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Hulic Reit to acquire Tokyo office building for ¥11B

Diversified real estate investment trust Hulic Reit Inc. agreed to acquire the Hulic Ginza 7 Chome Building office property at 7-3-5 Ginza in Tokyo from Hulic Co. Ltd. for ¥11.00 billion.

The property spans a total floor area of roughly 19,790 square meters and has 36 parking spaces.

Hulic Reit expects to close the acquisition March 29 and plans to fund the purchase using cash on hand.

Separately, the company said Tatsuya Kanakogi will resign as a director of Hulic Reit Management Co. Ltd., effective March 31, and will become an adviser to that company, effective April 1.

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