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Nomura Real Estate Master Fund to off-load Tokyo building for ¥12.70B

Nomura Real Estate Master Fund's asset manager, Nomura Real Estate Asset management Co. Ltd., will sell the Tennozu Park Side Building in Tokyo to undisclosed "Japanese specific purpose companies" for ¥12.70 billion.

The office building covers a floor area of about 17,587 square meters and has an occupancy rate of 82.1%. It houses 18 tenants across a leased floor space totaling around 14,815 square meters, according to a release.

Proceeds from the sale will be earmarked for repayment of debt, "reshuffling" of properties and portfolio management activities. The transaction is anticipated to close May 12.

Meanwhile, the company also announced it will use cash on hand to repay debts worth ¥5.00 billion April 18.

The loan, which had been intended for repayment Feb. 23, 2018, was provided by The Bank of Tokyo-Mitsubishi UFJ Ltd., Sumitomo Mitsui Banking Corp., Mizuho Bank Ltd., Mitsubishi UFJ Trust and Banking Corp. and Sumitomo Mitsui Trust Bank Ltd.

As of April 3, US$1 was equivalent to ¥111.00.