Japan Retail Fund Investment Corp. is selling an industrial property in Japan's Saitama Prefecture for ¥14.50 billion and buying a retail property in Tokyo for ¥7 billion.

Mitsubishi Corp. Urban Development Inc., an affiliate of Japan Retail Fund's sponsor, is purchasing the retail-focused property company's trust beneficiary right in the Ito-Yokado Nishikicho property, which has a book value of about ¥9.93 billion.

Following the transaction, the selling real estate investment trust is expecting to raise additional funds to raise its distributions to ¥4,500 per unit and boost its distribution reserve balance to approximately ¥7.0 billion, according to a filing.

Meanwhile, Japan Retail Fund is buying the G-Bldg. Jingumae 09 from an unnamed vendor using cash on hand on July 1.

As of May 29, US$1 was equivalent to ¥109.34.