Last Update: 04/26 2017 06:00 JST

Simplex sells two office buildings in Osaka

A fund, which is believed to be affiliated with Simplex Investment Advisors, sold two office buildings in Nishi-ku, Osaka City in November and December 2016. The Higobashi Center Building was sold to IBJ Leasing (Kogin Lease), while part of the Higobashi Union Building was sold to Hokuyo Automatic of Osaka City and its affiliate. The two properties were originally owned by fiber and chemical products manufacturer the Teijin group, but were acquired by Morgan Stanley in 2005. They were later sold to Simplex, the seller in this transaction, in May 2015. >>

Nissui Pharma sells HQ in Ueno, Taito-ku, moving nearby

Nissui Pharmaceutical, which is listed on the first section of the TSE market, sold the Nissui Seiyaku Building in Ueno, Taito-ku. The transaction took place in February 2017 and the price was 2.1 billion yen [$18 million]. The buyer was Tosei, a real estate company of Minato-ku.>>

NTT Urban invests in U.S. fund manager

NTT Urban Development announced on April 21 that it acquired 15% equity interest in Normandy Real Estate Management, a U.S. real estate investment company, as of April 1. Normandy Real Estate Management is the real estate fund arm of Normandy Real Estate Partners, a real estate company based in New Jersey. Its AUM is $3.3 billion and it manages several funds that invest in offices, residences, hotels, etc. mainly in the east coast of the U.S. including New York. >>

A-REIT Astro acquires new Fukuoka hotel

Australian REIT Astro Japan Property Trust obtained Hotel WBF Fukuoka Tenjin Minami in Haruyoshi, Chuo-ku, Fukuoka City. The transaction took place in March 2017 and the seller was Osaka City travel agency and hotel operator White Bear Family. The price was 1.6 billion yen [$14 million]. >>

Es-Con obtains leased site of shopping mall in Osaka

Es-Con Japan, a developer, acquired the leased site of Garden Mall Minami-Senri in Suita City, Osaka Prefecture. The transaction for the 10,378 m2 site took place on March 30. Es-Con Japan has owned, managed and operated the building and the adjacent multilevel parking garage since 2008, and as a result of this transaction, the company now owns the entire facility. >>

Nomura-Toshiba JV developing 150-room hotel near Ueno Station

NREG Toshiba Building of Minato-ku, which is part of the Nomura Real Estate Development Group, will reconstruct an office building in Higashi-Ueno, Taito-ku into a hotel. The design and construction will be entrusted to general contractor Shimizu, and the completion is targeted for October 2018. >>


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Betting on IR

Excitement over removal of ban on casinos

The IR Promotion Act that encourages the government to develop integrated resorts (IR) including casinos was enforced in December 2016. Attraction activities of local governments are gaining momentum in a huge industry with an estimated market scale of approximately 3 trillion yen [$26 billion]. Overseas casino operators are also showing eagerness to enter the Japanese market. New business opportunities such as the development and operation of facilities other than casinos and investment in neighboring areas are likely to be created for domestic real estate companies.>>

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