Parkway Life REIT has acquired two nursing home properties in Japan.
They are worth a total of $23.1 million and are expected to deliver 7.1% yield.
The acquisition is funded by a five-year committed and unsecured JPY term loan facility at 1.55% interest per annum.
The properties comprise Palmary Inn Shin-Kobe and Heart Life Toyonaka, and are both well-maintained and strategically located, says Parkway Trust Management, the REIT’s manager.
Both properties enjoy 85% occupancy rate, and is expected to grow going forward, the manager adds.
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