Mainboard-listed Parkway Life REIT said it is acquiring six properties in Japan for S$60.5 million.

The properties are care facilities and a nursing home, and will be financed by borrowings.

Five of the properties are situated in the densely populated residential district in Fukuoka Prefecture in Japan, while the remaining one is located at Akita Prefecture.

The company said the acquisitions are yield-accretive, with an 8.08-percent forecasted net property yield. It also pointed out that the acquisition will bring in more diversity in its revenue stream.

Each of the six properties will have a new 20-year master lease, with rental income guarantees and back-up operator arrangements, said PLife.

The company has appointed property asset management company Black Hills Investment to manage the six properties. It said that Japan’s elderly care industry has a bright prospect, given the ageing population of the country.

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