Croesus Retail Trust: Accretive acquisition in Japan
- Croesus Retail Trust (CRT) proposed to acquire retail property Fuji Grand Natalie in Japan for ¥3.3b ($40.2m) or 6.3% below market valuation.
- Fully occupied freehold suburban mall located in Hatsukaichi City in Hiroshima Prefecture has a net lettable area of 31,065 sqm and weighted average lease to expiry of 8.2 years.
- Expected to lift pro forma FY15 DPU for CRT by 1.8% to 7.8¢, implying a 9.5% distribution yield based on the current price.
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