Mori Trust REIT Receives Notice of Full-Building Lease Cancellation for ON Building

MT Newswires Live03-31 18:36

Mori Trust REIT (TYO:8961) has received a formal cancellation notice from Kobe Steel (TYO:5406), the sole tenant of the ON Building, with plans to vacate the property on March 31, 2027.

The space taken up by this tenant represented 100% of the building's leasable area and approximately 4.1% of the REIT's total portfolio, according to a Tokyo bourse filing on Tuesday.

The REIT is currently evaluating several strategic options for the property's future, including a potential sale, asset replacement, or securing a successor tenant.

There will be no immediate impact on earnings forecasts for the fiscal periods ending February or August, as the cancellation takes effect in the following year.

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