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Hankyu REIT buys 2 Japanese assets

Hankyu REIT Inc. acquired two fully let Japanese properties from an undisclosed domestic corporation for roughly ¥2.28 billion and ¥1.85 billion, respectively.

The greater of the two deals is for a site in the cities of Takarazuka and Nishinomiya in the Hyogo prefecture, dubbed MANDAI Nigawa Store. The land, spanning approximately 9,194 square meters, is leased to MANDAI Co. Ltd.

Hankyu also purchased the LAMU Higashiosaka Branch site in Higashiosaka, Osaka prefecture, that covers about 8,943 square meters and is occupied by Daikokuten Bussan Co.

The assets, each reflecting a 4.2% average net operating income yield, were bought using cash on hand.

As of March 26, US$1 was equivalent to ¥104.95.