Tokyo borrowers play negative rates game in office property boon

Tokyo

CREDIT Suisse Group AG is predicting prices for prime Tokyo office space may rise 10 per cent this year as a Japanese real estate investment trust refinanced bank debt in an agreement that means it will get paid to borrow.

GLP J-REIT said in a statement last week it agreed to swap floating rates for a fixed cost with Nomura Securities Co on about 5.3 billion yen (S$65 million) of debt. The Reit wil…