Last Update: 01/23 2018 06:00 JST

Mizuho affiliate, UR to reconstruct building of Brooks Brothers Aoyama

Minato-ku based Seiho Biru, a subsidiary of Minato-ku based Seiwa Sogo Tatemono, which is a real estate company affiliated with Mizuho Bank, and Urban Renaissance Agency (UR) will jointly reconstruct Seiho Building, which is a mixed-use building in Kita-Aoyama, Minato-ku. The new building is scheduled to have 13 floors above ground and one below with a gross floor area of approximately 16,000 m2. Construction will start around October 2020 with completion targeted for around September 2023. >>

Ken Corp acquiring hotel in Kyoto for Y2.5bn

Ken Corporation a real estate company based in Minato-ku, Tokyo, signed a temporary contract in December 2017 to acquire the hotel floors of Racto Yamashina Building A for approximately 2.52 billion yen [$22 million] from Kyoto City. Conclusion of the formal contract and the handover are scheduled sometime around October 2018. Kyoto City set conditions on the sale of the property and required the buyer to operate a hotel on the floors for at least ten years, continue to operate the banquet halls and conference rooms and hold the ownership to the property for at least ten years.>>

Property developer Hulic buys Hilton on Tokyo's waterfront

Japanese real estate company Hulic and a partner have acquired the Hilton Tokyo Odaiba hotel for slightly over 60 billion yen [$541 million], aiming to capture lodging demand from international tourists in the run-up to the 2020 Olympics. This is the second large hotel Hulic and its partner, Fuyo General Lease, have acquired in the waterfront district, which is to host Olympic events such as the triathlon. >>

Japan Valuers opens appraisal base in Cambodia

Real estate appraiser Japan Valuers of Chiyoda-ku established a local entity in Phnom Penh, Cambodia. Japan Valuers is entrusted with appraisal work for real estate properties abroad by partnering with appraisal institutions in the U.S., South Korea and Hong Kong. It established a local entity in Yangon, the capital of Myanmar, in November 2016. It has been expanding its business in the Association of Southeast Asian Nations (ASEAN) region to which Japanese Companies are actively advancing into. >>

Constructor Nishimatsu acquires Toranomon office building from Mitsui

Nishimatsu Construction purchased Toranomon Center Building in Toranomon, Minato-ku. The transaction took place in September 2017 and the seller was Mitsui Fudosan. Nishimatsu Construction intends to own the building as a lease asset.>>

Osaka Senba 5,500 m2 GFA office building sold

Superb, an affiliate of Osaka City-based real estate management company Stride, acquired Mako Building, an office building in Minami-Senba, Chuo-ku, Osaka City. The seller was Osaka Norin Kaikan. The buyer obtained a mortgage with a base hypothec registered in the maximum amount of 2.52 billion yen [$22 million] from credit union Seikyo Shinkumi to purchase the property. >>

Retail brand Muji opens first hotel with China site

Ryohin Keikaku expanded the Muji brand name into the hotel business Thursday, January 18 with the opening of lodgings in Shenzhen, as the Japanese household goods purveyor seeks a stronger presence in its focus market of China. Another Muji hotel will open in Beijing during the spring, and Japan will receive its first location in Tokyo's upscale Ginza shopping district in 2019.>>

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

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Local Markets: Fukuoka

Unprecedentedly Favorable

Increased expectations for large-scale projects

Elimination of vacancies and rent increase in office buildings in Fukuoka are further progressing supported by robust demand from tenants. There are many attractive factors for investors as well, such as inbound tourism and increase in population. On the other hand, there are still only a few large transactions due to the "shortage of products" which is further progressing. While effective investment targets are hard to find, real estate players are looking intensely at big projects scheduled to be implemented in Fukuoka City.>>

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