Top - NIKKEI REAL ESTATE MARKET REPORT

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New Year’s holidays: Dec. 27 (Sat) - Jan. 4 (Sun)

TOP STORY

Brewer Sapporo to sell property business to group led by KKR

Brewer Sapporo to sell property business to group led by KKR

Sapporo Holdings has decided to sell its real-estate business to investment companies KKR and PAG in a deal that is expected to be worth at least 400 billion yen [$2.6 billion], Nikkei has learned.

Nomura, Keio Group acquire former Iwatani Tokyo Head Office

Nomura, Keio Group acquire former Iwatani Tokyo Head Office

Nippon Express to sell flagship logistics facility in Koto-ku

Nippon Express to sell flagship logistics facility in Koto-ku

2026 tax reform outline sets stricter rules on inheritance tax planning

2026 tax reform outline sets stricter rules on inheritance tax planning

Mitsubishi logistics REIT’s bridge fund acquiring Funabashi warehouse

Mitsubishi logistics REIT’s bridge fund acquiring Funabashi warehouse

Risa adopts “Refining Architecture” and aims to launch renovation funds

Risa adopts “Refining Architecture” and aims to launch renovation funds

LATEST NEWS

Apartment development site in Sumida-ku sold

Apartment development site in Sumida-ku sold

Nomura, Keio Group acquire former Iwatani Tokyo Head Office

Nomura, Keio Group acquire former Iwatani Tokyo Head Office

Brewer Sapporo to sell property business to group led by KKR

Brewer Sapporo to sell property business to group led by KKR

2026 tax reform outline sets stricter rules on inheritance tax planning

2026 tax reform outline sets stricter rules on inheritance tax planning

Tomoe Corp. to sell Nibancho rental building

Tomoe Corp. to sell Nibancho rental building

Mitsubishi logistics REIT’s bridge fund acquiring Funabashi warehouse

Mitsubishi logistics REIT’s bridge fund acquiring Funabashi warehouse

Daiwa Securities Living REIT acquiring two properties for Y3.8bn

Daiwa Securities Living REIT acquiring two properties for Y3.8bn

Nippon Express to sell flagship logistics facility in Koto-ku

Nippon Express to sell flagship logistics facility in Koto-ku

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EDITORS' PICK

Hong Kong’s Weave forms core plus fund with MUFG

Hong Kong’s Weave forms core plus fund with MUFG

Hong Kong’s Weave Living has formed Weave Living Japan Multi-Family Domestic Vehicle 1 (WLJMFDV 1), which is Weave’s first fund for domestic investors, with Mitsubishi UFJ Financial Group (MUFG) as an anchor investor.

