Parkway Life REIT continues its expansion in the Japanese nursing home sector with the purchase of three more properties:
The Properties are well located with transportation connectivity within the residential areas of Ebetsu and Asahikawa Cities in Hokkaido Prefecture. The acquisition will see PLife REIT taking over the existing lease agreements of the Properties, with a balance lease term of approximately 19 years which will further improve PLife REIT’s weighted average lease expiry (by gross revenue) from 17.01 years to 17.05 years4. This will enhance the resiliency of PLife REIT’s earnings.
The cost of ¥2,558 million (about S$26.1 million) will be funded by debt.