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Mitsui Fudosan plans ¥3.25B sale of Japan asset to logistics trust

Mitsui Fudosan Co. Ltd. is divesting, for ¥3.25 billion, a logistics facility that it developed in Japan's Aichi prefecture to one of its sponsored companies.

Mitsui Fudosan Logistics Park Inc., a real estate investment trust, or REIT, managed by Mitsui Fudosan Logistics REIT Management Co. Ltd., intends to purchase the asset Aug. 4 using a mix of internal funds and borrowings.

The four-story MFLP Komaki has a gross floor area of roughly 40,000 square meters and is used by a distribution company. It also features a parking space that can accommodate 112 automobiles, 12 trucks and a bus.

According to a filing, the seller holds a 12.9% stake in the REIT, which was listed on the Tokyo Stock Exchange REIT Index Aug. 2, 2016.

As of Aug. 2, US$1 was equivalent to ¥110.48.