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Nomura Real Estate Master Fund to draw ¥18B of loans

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Nomura Real Estate Master Fund to draw ¥18B of loans

Japan-based Nomura Real Estate Master Fund will draw two loans of about ¥7.03 billion and ¥8.50 billion, as well as ¥2.50 billion from a commitment line agreement.

The diversified real estate investment trust will draw about ¥4.67 billion from The Bank of Tokyo-Mitsubishi UFJ Ltd., Sumitomo Mitsui Banking Corp., Mizuho Bank Ltd. and Sumitomo Mitsui Trust Bank Ltd. at the Tokyo Interbank Offered Rate plus 0.17%, maturing March 26, 2021, and about ¥2.36 billion from Development Bank of Japan Inc. at a yet-to-be-determined fixed rate and due Feb. 26, 2028.

The loans will be drawn March 27 to refinance existing debt totaling nearly ¥7.03 billion, maturing the same day.

The company also secured a second tranche of loans, comprising ¥500.0 million from Nippon Life Insurance Co. due Aug. 26, 2023; ¥1.00 billion from The Chiba Bank Ltd. and Mitsui Sumitomo Insurance Co. Ltd., due Feb. 26, 2025; and ¥2.50 billion from Shinkin Central Bank, The Bank of Fukuoka Ltd., The 77 Bank Ltd., The Yamaguchi Bank Ltd. and Sumitomo Life Insurance Co., due Feb. 26, 2026.

Additionally, the company secured three ¥1.50 billion loans from three different syndicates, with the first one comprising Mizuho Trust & Banking Co. Ltd., The Norinchukin Bank and Resona Bank Ltd.; the second group comprising Mizuho Bank Ltd., Sumitomo Mitsui Trust Bank Ltd. and Development Bank of Japan Inc.; and the third group comprising The Bank of Tokyo-Mitsubishi UFJ Ltd. and Sumitomo Mitsui Banking Corp. The loans mature Nov. 26, 2026; March 26, 2027; and Feb. 26, 2028, respectively.

The second tranche of loans, to be drawn April 2, totals ¥8.50 billion and will carry a fixed interest rate which is still to be determined.

Nomura will also draw ¥2.50 billion from its commitment line offered by The Bank of Tokyo-Mitsubishi UFJ Ltd., Sumitomo Mitsui Banking Corp., Mizuho Bank Ltd., Mitsubishi UFJ Trust & Banking Corp. and Sumitomo Mitsui Trust Bank Ltd. at 1-month TIBOR plus 0.40% on April 2.

Proceeds from the second tranche of loans and the commitment line will be used to partially pay for the acquisition of assets, including PMO Nihonbashi Mitsukoshi-mae, PMO Shibadaimon, Proud Flat Sangenjaya II, Proud Flat Soto Kanda, Proud Flat Yoyogi Hachiman and Proud Flat Nakaochiai.

As of March 19, US$1 was equivalent to ¥105.92.