News, Events and Media
Konami acquires a Ginza property for JPY 17.8 Billion
Nikkei Newspaper reported that Konami, a well known internet gaming designer, will acquire “Ginza Theatre Building”, a well know commercial property in Ginza, CBD Tokyo for JPY 17.8 billion. The seller is Tokyo Theatre, a movie theater operator.
The property was built in 1987 and a large portion had been occupied by Hotel Seiyo Ginza, a luxurious hotel opened in the same year. The hotel closed its operation in May. The property had also accommodated movie theaters operated by Tokyo Theatre, the owner of the property. According to the paper article, Konami will refurbish the building and will use for gaming, as well as software development center.
Sumitomo Corp acquires a retail and office property from Angelo Gordon
According to Nikkei Real Estate Market Report, Sumitomo Corporation, a major trading company, acquired a retail/office mixed-use building in Ikebukuro, Tokyo, in April from Angelo Gordon, a US fund manager. Angelo Gordon acquired the property in January 2011.
The Property, “Ikebukuro Rokumaru Building”, built in 1979 and renewed in 2004, has eight floors above ground and two below with gross floor area of 7,633 sqm. It is located in just five minute walk from JR Ikebukuro station, one of the busiest railway terminals in Tokyo. Sumitomo Corporation would hold the property for a while, but the future redevelopment plan is in scope. The purchase price was not disclosed.
Hulic acquires a large office building in Tokyo for JPY 50 billion
According to Nikkei Real Estate Market Report, Hulic, the Mizuho group real estate developer, acquired a large office building in Toranomon, CBD Tokyo for JPY 50 billion. The seller is Invesco Global Real Estate Asia Pacific, the subsidiary of UK based investment manager.
The subject property, “Kamiyacho Central Place”, built in 1985, has 11 floors above ground and two below with gross floor area of 41,000 sqm. It is located in just 2 minutes walk from nearby subway station. Hulic plans to launch a J-REIT sponsored by them next year, and this property could be one of initial AUM for the J-REIT.
Mitsui Fudosan invests JPY 200 billion in logistics business
Mitsui Fudosan, one of the largest real estate developers in Japan, announced that they will make aggressive entry in logistics business. They have already secured five land parcels in metropolitan Tokyo and one in metropolitan Osaka. Their plan is to invest JPY 200 billion to build 4 to 5 logistics facilities per year until 2017.
The locations they secured are mostly suburbs in densely populated areas, where access to highway inter-change is good and convenient for delivery business. They secured land previously used for factories. They will initially invest by their own financial resources, but will consider a sale of such facilities to private funds and REITs at some later points. They would also consider setting up a REIT specifically targeting logistics facilities.
Kenedix, Tokyu and DBJ redevelop former-Shinsei Bank headquarter
Kenedix, Tokyu Land and Development Bank of Japan (DBJ) announced that they will jointly acquire the former Shinsei Bank headquarter building in Uchisaiwai-cho, CBD Tokyo. Although sales price and the share of each investor are not officially disclosed, it is expected to be JPY 51 billion and DBJ will own a majority share. The seller is an SPC associated with the fund managed by Morgan Stanley. In March 2008, the said fund purchased the property at JPY 118 billion, but the associated loan defaulted thereafter and the property has been for sale. The tenant, Shinsei Bank, moved out in 2010, and the property has been vacant since then.
For further details, please see the following announcement;
Kowa and Jowa jointly develop business hotel in Ginza
Kowa Real Estate and Jowa holdings announced that they will jointly develop a 306-room business hotel in Ginza, CBD Tokyo. They will commence construction in June 2013, and plan to open the hotel in the spring of 2015. The location is in the midst of the most upscale retail/commercial district in Tokyo.
Although they did not disclose the seller of the land, according to Nikkei Real Estate Market Report, the seller is an SPC associated with Orix Real Estate and Elliot Management. The site is currently used as parking lots.
Mitsui acquires Roppongi apartment from Alpha
According to Nikkei Real Estate Market Report, Mitsui Fudosan Residential, condominium developing arm of Mitsui Fudosan, acquired Vanguard, an apartment building in Roppongi, CBD Tokyo. The seller is believed to be a SPC formed by Alpha Investment Partners Japan, the Japanese arm of a Singapore-based real estate investment advisor.
