Parkway Life Reit on Friday said that it is divesting its non-core industrial property in Japan known as P-Life Matsudo for a total consideration of 2.9 billion yen (about S$37.1 million) to a real estate company in Japan.

It is expected to recognise an estimated gain of about S$5.1 million, as Parkway Life Reit originally purchased the property at S$33.2 million in 2008.