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National Holiday: January 12 (Mon)

TOP STORY

NBF to conduct asset replacement worth Y56.9bn in total

NBF to conduct asset replacement worth Y56.9bn in total

REIT Nippon Building Fund (NBF) decided to conduct asset replacement by acquiring two buildings while selling one building. The total transaction price is approximately 56.92 billion yen [$360 million].

World to sell its headquarters in Kobe Port Island

World to sell its headquarters in Kobe Port Island

Tokyo Tatemono, Sumitomo Forestry building Long Beach U.S. rental housing

Tokyo Tatemono, Sumitomo Forestry building Long Beach U.S. rental housing

KT Capital purchases office building from Raysum

KT Capital purchases office building from Raysum

ML Estate purchases new Sapporo office building

ML Estate purchases new Sapporo office building

Tosei and GIC to conduct Y58.4bn Sankei REIT TOB

Tosei and GIC to conduct Y58.4bn Sankei REIT TOB

LATEST NEWS

Tray Construction developing hotel for inbound tourists in Asakusa

Tray Construction developing hotel for inbound tourists in Asakusa

US private equity firm Advent returns to Japan after 15-year hiatus

US private equity firm Advent returns to Japan after 15-year hiatus

NBF to conduct asset replacement worth Y56.9bn in total

NBF to conduct asset replacement worth Y56.9bn in total

World to sell its headquarters in Kobe Port Island

World to sell its headquarters in Kobe Port Island

ML Estate purchases new Sapporo office building

ML Estate purchases new Sapporo office building

Tokyo Tatemono, Sumitomo Forestry building Long Beach U.S. rental housing

Tokyo Tatemono, Sumitomo Forestry building Long Beach U.S. rental housing

Maxiv sells Kita-Shinjuku apartment building

Maxiv sells Kita-Shinjuku apartment building

KT Capital purchases office building from Raysum

KT Capital purchases office building from Raysum

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EDITORS' PICK

PAG and KKR to acquire Sapporo Real Estate shares

PAG and KKR to acquire Sapporo Real Estate shares

PAG, which is an investment fund based in the Asia-Pacific region, and Kohlberg Kravis Roberts (KKR) of the U.S. concluded an agreement to acquire all shares of Sapporo Real Estate, which is a wholly-owned subsidiary of brewer Sapporo Holdings, from the company through a special purpose company.

JR East and Itochu to integrate real estate subsidiaries

JR East and Itochu to integrate real estate subsidiaries

Hulic investing in elderly housing in Florida, U.S.

Hulic investing in elderly housing in Florida, U.S.

Blackstone to buy Nippon Express logistics hub in Tokyo for over $630m

Blackstone to buy Nippon Express logistics hub in Tokyo for over $630m

Two developers participate in San Diego student housing project

Two developers participate in San Diego student housing project

Japan to tighten rules for foreign corporations buying large plots

Japan to tighten rules for foreign corporations buying large plots

Meitetsu sets Nagoya Station area redevelopment schedule as “undetermined”

Meitetsu sets Nagoya Station area redevelopment schedule as “undetermined”

