The acquisition will be made at around 9.1% below valuation and is expected to be completed by the third quarter in 2024. Upon its completion, PLife REIT will have 60 properties in Japan totalling $676.8 million.
Parkway Life REIT (PLife REIT) has agreed to acquire a nursing home property in the Osaka Prefecture, HIBISU Higashi Sumiyoshi, for JPY2.45 billion ($20.7 million).
PLife REIT’s trustee, through its wholly-owned subsidiary Parkway Life Japan2 Pte. Ltd., entered into a Tokumei Kumiai agreement with Godo Kaisha SAMURAI 20 (TK operator) in relation to the acquisition of the home. The TK operator entered into a conditional purchase and sale agreement (SPA) with K.K. FDS for the purchase of the property. A Tokumei Kumiai agreement is also known as a silent partnership agreement. The agreement is similar to the holding structure for the REIT’s previous acquisitions in Japan.
