Parkway Life Reit divests 4 nursing homes in Japan for 3.72b yen

PARKWAY Trust Management, as manager of Parkway Life Real Estate Investment Trust (PLife Reit), on Thursday announced that PLife Reit has divested four nursing homes in Japan for 3.72 billion yen (S$48.9 million).

PLife Reit entered into purchase and sale agreements through its special purpose entities incorporated in Japan, with the special purpose vehicles of a global investment firm, Fortress Japan Investment Holdings.

PLife Reit is expected to recognise an estimated divestment gain (before tax but inclusive of the Japanese consumption tax rebate receivable) of approximately S$5.2 million over the net book value.

"The proceeds received from the divestment will provide greater financial flexibility to seize other attractive investment opportunities offering better value," said Parkway Trust Management.