Hankyu Hanshin REIT property, Shibaura Renasite Tower. (Photo: Google Maps)Hankyu Hanshin REIT property, Shibaura Renasite Tower. (Photo: Google Maps)

Hankyu Hanshin REIT has completed the acquisition of a 10% stake in the Grade A office property in Tokyo, Shibaura Renasite Tower.

The acquisition, which cost the REIT some JPY3,457 million (USD32 million), was completed on 28 May.

Shibaura Renasite Tower was completed in 2009, and has been built with earthquake-resistant specifications.

On the same day, Hankyu Hanshin REIT also completed the divestment of its stake in Hotel Gramercy Tamachi.

The disposal was executed for JPY3,879 million.

Hankyu Hanshin REIT was last done on the Tokyo Stock Exchange at JPY133,800.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.