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Premier Investment, NTT Urban Development sign ¥8.6B of property deals


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Premier Investment, NTT Urban Development sign ¥8.6B of property deals

Japanese real estate investment trust Premier Investment Corp., through its asset manager, is acquiring a beneficiary interest in the Urbannet Gotanda NN Building in Tokyo from NTT Urban Development Corp. for ¥5.25 billion.

The REIT also agreed to sell a beneficiary interest in the Urbannet Irifune Building in Tokyo to NTT Urban for ¥3.35 billion.

Urbannet Gotanda comprises roughly 6,852 square meters of leasable office and was fully occupied as of September by three tenants. Urbannet Irifune comprises nearly 4,038 square meters of office space and was fully leased as of October by one tenant.

The buildings are scheduled to change hands April 5, 2019, and Jan. 16, 2019, respectively.

Premier Investment also revised its forecast for the fiscal six-month period ending April 30, 2019.

The company now expects its operating revenues to total about ¥9.83 billion, up from the previously expected ¥8.97 billion. Operating income is now projected at ¥4.62 billion, compared to the previous estimate of approximately ¥3.79 billion.

Ordinary income and net income are both expected to reach roughly ¥4.22 billion, versus previous guidance of about ¥3.36 billion.

The REIT's distribution per unit for the period was also revised to ¥2,940 from ¥2,600.

As of Dec. 14, US$1 was equivalent to ¥113.41.