First REIT closes ¥1.66 billion social loan via Shinsei Bank

By Mary-Katherine Stinson

Lexington, Ky., Sept. 29 – First Real Estate Investment Trust’s manager, First REIT Management Ltd., announced that First REIT Japan 2 Godo Kaisha1 secured a ¥1.66 billion non-recourse social loan from Shinsei Bank, Ltd., according to a press release.

Funds were earmarked for the acquisitions of two Japan nursing homes totaling approximately ¥2.6 billion.

The remaining financing was funded by Singapore dollar debt.

With this Shinsei social loan, social loans and bonds comprise about one quarter of First REIT’s debt.

Singapore’s First Real Estate Investment Trust is a real estate investment trust with a portfolio of 32 properties with 11 hospitals, two integrated hospital & malls, one integrated hospital & hotel and one hotel & country club, located in Indonesia, three nursing homes in Singapore and 14 nursing homes in Japan.

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