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Frontier Real Estate Investment to pay ¥15.10B for 50% stake in Mitsui Fudosan mall

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.