THE Challenger Kenedix Japan Trust has invested ¥2.43 billion ($A26.6 million) to buy an interest in Life Kema.
Life Kema is a 4,813 sqm land parcel located in Miyakojima-ku,
The property was sourced by Kenedix, CKT’s Japan-based Asset Manager, and has been acquired at independent valuation. The purchase price reflects an initial yield of 5.1%.
CKT’s fund manager Brett McCarthy said Life Kema is another high-quality addition to CKT’s portfolio, which now consists of 20 properties.
“We are pleased to have Life Corporation as a tenant. With four leases, they now represent 16% of CKT’s property income base.
“A unique feature of CKT is its substantial exposure to neighbourhood-centre supermarket operators; their focus on household non-discretionary expenditure generally provides a relatively high degree of security in times of lower economic activity,” McCarthy said.
Australian Property Journal
