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Daiwa Office to borrow ¥5B for loan repayment

Daiwa Office Investment Corp. will borrow ¥5.00 billion from Sumitomo Mitsui Trust Bank Ltd. to repay ¥6.85 billion worth of debt due Feb. 28.

The office-focused real estate investment trust said the new loan will be combined with its cash on hand to cover the full amount of the loan to be repaid.

Set to be drawn down Feb. 28, the loan will carry an interest rate of one month Japanese yen Tokyo Interbank Offered Rate plus 0.30%.

The new loan will mature Feb. 27, 2026.

As of Feb. 23, US$1 was equivalent to ¥106.64.