News about Parkway Life REIT —
Parkway Life REIT is announcing further operation in Japan with the purchase of two nursing homes, one in Fukuoka City (Fukuoka Prefecture) and another in Adachi City (Tokyo Prefecture). With a total consideration of ¥4,100 million (S$49.4 million), the purchase is yield accretive (Net Property Yield of 5.7%).
The acquisition of the Properties will enhance PLife REIT's earnings resilience with long, stable master lease term as the REIT enters into fresh 20-year master lease agreement for each of the Properties. These are expected to improve the weighted average lease expiry (“WALE”) (by gross revenue) for PLife REIT's entire portfolio from 5.22 years to 5.61 years.