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Daiwa Office to repay ¥41B of loans early

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Daiwa Office to repay ¥41B of loans early

Japanese real estate investment trust Daiwa Office Investment Corp. will repay ¥41.00 billion of loans early and in full March 30.

The office-focused REIT will repay two ¥1.00 billion loans and another loan worth ¥12.00 billion that it secured from Sumitomo Mitsui Banking Corp. on May 31, 2017, Aug. 31, 2017, and Jan. 11, respectively. The borrowings are scheduled to mature May 31 and Aug. 31.

Sumitomo Mitsui Trust Bank Ltd., Mizuho Bank Ltd. and The Bank of Tokyo-Mitsubishi UFJ Ltd. will be repaid ¥9.00 billion each. The three loans were extended Jan. 11 and are due May 31.

Daiwa will pay back the borrowed amounts using cash on hand and a portion of the funds received from the ¥62.5 billion partial sale of Shinjuku Maynds Tower in Tokyo.

As of March 23, US$1 was equivalent to ¥104.94.