ORIX JREIT, Inc., a fund of ORIX Asset Management Corporation, completed the acquisition of an additional unknown stake in The Kitahama Plaza from Sanyo Homes Corporation.
March 20, 2014 at 12:00 am EDT
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ORIX JREIT, Inc. (TSE:8954), a fund of ORIX Asset Management Corporation, entered into an agreement to acquire an additional unknown stake in The Kitahama Plaza from Sanyo Homes Corporation (TSE:1420) for approximately ¥980 million on March 3, 2014. Following the deal, ORIX JREIT will have a 100% ownership of the commercial building. The purchase involves the acquisition of the retail facility from the underground floor to the 6th floor only and not the residential section. The transaction will be financed from the issuance of new investment units through public offering, borrowings and cash on hand. The Board of Directors of ORIX JREIT has approved the deal which is expected to close on March 20, 2014. Chuo Real Estate Appraisal Co., Ltd. acted as the appraiser in the transaction.
On March 25, 2014, ORIX JREIT announced the new loan financing in the amount of ¥1.71 billion, the proceeds from which will be partially used to fund the acquisition of Kitahama Plaza.
ORIX JREIT, Inc. (TSE:8954), a fund of ORIX Asset Management Corporation, completed the acquisition of The Kitahama Plaza from Sanyo Homes Corporation (TSE:1420) on March 20, 2014.
Sanyo Homes Corporation is a real estate company. The Company operates as an integrated advisor of living solutions. The Company operates in two segments. Housing business segment is engaged in the design, contract construction, construction supervision, and sale of detached houses (prefabricated houses), houses for welfare and rental, renewal distribution and housing remodeling. Condominium business segment is engaged in the development, sale and leasing of new built and renovation apartment. The Company operates its business in the four main metropolitan areas in Japan, including Tokyo, Chubu, Kinki, and Kitakyushu-Fukuoka area. The Company also provides services as life support business and frontier business, such as apartment management business, insurance agency business, nursery business, as well as solar system sales, among others.
ORIX JREIT, Inc., a fund of ORIX Asset Management Corporation, completed the acquisition of an additional unknown stake in The Kitahama Plaza from Sanyo Homes Corporation.
SANYO HOMES CORPORATION 