Japan Excellent Inc (TSE:8987) signed a contract to acquire the remaining 60% stake in Hamarikyu Intercity from Nippon Steel Kowa Real Estate Co., Ltd. for ¥12 billion on January 8, 2014. Japan Excellent Inc. will make lump sum payment upon acquisition. The transaction shall be funded through Proceeds from issuance of new investment units, debt financing or funds on hand.

The transaction is expected to be closed by February 4, 2014.