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ORIX JREIT asset manager lands ¥1B financing

ORIX JREIT Inc.'s asset manager, ORIX Asset Management Corp., signed up for a new ¥1.0 billion debt financing to repay a long-term loan of the same amount that falls due Jan. 10, 2019.

The lender for the new facility is The Chugoku Bank Ltd. The unsecured facility has a drawdown date of Jan. 10, 2019, and matures Dec. 22, 2025. The applicable fixed interest rate is yet to be determined.

The Japanese real estate investment trust's asset manager also secured an extension for a ¥7.5 billion commitment line from Aozora Bank Ltd. The unsecured loan, originally contracted in December 2013, was slated to expire Dec. 27, 2019. The new maturity date is Dec. 29, 2020.

As of Dec. 25, US$1 was equivalent to ¥110.21.