Invincible Investment Corp. agreed to sell the Royal Parks Tower Minami-Senju residential property in Tokyo to an unnamed buyer for an anticipated price of approximately ¥27.70 billion, marking a 4.26% net operating income cap rate.
The building sits on an 8,738.44-square-meter site and spans 47,424.89 square meters of total floor area. It has one tenant, which occupies 36,734.68 square meters of the property's 39,113.46-square-meter leasable area.
The transaction is expected to take place June 7, with the buyer to settle the deal through lump-sum payment.
According to the Tokyo-based real estate investment trust, it expects to gain about ¥5.51 billion from the sale and plans to reinvest roughly all of the proceeds in new acquisition opportunities.
As of May 27, US$1 was equivalent to ¥109.54.