Japan Logistics Fund (TYO:8967) will cancel its existing forward commitment, agreed upon in 2021, to acquire the Amagasaki Logistics Center, according to a Tokyo bourse filing on Friday.

The REIT will terminate its purchase agreement with Ricoh Leasing, effective March 17, and will instead secure a preferred negotiation right with a new bridge entity, Sumitomo Mitsui Trust Panasonic Finance.

The new structure extends the potential acquisition deadline to Feb. 26, 2029, allowing the REIT to procure funds at a more opportune time without incurring penalties for cancelling the commitment.

Sumitomo Mitsui Trust will take ownership of the asset starting Feb. 27.

The preferred negotiation right does not guarantee that the REIT will ultimately buy the property.