PLife REIT further expands footprints in Japan with acquistions

Samantha Chiew
Samantha Chiew9/13/2022 08:11 PM GMT+08  • 3 min read
PLife REIT further expands footprints in Japan with acquistions
PLife REIT expands presence in Japan with acquisition of 3 nursing homes.
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The manager of Parkway Life REIT (PLife REIT) announced that it is further expanding its portfolio in Hokkaido, Japan with an acquistion of three nursing homes (Blue Terrace Kagura, Blue Rise Nopporo and Blue Terrace Taisetsu) from Blue Melon Capital Kabushiki Kaisha and its wholly-owned subsidiary, K2 Healthcare Sapporo Godo Kaisha.

The total consideration price is JPY 2.56 billion ($26.1 million).

The properties are well located with transportation connectivity within the residential areas of Ebetsu and Asahikawa Cities in Hokkaido Prefecture. This acquisition will see PLife REIT taking over the existing lease agreements of the properties, with a balance lease term of approximately 19 years, which will further improve the REIT's weighted average lease expiry (by gross revenue) from 17.01 years to 17.05 years. This will enhance the resiliency of PLife REIT’s earnings.

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