Parkway Life Real Estate Investment Trust (PLife REIT) said on Tuesday that it is making further acquisitions to expand its portfolio in Japan and Malaysia.
Through its wholly-owned subsidiary, Parkway Life Japan4 Pte Ltd, it has a Tokumei-Kumiai agreement (or silent partnership agreement) for the acquisition of three nursing home properties in Japan at a cost of 3 billion yen (S$50 million).
The properties, which comprise Sawayaka Parkside Shinkawa, Sawayaka Hirakata Kan and Sawayaka Higashikagura Kan are well maintained and strategically located.
They enjoy a healthy weighted average operational occupancy of approximately 90 percent as at December 2011.
The acquisition is expected to be completed by March 2012.
In Malaysia, PLife Reit has through its wholly-owned Malaysian incorporated subsidiary, Parkway Life Malaysia Sdn Bhd, entered into an agreement with Gleneagles Medical Centre (Kuala Lumpur) Sdn Bhd to acquire strata titled units/lots within Gleneagles Medical Centre, Kuala Lumpur, (GMCKL) for RM16 million (S$6.45 million).
The portfolio constitutes approximately 23.1 percent of the total share value of GMCKL – comprising three ground floor units, three medical consulting suites units on the 2nd and 7th floors, the entire 8th floor and 69 car park lots.
Completion of the acquisition is expected by August 2012.
Source : Channel NewsAsia – 28 Feb 2012