Jinushi (TYO:3252) will establish a special-purpose company (SPC), JINUSHI-KJRM GK, and make an anonymous partnership investment exceeding 10% of its stated capital as part of a joint land project with Industrial & Infrastructure Fund Investment Corp (IIF) (TYO:3249), making the partnership a specified subsidiary, according to a Thursday filing on the Tokyo Stock Exchange.
The SPC will acquire 10 leased land parcels for logistics, factories and other uses with a total acquisition price of 31.7 billion yen from IIF and its bridge vehicle GK Bond Bridge 2.
Jinushi will contribute 93.0% of the partnership equity, with IIF providing the remaining 7.0%, and targets a distribution yield of about 7.0%.