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Japan Hotel REIT caps ¥10.37B buy; Frasers Logistics pays A$93M for 5 assets


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Japan Hotel REIT caps ¥10.37B buy; Frasers Logistics pays A$93M for 5 assets

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.


* Japan Hotel REIT Investment Corp. concluded Aug. 1 its ¥32.67 billion purchase of three hotel assets in Japan, wrapping up the transaction with the formal acquisition of the ¥10.37 billion Hotel Nikko Nara. The procurement of the two other assets in the portfolio was completed July 12.

* Kenedix Retail REIT Corp. completed on Aug. 1 its ¥7.91 billion purchase of trust beneficiary rights in a retail asset in Japan's Aichi Prefecture from Hulk Property GK. The 99.4%-leased Resora Obu Shopping Terrace is a 24,093-square-meter, two-story retail property built on an approximately 29,360-square-meter site.

* Japan Logistics Fund Inc. bought for ¥2.75 billion a warehouse building in Kasugai, Aichi, from Yano General Construction Co. Ltd. The company, after the Aug. 1 completion of the transaction, officially renamed the property Kasugai Logistics Center.

* As scheduled, Invincible Investment Corp. completed on July 31 its ¥1.49 billion divestment of the Kindai Kagaku Sha Building and the Times Kanda-Sudacho 4th parking lot in Tokyo.

* Daiwa House REIT Investment Corp. closed its ¥10.19 billion disposition of the seven residential assets it said it will sell July 21.


* Singapore-listed Frasers Logistics & Industrial Trust acquired on Aug. 1 for A$93.3 million five assets from the Australian arm of its sponsor company, Frasers Centrepoint Ltd. The five Australian assets are part of a seven-asset portfolio that the trust agreed to buy earlier for A$169.3 million.

* After securing board approval and completing due diligence, Ingenia Communities Group signed Aug. 1 contracts to purchase the fourth and final lifestyle community that it intends to acquire using proceeds from a A$74 million capital raising. The group said in a release that completion of the planned acquisition of the 5.8-hectare Sheldon Caravan Park is expected at the end of August.

The company bought in May the first two lifestyle communities, while the third was purchased in June.


* Mapletree Logistics Trust plans to sell for S$14.5 million a four-story warehouse to Venus Beauty Pte. Ltd. The agreement for the 8,641-square-meter 4 Toh Tuck Link property has secured the in-principle approval from JTC Corp.

Other geographies

* Australia-listed and New York-focused RNY Property Trust offloaded 710 Bridgeport Ave. for about US$26.3 million, representing a 10.8% premium to the Dec. 31, 2016, valuation of the asset.

The trust's manager, RNY Australia Management Ltd., said US$20.0 million of the proceeds from the Aug. 3 divestment of the building in Fairfield County, Conn., will be used to pay outstanding loan balance.

Additional coverage

Sunway subsidiary plans 340M ringgit divestment of Malaysian properties: The asset package, comprising a 19-story hotel, a three-story retail building and a six-story podium car park will be divested to Sunway Real Estate Investment Trust.

CapitaLand's The Ascott plans S$170.3M investment for new lyf: The co-living property scheduled to open in 2020 will stand nine stories tall to offer roughly 121,000 square feet of gross floor area and feature 279 units that can offer up to 412 rooms.

Mitsui Fudosan plans ¥3.25B sale of Japan asset to logistics trust: Mitsui Fudosan Logistics Park Inc., a real estate investment trust managed by Mitsui Fudosan Logistics REIT Management Co. Ltd., intends to purchase the asset using a mix of internal funds and borrowings.

Report: Goodman clinches Sydney complex from A$600M Blackstone portfolio: The complex purchased by a Goodman Group-managed fund includes 2,600 square meters of office space and 5,009 square meters of warehouse space, The Australian reported.