SINGAPORE (Dec 23): The managers of Parkway Life REIT has sold four nursing homes in Japan for a total sale consideration of ¥3.72 billion ($48.9 million) to Fortress Japan Investment.

The proceeds will provide greater financial flexibility to seize other attractive investment opportunities offering better value, say the managers.

“Arising from the investment exuberance in the nursing home market in Japan in recent years, there has been much compression in terms of cap rates for the nursing home properties,” says the managers in explaining the divestment.

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