Last Update: 08/05 2021 06:00 JST

Avex leasing 2,000 tsubos at Sumitomo Fudosan Azabu Juban Building

Major music software company Avex will relocate its headquarters to Sumitomo Fudosan Azabu-Juban Building in Mita, Minato-ku. Sources indicate it will lease a total of around 2,000 tsubos [6,610 m2] of floor area on multiple floors in the building.

Aeon REIT to acquire four properties for over Y50bn

Aeon REIT will acquire four retail facilities for a total acquisition price of approximately 50.24 billion yen [$450 million]. With these acquisitions, the REIT’s acquisition price based AUM will be 447.1 billion yen [$4 billion] in 47 properties.

Star Asia REIT to acquire seven properties for Y12.9bn

Star Asia REIT will acquire a total of seven properties consisting of two office buildings, a retail facility and four residences. The total acquisition price is approximately 12.97 billion yen [$120 million].

NTT Urban developing large office building along Osaka’s Midosuji Boulevard

NTT Urban Development started construction of Urbanet Midosuji Building on a site along Midosuji Boulevard in Osaka City. The structure will have 21 floors above ground and two below with 42,362 m2 of gross floor area.

Singaporean company becomes largest Tokyo Trust Capital shareholder

Minato-ku-based Tokyo Trust Capital (TTC) received investment from Singapore’s TE Capital Partners in July 2021. TE Capital will support TTC’s growth alongside its existing shareholders such as Minato-ku-based MA Platform, which is chaired by Mori Trust chairman Akira Mori.

Sekisui House REIT to reshuffle assets, transactions worth Y38.3bn

Sekisui House REIT decided to acquire five relatively new apartments in Tokyo for 21.2 billion yen [$190 million] and sell nine apartments in major cities throughout Japan for 17.1 billion yen [$150 million].



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Local Markets: Osaka

Betting on Demand Bounce

Investors not concerned even by signs of potential land price collapse
Having lost inbound consumption, a pillar of its economy in recent years, Osaka is under quasi-state of emergency declaration and its Minami area has fallen quiet, also losing domestic visitors. Despite this, some particularly opportunistic foreign funds have started acquiring hotels and retail facilities, predicting that demand will return. On the other hand, most office tenants are in a wait-and-see mood, so relocation and expansion are sluggish in the office market.
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