Jingumae designer building sold for 9 billion Yen

Terrazza Aoyama Building Jingumae 1

ORIX JREIT Inc. announced that they will be acquiring the trust beneficiary rights to the Terrazza Aoyama building in Jingumae at the end of September. The acquisition price is 9 billion Yen (approx. 87 million USD), excluding tax, resulting in a net operating income of 4.2%. The seller was RD Legend Alpha SPC.

The building is located alongside Gaien Nishi Street and is 400 meters from the Olympic Stadium site and 650 meters from Gaienmae Station on the Ginza Subway Line.

116-year old building in Kobe to be razed by developer

Familiar Hall Kobe 1

One of Kobe’s earliest western-style buildings has been sold to a developer and will be demolished to make way for a high-rise apartment building. The property, which was sold along with an adjoining block of land, had a price tag of several billion Yen.

‘Familiar Hall’ was built in 1900 as the Kobe branch office of the Mitsubishi Bank (now known as the Bank of Tokyo-Mitsubishi UFJ). In 1973, the Mitsubishi bank branch was closed, and in 1977 the building and land was sold to Familiar – an apparel company.