Advance Residence Investment (JP:3269) has released an update.
Advance Residence Investment Corporation, managed by ITOCHU REIT Management Co., Ltd., has announced the acquisition of RESIDIA Kunitachi, a beneficiary interest in trust, for 1,260 million yen, which is below its appraisal value of 1,350 million yen. The property, which is younger than the average building in ADR’s portfolio, is expected to contribute to ADR’s growth strategy through asset size increase, diversification, and portfolio enhancement. The acquisition aligns with ADR’s management targets, considering the challenging real estate market characterized by limited supply of high-quality rental housing in central metropolitan areas.
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