MMP Reit Buys Office-Cum-Retail Building In Tokyo

Source : TODAY, Thursday, September 27, 2007

MACQUARIE MEAG Prime Real Estate Investment Trust (MMP Reit) has acquired the America-Bashi Building from Fleg International Company in Japan yesterday for a total purchase price of 5,700 million yen ($74.5 million).

MMP Reit said the building will be renamed Ebisu Fort, and the acquisition will be fully funded by debt.

The seven-storey building, completed this month, includes two basement levels and is located in the Ebisu area, Shibuya-ku in Tokyo.

Designed for office and retail use, Ebisu Fort is 100-per-cent master-leased and sub-tenants have commenced fitting-out.

Fleg has been appointed the local asset manager of Ebisu Fort for a period of two years from completion, with the option for another year.

With this acquisition, MMP Reit’s portfolio comprises 10 assets located in Singapore, China and Japan, valued at approximately $1.9 billion.