Tosei Reit Investment Corp. plans to acquire a portfolio of eight Japanese properties from Tosei Corp. for about ¥9.82 billion.
The properties include the following apartments: Twin Avenue in Nerima-ku, Tokyo; Milestone Higashi-kurume in Higashi-kurume-shi, Tokyo; Lumier No.3 in Kawaguchi-shi, Saitama; T's garden Nishi-funabashi in Funabashi-shi, Chiba; Quest Yamatedai in Yokohama-shi, Kanagawa; and Sancerre Yono-honmachi in Saitama-shi, Saitama. The deal also includes the Wako Building retail asset in Chiba-shi, Chiba, and the Chojamachi Duo Building office property in Yokohama-shi, Kanagawa.
The properties are scheduled to be transferred Nov. 2.
An Oct. 13 report from Reuters noted that the real estate investment trust intends to take out term loans of ¥5.3 billion on Nov. 2 and a possible backup loan of ¥400 million, as well as issue 51,200 new units in a public offering to raise ¥5.14 billion, with payment date of Nov. 1, to fund the acquisition.
As of Oct. 12, US$1 was equivalent to ¥112.30.