Takara Leben Real Estate Investment Corporation will pay 6.52 billion Yen (approx. 61 million USD) to acquire the trust beneficiary rights to the Almost Blue retail building in Omotesando. The sale is expected to take place this month.
The group of three retail buildings has a total lettable floor area of approximately 1,930 sqm (21,000 sq.ft) and sits on a 1,186 sqm block of land. The main tenant is furniture retailer arflex who has opened their Dada and Molteni&C flagships within the building.
The gross yield is approximately 4.1%.
Source: Takara Leben Real Estate Investment Corporation News Release, August 15, 2019.
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