ORIX JREIT Inc. (JP:8954) has released an update.
ORIX JREIT Inc has announced the strategic acquisition of the Tenjin North Front Building in Fukuoka, targeting long-term stable earnings and potential for rent increases due to the property’s prime location. The acquisition, valued at 6,350 million yen, will be conducted in six installments starting August 29, 2024, with the property currently appraised at 7,024 million yen. The company anticipates that the property’s position in a rapidly developing area coupled with current rents below market rates will contribute to unitholder value enhancement.
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