South Korea’s NH Investment & Securities has decided to acquire Shinagawa Seaside TS Tower in Tokyo currently used by Sony Mobile Communications (formerly Sony Ericsson) as its headquarters.

Sources said on Thursday the brokerage house is in talks with Takeda Pharmaceuticals, the owner of the 23-story commercial building. The deal worth 350 billion won ($308 million) is expected to be sealed before the end of June.

NH Investment & Securities will join hands with Korean REIT house JRAMC to chip in 145 billion won and borrow the remaining 205 billion won from local lenders to finance the deal. They aim to run a fund on beneficiary certificates backed by the property for five years with a target annual return of roughly 9 percent.

NH Investment & Securities plans to resell the beneficiary certificates to NH Financial Group companies and Korean institutional investors.

The building built in June 2003 has a floor space of 43,000 square meters. Sony and Rakuten, Japanese largest e-commerce company, are two of the building’s first-to-open tenants. Sony Mobile Communications moved to the building in 2015 and its tenancy will expire in 2020.

By Kang Doo-soon and Song Gwang-sup

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