Advance Residence Investment Corp (TSE:3269) agreed to acquire RESIDIA TOWER Kami-Ikebukuro from Urban Renaissance Agency for ¥8.3 billion on January 8, 2013. The full consideration amount will be paid upon delivery. In a related transaction, Advance Residence Investment Corp will acquire 11 other RESIDIA properties.

The transaction financing will be done through funds procured by issuing new investment units or borrowings or cash at hand. Advance Residence will issue 0.14 million investment units through public offering and 5,000 investment units to Mizuho Securities Co., Ltd. through private placement. As of January 21, 2013, the proceeds from primary offering and third-party allotment of ¥22.47 billion will be used to fund the acquisition of assets.

The scheduled agreement date is January 8, 2013 and the transaction is expected to close by March 1, 2013. Japan Real Estate Institute acted as real estate appraiser.