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Japan Retail Fund signs ¥7B debt financing

Japan Retail Fund Investment Corp. agreed to a ¥7 billion debt financing to partially fund the ¥15 billion acquisition of the G-Bldg. Midosuji 02 retail asset in the Shinsaibashi shopping district of Osaka, Japan.

The Bank of Tokyo Mitsubishi UFJ Ltd., Mitsubishi UFJ Trust and Banking Corp. and Sumitomo Mitsui Trust Bank Ltd. are loaning a 0.6-year, ¥5 billion facility at a floating rate of a base interest rate equal to the Japanese Bankers Association's one-month Tokyo Interbank Offered Rate plus 0.12%. The facility is due to be repaid Aug. 31, 2018.

The company will receive a ¥2 billion, 10-year loan from Mizuho Bank Ltd. at a fixed rate which is yet to be determined. The loan is scheduled for repayment on Jan. 12, 2028.

The loans are slated to be borrowed Jan. 12, 2018, according to a filing.

As of Nov. 24, US$1 was equivalent to ¥111.50.