Last Update: 09/20 2017 06:00 JST

Retail Rent Survey Updated (Link)

Hulic acquires Koto-ku office building formerly owned by Union

Hulic acquired the DSB Group Shiomi Building in Shiomi, Koto-ku in September 2017. The company plans to own the building as an income property for the medium to long term. The seller was general contractor Shimizu. The building was formerly named Shiomi Gate Square and was part of the portfolio of Union Investment of Germany. Shimizu acquired it in March 2017.>>

Sumitomo acquires Roppongi apartment building

Sumitomo Realty & Development acquired Mayfair Court Roppongi, a rental apartment building in Roppongi, Minato-ku. The transaction took place in June 2017 and the seller was a special purpose company in which the equity is held by a Taiwanese wealthy investor. >>

Mapletree to acquire large office building in Itabashi-ku

Mapletree Investments of Singapore will purchase the Nishidai Tosei Building, a large office building in Hasune, Itabashi-ku, Tokyo, in December 2017. The seller is real estate company Tosei. The price will exceed 10% of Tosei's consolidated sales of 49.82 billion yen [$440 million] for the fiscal year ending November 2017. Tosei, the seller, obtained a provisionally registered mortgage in the amount of 4.5 billion yen [$40 million] from Mizuho Bank when it acquired the property in April 2015. >>

Mitsui to develop 260-room hotel in Roppongi

Mitsui Fudosan will construct a building consisting of a hotel and shops in Roppongi, Minato-ku. The structure will have 14 floors above ground with approximately 12,500 m2 of gross floor area and will offer about 260 guestrooms. The design and construction will be entrusted to general contractor Shimizu. Construction will begin in February 2018, with completion targeted for November 2019. >>

Nippon Sharyo sells land in Nagoya City for Y13bn

Nippon Sharyo, a railway rolling stock manufacturer of Nagoya City, sold three plots of land in Atsuta-ku, Nagoya City in April and May 2017. The total price is 12.78 billion yen [$110 million]. The plot with the highest price was the 16,298 m2 of land being used as the housing exhibition site, which sold for 7.77 billion yen [$69 million]. >>

WHAT'S IN THE MONTHLY REPORT: SEPTEMBER 2017Past Monthly Reports

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Local Markets: Nagoya

Focus on Hotels and Condos

Demand stays strong in Japan's manufacturing hub

Eyeing the favorable conditions of the local economy, office rents are starting to rise in Nagoya. Each of the buildings in the Meieki area have high occupancy rates, while vacancies continue to fill in other areas as well. Despite declining transaction cap rates, movements to develop new offices are meager. Sizable scales of office floor space will not appear on the leasing market until 2019 and beyond at the earliest. In central Nagoya, hotel and for-sale condominium developments are more active than office developments.>>

Hotels Stay Strong | Market Knowledge | Deals Roundup | Relocation Update | News Digest

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