Japan-listed Comforia Residential REIT has completed the acquisition of a 21-unit property in Shinjuku-ku, Tokyo.
The property, which was acquired for JPY941,000,000 (USD8.1 million), was formally inducted on 13 December as the Comforia Ichigayayakuoji.
The asset features approximately 1,400 square metres of gross floor area, and is the REIT’s 102nd property in its current portfolio.
Comforia Residential REIT first announced in early December 2016 that it was acquiring the property from an undisclosed seller to bolster its portfolio’s growth.
The REIT said then that it expects “solid rental demand mainly from DINKS [dual income, no kids]families focusing on proximity to the city-center and a comfortable residential environment” for the asset.
Currently 19 out of 21 units in the property is rented out, representing an occupancy rate of about 92%.
The acquisition has been financed with borrowed funds.
Units of Comforia Residential REIT last changed hands on the Tokyo Stock Exchange at JPY239,500.