Last Update: 03/23 2017 12:30 JST

Nomura Master Fund to acquire four properties for Y17bn

REIT Nomura Real Estate Master Fund will acquire four properties including Landport Kashiwa Shonan I, a logistics facility, on March 31. The seller is Nomura Real Estate Development and the total acquisition price will be approximately 16.9 billion yen [$150 million]. Following these transactions, the REIT’s acquisition price-based AUM will be approximately 952.5 billion yen [$8.2 billion] in 273 properties. >>

Tokyu Land private REIT acquires apartment in Osaka

Broadia Private REIT, a private REIT affiliated with Tokyu Land, acquired Splendid Yodoyabashi Due, a rental apartment with 227 residential units in Chuo-ku, Osaka City, in December 2016. The seller was Osaka-City based Shinwa Toshi Kaihatsu, a real estate company of Shinwa Construction group.>>

MIPIM: Cannes closed with Japan showing presence

MIPIM, the largest real estate conference in the world, closed on March 17. According to the organizer, the number of participants was 24,200, of which, 5,000 were investors and from financial institutions. Multiple programs concerning the Japanese market were held among the sessions that numbered more than 100 just with official programs. >>

Mori Hills REIT incorporating Toranomon Hills, Holland Hills into portfolio

Mori Hills REIT will acquire Toranomon Hills Mori Tower and Holland Hills Mori Tower in August 2017. The REIT will obtain partial ownership to the properties and the seller is its sponsor Mori Building. The REIT will also sell the compartmentalized ownership in Motoazabu Hills, a rental apartment building in Minato-ku, to Mori Building. The handover will take place on July 31. Following this series of transactions, the acquisition price-based AUM of the REIT will expand to 352.5 billion yen [$3 billion] in 11 properties.>>

Star Asia to acquire six properties including hotels for Y13.6bn

REIT Star Asia, which is sponsored by Star Asia Group of the U.S., concluded a contract on March 17 to acquire six properties including hotels. The total acquisition price is approximately 13.62 billion yen [$120 million]. The properties will be handed over on April 6. The most expensive property out of those contracted this time is Best Western Tokyo Nishikasai. The price is approximately 3.83 billion yen [$33 million].>>

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

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Feature: 2016 Rents

Move In of Large Relocations

Rents hitting ceiling in some areas

The vacancy rate continued to decrease gradually in the 2016 Tokyo rental office market following the previous year. Relocations by famous companies were seen one after another and relocation demand to surrounding areas further increased due to a sense of shortage in central Tokyo. However, contracted rents only increased in very limited areas and the harsh view of companies on cost increase is starting to be seen. Opinions insisting that the rent level is almost at the ceiling have even been heard.>>

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