Nippon Building Fund Incorporation (TSE:8951) agreed to acquire Shinjuku Mitsui Building and Gran Tokyo South Tower from Mitsui Fudosan Co., Ltd. (TSE:8801) for approximately ¥220 billion on October 9, 2020. Under the terms of the transaction, Nippon Building Fund Incorporation will pay ¥170 billion for Shinjuku Mitsui Building and ¥47 billion for Gran Tokyo South Tower. Nippon Building Fund Incorporation intends to fund the acquisition using the amount from the proceeds of issuing new investment units, loans and own funds.

The transaction was approved by the Board of Directors of Nippon Building Fund Incorporation. The transaction is expected to close on January 8, 2021. Daiwa Real Estate Appraisal Co., Ltd acted as appraiser in the deal.