Last Update: 05/17 2021 14:00 JST

Tokyu Corp, LVMH group to redevelop flagship department store

Tokyu Corporation, Tokyu Department Store and L Catterton Real Estate agreed to demolish the Tokyu Department Store Honten Store (main store) in Shibuya and develop a new facility. Demolition of the main store’s building will start in spring 2023 or after.

Mitsubishi and TBS developing high-rise buildings in Akasaka

Mitsubishi Estate and Tokyo Broadcasting System Holdings (TBS) will construct two high-rise buildings with 221,000 m2 of aggregate gross floor area. Construction will start in fiscal 2022, with completion and start of use targeted for fiscal 2028.

Sotetsu, Mercuria Investment to join Thailand condominium development project

Yokohama City based Sotetsu Real Estate, which is a unit of the Sotetsu Group, and Chiyoda-ku based Mercuria Investment will participate in a for-sale condominium development project in Bangkok, Thailand.

Rio acquires office buildings in Hakodate and Fukui

Rio Consulting, a subsidiary of real estate consulting firm Rio Holdings, acquired an office building in Hakodate City, Hokkaido Prefecture and an office building in Fukui City, Fukui Prefecture, through its subsidiary.

Meiho Enterprise sells apartment building in Setagaya-ku

Condominium developer Meiho Enterprise sold a rental apartment building in Kita-Karasuyama, Setagaya-ku. The buyer was...

Sumitomo Corporation acquires mixed-use building in Kanda

Trading firm Sumitomo Corporation acquired a mixed-use building in Uchi-Kanda, Chiyoda-ku. It was formerly owned by...

Calbee to downsize Marunouchi head office

It appears that confectionery and snack manufacturer Calbee will return part of its head office in Marunouchi Trust Tower Main in Marunouchi, Chiyoda-ku.

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WHAT'S IN THE MONTHLY REPORT: MAY 2021

Past Monthly Reports
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Transactions: 1Q 2021

Signs of Buyers Willing to Invest

Sales transaction volume down, but supported by corporate asset sales
We are about one year into the coronavirus (Covid-19) pandemic and in the first quarter of 2021, another state of emergency was declared. Although not as chaotic as the first time, the sales transaction amount fell 38% year-on-year, with hotel and retail transactions dropping significantly. On the other hand, office building and logistics facility transactions were relatively strong and while the market outlook remains uncertain, buyers’ willingness to invest might not have diminished.
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