Mori Trust spends $540m on New York's 35 Hudson Yards building

Mori Trust spends $540m on New York's 35 Hudson Yards building

Activist Palliser proposes that Japan Post carve out real estate holdings

Activist Palliser proposes that Japan Post carve out real estate holdings

Megmilk Snow Brand to sell head office building for Y23.6bn

Brewer Sapporo ends exclusive talks with KKR-PAG over property unit sale

Brewer Sapporo ends exclusive talks with KKR-PAG over property unit sale

Nissan Motor to sell Yokohama headquarters for Y97bn

Nissan Motor to sell Yokohama headquarters for Y97bn

NCS RE Capital forms Y11.1bn fund investing in new apartments

NCS RE Capital forms Y11.1bn fund investing in new apartments

Mitsubishi joins US data center race with $15bn build-up

Mitsubishi joins US data center race with $15bn build-up

Blackstone sees no major issue in Japan's move to tighten M&A screening

Blackstone sees no major issue in Japan's move to tighten M&A screening

Fujitsu sells former base site in Osaka Business Park

Fujitsu sells former base site in Osaka Business Park

MOST READ

Sekisui House sticks with goal of building 20,000 US homes a year: CEO

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

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

Large properties in Nagoya and Fukuoka sold among SPCs

Sumitomo Corp. developing apartment in Ikebukuro vicinity

JMF to sell property and make investments in private REITs

IHG plans huge new Osaka hotel close to Universal Studios Japan

GIC relocating Tokyo Office to Shin-Marunouchi Building

Kasumigaseki Capital subsidiary acquires Roppongi hotel

Nippon Steel Kowa developing apartment building in Higashi-Nihombashi

Two developers participate in San Diego student housing project

Omron affiliate concentrating three offices into Tokyo Dia Building

Sekisui House REIT to shuffle assets worth Y55.2bn

REIT MAF to reshuffle assets, trading with sponsor group

One REIT to swap Kyoto hotel and office building

Daiichi Realtor developing hotel in Osaka

Daiwa House to construct 36-unit rental apartment in Shibaura

Japan to tighten rules for foreign corporations buying large plots

Mitsui’s logistics REIT to acquire four logistics properties

Tokyo Gas developing apartment with workspaces in Nihombashi-Hamacho

Mitsubishi Corp. to build 2 logistics centers in Indonesia

Sumitomo Corp. purchases Nihombashi-Tomizawacho office building

Tosei purchases office building in Chuo-ku

Nihonkeiei Group acquires office building in Shiba-Daimon, Minato-ku

Mori Trust partly acquires high-rise building in New York, U.S.

Mantomi acquires retail building along Ginza Chuo-dori Street

JPR to replace assets worth Y41.4bn in total

Marubeni Private REIT acquires Nihombashi-Kabutocho hotel

Omron affiliate concentrating three offices into Tokyo Dia Building

Apparel company Daidoh Limited to relocate from Soto-Kanda to Shinagawa

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

2026 tax reform outline sets stricter rules on inheritance tax planning

2026 tax reform outline sets stricter rules on inheritance tax planning

Risa adopts “Refining Architecture” and aims to launch renovation funds

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

Tokyo Tatemono joins Bangkok luxury condominium development project

Two developers participate in San Diego student housing project

MORE

DEALS

Apartment development site in Sumida-ku sold

Apartment development site in Sumida-ku sold

Nomura, Keio Group acquire former Iwatani Tokyo Head Office

Tomoe Corp. to sell Nibancho rental building

Mitsubishi logistics REIT’s bridge fund acquiring Funabashi warehouse

Daiwa Securities Living REIT acquiring two properties for Y3.8bn

MORE

PROJECTS

Sumitomo Corp. developing apartment in Ikebukuro vicinity

Sumitomo Corp. developing apartment in Ikebukuro vicinity

Nippon Steel Kowa developing apartment building in Higashi-Nihombashi

Hankyu Hanshin Properties secures apartment development site in Bunkyo-ku

Cosmos Initia to construct extended-stay hotel in Osaka’s Namba

Daiichi Realtor developing hotel in Osaka

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TENANTS

GIC relocating Tokyo Office to Shin-Marunouchi Building

GIC relocating Tokyo Office to Shin-Marunouchi Building

NTT to relocate to NTT Hibiya Tower in 2031

Omron affiliate concentrating three offices into Tokyo Dia Building

Hakuto moving from owned building to Yotsuya Tower

Daiichi Life Marubeni Real Estate concentrating six companies into Toranomon Alcea Tower

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STATS

20% of Companies Hold Idle Real Estate

20% of Companies Hold Idle Real Estate

Environmental Certification Costs

Office Demand Flows Outside

REIT AUMs Decrease in May

Record High Hotel Investment Market

MORE

LOCAL

Large properties in Nagoya and Fukuoka sold among SPCs

Large properties in Nagoya and Fukuoka sold among SPCs

Frontier REIT to acquire three properties for Y21.4bn

Japan Excellent REIT sells Sendai office building

NTT UD REIT acquiring Osaka rental apartment building

Mitsui’s logistics REIT to acquire four logistics properties

MORE

BUSINESS

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

Sekisui House sticks with goal of building 20,000 US homes a year: CEO

Sekisui House sticks with goal of building 20,000 US homes a year: CEO

Japan to tighten rules for foreign corporations buying large plots

Japan to tighten rules for foreign corporations buying large plots

Mitsubishi Corp. to build 2 logistics centers in Indonesia

Mitsubishi Corp. to build 2 logistics centers in Indonesia

MORE

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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