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Japan Retail to pay ¥12.2B for retail real estate asset in Tokyo

Real estate investment trust Japan Retail Fund Investment Corp. agreed to acquire the trust beneficiary right in a Tokyo retail property for ¥12.20 billion.

The G-Bldg. Minami Aoyama 03 property, in the Omotesando-Aoyama-Harajuku area, consists of two buildings that are fully leased to six tenants until Aug. 31, 2023.

The acquisition is expected to close Oct. 25, the Tokyo-based REIT said in a release. Details of the seller were not disclosed.

As of Oct. 16, US$1 was equivalent to ¥112.17.