Mitsubishi Estate Logistics REIT Investment Corp. agreed to buy trust beneficiary interests of four properties in Japan for a total of about ¥27.44 billion, according to a Sept. 19 filing.
The Japanese real estate investment trust entered deals to purchase a 20% co-ownership interest in LOGIPORT Osaka Taisho in Osaka from OTL2 Godo Kaisha and the MJ Logipark Nishinomiya facility 1 in Nishinomiya from Fuyo General Lease Co. Ltd. for nearly ¥5.68 billion and ¥2.48 billion, respectively.
Meanwhile, the REIT also signed an agreement to acquire the MJ Logipark Kasugai 1 property in Kasugai and the MJ Industrial Park Sakai land in Sakai from MJ Industrial Fund Godo Kaisha for roughly ¥13.67 billion and ¥5.60 billion, respectively.
Mitsubishi Estate Logistics will use proceeds from the issuance of investment units, borrowings, and cash on hand to finance the acquisition, which is scheduled to take place Oct. 9, according to a filing.
As of Sept. 19, US$1 was equivalent to ¥108.03.