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United Urban Investment pays ¥3.4B for residential asset in Japan

Japanese real estate investment trust United Urban Investment Corp. acquired the Chatle Otemachi S·N residential asset in the Kitakyushu city in Japan's Fukuoka Prefecture for nearly ¥3.40 billion, marking an estimated net initial yield of 5.4%.

The property comprises two 15-floor buildings — S and N — with a total leasable floor area of 12,040.28 square meters and an occupancy rate of 97.7%. The asset was valued at ¥3.49 billion as of June 1, according to a release.

To fund the purchase and related costs, the REIT signed an agreement to borrow ¥3.80 billion at a fixed interest rate of 0.465% from MUFG Bank. Ltd. The term loan has a scheduled drawdown date of July 3, with principal repayment slated for Sept. 21, 2027.

As of July 2, US$1 was equivalent to ¥110.78.