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Kenedix Office signs ¥20.7B purchase, ¥12.6B sale deals in Tokyo

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Kenedix Office signs ¥20.7B purchase, ¥12.6B sale deals in Tokyo

The asset manager of Japan's Kenedix Office Investment Corp. agreed to buy a trust beneficiary interest in the Cross Place Hamamatsucho office building in Tokyo for an estimated price of ¥20.70 billion.

The fully occupied 10-story building, which spans roughly 12,281 square meters in the city's Minato ward, has a total leasable area of about 9,325 square meters. The transaction is expected to complete July 2, subject to certain conditions.

Kenedix Office will finance the purchase using cash on hand, as well as ¥14.25 billion in net proceeds from a public offering and up to ¥712.7 million in net proceeds from the issuance of new investment units by third-party allotment.

The Cross Place acquisition will also be partially funded by the company's planned ¥12.55 billion sale of the KDX Hamamatsucho Dai-2 Building and Frame Jinnan-zaka office assets in Tokyo. The fully occupied assets span a total leasable area of about 1,954 square meters and 4,639 square meters, respectively.

The sale of the KDX property is slated to close July 2, while the disposal of the 49% and 51% stakes in the Frame building is expected to close July 2 and Nov. 1, respectively.

As of May 11, US$1 was equivalent to ¥109.40.