Heiwa Real Estate REIT's asset manager, Heiwa Real Estate Asset Management Co. Ltd., agreed to buy trust beneficial interests in two fully leased office properties in Japan for a combined ¥3.74 billion.
Heiwa Real Estate Co. Ltd. will sell the interest in Itopia Nihonbashi SA Building in Chuo-Ku, Tokyo, for ¥2.14 billion on Aug. 31. Masuya Business Service Co. Ltd. will sell the interest in Southern Sky Tower Hachioji in Hachioji-City, Tokyo, for ¥1.60 billion on June 25.
The Japanese company plans to use its own funds and borrowings to settle the lump sum payment for the assets.
As of June 15, US$1 was equivalent to ¥110.52.