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ORIX JREIT acquires office property

ORIX JREIT Inc. is acquiring the Naha Shin-Toshin Center office building in Okinawa from DO Shin-Toshin Development Tokutei Mokuteki Kaisha and ORIX Real Estate Corp. for ¥10.00 billion.

The 34,180-square-meter property at 1-1-12 Omoromachi, Naha-shi, has an appraisal value of ¥11.00 billion, with a net operating income yield of 5.4%.

According to a Dec. 25 filing, the building has a gross rental income of ¥89.0 million per month.

As of Dec. 25, US$1 was equivalent to ¥109.26.