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SINGAPORE (Jiji Press), September 29, 2008

Singapore's Parkway Trust Management Ltd. said Monday it has acquired seven Japanese nursing-care homes for a total of some 7.8 billion yen.

Parkway Trust, the manager of Parkway Life Real Estate Investment Trust (PREIT), bought the facilities from a subsidiary of Japanese real estate investment firm Kenedix Inc.

The homes are located in Tokyo, Saitama, Kanagawa, Chiba and Hyogo prefectures. Each home has a long-term lease agreement with an operator, with the remaining lease periods averaging 17 years.

PREIT has negotiated a rental guarantee from Kenedix for a period of seven years and three months, capped at 5 pct of the purchase price.

PREIT, listed on the Singapore Exchange, already owns three assets in Japan--a pharmaceutical products distributing and manufacturing facility in Chiba Prefecture and two nursing-care homes in Kanagawa and Osaka prefectures.

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