Last Update: 07/21 2017 06:00 JST

Blackstone completes sale of Japanese residences worth Y260bn

It was revealed that the Blackstone Group sold 221 rental apartments which it owned in Japan. The buyer is Anbang Insurance Group of China and the properties were handed over in March 2017. The sales price is considered to be approximately 260 billion yen [$2.3 billion]. The target of the transaction is composed of multiple portfolios in Japan that were bought up by Blackstone. Blackstone is moving towards building a new portfolio by eyeing the establishment of its second Asian fund while progressing the sales of properties in Japan. On June 28, it was revealed that Blackstone made an acquisition proposal worth 74 billion yen [$640 million] to Croesus Retail Trust, a Singaporean REIT managing retail facilities in Japan as its assets.>>

Daibiru developing 5,000 m2 GFA retail building in Akihabara

Daibiru will develop a building consisting of restaurants and retail stores in Soto-Kanda, Chiyoda-ku. The structure will have 11 floors above ground and two below with 4,920 m2 of gross floor area. The design of the building will be entrusted to Nikken Sekkei. Construction will begin in August 2017 with completion targeted for April 2019. >>

Mitsui Fudosan enters Philippine property market

Mitsui Fudosan and Rockwell Land, a Philippine mid-size real estate developer, are partnering on a condominium project in the Philippines. Mitsui Fudosan, which is entering the Philippine real estate sector for the first time, will be involved in the development of three residential towers as part of Rockwell's The Arton project in northeastern Metro Manila. >>

Itochu to try hand at hotels again as tourism booms

Itochu will develop a hotel in Japan for the first time in 22 years, overseeing the planning and construction of a Tokyo site on behalf of Kintetsu Group Holdings. As foreign visitors continue to flock to Japan, companies in various industries are looking to build out the hotel sector. The trading company previously managed hotels as well, but has decided to stick with developing properties in light of past troubles in turning a profit. >>

Hankyu Realty acquires 4,000 m2 in Shibuya from Cristian organization

Hankyu Realty, a real estate unit of Osaka City-based railway operator Hankyu Hanshin Holdings, purchased Kamiyama Ambassador I, II and III and Kamiyama Plaza in Kamiyamacho, Shibuya-ku, Tokyo. The transaction for the luxury rental apartment buildings took place in March 2017. The seller was the Japan Baptist Conference of Shibuya-ku. >>

Osaka's Shinwa to renovate 17,000 m2 GFA office into mixed-use

Toyonaka City, Osaka Prefecture's Shinwa Real Estate, which is a subsidiary of Osaka City's Shinwa Construction, obtained the former Fuji Fire and Marine Insurance Headquarters Building in Chuo-ku, Osaka City. The transaction took place in April 2017 and the seller was Fuji Fire and Marine Insurance. The Shinwa Construction group plans to set up offices and rental conference rooms in May 2018 following a planned renovation of the building. >>


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Local Markets: Osaka

Demand for Supply

Mixed feelings in Osaka office market

The Osaka office market is setting record-highs in occupancy rate against the backdrop of robust demand from tenants and a lack of building supply. Major developers and REITs are entering the market one after another against the backdrop of the strong growth in the number of inbound tourists. While building owners are enjoying the late arrival of spring, tenants and brokerage companies are lamenting the situation as they struggle with the lack of relocation destinations.>>

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