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Itochu Advance agrees to buy stakes in 2 logistics properties for ¥25.27B

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Itochu Advance agrees to buy stakes in 2 logistics properties for ¥25.27B

Itochu Advance Logistics Investment Corp. will acquire real estate trust beneficiary interests in two logistics properties in Japan for an aggregate consideration of ¥25.27 billion.

The industrial-focused real estate investment trust is buying a 70% stake in i Missions Park Kashiwa 2 for ¥19.60 billion on Feb. 3 from Godo Kaisha Kashiwa 2 Properties and an additional 20% stake in i Missions Park Inzai for ¥5.67 billion on April 1 from Itochu Corp., according to a Jan. 6 release.

Itochu Advance noted that it will use a combination of proceeds from its proposed issuance of investment units, treasury funds and borrowings to finance the purchases.

As of Jan. 6, US$1 was equivalent to ¥108.37.