SINGAPORE - Singapore listed healthcare real estate investment trust (Reit) Parkway Life Reit has acquired five new properties in Japan to broaden its presence in the country, Reit manager Parkway Trust Management announced today.
The targeted assets, which include four nursing homes and one group home, will be acquired from Ostara Japan One TMK and UBI Kabushiki Kaishia for around $67.9 million, pushing the Reit's Japan portfolio to around $546 million - some 34 per cent of total assets under management.
These new acquisitions were partly enabled by the additional capital the Reit received from divestment of seven assets at the end of 2014, Parkway Trust Management's chief executive Yong Yean Chau said.
"The acquisition marks our first foray into a new geographical area, the Aichi Prefecture, and also deepens our footprint in the Hokkaido Prefecture. In addition, we have the opportunity to partner with three new nursing home operators and have added the first group home to our Japan portfolio," Mr Yong said.
"These new grounds reflect an exciting growth platform for the Reit, even as we maintain our strong fundamentals and defensive position."