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LaSalle LOGIPORT plans 2-asset buy, revises 6-month results forecast

Tokyo-based LaSalle LOGIPORT REIT is buying two properties from Logistics fudosan-hanbai GK for a total price of ¥15.05 billion.

The industrial real estate investment trust stuck separate deals for the LOGIPORT Hiratsuka-shinmachi property in the city of Hiratsuka in Japan's Kanagawa prefecture and the LOGIPORT Sakai-minami-jimacho asset in Osaka, also in Japan. The assets will bring the REIT a 4.8% net of investment yield. The anticipated purchase prices for the properties are ¥6.90 billion and ¥8.15 billion, respectively.

According to a filing, the REIT will use a combination of loans and cash on hand to settle the planned acquisition March 5. LaSalle LOGIPORT will take on unsecured, nonguaranteed loans totaling ¥15.28 billion from multiple banks to cover the asset purchases.

In a separate filing, LaSalle LOGIPORT increased its revenue and income forecast for the six-month period starting March 1 and ending Aug. 31. The company is now expecting its operating revenue, operating income and net income to respectively amount to an estimated ¥5.59 billion, ¥2.93 billion and ¥2.59 billion from earlier projections of ¥5.12 billion, ¥2.67 billion and ¥2.41 billion.

As of Feb. 26, US$1 was equivalent to ¥106.92.