Daiwa House REIT (TYO:8984) has agreed to acquire MIMARU Tokyo Ikebukuro for 11.5 billion yen and dispose of three properties for a combined 14.7 billion yen.
The three assets to be sold are Naha Shin-Toshin Center Building, D Project Inuyama (Building B), and Hapias Kaita (Land), according to a Tokyo bourse filing on Wednesday.
The dispositions include a staggered sale of a 50% quasi co-ownership interest in the Naha property to ORIX JREIT over five tranches through 2028.
The sale of Hapias Kaita to Daiwa House Realty Mgt., a subsidiary of the asset manager's parent company, qualifies as an interested-party transaction and has received board approval.
The transactions are expected to improve portfolio quality by recycling capital from mature properties into newer assets with greater internal growth potential.