Last Update: 12/18 2018 14:30 JST

Monthly Edition Updated (Link)

Ichigo Office REIT replaces assets totaling Y9.7bn

Ichigo Office REIT will acquire two office buildings, one on December 21 and the other on December 28. The total price is approximately 6.1 billion yen [$52 million]. At the same time, it will sell two retail and office buildings for 3.6 billion yen [$31 million] on December 20. All agreements were signed on December 14.>>

Premier REIT selling office building in Kaigan, Minato-ku

Premier REIT, which is affiliated with NTT Urban Development, will sell Premier Kaigan Building, an office property in Kaigan, Minato-ku. The transaction will take place on January 30, 2019 and the price is 5.35 billion yen [$46 million]. >>

Hoshino Resorts REIT to acquire Nagano ryokan inn

On December 14, Hoshino Resorts REIT decided to acquire Kai Alps, a Japanese-style ryokan inn in Omachi City, Nagano Prefecture. The price is 3.06 billion yen [$26 million] and the seller is Asama Onsen Hotel Management of Karuizawamachi, Nagano Prefecture. >>

Logistics Fund acquiring Osaka property from Hulic for Y2.6bn

On December 20, Japan Logistics Fund (JLF), a REIT affiliated with trading firm Mitsui & Co., will acquire Osaka Nishiyodogawa Logistics Center. The seller is Hulic and the price is 2.6 billion yen [$22 million].>>

Two REIT asset managers under Mori Trust to merge

REIT asset management companies Mori Trust Asset Management (MTAM) and Mori Trust Hotel Asset Management (MTHAM), both based in Minato-ku, entered into a merger agreement on December 14. It is effective March 1, 2019. The surviving company will be MTAM and will manage the assets of two REITs. >>

Sumitomo Chemical moving into Tokyo Nihonbashi Tower

Sumitomo Chemical will relocate its Tokyo head office to Tokyo Nihonbashi Tower in Nihonbashi, Chuo-ku in the second half of 2021. The company will lease up to six floors in the building, which has a typical floor plate of 823 tsubos [2,720 m2], according to sources. The leased area will be up to just under 5,000 tsubos [16,500 m2].>>

Daiichi Realter secures Asakusa land for hotel development

Minato-ku's Daiichi Realter acquired 507 m2 of land in Asakusa, Taito-ku. The transaction took place in September 2018 and the seller was Shibuya-ku's Daikyo Anabuki Real Estate. Daiichi Realter plans to construct a hotel on the land.>>

WHAT'S IN THE MONTHLY REPORT: DECEMBER 2018Past Monthly Reports

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Case Study

Big Ideas, Big Investments

Nearly doubling the NOI of 46-year-old Aoyama Building

By spending over three years in renovations and hiring a popular design firm, the retail ratio in the mixed-use building, Aoyama Building, has been increased. New, design-sensitive tenants have been secured with innovations such as using the surplus in the floor-area ratio and various ideas such as opening up the balcony on the top floor. Efforts have been poured into thorough renovations and leasing to raise the value of the building in both technical and non-technical terms, and the results are reflected in the numbers.>>

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