Japanese diversified real estate company Daiwa House REIT Investment Corp. priced its issuance of 222,000 investment units at ¥239,806 apiece for net proceeds of about ¥51.61 billion.
A total of 150,900 units will be offered in a Japanese public offering and 71,100 units in an international offering.
The subscription period for the Japanese offering will run from March 13 to March 14, with payment and delivery scheduled for March 19 and March 20, respectively. The proceeds will be funneled toward asset acquisitions, according to a release.
In a secondary offering through overallotment, 15,000 units will be sold at the same price of ¥239,806 apiece.
Daiwa House REIT will also issue new investment units through third-party allotment for net proceeds of up to ¥3.49 billion, which will be directed toward the company's cash reserve. The units will be up for subscription April 12, with payment slated for April 13.
As of March 9, US$1 was equivalent to ¥106.93.
