Japan-based office real estate investment trust Mori Hills REIT Investment Corp. entered into agreements with a syndicate of banks to draw ¥16.90 billion worth of loans on Feb. 28.

The borrowings are earmarked for the proposed ¥7.5 billion acquisition of the Toranomon Hills Mori Tower and the Holland Hills Mori Tower in Tokyo, and to prepay long-term loans maturing March 30.

The Bank of Fukuoka Ltd. and Resona Bank Ltd. will lend ¥500 million each at base interest rate plus 0.20%; Shinsei Bank Ltd. and The Nishi-Nippon City Bank Ltd. will lend ¥500 million each at base interest rate plus 0.27%; and Mizuho Trust & Banking Co. Ltd. will lend ¥1.50 billion at base interest rate plus 0.20%. The loans will be due Aug. 31, 2025.

The company will also borrow ¥2.65 billion from Sumitomo Mitsui Banking Corp., due Feb. 28, 2026, at base interest rate plus 0.25%; ¥2.60 billion from Sumitomo Mitsui Trust Bank Ltd., due Feb. 28, 2027, at base interest rate plus 0.24%; ¥4.70 billion from The Bank of Tokyo Mitsubishi UFJ Ltd., due Aug. 31, 2027, at base interest rate plus 0.22%; ¥750 million from Development Bank of Japan Inc., due Feb. 28, 2027, at base interest rate plus 0.30%; and ¥2.70 billion from Mizuho Bank Ltd., due Feb. 28, 2030, at base interest rate plus 0.30%.

Out of the total loans, ¥10.00 billion will go toward prepayment of long-term loans the company withdrew March 29, 2013, at an interest rate of 0.84210%.

The company will make the payment Feb. 28 to the lenders comprising Sumitomo Mitsui Banking Corp., Mizuho Bank Ltd., The Bank of Tokyo-Mitsubishi UFJ Ltd., Mitsubishi UFJ Trust and Banking Corp., Sumitomo Mitsui Trust Bank Ltd., Aozora Bank Ltd., Development Bank of Japan Inc. and Mizuho Trust & Banking Co. Ltd.

As of Feb. 20, US$1 was equivalent to ¥107.30.