SINGAPORE (Feb 7): The manager of Parkway Life REIT (PLife REIT) is acquiring Konosu Nursing Home Kyoseien, a nursing rehabilitation facility in Japan, from operator Iryouhoujin Shadan Kouaikai for 1.5 billion yen ($17.8 million) under a sale and leaseback deal.

The yield-accretive acquisition will be made at 7.4% below its valuation of JPY1.62 billion as at end 2017, and is expected to generate a net property yield of 6.7%.

Konosu Nursing Home Kyoseien is located in Konosu City, Saitama prefecture, within the greater Tokyo region. It was secured on a fresh 20-year master lease arrangement with Iryouhoujin Shadan Kouaikai, and is approximately 100% operationally occupied.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook