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Mitsui Fudosan profit seen gaining on sales to REIT

TOKYO -- Japanese real estate developer Mitsui Fudosan will sell several distribution facilities to a real estate investment trust in August, with capital gains from the transaction expected to lift earnings for the current fiscal year.

The REIT purchasing the properties will be Mitsui Fudosan Logistics Park, which lists on Aug. 2. Plans call for the sale of nine facilities, including GLP/MFLP Ichikawa Shiohama in Chiba Prefecture, for 75.5 billion yen ($742 million). Total floor space is 350,000 sq. meters.

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