GALILEO Japan Trust has settled on its purchase of an office building in Shin Yokohama, Japan for ¥ 3.41 billion (approximately $A35.9 million).
The modern office investment was purchased in November last year and since then, occupancy in the building has increased from 97.7% to 100% and part floor 10, which was to become vacant has been leased with no income void.
The rental agreed on the new tenancy is approximately 15% higher than the previous passing rent.
As a result the forecast NOI property yield has increased from 4.4% to 4.5%.
This acquisition increases the value of GJT’s portfolio to approximately ¥92.8 billion (approximately $A977 million).
Australian Property Journal