Shinagawa Refra to gain Y28bn from Jingumae apartment sale

Shinagawa Refra to gain Y28bn from Jingumae apartment sale

Mantomi acquires retail building along Ginza Chuo-dori Street

Mantomi acquires retail building along Ginza Chuo-dori Street

Mitsubishi Corp. to build 2 logistics centers in Indonesia

Mitsubishi Corp. to build 2 logistics centers in Indonesia

MOST READ

Tosei and GIC to conduct Y58.4bn Sankei REIT TOB

Maxiv sells Kita-Shinjuku apartment building

Keihan Holdings acquires office building from SC Capital Partners

KT Capital purchases office building from Raysum

Odakyu developing apartment building in Taito-ku

Nine Hours and SBI enter capital and business alliance

Tokyo Tatemono, Sumitomo Forestry building Long Beach U.S. rental housing

Tokyo Tatemono participates in Melbourne, Australia housing development project

Nomura developing H1O office building in Toranomon

ML Estate purchases new Sapporo office building

ZenmuTech moving from shared office to Ichigo Shinkawa Building

2025 Year in Review - Top 10 Deals

PAG and KKR to acquire Sapporo Real Estate shares

Dentsu to post Y30bn gain from Ginza building sale

Amazon to return floors leased in Meguro Arco Tower

Japan's biggest data center can be model for rapid buildout, says developer

JR East and Itochu to integrate real estate subsidiaries

NTT Data Newson to consolidate offices in Mitamachi Terrace

Integral acquires three properties in Tokyo and Fukuoka

Sekisui House sells 581 m2 land in Kioicho, Chiyoda-ku

2025 Year in Review - Top 10 Deals

ZenmuTech moving from shared office to Ichigo Shinkawa Building

Brewer Sapporo to sell property business to group led by KKR

Tomoe Corp. to sell Nibancho rental building

2026 tax reform outline sets stricter rules on inheritance tax planning

PAG and KKR to acquire Sapporo Real Estate shares

Apartment development site in Sumida-ku sold

Dentsu to post Y30bn gain from Ginza building sale

Amazon to return floors leased in Meguro Arco Tower

Japan's biggest data center can be model for rapid buildout, says developer

Deciphering of Narita Land

MONTHLY REPORTS

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.

Case Study | Under Construction Survey | Market Knowledge | Deals Roundup | Relocation Update | News Digest

TRENDS

Tokyo Tatemono, Sumitomo Forestry building Long Beach U.S. rental housing

Tokyo Tatemono, Sumitomo Forestry building Long Beach U.S. rental housing

Kenedix, Hulic acquire student housing in Atlanta, U.S.

Tosei and GIC to conduct Y58.4bn Sankei REIT TOB

Tokyo Tatemono participates in Melbourne, Australia housing development project

Nine Hours and SBI enter capital and business alliance

MORE

DEALS

Tray Construction developing hotel for inbound tourists in Asakusa

Tray Construction developing hotel for inbound tourists in Asakusa

NBF to conduct asset replacement worth Y56.9bn in total

World to sell its headquarters in Kobe Port Island

ML Estate purchases new Sapporo office building

Maxiv sells Kita-Shinjuku apartment building

MORE

PROJECTS

Tray Construction developing hotel for inbound tourists in Asakusa

Tray Construction developing hotel for inbound tourists in Asakusa

Nomura developing H1O office building in Toranomon

Odakyu developing apartment building in Taito-ku

2,900 m2 GFA retail and office building planned in Shinjuku

Hankyu Hanshin Properties developing apartment building in Nishi-Kanda

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TENANTS

EduLab moving from W Building to Tennozu Bay Tower

EduLab moving from W Building to Tennozu Bay Tower

Pacific Consultants to open office in Sumitomo Fudosan Sarugakucho Building

ZenmuTech moving from shared office to Ichigo Shinkawa Building

Amazon to return floors leased in Meguro Arco Tower

NTT Data Newson to consolidate offices in Mitamachi Terrace

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STATS

Real estate industry loans remain strong, outstanding loans exceed Y140tn

Real estate industry loans remain strong, outstanding loans exceed Y140tn

20% of Companies Hold Idle Real Estate

Environmental Certification Costs

Office Demand Flows Outside

REIT AUMs Decrease in May

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LOCAL

World to sell its headquarters in Kobe Port Island

World to sell its headquarters in Kobe Port Island

ML Estate purchases new Sapporo office building

KT Capital purchases office building from Raysum

Integral acquires three properties in Tokyo and Fukuoka

Large properties in Nagoya and Fukuoka sold among SPCs

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BUSINESS

US private equity firm Advent returns to Japan after 15-year hiatus

US private equity firm Advent returns to Japan after 15-year hiatus

Japanese railway company eyes India's housing market

Japanese railway company eyes India's housing market

Japan's biggest data center can be model for rapid buildout, says developer

Japan's biggest data center can be model for rapid buildout, says developer

Brewer Sapporo to sell property business to group led by KKR

Brewer Sapporo to sell property business to group led by KKR

Blackstone to buy Nippon Express logistics hub in Tokyo for over $630m

Blackstone to buy Nippon Express logistics hub in Tokyo for over $630m

IHG plans huge new Osaka hotel close to Universal Studios Japan

IHG plans huge new Osaka hotel close to Universal Studios Japan

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DATA

Transaction Data

73 Transactions Data - Up to May, 2009

2009.6.25

103 Transactions Data - Up to April, 2009

2009.5.29

74 Transactions Data - Up to March, 2009

2009.4.30

81 Transactions Data - Up to February, 2009

2009.3.31

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

2010.1.7

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