TOKYO: Leading hospital operator IHH Healthcare announced that subsidiary Parkway Life Real Estate Investment Trust is acquiring five nursing homes in Japan for 5.97 billion yen (S$68.3 million).
The Malaysia-based health care provider owns 35.76 per cent of PLife REIT, which is headquartered in Singapore. The unit is to acquire the five facilities — four nursing homes and one group home that focuses on seniors with dementia — from Japan’s UBI. A PLife news release issued Monday said the deal will enhance the quality of the trust’s portfolio in Japan.
The nursing homes are located in the northern prefecture of Hokkaido, the central prefecture of Aichi and southern prefecture of Fukuoka.
The transaction, to be completed in the first quarter of this year, will increase the REIT’s Japanese portfolio to about 34 per cent of total assets under management.
PLife owned 42 properties valued at 1.5 billion Singapore dollars as of the end of January. The list includes leading private hospitals in Singapore run by IHH Healthcare.
