Industrial & Infrastructure Fund Investment Corporation (TSE:3249) entered into an agreement to acquire Yokohama Tsuzuki R&D Center from INES Corporation (TSE:9742) for ¥5.9 billion on November 29, 2019. The consideration shall be paid in cash. In related transaction Industrial & Infrastructure Fund Investment Corporation will acquire four other properties.

The consideration shall be financed by issuance of new investment, new loans and through cash reserves. Industrial & Infrastructure Fund Investment Corporation shall secure a debt financing of ¥14 billion. In case of cancellation of agreement due to violation in terms or warranties of sale and purchase agreement by Industrial & Infrastructure Fund Investment Corporation then they shall pay an amount equivalent to 20% of the total purchase price as a penalty.

This penalty is applicable only when Industrial & Infrastructure Fund Investment Corporation has completed the fundraising for the deal. The transaction is expected to complete on March 2, 2020. The Tanizawa Sogo Appraisal Co., Ltd. acted as an appraiser for the property.