HEIWA REAL ESTATE REIT, Inc. (TSE:8966) executed an agreement acquire property at 38 across Shinkawa Building from Heiwa Real Estate Co., Ltd. (TSE:8803) for ¥3.3 billion on October 17, 2016. In a related transaction, HEIWA REAL ESTATE REIT, Inc. (TSE:8966) agreed to sell Of-13 Shibuya AX Hills to an undisclosed buyer for ¥1.8 billion. The transaction was funded by own funds and borrowings. For the year ended December 31, 2015, property at 38 A cross Shinkawa Building reported revenue of ¥171.1 million. On October 17, 2016, The transaction was resolved by the Board of Directors of HEIWA REAL ESTATE REIT, Inc. The Board of Directors, investment committee and compliance committee of Heiwa Real Estate Asset Management Co., Ltd. unanimously approved the deal. The transaction is expected to close on January 20, 2017. Daiwa Real Estate Appraisal Co., Ltd. acted as appraiser in this transaction. The brokerage fee of ¥54.6 million paid for both the transaction.

HEIWA REAL ESTATE REIT, Inc. (TSE:8966) completed the acquisition of property at 38 across Shinkawa Building from Heiwa Real Estate Co., Ltd. (TSE:8803) on January 20, 2017.