Japan Real Estate Investment Corporation (TSE:8952) signed an agreement to acquire an additional unknown stake in Harmony Tower from 4 individuals for ¥520 million on December 17, 2012. As part of the consideration, a lump sum payment will be made at closing of acquisition. Japan Real Estate Investment Corporation will use its own funds for the purpose of the acquisition. Japan Real Estate Investment already had 29.25% stake in the building and some stake in the land ... as co-ownership. Following the acquisition of an additional share, Japan Real Estate Investment’s share of ownership of the building will be 32.11%. The transaction is expected to close by December 19, 2012. The impact of this property acquisition on Japan Real Estate Investment's management performance for the fiscal period from October 1, 2012 to March 31, 2013 is expected to be minor. Daiwa Real Estate Appraisal Co.,Ltd. acted as the appraisal institution for the property.
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