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Industrial & Infrastructure settles ¥24.4B property acquisitions

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Industrial & Infrastructure settles ¥24.4B property acquisitions

Industrial & Infrastructure Fund Investment Corp. completed its acquisition of four industrial properties across Japan for an aggregate consideration of about ¥24.43 billion.

The Japanese real estate investment trust paid ¥6.30 billion, ¥6.20 billion, nearly ¥3.92 billion and roughly ¥8.02 billion for trust beneficiary rights in IIF Shin-Kawasaki R&D Center, IIF Ichikawa Food Processing Center, IIF Hyogo Tatsuno Logistics Center and IIF Akishima Logistics Center, respectively. It acquired the assets from Mitsubishi Logisnext Co. Ltd., Mitsubishi Corp. Urban Development Inc., Hitachi Transport System Ltd. and an unnamed business company in Japan.

Industrial & Infrastructure noted in a filing that its ¥225 million purchase of the IIF Gifu Kakamigahara Manufacturing Center from an unnamed Japanese business company is expected to be completed July 16.

As of June 3, US$1 was equivalent to ¥108.41.