Parkway Life REIT Acquires Japan Nursing Home
December 11, 2020 – Parkway Life Real Estate Investment Trust, one of Asia’s largest listed healthcare REITs, announced the acquisition of a nursing home in the Greater Tokyo Region in Japan.
The Property will be acquired from K. K. Habitation for a total consideration of JPY1.65 billion (S$21.2 million) (US$15.9 million).
The Property is located in the residential area of Kamagaya City within the Chiba Prefecture. Also known as the commuting town to Tokyo central business district, the Property is easily accessible via Shin-Kamagaya Station, which is approximately 40-minute train ride from Tokyo Station. The acquisition will see PLife REIT secure a fresh 20-year master lease agreement and further lengthen the weighted average lease expiry for the REIT’s Japan portfolio from 11.19 years to 11.44 years.
The Property is operated by Fuyo Shoji Kabushiki Kaisha, wholly owned subsidiary of Habitation Group which is the REIT’s largest nursing home operator in Japan. This acquisition presents an opportunity for the REIT to deepen its working relationship with the group, which is a reputable and experienced.
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