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Advance Residence Investment to Borrow 3 Billion Yen for Property Acquisition, Loan Repayment

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Advance Residence Investment (TYO:3269) plans to borrow a total of 3 billion yen through two separate debt financing arrangements for the purpose of repaying existing loans, according to a Thursday filing with the Tokyo bourse.

The company will borrow 2 billion yen on Aug. 28 from MUFG Bank, Sumitomo Mitsui Financial Group's (TYO:8316) Sumitomo Mitsui Trust Bank and Mizuho Financial Group's (TYO:8411) Mizuho Bank to partly fund the acquisition of RESIDIA Higashinippori and RESIDIA Kameido II, along with related expenses, the filing said.

The one-year unsecured loan will carry an interest rate of the base rate plus 0.30%.

In addition, Advance Residence Investment will borrow 1 billion yen from MUFG Bank on Aug. 31 to repay an existing 1 billion yen loan maturing the same day. The new one-year unsecured loan will carry interest at the base rate plus 0.12%, it said.

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Advance Residence Investment to Borrow 3 Billion Yen for Property Acquisition, Loan Repayment | FINWIRES