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Japan Prime completes ¥18.40B acquisition of Tokyo asset

Japan Prime Realty Investment Corp. completed its acquisition of beneficiary interests in the Tokyo Square Garden for ¥18.40 billion.

The acquisition involving the 112,645.83-square-meter, mixed-use building in Chuo-ku, Tokyo, from Kyobashi Development Special Purpose Co. was completed April 4, as expected.

The company had previously indicated that proceeds from the issuance of 47,600 new investment units would be used to fund the purchase.

The share of targeted ownership interest is 8.22%, while Tokyo Tatemono Co. Ltd. owns a 46.11% portion, bringing the total co-ownership interest to 54.33%. The acquisition reflects a 3.1% NOI yield.

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