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SINGAPORE: ParkwayLife REIT has bought seven nursing homes in Japan for S$105.7 million.
The homes were acquired from a wholly-owned subsidiary of Japanese real estate investment corporation Kenedix.
Parkway intends to tap the aging population in Japan with its latest acquisitions.
Each of the nursing homes has a long-term lease agreement with the operators of each home, and the average unexpired lease term is 17 years.
Five of the seven properties also have back-up operator agreements.
In addition, Parkway has negotiated a rental guarantee from Kenedix for a period of seven years and three months, capped at 5 per cent of the purchase price.
- CNA/ir
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