Nippon Building Fund Inc. is borrowing ¥11 billion in total from Shinkin Central Bank, Sumitomo Mitsui Trust Bank Ltd. and Mizuho Bank Ltd.

The unsecured and unguaranteed loans, which will be subject to an interest rate of 0.07818%, will be procured May 24 and repaid June 24.

In a filing, the Japanese real estate investment trust said it will use the amount to refinance its short-term borrowings.

As of May 22, US$1 was equivalent to ¥110.35.