Japan Excellent Inc. agreed to buy trust beneficiary interest in two mixed-use properties in Japan for a combined sum of ¥3.42 billion.
The Dai-ichi Life Insurance Co. Ltd. will sell the interest in the 10,696 square-meter Hiroshima Dai-ichi Seimei OS Building in Hiroshima Prefecture for ¥2.78 billion and the 2,934 square-meter Yokohama Bentendori Dai-ichi Seimei Building in Kanagawa Prefecture for ¥640 million. Both properties offer office, retail and parking spaces.
The office real estate investment trust will use cash on hand and part of the proceeds it will raise from the transfer of a property to fund the acquisition.
Japan Excellent will transfer its trust beneficiary interest in Ebina Prime Tower in Kanagawa Prefecture to Ebina Chuo GK for a transfer value of ¥5.60 billion. The 55,806 square-meter property offers office, hotel and retail components.
As of June 14, US$1 was equivalent to ¥110.35.