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KDX Realty Investment to Sell Retail Land for 3.69 Billion Yen

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KDX Realty Investment (TYO:8972) agreed to sell its Life Takadono land in Osaka, Japan, to Hankyu Hanshin REIT (TYO:8977) for 3.69 billion yen, according to a Monday Tokyo bourse filing.

The property, which is land leased to a supermarket operator in the Tokyo metropolitan area, is priced 330 million yen above the assumed book value of 3.36 billion yen.

The proceeds from the transaction will be used to improve portfolio quality through asset reshuffling, the filing said.

The sale is scheduled to be completed on Dec. 1, according to KDX.

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