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Frontier Real Estate to buy stakes in 3 Mitsui Fudosan assets for ¥22.49B

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Ikebukuro Globe

Source: Frontier Real Estate Investment Corp.

Frontier Real Estate Investment Corp. agreed to sell Mitsui Shopping Park ALPARK (East Building) in Hiroshima, Japan, for ¥3.80 billion to an undisclosed buyer, and acquire stakes in three Japanese properties from Mitsui Fudosan Co. Ltd. for approximately ¥22.49 billion.

The company will acquire a 50% stake in the Ikebukuro Globe property in Tokyo for ¥10.30 billion, a 60% stake in the Shinsaibashi MG building in Osaka for ¥5.84 billion, and a 40% quasi co-ownership stake in the Sakae Globe property in Aichi for ¥6.35 billion, bringing its ownership of that property to 100%.

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Sakae Globe

Source: Frontier Real Estate Investment Corp.

The Japanese REIT expects to close the stake acquisitions March 22 through self-financing and loans, while the forward commitment sale of the Mitsui Shopping Park property is expected to close May 31.

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Shinsaibashi MG building

Source: Frontier Real Estate Investment Corp.

The mall has a book value of about ¥4.74 billion and is being sold to avoid future risks considering the expected continued decrease in its profitability, according to a release.

As of March 15, US$1 was equivalent to ¥111.55.