¥38.10 billion from Godo kaisha Yokohama Office Management, and it is scheduled to be delivered Jan. 11, 2018. It sits on a 7,140.99-square-meter land plot and has a gross floor area of 53,772.50 square meters, with total leasable floor area spanning 37,403.98 square meters.

Meanwhile, the Nippon Manpower Building is in Chiyoda-ku, Tokyo. The company will buy the property for ¥4.20 billion from an unnamed seller, with expected delivery to take place Jan. 12, 2018. Occupying a 943.17-square-meter site, the building has total floor area of 5,285.88 square meters.

In addition, the company is selling its trust beneficial interest in the Daiwa Meieki Building in Nagoya City, Japan, to an undisclosed buyer for ¥8.30 billion.

Sitting on a 2,059.56-square-meter site, the commercial building has a book value of about ¥5.26 billion as of May 31, and total floor area of 10,416.96 square meters. Its total leasable area measures 7,461.9 square meters and is 97.0% occupied.

The building is expected to be delivered Dec. 20, with the consideration for the property to be settled through lump payment on the same date.

As of Dec. 19, US$1 was equivalent to ¥112.98.