Advance Residence Investment Corp. signed an agreement to acquire two multifamily housing assets in Ota, Tokyo, for a sum of ¥5.55 billion.
The RESIDIA Kamata V and RESIDIA Kamata IV buildings have a total floor area of 3,122.08 square meters and 4,379.34 square meters, respectively. The deal for the two properties is expected to be settled March 3, subject to a final approval.
Additionally, the company agreed to divest the 13-unit RESIDIA Minami-Aoyama apartment building in Minato, Tokyo, for ¥710 million, above the asset's ¥698 million book value as of Jan. 31. The asset has a total floor area of 786.37 square meters.
As of Feb. 21, US$1 was equivalent to ¥107.72.