Parkway Life Reit (PLife Reit) is deepening its presence in Japan with the acquisition of a nursing home in the Greater Tokyo region from aged care operator KK Habitation for 1.65 billion yen (S$21.2 million).

In a filing to the Singapore Exchange, PLife Reit's manager said that the purchase is being made at about 4.6 per cent below valuation as independent valuer Enrix Co appraised the value of the property (as at Oct 31) at 1.73 billion yen. It will generate a net property yield of 6.4 per cent and the Reit's manager believes that the acquisition will be DPU-accretive to the Reit's unitholders.