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.
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