Parkway Life REIT acquires three nursing homes in Hokkaido, Japan for $26.1m
The acquisition is expected to generate an average net property yield of 6.5%.
Parkway Life REIT will further expand its Japan portfolio with the acquisition of three nursing homes in the Hokkaido region.
The properties –- Blue Terrace Kagura, Blue Rise Nopporo and Blue Terrace Taisetsu –- will be purchased for a consideration price of $26.1m (JPY2.6b).
The acquisition, slated for completion in Q322, is expected to generate an average net property yield of 6.5%.
Post-acquisition, PLife REIT’s Japan portfolio will increase to 55 properties with a total value of $725.33m, whilst its leverage ratio will climb from 32.5% to approximately 33.4%.