Japan Retail Fund Investment Corporation (TSE:8953) entered into an agreement to acquire MCUBS MidCity Investment Corporation (TSE:3227) from Kanden Realty & Development Co.,Ltd., The Master Trust Bank of Japan, Ltd., Custody Bank of Japan, Ltd, The Nomura Trust and Banking Co., Ltd. and others for approximately ¥130 billion on August 28, 2020. Under the terms, Japan Retail Fund will issue 0.5 of its shares for each share of MCUBS MidCity. Post the completion of the transaction, Japan Retail Fund will be the surviving entity and will be renamed as Japan Metropolitan Fund Investment Corporation.

Shuichi Namba will continue as Executive Director of Japan Retail Fund Investment. The transaction is subject to approval from shareholders of both Japan Retail and MCUBS MidCity, regulatory approval and approval by lenders. The transaction has been approved by the Board of both Japan Retail and MCUBS MidCity.

The shareholders meeting of MCUBS will be held on October 22, 2020. The shareholders meeting of Japan Retail Fund will be held on October 23, 2020. As of October 22, 2020, the transaction was approved by shareholder of MCUBS.

As of October 23, 2020, the transaction was approved by shareholder of Japan Retail Fund. The transaction is expected to close on March 1, 2021. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor and Anderson Mori & Tomotsune LPC acted as legal advisor to Japan Retail Fund.

SMBC Nikko Securities Inc. acted as financial advisor and Mori Hamada & Matsumoto LPC acted as legal advisor to MCUBS MidCity. Morgan, Lewis & Bockius LLP acted as legal advisor to MCUBS MidCity Investment Corporation and Japan Retail Fund Investment Corporation.