Heiwa Real Estate REIT, Inc. (TSE:8966) entered into an agreement to acquire Shinsaibashi FRONT Building for ¥7.3 billion on April 6, 2022. The consideration will be paid in lump-sum at time of delivery. In related deals, an undisclosed buyer agreed to acquire HF Hakusan Residence, HF Shiba-Koen Residence and HF Mita Residence from Heiwa Real Estate REIT, Inc. (TSE:8966) for ¥4.5 billion on April 6, 2022. The deal will be funded by cash on hand and borrowings. If the agreement is cancelled, the defaulting party shall pay a cancellation penalty charge equal to 10% of the transaction price of the real estate. Shinsaibashi FRONT Building had annualized revenues of ¥28.93 million for the year ended January 31, 2022. The expected closing date for the transaction is June 3, 2022.

Heiwa Real Estate REIT, Inc. (TSE:8966) completed the acquisition of Shinsaibashi FRONT Building in June, 2022.