Daiwa House Residential Investment Corporation (TSE:8984), a fund managed by Daiwa House Asset Management Co., Ltd., agreed to acquire Morino Tonari from Daiichi Koutsu Sangyo Co., Ltd. for ¥1 billion in cash on June 20, 2014. The purchase consideration will be paid in full at closing. The acquisition will be funded from loan of ¥800 million taken from The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, and Mizuho Bank, Ltd. In a related deal, Daiwa House Residential Investment Corporation agreed to acquire Castalia Meguro Tairamachi.

The acquisition will be financed with cash at hand. The scheduled execution date of the sale and purchase agreement is July 1, 2014 and the scheduled acquisition date is July 1, 2014 or on a date agreed upon. Toshikazu Tanaka of Sumitomo Real Estate Sales Co., Ltd. acted as broker for Daiwa House.

Japan Real Estate Institute acted as appraiser for the property.