Babcock & Brown Japan Property Trust has settled on the acquisition of four retail properties for ¥12.8 billion ($A144 million).
On August 17, 2006, the trust bought interests in five retail properties. The fifth property, Susono, is expected to complete at the end of September 2006.
To fund these acquisitions debt of ¥6.4 billion has been drawn down and the balance of funding obtained from equity raised through the institutional placement announced on August 16, 2006.
Following the acquisitions the trust now has interests in 35 properties in Japan comprising 13 retail properties, 19 office properties and 3 residential properties located primarily in the central and greater Tokyo area.
The total value of the trust’s portfolio stands at ¥107.4 billion (approximately $A1.2 billion).
By Nelson Yap
