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Comforia Residential paying ¥18.65B for 9 Tokyo assets

Comforia Residential REIT Inc. will acquire and lease eight apartment buildings and a boarding house in Tokyo for a sum of ¥18.65 billion.

Tokyu Land Corp. is the seller of four of the assets, including the Campus Village Shiinamachi boarding house, while the remaining five assets will be bought from Godo Kaisha Residence 5.

The transactions are slated for completion Feb. 1, March 20 and March 27.

The multifamily-focused residential real estate investment trust will finance the purchase using ¥13.90 billion of expected proceeds from a public offering of 51,270 investment units, as well as the issuance of 2,570 investment units via a third-party allotment. The company will also offer a maximum of 2,570 investment units through a secondary offering. The paid-in amount and offer price will be set at a meeting of the board of directors between Jan. 16 and Jan. 21.

Comforia also provided forecasts for two fiscal periods.

For the six months ending July 31, the company projects profit and ordinary profit to hit approximately ¥3.17 billion, operating profit at about ¥3.72 billion and operating revenues of roughly ¥8.32 billion. The company expects to pay a cash distribution of ¥5,000 per unit for the period.

For the six-month period ending Jan. 31, 2020, profit and ordinary profit are respectively expected at roughly ¥3.18 billion and ¥3.19 billion, operating profit at about ¥3.77 billion and operating revenue at nearly ¥8.40 billion. Comforia expects to a per-unit cash distribution of ¥5,040 per unit.

As of Jan. 4, US$1 was equivalent to ¥108.21.