Frontier REIT Acquires New Buildings In Papillon Plaza
March 10, 2020 — Frontier REIT announced their decision to acquire the new buildings of Papillon Plaza.
This decision follows the Investment Corporation’s efforts to advance the renovation project announced in the October 22, 2018 press release titled “Notice Concerning Execution of Basic Agreement on Renovation of Papillon Plaza” and the April 3, 2019 press release titled “Notice Concerning Partial Sale of Trust Beneficiary Rights to Real Estate Property in Japan (Papillon Plaza)” (the “Renovation Project”).
Specifically, the Investment Corporation expects the Acquisition to help expand its asset size while enhancing the diversity of its properties in terms of geographical location and type of tenant. By doing so, the Investment Corporation aims to maintain and improve the quality, profitability and stability of its portfolio.
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