Parkway Life Reit acquires five Japan properties
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Nisha Ramchandani
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Singapore
PARKWAY Life Real Estate Investment Trust (PLife Reit) has acquired four nursing homes and one dementia group nursing home in Japan from Marubeni Corporation, UBI Kabushiki Kaisha and UBI Capital Kabushiki Kaisha for 4.76 billion yen (about S$59.5 million) as part of an asset recycling exercise to rebalance and strengthen the Reit's Japan portfolio.
The Reit's trustee, HSBC Institutional Trust Services, has through its wholly owned subsidiary Parkway Life Japan4, entered into a silent partnership to acquire the properties, which are being acquired at a discount of 9.1 per cent to the valuation price of about 5.23 billion yen.
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