Comforia Residential REIT to Acquire Three Tokyo Rentals for 4.88 Billion Yen, Funded by Two Property Sales

MT Newswires Live
Mar 17

Comforia Residential REIT (TYO:3282) has agreed to acquire three rental properties in the Tokyo metropolitan area for a total of 4.88 billion yen.

The acquisition of Comforia Gakugeidaigaku East is targeted to be completed on March 27, while the purchase of Comforia Nishiarai and Comforia Itabashi Kuyakushomae will close on Aug. 7.

Funding will come from the 2.4 billion yen sale of two existing assets, College Court Hachimanyama and College Square Hachimanyama, according to a Tuesday exchange filing.

In a separate filing, the REIT agreed to acquire a 14% silent partnership interest in CR1 Godo Kaisha for 300 million yen, giving it exposure to four Tokyo rental properties - Comforia Higashikasai, Kitakasai, Minamisenju, and Kawaguchi.

The acquisition will provide the REIT with regular profit distributions from rental income while granting it the right of first negotiation to potentially acquire the underlying assets in the future.

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