News, Events and Media

    1. 2013-08-01

      Jones Lang LaSalle says real estate investment in Japan up 85% in 1st half 2013


      According to the research report prepared by Jones Lang LaSalle, the real estate investment in Japan increased by 85% in local currency terms (or 50% in JPY terms) year over year in the first half of 2013. Global real estate investment in the same period grew by 11% YOY. Thus, the increase in real estate investment in Japan is quite remarkable compared with other markets, closely followed only by Germany (plus 43%). Other markets: Australia (plus 10%), USA (plus 9%), France (plus 6%) and UK (plus 4%).

      Of the major markets, the only country that experienced negative growth in real estate investment in 1H 2013 is China, down 20%.

      For further details:

    2. 2013-07-27

      Real Estate acquisition volume almost doubled in 1st half 2013, surpassed volume before 2008 financial crisis


      Nikkei Newspaper reported that, according to the research made by Urban Research Institute, the real estate acquisition volume by listed companies for 1H 2013 reached JPY 2.36 trillion, almost 100% YOY increase from the same period in 2012. The volume surpassed JPY 1.76 trillion in 1H 2008, the same period right before the 2008 financial crisis. It is the highest 1H transaction volume since 2005.

      J-REITs and other foreign REITs accounted for almost half of the transaction volume. Notable transactions, for instance, include: a J-REIT sponsored by Nomura Real Estate invests JPY 220 billion for logistic and commercial facilities, and Croesus Retail Trust, a Singapore-based REIT supported by Daiwa House and Marubeni, acquired a large scale shopping mall in Moriya-city, suburban Tokyo for JPY 12 billion.

      Corporations are also quite active in acquiring real estate. Notable transactions include: Ito-Yokado, the major supermarket chain operator, acquired a large land parcel, used to be a factory site, in Kawasaki-city, metropolitan Tokyo for JPY 17.8 billion. They plan to development the site. Daiwa House, a major housing constructor, acquired a large land parcel in metropolitan Osaka for JPY 4.4 billion. They plan to develop a logistic facility there. According to the article, main decision drivers are; expectation of the higher real estate price in the future and the very low nominal interest rate currently.

    3. 2013-07-23

      Abe cements Power with LDP’s sweeping Victory in Upper House Race, opening Gates to Reforms


      As widely expected, the Liberal Democratic Party (LDP) achieved an overwhelming victory by winning 65 seats out of 121 at the upper house election conducted on Sunday, July 21, 2013. Together with 11 seats won by coalition partner New Komeito and their 59 incumbent seats not due at this time, LDP and New Komeito secured clear upper house majority (135 seats out of the total 242 seats). This election result is viewed as voters’ approval of Prime Minister Abe’s performance and a mandate for Abenomics, his economic policy initiative. Now holding the majority in the upper house as well as the lower house, the prime minister strengthened his grip on power enabling him to pursue his goal of economic recovery.

      With this victory, Mr. Abe’s leadership in the LDP shall be strengthened. Regaining control of the upper chamber, which Abe lost in 2007 during his first stint as prime minister, is likely to accelerate his drive toward key policy goals. Focus will be shifted to the next initiatives Mr. Abe will present to the economic policy agenda. An immediate issue is raising the consumption tax next April to restore fiscal health while keeping economic recovery running. He has to decide how to orchestra this issue in August/early September.

      Mr. Abe’s commitment to participate in negotiations on the Trans-Pacific Partnership (TPP) unifies Japan in its effort to counterbalance the increasing influence of China. Consequently the prime minister can use the TPP in his upcoming negotiations with his opponents on long necessary reforms in the agriculture and healthcare industry as well as the labor market. All will become important issues for the government’s “growth strategy”. The resistance against those reforms is strong, but the common goal to counterbalance the increasing influence from China and the clear mandate from the voters to execute Abenomics should overcome such resistance. With those reforms in sight we expect corporate Japan to invest in Japan and share the benefits with its labor force.

      The Nikkei 225 has moved up 50.5% since Mr. Abe took office in mid December and closed a 14,785 today (Tuesday July 23, 2013), a gain of 1.31% from Friday’s closing. We think financial markets will continue favorably on this election results that signal a clear mandate for the present government and its fiscal and economic policy.

