The average value of real estate acquisitions made by J-REITs between 2012 and 2017 has exceeded the rosenka tax value by approximately 2.61 times. In 2016 and 2017, office buildings and hotels in central Tokyo, Osaka, Nagoya and around Narita Airport have been purchased by REITS at as much as 5 ~ 15 times their rosenka value.
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