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Advance Residence Investment Acquires Two Tokyo Residential Properties for 2.36 Billion Yen

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Advance Residence Investment (TYO:3269) has agreed to acquire two residential properties in Tokyo - RESIDIA Higashinippori and RESIDIA Kameido II - for a combined 2.36 billion yen.

RESIDIA Higashinippori and RESIDIA Kameido II will be acquired using cash and borrowings, at 1.2 billion yen and 1.16 billion yen, respectively, according to a Tokyo bourse filing on Thursday.

The properties, acquired from COSMOS INITIA, offer occupancy rates of 92.2% and 97.3%, respectively, with net operating income or NOI yields of 3.9% for both.

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