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United Urban to add ¥11.20B of Tokyo mixed-use assets to portfolio

United Urban Investment Corp.'s asset manager, Japan REIT Advisors Co. Ltd., will acquire two mixed-use buildings in Minato-ku, Tokyo, for a combined price of ¥11.20 billion, from two undisclosed "domestic companies."

LOOP-X is a 17-story office building with one basement floor, each floor with an area of 998.17 square meters.

LOOP-M, on the other hand, has 18 stories and one basement floor. The second to 14th floors have seven rooms each and the 15th to 18th floors have four rooms per floor, with each room measuring roughly 45 square meters to 122 square meters.

The company will use borrowings to fund the transaction which is expected to close April 26.

In another release, United Urban announced it will obtain ¥17.00 billion worth of term loans in March to supplement its cash on hand for the acquisition of the ¥18.20 billion mixed-use property in Japan's Miyagi prefecture, which is slated to close March 30.

As of March 27, US$1 was equivalent to ¥110.42.