Advance Residence Investment to Acquire Osaka Residential Property for 710 Million Yen
MT Newswires Live
Nov 25
Advance Residence Investment (TYO:3269), managed by ITOCHU REIT Management, will acquire the residential property RESIDIA Sakaisuji-Hommachi in Osaka for 710 million yen.
The property, which consists of 26 units and is fully occupied, offers a net operating income (NOI) yield of 4.5%, according to its Tokyo bourse filing on Friday.
The acquisition price represents a 89.3% ratio to the property's October appraisal value of 795 million yen, and will be financed through borrowings and cash on hand.
In a separate filing, the Reit secured 700 million yen from MUFG Bank, Sumitomo Mitsui Trust, and Mizuho Bank.
The new loan will carry a floating interest rate over a one-year tenure with payment due on Dec. 10, 2026.
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