Tokyu Corporation completed the acquisition of Tokyu Saginuma Building and Tokyu Saginuma 2 Building from Tokyu REIT Inc..
January 30, 2017
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Tokyu Corporation (TSE:9005) entered into an agreement to acquire Tokyu Saginuma Building and Tokyu Saginuma 2 Building from Tokyu REIT Inc. (TSE:8957) for approximately ¥110 billion on February 26, 2016. Tokyu Saginuma Building will be sold for ¥8.95 billion and Tokyu Saginuma 2 Building will be sold for ¥1.71 billion. The sale of Tokyu Saginuma Building expected to close on March 24, 2016 and sale of Tokyu Saginuma 2 Building is expected to close on January 31, 2017. As on March 15, 2016, Tokyu Corporation has undertaken debt financing of ¥4 billion to finance the transaction via commitment line agreement. Sumitomo Mitsui Trust Bank, Limited is providing a financing of ¥1.6 billion, The Bank of Tokyo-Mitsubishi UFJ, Ltd. is providing a financing of ¥800 million, Mizuho Bank, Ltd. is providing a financing of ¥800 million, and Mitsubishi UFJ Trust and Banking Corporation is providing a financing of ¥800 million. Daiwa Real Estate Appraisal Co., Ltd. acted as an appraisal firm for the transaction. As of March 24, 2016, Tokyu Saginuma Building was sold.
Tokyu Corporation (TSE:9005) completed the acquisition of Tokyu Saginuma Building and Tokyu Saginuma 2 Building from Tokyu REIT Inc. (TSE:8957) on January 31, 2017.
TOKYU REIT, Inc. is a Japan-based real estate investment trust (REIT) company. It aims to achieve sustainable growth in assets and stable earnings from mid- to long-term perspectives. The Company invests mainly in real estate properties, including office buildings and commercial facilities. The Company focuses on investments in the five areas of central Tokyo and the areas along the Tokyu railroad. Itâs property portfolio mainly includes Setagaya Business Square, QFRONT, cocoti, Tokyu Ikejiri-ohashi Building, Kojimachi Square, TOKYU REIT Shinjuku Building, TOKYU REIT Toranomon Building, Akasaka 4-chome Building, TOKYU REIT Shibuya R Building and Akihabara Sanwa Toyo Building. The asset manager of the Fund is Tokyu Real Estate Investment Management Inc.
TOKYU REIT, INC. 
