Mori Hills REIT Investment to Dispose 10% Stake in Laforet Harajuku; Renews Roppongi Hills Lease

MT Newswires Live

Mar 17

Mori Hills REIT Investment (TYO:3234) plans to transfer an additional 10% quasi co-ownership interest in Laforet Harajuku in two tranches to sponsor Mori Building for 4.73 billion yen.

The REIT will retain a 34% stake in the property, which carries fixed-term business-use leasehold rights expiring in September 2030 with no renewal option, according to a Tokyo bourse filing on Tuesday.

In a separate filing, the REIT has renewed the master lease agreement for the 23rd and 24th floors of Roppongi Hills Mori Tower, extending the term from August 2026 to July 2029 at unchanged monthly rent of 99.3 million yen.

The buyer, Mori Building, holds a 21.3% stake in the REIT and serves as the parent company of the asset manager, making both transactions subject to related-party procedures.

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