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Sekisui House Reit targets 7 properties in Japan via ¥70.1B deals

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Sekisui House Reit targets 7 properties in Japan via ¥70.1B deals

Sekisui House Reit Inc. is buying and leasing three office buildings and four residential properties across Japan from Sekisui House Ltd. for a combined consideration of ¥70.14 billion.

Under various agreements, the real estate investment trust will purchase on June 10 a 65.45% stake in the Akasaka Garden City for ¥28.70 billion and the remaining interests it does not own in the Garden City Shinagawa Gotenyama and the Hommachi Minami Garden City office assets for ¥12.35 billion and ¥20.90 billion, respectively.

The REIT will also acquire trust beneficiary interests in the Prime Maison Mitatsunamachi, Prime Maison Hongo, Prime Maison Kuramae and Esty Maison Yokohama-aobadai North properties on the same date for respective considerations of ¥2.04 billion, ¥2.60 billion, ¥2.19 billion and ¥1.36 billion, according to a news release.

Sekisui House REIT's portfolio is expected to grow to ¥527.5 billion after the transaction, which it plans to finance using a combination of cash on hand and the estimated net proceeds of up to ¥41.00 billion from its proposed public offering of new investment units.

As of May 23, US$1 was equivalent to ¥109.67.