CRE Logistics REIT (TYO:3487) said it has entered into an interest rate swap agreement to fix borrowing costs on 3.4 billion yen of long-term loans, hedging against interest rate volatility, according to a Thursday filing on the Tokyo Stock Exchange.

The swap, concluded with Mizuho Bank, will apply to floating-rate loans scheduled to be drawn on Jan. 30, and will run through Jan 31, 2031. Under the agreement, the effective interest rate on the loans will be fixed at about 2.36%, the REIT said.