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Activia Properties issuing ¥14.24B new investment units

Activia Properties Inc.'s board approved the issuance of 31,090 new investment units in a public offering priced at ¥458,150 apiece to raise ¥14.24 billion.

The company will offer 16,020 units domestically and 15,070 units in an overseas offering. The subscription period will run from Dec. 7 to Dec. 8, with payment and delivery scheduled for Dec. 13 and Dec. 14, respectively.

In a secondary offering, the company will issue 2,400 new units through an overallotment, at a distribution price of ¥458,150 per unit and a total distribution price of approximately ¥1.10 billion.

New investment units issued through a third-party allotment offer will carry a total issue price of up to roughly ¥1.06 billion, or ¥443,657 per unit. The payment for the unit is scheduled for Dec. 26.

Proceeds from the offering, totaling up to approximately ¥14.86 billion, will be used to partially fund the ¥18.84 billion acquisition of DECKS Tokyo Beach and Commercial Mall Hakata in Japan. Any remaining proceeds will be held as cash on hand and used in the future for partial repayment of borrowings or funding of property acquisitions.

As of Dec. 5, US$1 was equivalent to ¥112.67.