Japan Real Estate Investment Corp. through Japan Real Estate Asset Management Co. Ltd., will pay Mitsui & Co. Real Estate Ltd. ¥10.53 billion for a 5% additional quasi-co-ownership interest in the Tokyo-based Shiodome Building.

The company already owns a 50% quasi-co-ownership interest in the roughly 115,931-square-meter office and retail building, which sits on 12,054 square meters of land in Kaigan, Minato-ku.

The asset's occupancy rate is projected at 99.5% upon closing of the acquisition, scheduled Sept. 1. Based on ordinary state occupancy, the property generates an annual rent revenue of ¥465 million, according to a company release.

Japan Real Estate will use loans and its own funds to fund the acquisition.

As of July 31, US$1 was equivalent to ¥110.50.