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Mapletree Greater China pursues Japan expansion with ¥60.93B 6-asset buy

Mapletree Greater China Commercial Trust, in pursuit of its Japanese expansion mandate, signed various agreements with MJOF Pte. Ltd. to purchase six freehold office properties in Japan for nearly ¥60.93 billion.

The six assets included in the portfolio have a total gross floor area of 1.65 million square feet and total net lettable area of 1.60 million square feet. As of Dec. 31, 2017, the buildings have a weighted average lease expiry of 5.8 years, an occupancy rate of 99.9% and are home to 21 tenants.

Three of the properties are in Tokyo — IXINAL Monzen-nakacho Building, Higashi-nihonbashi 1-chome Building and TS Ikebukuro Building — while SII Makuhari Building and Fujitsu Makuhari Building are in the Chiba prefecture and ABAS Shin-Yokohama Building is in Yokohama.

The Singapore real estate investment trust is planning to finance the acquisition using proceeds from a proposed equity fundraising.

Mapletree Greater China added that subject to the deal's completion, it intends to change its name to Mapletree North Asia Commercial Trust.

The seller is a private real estate fund that is an indirect subsidiary of Mapletree Investments Pte. Ltd., which also owns the buyer's manager.

As of March 27, US$1 was equivalent to ¥105.71.