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Parkway Life REIT acquires two new nursing homes in Tokyo region for $29.4 mil

Felicia Tan
Felicia Tan9/20/2022 06:32 PM GMT+08  • 3 min read
Parkway Life REIT acquires two new nursing homes in Tokyo region for $29.4 mil
The manager of Parkway Life REIT has announced the acquisition of two new nursing homes in the Greater Tokyo region for a total consideration of 2.88 billion yen ($29.4 million). Photo: Samuel Isaac Chua/The Edge Singapore
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The manager of Parkway Life REIT has announced the acquisition of two new nursing homes in the Greater Tokyo region for a total consideration of 2.88 billion yen ($29.4 million).

The freehold properties are newly built in 2021. They are said to be well-located in the residential areas of Tokyo and Chiba Prefectures with good connectivity and close proximity to the Tokyo Centre. The agreement will see the REIT taking over the existing lease agreements of the properties, with an average long balance lease term of approximately 29 years.

In its release, the REIT says its trustee, HSBC Institutional Trust Services (Singapore), had, through its wholly-owned subsidiary, Parkway Life Japan4 Pte. Ltd., entered into a tokumei kumiai agreement for the acquisition of the properties from Tokyo Stock Exchange-listed Daiwa House Industry Co., Ltd.

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