Mori Hills REIT Investment Corporation executed an acquisition and lease agreement to acquire the 25th, 26th, 27th and 29th floors of Roppongi Hills Mori Tower from Mori Building Co., Ltd for a consolidated value of ¥46 billion.

Mori Hills REIT Investment Corporation (TSE:3234) executed an acquisition and lease agreement to acquire the 25th, 26th, 27th and 29th floors of Roppongi Hills Mori Tower from Mori Building Co., Ltd for a consolidated value of ¥46 billion on January 6, 2016. For the 25th floor, Mori Hills will pay ¥11 billion and for the 26th, 27th and 29th floors, Mori Hills will pay ¥35 billion. Mori Hills REIT Investment Corporation will make lump sum payment upon delivery.

Mori Hills REIT Investment Corporation will fund the transaction through cash on hand, new investment units and borrowings from Sumitomo Mitsui Trust Bank Limited. The transaction will be financed through ¥23 billion raised through issue of new units. The property generated rental income of ¥2.3 billion in 2015.

The Board of Mori Hills REIT Investment Corporation approved the transaction. For the 25th floor the transaction is expected to complete on February 1, 2016 and for the 26th, 27th and 29th floors the transaction is expected to complete on April 1, 2016. As on April 1, 2016, Mori Hills REIT Investment Corporation completed acquisition of 26th, 27th and 29th floors of Roppongi Hills Mori Tower.

Japan Real Estate Institute acted as the appraiser for the property.