REIT Financial News - 9 JUN 2010: PLife acquires six new nursing home and care facility properties in Japan

ACQUISITION OF SIX PROPERTIES LOCATED IN JAPAN. See:

• Press Release
• Announcement

Key Points

• Acquires properties at an attractive purchase consideration of S$60.5 million 
• Highly yield-accretive with expected net property yield of 8.08%
• Fresh 20-year master lease / operating lease agreements, back-up operators and rental income guarantees enhances stability of overall portfolio
• Fully funded by 5-year unsecured commited Japanese yen facility at an attractive rate of 2.0%
• With this funding, PLife REIT’s gearing will increase from 28.5% as at 31 March 2010 to 32.2%.
• The Properties are:
  
  1. Obatake Ichiban-kan, (78 rooms) located in Kitakyushu City, Fukuoka, Japan
  2. Obatake Niban-kan, (26 rooms) located in Kitakyushu City, Fukuoka, Japan
  3. Shinmoji-kan, (112 rooms) located in Kitakyushu City, Fukuoka, Japan
  4. Nokata-kan, (100 rooms) located in Fukuoka City, Fukuoka, Japan
  5. Nogata-kan, (78 rooms) located in Nogata City, Fukuoka, Japan
  6. Sakura-kan, (110 rooms) located in Semboku City, Akita, Japan

Author's Note
This is the third round of acquisitions by Plife since IPO. As with the previous 2 acquisitions, all the properties are in Japan.