Japan-based unknown company completed the acquisition of a stake in Gate City Ohsaki from Hulic Reit, Inc..
March 05, 2020
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Japan-based unknown company agreed to acquire a stake in Gate City Ohsaki from Hulic Reit, Inc. (TSE:3295) for ¥4.8 billion on March 2, 2020. Hulic Reit will transfer of co-ownership of proprietary interest (equivalent to the ratio of the right of site (approximately 2.11%) in the co-ownership of Lot No. 500-1) and unit ownership (approximately 83% co-ownership for the offices on the eighth floor of the Business / Commercial building West Tower, approximately 2.4% co-ownership for the shops on the B1 to third floor of the Business / Commercial building and residential units of the residential tower (6 units). The transaction is expected to close on March 6, 2020. The amount remaining after distribution of gains/losses on the transfer will be used as funds on hand with which to acquire property and/or repay loans.
Japan-based unknown company completed the acquisition of a stake in Gate City Ohsaki from Hulic Reit, Inc. (TSE:3295) for ¥4.8 billion on March 6, 2020
Hulic Reit Inc is a Japan-based diversified real estate investment trust (REIT). The Trust aims to maximize unitholder value by maintaining and improving earnings over the medium to long term and by achieving growth in the size and value of assets under management. The basic investment policy is to position Tokyo Commercial Properties as a priority investment target, investing about 80% of its portfolio. The investment targets are office and retail properties. In addition, the Trust also invest about 20% of its portfolio in Next Generation Asset Plus, which investment targets include fee-based nursing homes, network centers, and hotels. The asset management company is Hulic Reit Management Co Ltd.