Parkway Life REIT purchases nursing home in Japan

Parkway Life Real Estate Investment Trust (PLife REIT) has purchased a nursing home and care facility property in Japan, its second acquisition in the fourth quarter of 2014, it announced in a press release on Friday (Dec 19).

PLife REIT purchased Ocean View Shonan Arasaki for ¥1,700 million (S$18.9 million) from Oueikikaku Kabushiki Kaisha. This follows an earlier acquisition of Habitation Jyosui, announced on Nov 28 this year.

With the recent acquisition, PLife REIT’s Japan portfolio will stand at approximately S$518 million, or about 33 per cent of total assets under management, the press release said.

The acquisition is expected to be completed by January 2015. It is also expected to generate a net property yield of 6.9 per cent, the press release added.

Source : Channel NewsAsia – 19 Dec 2014

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