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Nippon Accommodations to pay ¥4.1B for 2 Tokyo residential buildings

Real estate investment trust Nippon Accommodations Fund Inc. has agreed to acquire two 13-story apartment buildings in Tokyo for a total sum of ¥4.10 billion.

The Park Cube Shin Itabashi residential building in Tokyo's Itabashi district contains 70 residential units and one retail unit across a gross floor area of 2,142.92 square meters. The company is paying ¥1.70 billion to an undisclosed seller for the building, under a deal which is set to be finalized March 29.

Meanwhile, in the capital's Shinjuku area, Nippon Accommodations is purchasing the 57-housing-unit Park Cube Nishi Shinjuku from ITOCHU Property Development Ltd. for ¥2.40 billion. The property, which also features one retail unit, has a gross floor area of 2,169.15 square meters and will be transferred Sept. 3.

The deals will be funded using borrowings and the REIT's own funds, according to a release.

As of March 12, US$1 was equivalent to ¥106.57.