On March 3, Tokyu Fudosan Holdings Corporation announced the sale of Tokyu Plaza Ginza. The sale price was not disclosed, although it had a book value of 118.5 billion Yen (US$872 million) as of March 2022. Tokyu is expecting an impairment loss of 21.1 billion Yen for the fiscal year ending March 2023.
The buyer is Sumitomo Mitsui Trust Panasonic Finance, with the delivery of the beneficiary rights of the property to take place on April 5. Tokyu Land Corporation will continue operations of the building.
The sale was made as part of Tokyu’s efforts to improve efficiency through the relocation of its asset and operation portfolios.
The 22,000 sqm, 11-story, 5-basement retail building opened in 2016. Tenants are primarily restaurants and clothing stores. Key tenants include international brands, along with a Lotte Duty Free store taking up two floors. The onset of the pandemic saw foot traffic drop and some tenants vacate. While other retail facilities have recovered since the relaxation of pandemic measures, the Ginza property has been slower to catch up.
Sources:
The Nikkei Shimbun, March 3, 2023.
WWD Japan, March 4, 2023.
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