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.
New Issey Miyake store completed in Ginza
Yasuda Real Estate has completed construction of its 3rd project in Ginza. The 9-story Ginza Matsuya-dori Yasuda Building will have Issey Miyake as the key tenant on the first 4 floors.
Kajima eyes potential in Japan's luxury real estate sector
Last month, construction giant Kajima Corporation announced plans to enter the luxury sector of the real estate market, and has already kicked things off with the acquisition of two properties from British developer Grosvenor. Within the year, the company is also expected to complete the purchase of luxury housing to lease to wealthy domestic and foreign tenants.
Apple Store finds new location in Ginza
With demolition looming for its landmark building in Ginza, the Apple Store will be moving into new digs from August 30. The store is relocating to a Kengo Kuma-designed hybrid wood and steel building in the Ginza 8 Chome address.
Apple Store Ginza Building to be demolished
The building housing the Apple Store Ginza will be demolished later this year. In 2003, this was the first Apple Store to open in Japan.
Apparel company sells flagship Ginza building
On July 17, apparel giant Sanyo Shokai announced the sale of their flagship building in Ginza. Temporary store closures during the pandemic have hit the brick-and-mortar retail sector hard, with some cashing out of their real estate holdings to shore up cash reserves. Real estate developers are having a field day as struggling companies reach out to offload long-held and highly-prized assets.
Son sells Tiffany Building in Ginza
As part of their expansion in investment in the Ginza district, real estate company HULIC has acquired the Tiffany Ginza Building from SoftBank CEO Masayoshi Son this month. This was a joint purchase with Fuyo General Lease, a Mizuho Financial Group company.