Parkway Life

Parkway Life: Acquired two nursing home properties in Japan for $23.1m with an estimated yield of 7.1% from Kenedix Group. Funding will be via a 5-year unsecured JPY term loan facility at a net cost of 1.55% per annum, and will bring the Reit's gearing to 31.8% as at 31 May 2013. A rental guarantee until 31 Dec 2015 will be provided by Kenedix Group, capped at 5% of the acquisition price. The properties have an average occupancy rate of 85%, and is expected to grow with the aging population in Japan.