SINGAPORE (Dec 3): Parkway Life Real Estate Investment Trust (PLife REIT) is acquiring three nursing rehabilitation facilities in Japan for a total consideration of 3.7 billion yen ($46.3 million), the manager announced Tuesday.

The trustee of PLife REIT, through its wholly-owned subsidiary Parkway Life Japan4, has entered into a Tokumei Kumiai (or silent partnership) agreement for the acquisition of the properties. This is similar to the holding structure for PLife REIT’s previous acquisitions in Japan, the manager says.

The three properties – Hodaka no Niwa, located in Takayama City, Gifu Prefecture; Orange no Sato, located in Arita-gun, Wakayama Prefecture; and Haru no Sato, located in Shunan City, Yamaguchi Prefecture – are located in residential areas of the respective prefectures.

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