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Mitsubishi Estate to acquire Tokyo property for ¥6.9B

Mitsubishi Estate Co. Ltd. plans to acquire the Genki Medical Plaza in Chiyoda-ku, Tokyo, for ¥6.89 billion from Japan Real Estate Investment Corp.

In exchange, Mitsubishi Estate will sell a 3.6% stake in the Shinjuku Eastside Square property in Shinjuku-ku, Tokyo, to Japan Real Estate for ¥6.66 billion.

The Genki Medical Plaza, which Mitsubishi Estate bought in 2002, comprises 1,052.80 square meters of land area and a building area of 6,722.02 square meters. A sole tenant occupies the property's 4,791 square meters of leasable space. The cap rate for the transaction is 4.8%.

The Shinjuku Eastside Square development has a total land area of 25,320.28 square meters and 167,245.46 square meters of total building area. The property has full occupancy by way of 43 tenants spread over a total leasable space of 4,208 square meters. The cap rate of the transaction is 4.1%.

As of Dec. 15, US$1 was equivalent to ¥118.38.