The building was built in 1988, and occupies a site of 2,895 sqm, where medium to high-rise residential use could be designed with statutory 300% floor area ratio. Mitsui has yet to decide its plans for the property.
Series of logistics developments going on in greater Tokyo
According to Nikkei Real Estate Market Report, Logistics facilities have recently been developed quite actively in the greater Tokyo area. GL Properties, Japanese arm of the Singaporean REIT, Global Logistics Partners (GLP), will develop three facilities. GLP Atsugi, one of the three projects, is located in Atsugi-city, south west suburban Tokyo, and will have gross floor area of approximately 110,000 sqm. The construction will start in November 2012 and is expected to be completed in December 2013. The total development cost is estimated to be JPY 13.5 billion. GLP Atsugi is the third development under Japan Development Fund, a 50/50 joint venture between Global Logistics Partners and the Canada Pension Plan Investment Board.
ProLogis, a US REIT, decided to develop two facilities. One of them is ProLogis Parc Narashino IV that will have gross floor area of 110,000 sqm, and is located in Narashino City, eastern suburban Tokyo.
Orix Real Estate, a real estate development arm of Orix Group, commenced construction of four logistics facilities in suburban Tokyo.
For further detail of GLP Atsugi, please see the following announcement of GLP.
Tokyu Corp makes another office building investment
According to Nikkei real Estate Market Report, Tokyu Corporation, one of the major railway operators in metropolitan Tokyo, acquired an interest in Yaesu Center, a large office building with gross floor area of 17,000sqm, in CBD Tokyo. Tokyu’s interest is equibalent to c. 5,300 sqm gross floor area. The railway operator has been actively investing in office properties recently, and this is reportedly the third acquisition of an office building in 2012.
New J-REIT of Tokyu Land ready for listing
Tokyu Land, the real estate developing arm of Tokyu Railroad, announced that it will incorporate 18 properties, including Tokyu Plaza Omotesando Harajuku, into Activia Properties REIT, that Tokyu Land sponsors. The total sale price of the properties is about JPY 170 billion. Tokyu Plaza Omotesando Harajuku, just opened on April 18 of this year and is located in one of the most prestigious upscale shopping district in central Tokyo. It has GFA of 11,852 sqm.
Tokyu Land also announced that listing of Activia Properties REIT was approved by Tokyo Stock Exchange, and it expects to be listed on June 13. The asset under management of the REIT, JPY 170 billion, is over 5 times larger than that of the most recently listed (in April) Kenedix Residential REIT. Originally Activia REIT announced that it plans to go public by the end of 2012.
For more details (website of Tokyu Land):
Orix and Elliot to build a commercial property in Ginza, Tokyo
According to Nikkei Real Estate Market Report, a special purpose company jointly founded by Orix Real Estate and Elliott Management, the consulting arm of the hedge fund, Elliot Associates L.P., will begin construction of a commercial facility in Ginza, Tokyo in August 2012, with completion targeting December 2014. The new building to be constructed will have 12 stories above ground and three below with 16,975 m2 of gross floor area.
Kodansya completes rental office building
Nikkei RE reported that Kodansya, major publisher, would complete a 31,000 sqm rental office building in northern Tokyo (Gokokuji, Bunkyo Ward). Mitsubishi UFJ Morgan Stanley Securities will relocate its head office to the building.
Tokyu Land completed office building
Nikkei RE reported that Tokyu Land, the real estate arm of Tokyu Railway Group, completed a 19,000 sqm office building in central Tokyo (Kasumigaseki, Chiyoda Ward).
Chunichi Newspaper is about to complete office building
Nikkei RE reported that Chunichi Newspaper is about to complete a 73,000 sqm rental office building in an emerging business district of Tokyo (Shinagawa, Minato Ward).
Tokyu Land announced that they would start construction of commercial building
Tokyu Land, the real estate arm of Tokyu Railway Group, announced that they would start construction of a 12,000 sqm commercial building in Omotesando, an upscale commercial area of central Tokyo.
