Tokyu Plaza Ginza sold
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.
Bidding closes on Otemachi Place
Bidding ended for office space in Otemachi Place on July 7, with a little over 10 domestic and foreign buyers expressing interest. The floor space on offer is in the East Tower and the seller is the Ministry of Finance (MOF).
Interested buyers had until July 7 to submit their proposal, which required disclosing information in the event of joint buyers, and an after-purchase management and operation plan.
Meguro Gajoen back on the market
On May 11, the Toyo Keizai Online publication reported that China’s sovereign wealth fund is considering the sale of the landmark Meguro Gajoen hotel and office property in Tokyo.
2021 sees continued demand for real estate in Tokyo
Although Tokyo’s office vacancy rate has been climbing for the past 20 months, institutional investors are not shying away from the nation’s capital. With vacancy rates on the rise and rents falling, real estate prices should typically decrease. However, in a low interest rate environment investors are content with lower yields and are paying more to secure prime real estate.
Staffing company to lease Avex HQ
Staffing and outsourcing giant Pasona Group will be leasing the entire Avex Building in Omotesando.
Land in Daikanyama sold for 7 billion Yen
On August 26, apparel company Onward Holdings announced the sale of two properties in Tokyo’s Minato and Shibuya wards.
Real estate investment drops 25% in first half of 2021 as supply shrinks
The total volume of commercial real estate investment across greater Tokyo in the first half of 2021 fell 25% from the same time last year as fewer deals were made available.
New office building for Omotesando
Construction has started on a 60-meter tall office building in Omotesando. The joint project by Mitsubishi Jisho and Goko is scheduled to be completed by February 2023.
Daikanyama retail sold for 4.2 billion Yen
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.
European fund to invest 300 billion Yen in Japanese real estate
German-based Patrizia AG is planning to seriously invest in the Japanese real estate market, aiming to operate 300 billion Yen in assets over the next three to four years.