An unknown buyer signed a contract to acquire 30% Trust beneficiary interest in Tokyo Nissan Taito Building from Tokyu REIT, Inc. for ¥2.4 billion.

An unknown buyer signed a contract to acquire 30% Trust beneficiary interest in Tokyo Nissan Taito Building from Tokyu REIT, Inc. (TSE:8957) for ¥2.4 billion on July 14, 2023. Under the terms, ¥802 million will be received as a deposit on the contract date of the purchase and sale agreements, and the remaining amount is scheduled to be received each time the property is handed over. The sale shall take place in three phases of 30% interest on July 31, 2023, 30% interest on January 31, 2024 and 40% interest on February 29, 2024.

The building generated rental income of ¥415 million and net operating income of ¥279 million for the year ending January 31, 2023. The proceeds from the disposition will be held as cash on hand, and considerations will be made to acquire new properties by the end of the fiscal period ending July 2024.