Fukuoka REIT Corporation Buys Park Place Oita Property
June 26, 2020 — Fukuoka REIT Corporation announced that Fukuoka Realty Co., Ltd., an asset management company to which the company entrusts the management of its assets, decided to acquire the Home Plaza NAFCO at Park Place Oita.
Located at 2-Chome, Koen-dori Nishi, Oita City, Oita, the designated use of the property will be retail. The acquisition price is at 990 million yen (US$9.24 million). ITs formal acquisition date is July 1, 2020.
“FRC invests primarily in retail facilities with excellent design and entertainment qualities and Class A office buildings, focusing on the Fukuoka and Kyushu region. Other than retail facilities and office buildings, FRC also works to acquire properties which, by capitalizing on its community-based strengths to establish appropriate management structures for each property and through other measures, will allow it to secure stable earnings over medium- to long-term periods. By incorporating such properties into its portfolio, FRC intends to pursue risk diversification within the region,” the REIT said.
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