TOKYO, Mar 17 (Pulse News Wire) – Mori Hills REIT Investment Corporation (3234.T) announced today that it has renewed its lease agreement with Mori Building Co. Ltd.
For the Mori Tower located in Roppongi Hills. The updated contract will extend until July 31, 2029. Key details of the renewal include: - Leased property: Mori Tower floors 23 and 24 - Leased area: 8993.45 square meters - Tenant: Mori Building Co. Ltd. - Lease method: Fixed-rate master lease - Previous lease term: From August 01, 2021 to July 31, 2026 - Renewal lease term: From August 1, 2026 to July 31, 2029 - Previous monthly rent: ¥99.3 million - New monthly rent: ¥99.3 million - Previous deposit: ¥993.0 million - New deposit: ¥993.0 million The renewal was based on a valuation report obtained from the Japan Real Estate Institute and mutual discussions between the contracting parties. The lease conditions remain unchanged from the previous agreement.
Mori Building Co. Ltd., which holds a significant stake in Mori Hills REIT Investment Corp. (outstanding shares ratio 21.3%), is also the parent company of the asset management firm responsible for the investment corporation's assets (holding ratio 100%). As such, it qualifies as a related party under the Investment Trust and Investment Corporation Law. In addition to the lease agreement, Mori Building Co. provides support services and information to the investment corporation through various contracts, including trademark licensing agreements and property management services.
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