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Parkway Life REIT acquires 4 nursing homes for $60 mil

Property

Parkway Life REIT acquires 4 nursing homes for $60 mil

PC Lee Published on Mon, Feb 20, 2017 / 10:41 AM GMT+8

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SINGAPORE (Feb 20): Parkway Life REIT has acquired four nursing homes and one dementia group nursing home in Japan from Marubeni Corporation, UBI Kabushiki Kaisha and UBI Capital Kabushiki Kaisha for JPY4.76 billion ($59.5 million).

This is part of an asset recycling exercise to rebalance and strengthen the its Japan portfolio.

The acquisition price represents a discount of 9.1% to the valuation price of about JPY5.23 billion.

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