Invincible Investment Corp. is acquiring trust beneficiary interests in two domestic hotel properties for a total amount of ¥16.24 billion, with a net operating income cap rate of 5.7%.
The company will buy the 711-room Hotel MyStays Premier Narita in Minato-ku, Tokyo from Adria Tokutei Mokuteki Kaisha for ¥10.59 billion and the 214-room Art Hotel Morioka in Morioka-shi, Iwate from Heijo Tokutei Mokuteki Kaisha for ¥5.64 billion.
Both properties' expected acquisition date is Jan. 6, 2020.
Invincible Investment is also selling trust beneficiary interests in two domestic residential properties for ¥9.60 billion with a net operating income cap rate of 3.4%.
City House Tokyo Shinbashi will be sold for ¥4.47 billion, while Winbell Kagurazaka is priced at ¥5.14 billion. The properties' anticipated sale dates are Jan. 15, 2020, and Dec. 17, respectively.
The company decided on the asset recycling exercise to improve its overall portfolio net operating income yield.
As of Dec. 9, US$1 was equivalent to ¥109.60.