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HEALTHCARE | Staff Reporter, Singapore

ParkwayLife REIT buys Japanese elderly nursing home for $17.8b

It will inject the fund into the property's operator.

ParkwayLife REIT entered a silent partnership agreement with Japanese-based G.K. Nest to buy an elderly nursing rehab home in Japan for $17.8m.

According to an announcement, Konosu Nursing Home Kyoseien in Saitama Prefecture is an elderly nursing rehab facility with 120 rooms.

Under Japanese laws, G.K. Nest, which is called a Godo Kaisha company, will own the property. ParkwayLife REIT shall only inject money into the operator.

"Based on the expected net property yield of the Acquisition of 6.7%, the manager believes that the acquisition will be DPU-accretive to the unitholders of Parkway Life REIT," the firm said.

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