Last Update: 08/18 2017 06:00 JST

Local City Trends

Property investment topics in major second-tier cities

  • Hong Kong’s Phoenix acquires over 30,000 m2 GFA building in Osaka 08.18.2017

    It was revealed that Hong Kong’s Phoenix Property Investors acquired Edobori Center Building, a high rise office building in Nishi-ku, Osaka City. It is a large property having 22 floors above ground and one below with a gross floor area of 32,539 m2 and was transacted in December 2016. Mitaka Media Network, the seller of the property and a real estate company based in Osaka City, combined the co-ownership interest owned by two other companies and sold it to a special purpose company of Phoenix on the same day. The transaction price is unknown but it is considered to be well over 10 billion yen [$88 million]. >>

  • Steakhouse operator acquires building in Nagoya for HQ 08.17.2017

    Steakhouse operator Bronco Billy of Nagoya City purchased the Netsuka Building in Tsubaki-cho, Nakamura-ku, Nagoya City. The transaction took place in June 2017 and the price was 1.6 billion yen [$14 million]. The seller was Nagoya City's real estate company Homes Palette.>>

  • Mitsubishi UFJ Lease to reconstruct former Dojima Hotel in Osaka 08.04.2017

    GK R&K, a special purpose company, acquired former Dojima Hotel in Kita-ku, Osaka City in June 2017. A real estate investment subsidiary of Mitsubishi UFJ Lease & Finance and Katayama, which is a real estate company based in Osaka City, are investors in the SPC. The SPC will reconstruct the property into a new hotel with Richesse Management, a subsidiary of Wealth Management and based in Minato-ku of Tokyo, as the asset manager. Completion is expected to be in 2020.>>

  • Mitsui’s logistics REIT acquiring interest in Aichi logistics facility 08.03.2017

    Mitsui Fudosan Logistics Park REIT will acquire a 40% co-ownership interest in MFLP Komaki, a logistics facility in Komaki City, Aichi Prefecture. The transaction will take place on August 4. The price is 3.25 billion yen [$29 million] and the seller is Mitsui Fudosan, which sponsors the REIT. The contract was signed on August 1. >>

  • Kintetsu, others obtain 2,200 m2 Osaka land for condo development 08.03.2017

    Kintetsu Real Estate, Tokyu Land and Sohgoh Real Estate acquired the site of the Ark Kawaramachi Building, an office property in Chuo-ku, Osaka City, in July 2017. The site has 2,201 m2 of land area and was acquired from Ark Real Estate of Osaka City. The three companies obtained 60%, 25% and 15% co-ownership interests in the property, respectively. They plan to develop a condominium for sale in units on the site after demolishing the existing structure. >>

  • Sakura Sogo REIT to replace Kobe asset with Tokyo asset 08.02.2017

    Sakura Sogo REIT sponsored by Australia’s Galileo Group and such will acquire Abode Yoyogi Parkside in Yoyogi, Shibuya-ku on September 29. The property is a rental apartment being developed by real estate company L'attrait with completion targeted for September, and the acquisition price is 1.6 billion yen [$14 million]. On the other hand, the REIT will sell Royal Hill Kobe Sannomiya II, a rental apartment in Chuo-ku, Kobe City. The sales price is 1.8 billion yen [$16 million]. After the transaction, its investment ratio in the five central wards of Tokyo is expected to increase from 39.6% to 42.3%.>>

  • Nippon Life incorporates Shin-Osaka building ownership interest into private REIT 07.31.2017

    Nippon Life Private REIT acquired a 33% co-ownership interest in the Nissay Shin-Osaka Building, which stands beside Shin-Osaka Station. The transaction took place in March 2017 and the seller was Nippon Life Insurance, the sponsor of the REIT. Nippon Life Private REIT commenced management in August 2016. Its original AUM amounted to about 30 billion yen [$260 million] in eight properties including the Mita NN Building and the Nissay Sapporo Building, but had increased to about 60 billion yen [$520 million] as of June 2017. >>

  • Ichigo Hotel REIT acquires hotel in Hiroshima 07.27.2017

    Ichigo Hotel REIT will purchase Urbain Hiroshima Executive, a hotel in Higashi-ku, Hiroshima City. The transaction will take place in August 1 and the price is 1.8 billion yen [$16 million]. The seller is Ota-ku, Tokyo’s Yuki Corporation, which is engaged in the holding and management of hotels. >>

  • Kenedix fund to acquire large apartment in Hyogo 07.27.2017

    A special purpose company of Kenedix will acquire Octus Shukugawa, a rental apartment in Nishinomiya City, Hyogo Prefecture on July 31. The seller is Osaka City-based Sekiwa Real Estate Kansai, a subsidiary of Sekisui House. After the transaction, the property name will be changed to KDX Residence Shukugawa Hills. The appraisal value is 7.3 billion yen [$63.5 million]. The total asset value of the SPC including formation costs and consumption tax on the building will be 7.21 billion yen [$62.7 million]. >>

  • Prologis REIT to acquire three logistics facilities for Y56bn 07.26.2017

    Nippon Prologis REIT will acquire three logistics facilities on August 1. The total acquisition price is 55.83 billion yen [$490 million]. All of the sellers of the respective properties are special purpose companies of Prologis, the REIT’s sponsor, and the contracts were concluded on July 24. The annual rental income of the three properties is approximately 3.2 billion yen [$28 million] in total. The average cap rate based on the estimated net operating income (NOI) is 4.6% and the cap rate based on the appraised NOI is 4.5%. >>


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