    4. 2013-05-05

      Real estate investment in Japan increased 33% to USD 10.6 billion in Q1 2013 compared to Q1 2012, Tokyo transaction volume up by 60%, according to Jones Lang LaSalle


      Jones Lang LaSalle, a global real estate service company, issued its quarterly research report, stating that the 1Q 2013 global commercial real estate investment amounted to USD 105 billion, up 20% from Q1 of 2012. In Japan the transaction volume increase by 33% to US$ 10,6 billion. Transaction volume in Tokyo was up by 60% to US$ 6 billion.

      Already fort the year 2012 transaction volume in Japan was 25% up from the total investment in 2011. Thereby the Japanese market clearly outperformed other markets the US (plus 11%) the UK (plus 0%) and Germany (minus 1%).

      For further details:

    5. 2013-04-05

      A once and for all regime change as the Bank of Japan (BOJ) adopts “Quantitative and qualitative monetary ease.”


      On April 4th 2013, Bank of Japan, led by the new governor Mr. Haruhiko Kuroda, announced a sweeping policy change adopting the so called “Quantitative and qualitative monetary ease.” Under the program, BOJ officially adopted monetary base instead of overnight rate as their monetary operation target. Specifically, in order to achieve a 2% inflation target by the end of 2014, BOJ will (1) increase monetary base JPY 60-70 trillion per year in 2013 and 2014 by purchasing JGB and other assets, (2) extend average remaining maturity of JGB for their purchase to 7 years from the current 3 years to help flattening yield curve, and (3) purchase ETF for JPY 1 trillion per year and J-REITs for JPY 30 billion per year in 2013 and 2014 thus helping reduce risk premium. This is quite a bold policy in the sense that monetary base will be doubled in two years from JPY 138 billion (year-end in 2012) to JPY 270 billion.

      When policy statement was announced at around 1:40 PM on April 4th the stock market reacted quite positively. Nikkei 225 closed at 12,833 on Friday April 5th, which was up 3.8% when they closed at 12,362 two days earlier on Wednesday April 3rd. The J-REIT index closed at 1,662, which was up 5.23% from the previous day. The positive stands of the markets towards the new economic policy under Prime Minster Abe is reflected in 23.46% YTD gain for Nikkei 225 and 49.12% YTD gain for J-REIT.

      Market observers are mostly surprised by the baldness of the new program. Wall Street Journal quoted Mr. Masaaki Kanno, Chief Economist of JP Morgan, Tokyo, stated, “On every aspect of the program, BOJ beats market expectation. This is way over Ben Bernanke’s Federal Reserve Bank.” Ambrose Evans-Pritchard of the Telegraph wrote, “The Kuroda policy is radically different from past episode of BOJ stimulus, mostly half hearted tinkering to fend off political pressure. It brings BOJ in line with US, UK and Swiss central banks.”

    6. 2013-03-13

      Grosvenor kauft Luxuswohngebäude in Tokio


      Grosvenor, der in England ansässige Immobilienentwickler und Investor, hat den Ankauf eines Luxusapartmentgebäudes im Zentrum von Tokio mitgeteilt. Das Gebäude, “Park Habio Azabu Tower”, wurde 2009 fertiggestellt und hat 27 Stockwerke und ein Untergeschoss mit einer Gesamtfläche von 13.448 qm. Das Gebäude mit 99 Wohnungen und 3 Büroeinheiten liegt in Azabu, einem gehobenen Wohnbezirk im Zentrum von Tokio. Der Kaufpreis wurde nicht mitgeteilt.

      Grosvenor hat 2001 mit ersten Investments in Japan begonnen und verwaltet derzeit ein Investmentvolumen von etwa JPY 100 Milliarden. Der Investor hat sich auf Wohngebäude mit Mietwohnungen der gehobenen Klasse konzentriert. Grosvenor plant, die Investments in Asien auf einen Anteil von 15% am Gesamtinvestment auszuweiten.

