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Mirai prices ¥7.66B issuance of new investment units

Japanese office real estate investment trust Mirai Corp. priced an issuance of new investment units worth approximately ¥7.66 billion at ¥176,962 per unit.

The subscription period for the issue will run from May 17 to May 18, with payment and settlement dates scheduled for May 23 and May 24, respectively.

The issue comes with a secondary offering and a third party allotment. The secondary offering comprises an issue of 2,160 units priced at the same per-unit amount, for a total of roughly ¥382.2 million, while the third party allotment totals approximately ¥368.9 million, with a paid-in amount of ¥170,791 per unit.

Net proceeds from the offering will be used to partly fund the trust's ¥8.89 billion acquisition of the MI Terrace Nagoya-Fushimi office property in Nagoya, Japan. Any remaining funds will be retained as cash reserves for future asset purchases or to repay loans.

As of May 16, US$1 was equivalent to ¥110.26.