Transactions
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2022-05-11
British fund and Blackstone trade Japan portfolio
M&G Real Estate has acquired a portfolio of 30 rental apartments located in Tokyo, Nagoya, and Osaka. According to Nikkei Real Estate Market Report, the price was 49.2 billion yen (359 million Euro). The seller appears to be the world’s largest investment group, Blackstone. M&G Real Estate headquartered in the UK is the real estate investment arm of Prudential Inc.
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2022-04-28
Tokyo office tower sale between foreign investors
G9 Japan Five TMK, a special purpose company (SPC) probably affiliated with Morgan Stanley, has sold Ariake Central Tower in Tokyo. According to Nikkei Real Estate Market Information, the buyer of this 22-floor, 11-year old office tower was Tokyo Office 2 GK, a SPC allegedly connected to another foreign investor. The report said that the price could be above 40 billion yen (296 Mill. Euro).
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2022-04-21
US fund manager acquires two residential portfolios
AEW Capital Management, a Boston-based investment fund, has acquired two multifamily portfolios comprising six assets in Japan. This deal expands AEW’s Japanese multifamily portfolio to 12 buildings with 826 units for a total acquisition value of JPY 23 billion ($180 million).
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2022-04-19
Morgan Stanley acquires Tokyo apartment building
PPFA Japan 2 TMK, a special purpose company believed to be affiliated with Morgan Stanley, acquired Tre Di Residencia Ebisu, an apartment building located in the Shibuya district of Tokyo. The building has 13 floors with 64 units and is 14 years old. The seller was the Mitsubishi Corporation-affiliated Dream Private REIT. Nikkei Real Estate Market Report reported the transaction, no price was disclosed.
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2022-04-15
First Hotel-Condominium Project in Japan
Sankei Building Company, Tokyu Land Corporation, and Relo Vacations are collaborating for the first hotel-condominium project in Japan that utilizes the Home-Sharing Business Act (known as the Minpaku law) introduced in June 2018. The buyer of a flat leases it to the operator who rents it out to other guests for up 180 days. The owner uses the place partly free and partly pays a special usage fee. Background: Japanese regulations do not allow renting out an apartment for more than 180 days in one year.
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2022-04-14
New R&D Center of Nintendo in Kyoto
Nintendo, the world’s largest maker of videogame consoles, has paid JPY5 billion (36.8 million Euro) for 10,000 square meters of public land in Kyoto. The company will build a 12-story and 72-meter high building with 38,000 square meters of office space for operation by the end of 2027. The land is only two kilometers away from Kyoto’s main station. This fact explains the high square meter price of about 3,700 Euro per square meter.
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2022-04-12
Luxury Ryokan for Tokyo’s most expensive district
Hulic, a major real estate company, announced plans to redevelop a prominent corner block in Tokyo’s shopping district Ginza into a luxury ryokan-style hotel with an opening scheduled for 2025. Big developers like Hulic seem to anticipate the return of foreign tourists to Japan. Due to the COVID-19 pandemic, Japan has not issued any tourist visas since spring 2020. But observers expect a change in this policy in the coming months. In 2019, almost 32 million foreigners visited Japan.
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2022-04-11
Daiwa House – One-stop solution for home buyers and sellers
Daiwa House, Japan’s largest builder of prefabricated houses, has acquired 1,649 plots of land from the Urban Renaissance Agency intending to strengthen its Livness service. Livness offers consumers the option of talking to one point of contact for rental brokerage, sales & purchase brokerage, renovation, and new build services. As a result, Daiwa House may help to improve Japan’s second-hand housing business and to increase the resale value of private homes.
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2022-04-08
A growing interest in green buildings in Japan
An Asia-focused private real estate fund advised by Morgan Stanley Real Estate Investing, PPFA Japan VI TMK, has bought the office building Yokohama Nomura for 36.4 billion JPY. The “green” loan originated by MUFG Bank is for 18.3 billion JPY. Private real-estate funds are discovering certified “green” buildings as investment targets because the financing conditions are more attractive than the conditions of regular loans.