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Japan Logistics Fund to acquire 3 assets for ¥7B

Japan Logistics Fund Inc. agreed to acquire three Japanese logistics assets for a total of about ¥6.95 billion.

On March 1, the Japanese industrial real estate investment trust will purchase the 50,126-square-meter Kashiwa Logistics Center II building in Chiba Prefecture and the 9,626-square-meter Sendaiko-kita Logistics Center in Miyagi Prefecture from Sumitomo Mitsui Finance and Leasing Co. Ltd.

The 24,459-square-meter Shiroi Logistics Center, which is under construction in Chiba, will be sold by JA Mitsui Leasing Tatemono Co. Ltd. at a date yet to be determined by both parties.

The company said it will use its cash on hand to fund the deal with Sumitomo, while it has yet to decide on the financing method for the transaction with JA Mitsui.

In a separate release, the company said it will draw a loan of ¥2.50 billion from The Bank of Tokyo Mitsubishi UFJ Ltd. Feb. 27 to repay a six-year loan of the same amount from the same bank.

The new loan carries a fixed interest rate of 0.29000% and will be due Feb. 28, 2022.

As of Feb. 21, US$1 was equivalent to ¥107.72.