Tokyo Stock Exchange-listed Hankyu REIT has made a decision to acquire a hotel property in Fukuoka, Japan for JPY2.76 billion.
The REIT will be acquiring the property, which features 166 rooms catered mainly for single travellers, at a discount of about 0.7% over an independently appraised value of JPY2.78 billion.
The acquisition will be executed by the manager of Hankyu REIT via an acquisition of real estate trust beneficiary interests in the property.
Hankyu REIT currently has a portfolio of 19 retail properties, two office properties, and three mixed-commercial properties across Japan.
Aggregate occupancy of the REIT’s portfolio as at October 2017 was 99.7%.