      Weitere Informationen unter:

    7. 2013-02-14

      Japan No. 3 in‚ Best Countries for Business’ Ranking


      Japan ranks no. 3 in this year’s Bloomberg survey of best countries for business, that sees Hong Kong in the lead, followed by the US. The new agency and publishing company ranked 161 nations on six broad criteria that included the cost of starting a business, the cost of labor and materials and the cost of moving goods.
      Japan ranks no. 1 in ‘Cost of Labor and Material’ and in ‘Readiness of the local Consumer Base’ that includes size of middle class, household consumption, tariff on imports and GDP per capita. It ranks no 3 in ‘Degree of economic Integration’.


    8. 2013-01-12

      Nikkei 225 rallies as government’s actions convince investors


      Nikkei 225 stock index reached over 10,800 COB Friday, January 11. The level is almost two-year high. The market strongly reacted on the announcement that the cabinet led by Prime Minister Abe decided the supplementary budget for the amount of JPY 10.3 trillion, corresponding to approximately 2% of GDP. Nikkei newspaper reported in the morning that the accord between the Government and Bank of Japan (BOJ) will stipulate the 2% inflation target, suggesting more aggressive monetary easing by the central bank coming soon. Current inflation “goal” set by BOJ early in 2012 was 1%.

      Nikkei 225 has rallied 25 percent since elections were announced on Nov. 14 amid expectations Abe would win and pursue a more aggressive policy in terms of both fiscal stimulus and monetary easing.

    9. 2012-11-13

      Large scale logistic facilities doubled in 5 years in greater Tokyo


      Nikkei Newspaper reported that the aggregate gross floor area of large scale logistic facilities in greater Tokyo doubled in the past five years and that in greater Osaka increased 80%. The article cites, as background of these developments, the pursuit of efficiency through logistic integration by drug stores, discount stores and internet retails.

      Logistic management business has also grown rapidly because of outsourcing requirements. Hitachi Logistics, one of major logistic management companies in Japan, recorded 40% increase in sales in April-September of this year from the same period in last year. Clients include pharmaceuticals, drug stores, sports apparels and internet retails. Internet retails traditionally secured logistic facilities by themselves, but recently reverted to third party logistic managers due to their scalability.

    10. 2012-10-31

      Japanese companies complete record number of overseas M&As


      Kyodo news agency reported that the number of M&As of foreign business by Japanese companies in the January-September period amounted to 364, a record high for the reporting period and 7.4 % higher than that of the same period last year. The news service agency quoted a survey prepared by Recof Corp., an M&A advisory firm. According to the survey, the previous record for the reporting period, i.e. January-September, was 359 deals in 1990, almost the end of bubble economy era.

      The survey underscored the role played by the yen’s strength against US dollar and other major currencies in encouraging Japanese companies to pursue investment overseas. With Softbank announcing a deal to acquire a 70 percent stake in Sprint Nextel Corp., a major US cell phone company, for JPY 1.57 trillion, the current momentum shows no sign of slowing. Other notable deals include: Acquisition by Dentsu, a major advertising agency, of British peer Aegis Group for JPY 390 billion and acquisition by Daikin, an air conditioning equipment manufacturer, of their US rival Goodman Global for JPY 290 billion.

    11. 2012-10-30

      BOJ eases monetary condition, issues joint statement with the Ministry of Finance to tackle deflationary environment


      Bank of Japan announced that they will enhance monetary easing further. Such easing moves by BOJ are in a row in two months. Specifically, they will increase the size of their fund for asset purchase, i.e. program for quantitative easing, from JPY 80 trillion to JPY 91 trillion. They have so far utilized JPY 63 trillion under the asset purchase program.

      Of particular interest at this time is that the Governor of BOJ and the Japanese Government, particularly the Minister of Finance and the Minister in charge of Economic Policy, issued the joint statement, the resolution to tackle deflationary environment in Japan. This is an unprecedented move. As stated in our Market Outlook in September, the Japanese economy experienced a surprisingly sharp deceleration recently. Thus, such a move should be warranted.

      BOJ announcement:

    12. 2012-10-10

      Press Release


      Kenzo Capital Corporation has formed a partnership with renowned firms in Germany in order to provide access to the Japanese real estate market for German institutional investors:

      • iii-investments, the Immobilien-Kapitalanlagegesellschaft of UniCredit Bank AG (HypoVereinsbank), Munich, as a real estate investment company furnishes the legal platform required under the German investment law.
      • Metzler Real Estate GmbH, a company of the Metzler Group, Frankfurt/Main, provides the structuring support and acts as a fund manager.
      • Kenzo Japan Real Estate GmbH, Munich, has taken the initiative and acts as the placement and contact agent.

