Japan-based unknown company agreed to acquire a stake in Gate City Ohsaki from Hulic Reit, Inc. (TSE:3295) for ¥4.8 billion on March 2, 2020. Hulic Reit will transfer of co-ownership of proprietary interest (equivalent to the ratio of the right of site (approximately 2.11%) in the co-ownership of Lot No. 500-1) and unit ownership (approximately 83% co-ownership for the offices on the eighth floor of the Business / Commercial building West Tower, approximately 2.4% co-ownership for the shops on the B1 to third floor of the Business / Commercial building and residential units of the residential tower (6 units).

The transaction is expected to close on March 6, 2020. The amount remaining after distribution of gains/losses on the transfer will be used as funds on hand with which to acquire property and/or repay loans.