Tokyu REIT has sold the trust beneficiary rights to the Daikanyama Forum retail complex in Shibuya for 4.25 billion Yen (approx. US$39 million). Information on the buyer has not been disclosed, but it is a domestic corporation.
Daikanyama Forum was built in 1993 and is just along the street from Daikanyama T-Site. Tokyu acquired the property in early 2008 for 4.13 billion Yen. The two and five story buildings have a lettable area of 2,400 sqm and sit on 2,050 sqm of land. At the time, the building was fully leased to five tenants and had a net yield of 3%.
Tokyu has managed to maintain the 100% occupancy rate throughout its 13-years of ownership.
Source: Tokyu REIT, July 30, 2021.
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