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LaSalle, Tokyu Land developing logistics facility in Yokohama City
PROJECTS

LaSalle, Tokyu Land developing logistics facility in Yokohama City

LaSalle Investment Management and Tokyu Land will jointly develop a multi-tenant logistics facility with approximately 260,000 m2 of gross floor area in Nishikicho, Naka-ku, Yokohama City.

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Integral acquires three properties in Tokyo and Fukuoka
DEALS
LOCAL

Integral acquires three properties in Tokyo and Fukuoka

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Meidensha to gain Y5.3bn from property sale near its headquarters
DEALS

Meidensha to gain Y5.3bn from property sale near its headquarters

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2025 Year in Review - Top 10 Deals
DEALS

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Dentsu to post Y30bn gain from Ginza building sale
DEALS

Dentsu to post Y30bn gain from Ginza building sale

PAG and KKR to acquire Sapporo Real Estate shares
TRENDS

PAG and KKR to acquire Sapporo Real Estate shares

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WHAT'S IN THE MONTHLY EDITION: DECEMBER 2025

Investigation

Deciphering of Narita Land "Cost Sheet"

Hidden scheme behind the missing 150 billion yen revealed

Problems, including the suspension of distribution payments, continue for real estate crowdfunding platform “Minnade Oyasan.” Their fate lies in the hands of the Narita Project, which had attracted investments in excess of 150 billion yen [$950 million]. Based on the “cost sheet” obtained by Nikkei Real Estate Market Report, the land appraisal value at the funds was up to 125 times the purchase prices. Various suspicious transactions, including the use of a scheme known as “santame” or third-party beneficiary transactions, were conducted to transfer gains on resale to an unregulated group company have come to light one after another.

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DATA

Transaction Data

73 Transactions Data - Up to May, 2009

103 Transactions Data - Up to April, 2009

74 Transactions Data - Up to March, 2009

81 Transactions Data - Up to February, 2009

3360 Transactions Data - Up to January, 2009 ( CSV only )