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Essential IR Insights Newsletter - February 2023

MIRAI to pay ¥1.5B for property stake; Sunteck buys Indian asset for 342M rupees

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.


* MIRAI Corp. will pay ¥1.47 billion for its proposed acquisition of trust beneficiary rights in a real estate property on Feb. 28, Reuters reported.

* A silent partnership involving Parkway Life REIT subsidiary Parkway Life Japan2 Pte. Ltd. completed, as planned, its roughly ¥1.50 billion acquisition of the Konosu Nursing Home Kyoseien rehabilitation facility from Iryouhoujin Shadan Kouaikai. The Singapore-listed REIT earlier said the agreement for the transaction was expected to generate a 6.7% net property yield.

* Kenedix Retail REIT Corp. acquired the Ozeki Tokiwadai supermarket in Tokyo, following the completion of its asset manager's ¥1.26 billion deal to buy the property from Kenedix Inc. subsidiary JRP7 GK.


* Property developer Sunteck Realty Ltd. is buying the Baug-E-Sara property in Mumbai's Malabar Hills for 342.0 million Indian rupees from Orbit Corp. Ltd. India's Mint reported that the acquisition is being carried out through Sunteck's purchase of Orbit Corp.'s interest in its Orbit Dwelling Pvt. Ltd. subsidiary, which owns the property.

Additional coverage

State-owned consortium buys 19 plots for proposed Shanghai financial district

Low Keng Huat signs S$362M deal to buy Singapore estate

Heeton subsidiary sells Singapore asset for S$56M

Report: Blackstone, LOGOS target Steinhoff's Australian distribution centers

Goodman Group acquires 2 Sydney office buildings via A$40.5M transaction

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As of Feb. 14, US$1 was equivalent to 64.07 Indian rupees and ¥106.98.