Nippon Building Fund Incorporation entered into agreement to acquire Osaki Bright Tower and two other properties from Mitsui Fudosan Co., Ltd. for ¥40.22 billion.

Nippon Building Fund Incorporation (TSE:8951) entered into agreement to acquire Osaki Bright Tower and two other properties from Mitsui Fudosan Co., Ltd. (TSE:8801) for ¥40.22 billion on August 17, 2020. The other two properties are Nagoya Mitsui Main Building and Nagoya Mitsui New Building. The funding for the acquisition is done through cash on hand and loan.

The acquisition is partially funded by borrowing ¥31 billion comprising long term borrowing of ¥5 billion at 0.270% interest and short term borrowings of ¥26 billion at .270% interest. The deal is expected to be completed by October 1, 2020. Daiwa Real Estate Appraisal Co., Ltd. acted as appraiser in the deal.