      With the combined expertise of this partnership, Kenzo offers high-quality investments through the Immobilien-Spezialfonds (special real estate fund) “Kenzo Japan Residential Fund”:

      Press Release (PDF 248KB)

    13. 2012-08-12

      Deutsche Bundesbank plant Handelszentrum in Tokio


      Die Wirtschaftszeitung Nikkei berichtet von Plänen der Bundesbank ihr Büro in Tokio aufzuwerten. Danach soll ab September aus Tokio heraus die Reserven der Bundesbank diversifiziert werden. Die Entscheidung der Bundesbank, Teile der Portfoliotransaktionen in einem Büro in Asien auszuführen, ist eine bemerkenswerte Entscheidung für die Zentralbank einer der großen Wirtschaftsnation. Nach Angaben einer Quelle mit gutem Zugang zur japanischen und deutschen Finanzaufsicht wird die Bundesbank zunächst Euro 19 Milliarden an deutschen institutionellen Reserven allokieren, die anfänglich im japanischen JPY und australischen Dollar investiert werden sollen.

      Die Bundesbank betrieb bereits in der Vergangenheit ein Handelsbüro in New York, weil ein Großteil der Währungsreserven in US Dollar gehalten werden. Nach dem Bericht des Nikkei will die Bundesbank mit Ihrer Entscheidung der zunehmenden wirtschaftlichen und politischen Bedeutung Asiens Rechnung tragen. Dabei wird das Büro in Tokio als Informationszentrum für Asien gesehen wo Handels- und Research Funktionen aufgebaut werden sollen.

    14. 2012-08-12

      Bundesbank upgrade Tokyo office for reserve diversification


      Nikkei newspaper reported that Bundesbank will upgrade its Tokyo office in September to start investing in foreign currencies for diversifying international reserve portfolio of Germany. It is an exceptional move for a central bank of a major country to conduct portfolio operation in their office in Asia. According to a source close to the talk between German and Japanese monetary authorities, Bundesbank will allocate a portion of EUR 19 billion German international reserve for investing in Japanese yen and Australian dollar initially.

      Bundesbank has been conducting portfolio operation in their New York office because majority of their international reserves are denominated in US dollar. According to the Nikkei article, Bundesbank cites the rationale for upgrading Tokyo office as increasing economic and political importance of Asian countries. They regard Tokyo office as Asia’s central information hub and will set up trading and research function.

    15. 2012-07-05

      Japan as the winner of the global financial crisis


      Panelists at the July 5 ULI Japan Summer Conference in Tokyo couldn’t help but be reminded of the deleveraging of Japan in the mid-1990s as they discussed the current E.U. economic crisis.
      Dr. Meyer zu Brickwedde pointed out the financial strength of Japan thereby being the winner oft he global financial crisis, advising Japanese investors to also look outward


    16. 2012-01-18

      Japans Banken als alternative Liquiditätsreserve für notleidende europäische Kreditgeber identifiziert


      Die japanische Wirtschaftstageszeitung Nikkei berichtet über eine Einigung von Mitsui Sumitomo Banking Corporation zusammen mit ihrer Leasingtochter und Sumitomo Corporation, einem der größten Handelshäuser der Landes, mit der Royal Bank of Scotland (RBS) zur Übernahme des Flugzeugfinanzierungsgeschäftes des RBS durch die Gruppe um die japanische Bank für ungefähr JPY 550 Milliarden (ungefähr Euro 5.5 Milliarden). Damit steigt die Gruppen um Mitsui Sumitomo weltweit zur Nr. 4 im Flugzeugfinanzierungsgeschäft auf. Nach dem Bericht des Nikkei wird von den großen japanischen Banken eine Hauptrolle erwartet, die Liquiditätsprobleme der europäischen Banken durch Übernahme der Kreditverpflichtungen zu mindern. Nach Aussage eines leitenden Mitarbeiters der Bank wurden Mitsui Sumitomo seit April 2011 Kredite in Höhe von insgesamt JPY 7 Billionen (Euro 70 Milliarden) von europäischen Banken angeboten von denen sie ausgewählt JPY 100 Milliarden (Euro 1 Milliarden) übernommen habe. Andere führende japanische Banken haben ähnliche Kreditportfolioverkäufe angeboten bekommen.

