Last Update: 06/18 2021 13:30 JST

Kintetsu and DBJ form fund, incorporate Kasumigaseki building

Osaka City based Kintetsu Real Estate incorporated an office building in Kasumigaseki, Chiyoda-ku, Tokyo into a real estate private fund formed jointly with the Development Bank of Japan (DBJ). Chiyoda-ku based DBJ Asset Management will be in charge of asset management. The fund will continue to expand its assets and aim to achieve an AUM of 40 billion yen [$360 million].

Tokyu Corp, SMFL Mirai Partners acquire Azabu serviced apartment

Tokyu Corporation and Chiyoda-ku-based SMFL Mirai Partners acquired a serviced apartment building in Higashi-Azabu, Minato-ku.

Starwood’s TOB for Invesco REIT fails

The U.S.’s Starwood Capital Group’s take-over-bid (TOB) targeting Invesco Office J-REIT failed, the two announced.

Hamamatsucho WTC redevelopment to add hotel

It has been revealed that the Hamamatsucho Station West Exit Area Redevelopment Project which includes the redevelopment of the World Trade Center Building (Sekai Boeki Center Building) will newly add a hotel to the upper part of the planned Building A-1.

Nomura to reconstruct long-established Ginza restaurant into office

Nomura Real Estate Development acquired a long-established ryotei Japanese restaurant in Ginza, Chuo-ku. The company is considering reconstructing it into an office building.

Tokyu Corporation acquires office building in Jingumae, Shibuya-ku

Tokyu Corporation and special purpose company FST GK jointly acquired an office building in Jingumae, Shibuya-ku. The seller was beauty salon operator Taya.

Samty sells two Kyoto hotels, eyeing incorporation into REIT

Samty sold two hotels, which are located in Shimogyo-ku, Kyoto City. The company is partially making silent partnership investments in a special purpose company and the buyer. It aims to form a hotel REIT, and plans to incorporate the two hotels into the REIT.

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WHAT'S IN THE MONTHLY REPORT: JUNE 2021

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Slew of Planned Projects

Development underway for 99 buildings, GFA of 10 million m2
A total of 99 large-scale office buildings, each with a gross floor area of at least 10,000 m2, are to be completed in the 23 wards of Tokyo in or after 2021 for an aggregate gross floor area reaching 10.08 million m2. In addition to the reconstruction of Imperial Hotel Tokyo, 24 projects were newly revealed over the past year. Many projects are scheduled to be implemented even after the peak of the supply of office buildings in 2025.
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