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Astro Japan to purchase mall for ¥10B

Australia-listed Astro Japan Property Group signed a deal to acquire a shopping mall in Japan for ¥10 billion.

The property, which is located not far from Tokyo, will become the company's third largest asset. It will operate under a 30-year lease, noncancellable for the first 10 years.

An ¥8 billion debt and a ¥3.26 billion equity investment will finance the acquisition, which is expected to be settled April 11. Astro Japan senior adviser Eric Lucas said the company will deploy roughly 80% of its current cash surplus.

As of March 28, US$1 was equivalent to ¥110.27.