Mori Building Co., a leading Japanese real estate developer, has announced that it is securitizing the rent coming from a pair of Tokyo apartment buildings, in what it calls Japan's first public offering backed by residential rental income.

The 24 billion ($221 million) transaction, arranged by IBJ Securities Co., is backed by income from Ark Towers East and Ark Towers West, two high-rise buildings located in the fashionable Roppongi district and owned by the developer.

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