Taisei and some real estate developers in Mizuho Group start construction of an office building
Taisei, a major general constructor, and some real estate developers in Mizuho Group announced together that they would start construction of a 102,000 sqm office building in Tokyo CBD (Kanda, Chiyoda Ward).
Yodobashi Camera aquirres office building in Shinjuku
Nikkei RE reported that Yodobashi Camera, a major camera & electronics retailer, acquired a 39 year-old 20,000 sqm office building just in front of Shinjuku Station, a major terminal station in central Tokyo.
Yamato Transport announced that they would start construction of logistics near Tokyo Haneda Airport
Yamato Transport, a leading trucking company, announced that they would start construction of their largest logistics near Tokyo Haneda Airport, which recently expanded as an international airport. It is planned to complete in 2012 and have 200,000 sqm of total floor area.
Nomura Real Estate completed building in Tokyo CBD
Nomura Real Estate announced that they completed 46,000 sqm building mixed with offices and stores in Tokyo CBD (Nihonbashi, Chuo Ward). Shinsei Bank will occupy all office floors, relocating their headquarters.
Tokyo Building, Daiichi Life Insurance Company and others announced that they would start construction of a building in Tokyo
Tokyo Building, a real estate arm of Mizuho Group, Daiichi Life Insurance Company and other Japanese 5 companies announced together that they would start construction of an 117,000 sqm gigantic building used for mainly offices and stores in Tokyo CBD (Kyobashi, Chuo Ward).
Yasuda Real Estate will start construction in Tokyo CBD
Nikkei RE reported that Yasuda Real Estate will start construction of a 19,000sqm office building in Tokyo CBD (Kanda, Chiyoda Ward). Yasuda Real Estate starting their business a century ago managed assets of Yasuda Conglomerate.
Sekisui House acquired parcel located in Osaka
Nikkei RE reported that Sekisui House, a major home builder, acquired a 3,000sqm parcel located in Osaka CBD (Shinsaibashi) from Simplex. The Floor-Area Ratio of the lot is 1,000% which basically enables to build a 30,000sqm building.
Keihan Railway announced that they acquired office building
Keihan Railway announced that they acquired a 16,000 sqm 25 year-old office building in Osaka CBD (Yodoyabashi) from Tokyo Building, a major real estate firm of Mizuho Group.
Tokyu Real Estate starts construction in central Tokyo
Nikkei RE reports that Tokyu Real Estate, a subsidiary of Tokyu Railway Company, will start construction of a 7,600 sqm office building in central Tokyo (Aoyama).
Large-scale office building projects in Kyobashi and Nihonbashi
NIKKEI RE reports a number of large-scale office building projects in Kyobashi- Nihonbashi Area, one of traditional business areas in Tokyo CBD just next to the top business area, Otemachi- Marunouchi. 117,000 sqm Kyobashi 3-1 building, 52,000 sqm Kyobashi 2-1 and 51,000sqm Kyobashi 2-16 will be completed by 2013 among those projects.
Mitsubishi Real Estate to restart mall project in Yokohama
Mitsubishi Real Estate announced that their commercial mall project in Yokohama, greater Tokyo, starts again. They have been shelving the plan since the financial crisis. They plan to complete a 120,000 sqm retail building by spring 2013.
Nomura Real Estate completed retail building
Nomura Real Estate announced that they completed an 8,000 sqm retail building just in front of Shinjuku Station, a major terminal station in central Tokyo.
Mitsui Fudosan completed retail building in Ginza
Mitsui Fudosan announced that they completed an 11,000 sqm retail building in Ginza, Tokyo together with a real estate firm of Sumitomo Mitsui Bank Group. This is the 9th retail building in Ginza operated by Mitsui.
Sumitomo Real Estate completed building at the edge of Shibuya
Sumitomo Real Estate announced that they completed a 52,000 sqm building consisting of offices and apartments at the edge of Shibuya area. Shibuya Station is one of the major terminal stations in central Tokyo.
Fuji Heavy Industries will relocate their head office
Fuji Heavy Industries that produces “Subaru” cars announced that they will relocate their head office. Odakyu Railway will purchase their current office at JPY 34 billion. The 44-years-old, 20,000 sqm property just locates in front of Shinjuku Station, a major terminal station in central Tokyo.
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