Tokyo-based Kenedix Office Investment Corp. plans to issue roughly ¥14.54 billion of new investment units at ¥646,425 apiece through a public offering.

The paid-in value totals about ¥14.07 billion at ¥625,209 per unit. The underwriters will acquire and underwrite the units at the paid-in value and offer them at the issue price, according to a release. The subscription period will run from May 22 to May 23, while payment is scheduled for May 28.

The ¥14.07 billion of proceeds will be used to partially fund the company's ¥20.70 billion purchase of a trust beneficiary interest in the Cross Place Hamamatsucho office building in Tokyo, along with up to roughly ¥703.4 million in proceeds from the issuance of new investment units by third-party allotment.

Kenedix Office is also planning a secondary offering of investment units through overallotment, with 1,125 units to be sold at ¥646,425 apiece. The subscription period will be the same as that of the public offering, while delivery is slated for May 29.

As of May 18, US$1 was equivalent to ¥110.73.