J-REIT buys office building in Japan for $322m

Sekisui House REIT is under contract to acquire the office portion of a property in Osaka, Japan, for $322.8 million from Japanese developer Sekisui House, which sponsors the REIT.

The transaction covers the 13th through 24th floors of Honmachi Garden City. The property is located along the Midosuji Street, the main street in Osaka. The Midosuji area has long been established as a central office district.

Sekisui House REIT invests in office properties in Japan.

Thus far this year, Sekisui House has been actively selling many of its assets in Japan. The firm sold three apartment complexes in Japan for a total of $44.6 million, and sold an office building for an undisclosed amount. Sekisui House also sold a U.S. office property, 1300 Dexter Ave. N. in Seattle, for $31.6 million.

In other news, the Sunshine Coast Council in Australia rejected Sekisui House’s plan to develop a $1 billion five-star hotel and serviced apartments complex. Sek