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Nomura Real Estate inks separate deals to repay loans totaling ¥7.92B

Nomura Real Estate Master Fund Inc. is borrowing money under separate agreements with multiple banks to finance its planned repayments of about ¥7.92 billion of outstanding debt and loan.

The Iyo Bank Ltd. and The Tokyo Tomin Bank Ltd. agreed to provide the Japanese real estate investment trust with a ¥1.50 billion loan, with a maturation term of seven years. The amount, along with the 10-year term ¥1.00 billion that Nomura Real Estate will borrow from The Bank of Tokyo-Mitsubishi UFJ Ltd., will go toward the repayment of the trust's ¥2.50 billion loan, which will expire Feb. 26.

Under two separate agreements with terms of nine years and nine years and six months, respectively, Nomura Real Estate is also getting a combined ¥4.92 billion loan from Mizuho Bank Ltd., Mitsubishi UFJ Trust and Banking Corp., Sumitomo Mitsui Trust Bank Ltd., Sumitomo Mitsui Banking Corp. and The Bank of Tokyo-Mitsubishi to help repay ¥5.42 billion of debt maturing Feb. 27, with the remaining balance to be paid with cash on hand.

All the loans that the REIT will obtain are unsecured and unguaranteed. Interest rates for the borrowings are yet to be determined, according to a filing.

As of Feb. 21, US$1 was equivalent to ¥107.72.