Frontier RealEstate Investment Corp. intends to pay ¥15.10 billion for a 50%co-ownership stake in Mitsui Shopping Park LaLaport SHIN-MISATO's main buildingin Misato-City, Saitama.
It agreed to acquire the co-ownership stake from specialpurpose company SHIN-MISATO Development 3 TMK. The agreement was signed July 15and is expected to be completed Aug. 10, according to a statement.
Mitsui FudosanCo. Ltd. is the sole tenant of the property under a lease that willexpire March 31, 2035. It occupies 142,315.54 square meters of the totalleasable floor space in the property.
Mitsui Fudosan also has a preferred equity investment in thespecial purpose company.
Frontier Real Estate Investment plans to use self-financingand borrowings to fund the transaction.
As of July 15, US$1was equivalent to ¥105.85.