    17. 2012-01-18

      Japanese banks identified as potential source of alternative liquidity


      Nikkei reported that Mitsui Sumitomo Banking Corp (SMBC), together with its leasing subsidiary and Sumitomo Corporation, one of the major Japanese trading company, has agreed with Royal bank of Scotland (RBS) to take over the aviation financing business of RBS at approximately JPY 550 bio (approximately Euro 5.5 bio). This will bring the aviation business of SMBC and Sumitomo Corporation to No.4 of the global league table.
      Nikkei says major Japanese banks are anticipated to be the source of alternative liquidity to replace those of the European banks. According to a senior executive of SMBC, that the bank has been offered an aggregate amount of Yen 7 trillion (Euro 70 bio) worth of loan assets from European banks since April 2011, out of which they have selectively purchased Yen 100 bio (Euro 1 bio). Other Japanese banks have received similar loan portfolio sale offers.

    18. 2011-12-01

      The Japanese Market presents itself as very robust despite devastation through the largest earthquake in history


      The Japanese economy has recovered surprisingly quickly from the devastating damages of the Tohoku earthquake. GDP surged by 1.5% in the three months between July and September which is a substantial turnaround after three quarters with negative growth rates in a row. The Japanese economy will nevertheless show a contraction of 0.6% for calendar year 2011 according to our estimates. For 2012 we forecast a strong rebound to 3% growth. We base our optimistic outlook mainly on the spending by the Japanese government on reconstruction and on the economy. The Japanese Prime minister Noda ordered just recently the compilation of a fourth extra budget of at least 2 trillion yen ($26 billion) in a step which is unprecedented since postwar reconstruction. Japan has already allocated 18 trillion yen ($234 billion) in three packages since March this year. The fourth package is intended to help shore up the economic recovery which is under threat from the recent surge in the yen exchange rate, the European sovereign debt crisis and the Thai floods that have disrupted production. Moreover, we expect further asset purchases by the Bank of Japan as well as interventions on the foreign exchange market. The combination of a powerful fiscal stimulus with an ultra easy monetary policy stance will in our view create an environment of strong growth. There is even a good chance that deflation will be defeated and inflation will return at the end of 2012.

      Japan Market Outlook PDF (1MB)

    19. 2011-11-01

      Tokyo population and foreign residents demonstrate impressive growth despite an overall small growth in population in Japan.


      According to the Ministry of Internal Affairs and Communications statistics Tokyo’s population is growing fasted of all growing prefectures in Japan with a population growth of 4.6% between 2005 and October 2010. Besides Tokyo, neighbouring Kanagawa and Chiba were the largest among 9 prefectures that continue to experience population growth.
      On the other hand, rural area population is declining, the prefectures Akita-ken (minus 5.2%), Aomori-ken (minus 4.4%), Kochi-ken (minus 4.0%) showed the highest population decrease from 2005 to 2010.

      The number of foreign residence in Japan increased by 5.9% from 2005 to October 2010.

      Overall, the country’s population rose 0.2% to 128,057,352. The Japanese population stood at 125,359 thousand, remaining almost at the same level as 2005.

    20. 2011-03-11

      Session focusing on the Japanese market opens MIPIM conference


      Nikkei RE reports about this year’s MIPIM conference in Cannes where a session focusing on the Japanese market marked the opening of MIPIM. With Dr.Leonard Meyer zu Brickwedde of Kenzo Capital as the moderator, Genkai Capital Management’s President Masatoshi Matsuo and Mitsubishi Corporation’s Koichi Murata (Head of Real Estate Investment & Management Industrial Finance, Logistics & Development Group) appeared on stage. Matsuo presented an analysis of market data to an audience, which included many overseas investors, showing that the real estate market in Tokyo has bottomed out. He stated that, for overseas investors, now is the time to invest before major
      Japanese real estate companies become fully active. JP Morgan Securities’ Head of Equity Research, Jesper Koll, participated via live videoconference from Tokyo and explained that Japan’s status as a technological powerhouse, represented by core cell phone and IT services, will not be shaken.

