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Nomura Real Estate to buy 2 assets for ¥9.1B, borrow ¥11.7B loans

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Nomura Real Estate to buy 2 assets for ¥9.1B, borrow ¥11.7B loans

Tokyo-based Nomura Real Estate Master Fund will acquire one residential and one retail asset in Japan for a total of about ¥9.13 billion.

Separately, the company secured ¥11.70 billion of long-term, fixed-rate loans from a syndicate of banks it will use to repay current outstanding loans maturing Nov. 26.

SNL Image

Serenite Shinsaibashi Grande

Source: Nomura Real Estate Master Fund

Trust beneficiary right in the retail asset, NMF Kobe Myodani Building, in Kobe City, Hyogo, will be acquired for ¥3.56 billion from a Japanese limited liability company. The property is fully occupied and has a total floor area of 14,619.46 square meters.

SNL Image

NMF Kobe Myodani Building

Source: Nomura Real Estate Master Fund

The Serenite Shinsaibashi Grande residential property in Osaka City, Osaka, will be bought from a Japan-based general operating company for about ¥5.57 billion. The property is 22.8% occupied with a total floor area of 7,794.23 square meters.

The loans secured by Nomura include ¥2.00 billion from The Hachijuni Bank Ltd. and The Hiroshima Bank Ltd. for a term of six years, ¥2.00 billion from The Iyo Bank Ltd. and The Keiyo Bank Ltd. for six years and six months, ¥2.00 billion from Mizuho Trust & Banking Co. Ltd. and The Norinchukin Bank for eight years, and ¥1.70 billion from Mizuho Bank Ltd. and Sumitomo Mitsui Trust Bank Ltd. for nine years.

The company will also borrow ¥2.00 billion from MUFG Bank Ltd. for nine years and six months, and ¥2.00 billion from MUFG Bank Ltd. and Sumitomo Mitsui Banking Corp. for 10 years.

The borrowings will be drawn Nov. 26 and the interest rates will be determined on or before the borrowing date.

As of Nov. 12, US$1 was equivalent to ¥113.69.