Parkway Life Reit to buy three nursing rehabilitation facilities in Japan for 3.7b yen

Singapore

PARKWAY Life Reit (PLife Reit) is acquiring three nursing rehabilitation facilities in Japan for a total of 3.7 billion yen (approximately S$46.3 million) from KK Habitation, Fuyo Shoji Kabushiki Kaisha and Medical Corporation Shojinkai.

The facilities are priced at about 7 per cent below valuation and are expected to generate a net property yield of 6.8 per cent, which is expected to deliver immediate yield growth to PLife Reit. The acquisition is expected to be completed by this month and will bring PLife Reit's portfolio to 53 properties with a total value of S$1.92 billion.