      View the progam (PDF 18.2KB)

    21. 2010-10-18

      Japan – Asian Growth on solid Ground


      Where and why to invest in the land of the rising sun?

      Expo Real 2010

      Lead by The Association for Real Estate Securitization a delegation of real estate professionals from Japan discussed the Japanese real estate market in front of an audience of real estate investors and experts from other real estate related professions from mainly Germany and Europe at the Investment Location Forum at Expo Real. The panel discussed about the attraction of the market to European investors, the present opportunities with regard to asset classes, regions and cities, the strength of the Tokyo office market compared to other large office cities as well as the availability of debt for real estate investments. Questions from the audience concerned specific information such as land price, rent levels, comparison of price and return levels between Tokyo and regional cities as well as advice and guidance on the market entry for a foreign investor. continue »

    22. 2010-09-17

      Kenzo Capital Corporation will participate in Expo Real 2010: The 13th International Commercial Property Exposition will take place in Munich from October 4th to 6th, 2010


      Expo Real 2010

      We will be presenting our company and services together with our cooperation partner to core real estate investors from Germany and Europe. For more information about this largest European real estate B-to-B trade fair for the international property market since 1998 please go to:

      Program Participation: On behalf of Kenzo Capital Corporation Dr. Leonard Meyer zu Brickwedde will moderate a Japan conference as part of the Investment Locations Forum ‘Japan – Asian Growth on solid Ground’. For further information about this event and the participating panelists please go to:
      EXPO REAL 2010 – Investment Locations Forum in Hall A1

    23. 2010-07-27

      Welcome to our new Information Service


      Starting from July 1, 2010 we will provide our clients, business partners and visitors to this page with market information about the Japanese Real Estate Market available from Japanese and English language media source.

      We will summarize articles that have been published by media such as newspapers, magazines, research institutes, on-line new providers and provide our visitors with the source of such news.

      With this new service we want to inform those who are not able to follow or have access to all publications on a daily basis with a quick overview on developments, trends and transaction examples. This service is not intended to cover all Japanese real estate news releases, the articles will be chosen by our sole discretion.

    24. 2010-07-13

      Welcome to our new Information Service


      Starting from July 1, 2010 we will provide our clients, business partners and visitors to this page with market information about the Japanese Real Estate Market available from Japanese and English language media source.

      We will summarize articles that have been published by media such as newspapers, magazines, research institutes, on-line new providers and provide our visitors with the source of such news.

      With this new service we want to inform those who are not able to follow or have access to all publications on a daily basis with a quick overview on developments, trends and transaction examples. This service is not intended to cover all Japanese real estate news releases, the articles will be chosen by our sole discretion.

    25. 2010-07-08

      Flavor of the Month


      Office Market Tokyo: “In-Place Rent compared to Asking Rent developments”

      The chart below shows the development of Asking Rents for new or vacant office space for class A office in Tokyo CBD 5 in comparison to the development of Traditional Rent Renewals in Tokyo. continue »

    26. 2009-11-01

      Kenzo Capital Corporation will participate in Expo Real 2009: The 12th International Commercial Property Exposition in Munich


      We will be presenting our company and services together with our cooperation partner to many core real estate investors from Germany and Europe. continue »

    27. 2009-08-31

      Weekly news paper “Shukan Jyutaku” interviews Kenzo Capital president Dr. Leonard Meyer.


      (News article on “Shukan Jyutaku” (Japanese weekly paper on real estate), Aug 31,2009)

      Non-Japanese funds start to surface again… Kenzo Capital becomes active…

      continue »

    28. 2009-08-28

      Kenzo Capital Corporation and Genkai Capital Management Co., Ltd. agree on joint venture.



      Kenzo Capital Corporation and Genkai Capital Management Co., Ltd. announced that they would work jointly with European investors on a separate account basis. continue »

    29. 2009-03-01

      Dr. Leonard Meyer talks about real-estate investment in Japan in MIPIM News


      To read more about it download PDF

      Download the PDF

    30. 2009-03-01

      Dr. Leonard Meyer moderates Japan Conference ‘Tokyo where Investment and development still rises’


      To know more about the conference visit MIPIM home page

      MIPIM homepage

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