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Japan: PLife acquires Tokyo rehabilitation facility for ¥1.5 billion

Parkway Life REIT, which is owned by IHH Healthcare, is to acquire Konosu Nursing Home Kyoseien, a nursing rehabilitation facility in Greater Tokyo, under a sale-and-leaseback agreement with Iryouhoujin Shadan Kouaikai for ¥1.5 billion (US$13.7 million).

Parkway Life said that the agreed price is 7.4% below the valuation and it is expected to generate a net property yield of 6.7%. Secured on a fresh 20-year master lease arrangement with the vendor, the acquisition will lengthen the weighted average lease expiry, which currently stands at approximately 7.91 years and 13.17 years for PLife REIT’s entire portfolio and Japan portfolio respectively.

The acquisition also increases the group’s nursing home tenant base from 22 to 23. Konosu Nursing Home Kyoseien currently has a stable operational occupancy of 100%.

The acquisition will be financed by internal funds and yen-denominated debt. Parkway Life sold ¥5 billion 0.57% 5.5 year senior unsecured notes under its S$500 million (US$371 million) multicurrency debt programme in early December.

It is expected to complete in the first quarter of next year.

Posted on: 09/02/2018 UTC+08:00


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