Babcock & Brown acquires Tokyo property for $22.5m


Babcock & Brown Japan Property Trust (BJT) has bought an interest in a five-storey retail building in greater Tokyo for $22.5 million.

The acquisition of the property, in Yoshikawa City in Greater Tokyo, 30 kilometres north of Tokyo, for 2.31 billion yen, has been debt funded from the trust's new non-recourse facility established in May 2007, BJT said.

BJT is also selling the Kurishio Shijo retail building in central Tokyo for 2 billion yen, or $19.5 million.

The sale follows the eviction of the property's sole tenant in December, due to a rental default and the expiry of a master lease guarantee in mid-January.

Source: The Age, Australia