Parkway Life Real Estate Investment Trust (Parkway Life Reit) is buying a nursing home in Japan's Greater Tokyo Region for 3.2 billion yen (S$38.4 million), the manager announced on Friday (Dec 10).

The 150-bed property in Kisarazu city in Chiba was built in 2017 and will be leased for 20 years to a subsidiary of nursing home operator Habitation Group, at an annual gross rental of about 197.2 million yen.