Last Update: 03/09 2021 11:30 JST

Industry Trends

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PGIM to acquire four residences for Y9.2bn

PGIM Real Estate has signed an agreement to acquire four rental apartment buildings. A joint investment with Hong Kong’s Alyssa Partners, the price is 9.2 billion yen [$84 million].

Mitsubishi to make JRE AM wholly-owned subsidiary

Mitsubishi Estate will make Chiyoda-ku-based Japan Real Estate Asset Management (JRE AM), which operates REIT Japan Real Estate (JRE), a wholly-owned subsidiary.

Sumitomo Corporation’s PREX series to reduce tenant construction burden

Trading firm Sumitomo Corporation will introduce a “half setup leasing method,” which reduces the burden of interior construction work of tenants by constructing office receptions and conference rooms in advance, in the PREX series which is its mid-sized office building brand.

Kozo Hiratani to oversee Japan business of Grosvenor

Grosvenor Asia Pacific, which is under the umbrella of the U.K.’s Grosvenor Group, announced that it will appoint Kozo Hiratani president of its Japan office. In addition to overseeing its Japan business, he will join Grosvenor Asia Pacific’s board of directors.

Shizuoka’s Yoshicon to establish Tokaido REIT

Yoshicon, a Shizuoka City-based real estate company, will establish Tokaido REIT. Tokaido REIT Management, Yoshicon’s wholly-owned subsidiary and the REIT’s asset manager, decided this at its board of directors meeting, and Yoshicon decided to invest 200 million yen [$1.9 million]. It will now proceed with the necessary registrations and aim to begin management.

Ivanhoé Cambridge and PAG establish logistics JV

Ivanhoé Cambridge, which is a Canadian public pension fund management institution, and PAG of Hong Kong established Japan Logistics Venture, which is a joint investment fund targeting Japanese logistics facilities.

GLP fund to increase AUM by $2.8bn through second close

GLP Japan Income Fund (JIF), which is an open-end private fund established by GLP and specializing in logistics facilities, completed its second round of fundraising. This is expected to raise its AUM from $2.6 billion at its establishment to $5.4 billion, an apparent increase of $2.8 billion.

Samty to build high-rise residences in Vietnam for Y35bn

Real estate company Samty will participate in a for-sale condominium project in Hanoi, the capital of Vietnam. The company acquired a 90% stake in S-Vin Vietnam Real Estate Trading, which is a subsidiary of Vinhomes. It is leading this project, which will take about three years and have a total project cost of around 35 billion yen [$330 million] with total expected net sales of approximately 40.7 billion yen [$380 million].

Open call started for Minato Mirai Block 52 developers

The Kanto Local Finance Bureau of the Ministry of Finance made an open call for developers for Block 52 of Minato Mirai 21’s central district. This 11,818 m2 block consists of land owned by the Ministry of Finance (national land) and land owned by the City of Yokohama (city land). Proposals for the first stage will be accepted until March 3, 2021, and successful applicants will be notified by June 9, 2021.

Mitsui to make TOB for Tokyo Dome

Mitsui Fudosan will make a take-over-bid (TOB) for Tokyo Dome, a ballpark and hotel operator which is listed on the first section of the Tokyo Stock Exchange. It aims to acquire all shares for 1,300 yen [$12] per share, making the total acquisition amount 120.5 billion yen [$1.1 billion]. After completing this acquisition, it will transfer 20% of the shares to Chiyoda-ku based newspaper publisher Yomiuri Shimbun Holdings. Together, the three companies will seek to improve the potential of Tokyo Dome City and consider future redevelopment.

Bridge C Capital renovating hostel closed due to Covid-19

Chuo-ku's Bridge C Capital will convert a hostel in Higashi-Ueno, Taito-ku, into an office building. The hostel was operated by Chuo-ku's LS, which operates accommodation facilities for inbound tourists, but the hostel has remained closed since September 2020 due to rapid decline in demand responding to the spread of the coronavirus (Covid-19) infection.

Two NTT Urban subsidiary asset managers to merge

Chiyoda-ku based NTT Urban Development has decided to integrate two asset management companies under its umbrella. It is an absorption-type merger, with the Chiyoda-ku based NTT Urban Development Asset Management (UDAM) being the surviving company and Chiyoda-ku based Premier REIT Advisors (PRA) the absorbed company.

Sumitomo Mitsui Finance to make up to Y132bn TOB for Kenedix

Sumitomo Mitsui Finance and Leasing (SMFL) has decided to make Kenedix, a real estate investment fund which is listed on the first section of the Tokyo Stock Exchange, its subsidiary. SMFL will make a take-over-bid aiming to acquire all shares except for the 20.27% held by Singapore’s ARA Asset Management group, which is the largest shareholder. The price is 750 yen [$7] per share, which could total up to 131.9 billion yen [$1.2 billion].

Mitsubishi starts constructing office building in Barcelona

Mitsubishi Estate began construction of an office building in Barcelona, Spain. London-based UK subsidiary Mitsubishi Estate London will finance the project and group company Europa Capital, which is also based in London, will manage this investment. This will be the Mitsubishi Estate group’s first office development on the European continent.

TIAA's real estate arm opens base in Tokyo

Nuveen, which is an asset management company affiliated with the Teachers Insurance and Annuity Association of America (TIAA), opened a real estate investment base in Tokyo. Shusaku Watanabe, who was director of Asia Pacific capital markets at the Singaporean base of the company, was appointed as the head.

Aqua Resort to acquire Bestland aiming to expand business

Hachioji City based real estate company Aqua Resort decided to acquire Shinjuku-ku based Bestland, which is engaged in purchase and resale of used residences and income properties.

Yukihiro Ogasawara from CBRE appointed chairman of Colliers Japan

Yukihiro Ogasawara was appointed Managing Director & Chairman of Japan at Chiyoda-ku based Colliers International Japan. Colliers expanded into Japan in a franchise format in 1988. It started proactively hiring employees with the start of direct management in 2017, and has a little over 60 employees in total at its bases in Tokyo and Osaka.

Daito Trust Construction to enter investment apartment business

Daito Trust Construction (Daito Kentaku) decided to acquire the Shibuya-ku based Invalance, which is an apartment developer. Its aim is to enter the compartmentalized ownership type investment apartment business.

GPIF seeks investment methods from private sector

The Government Pension Investment Fund (GPIF) is widely seeking information from private companies regarding domestic real estate investment methods. Its deadline is noon on October 30. Instead of sticking to its traditional investment style of using a trust bank as the proxy, its aim appears to be to open the way to collaboration with various players such as domestic and international funds, developers and general trading companies.

Tokyu Corp, NTT Urban developing for-sale condominium in Vietnam

Tokyu Corporation and Chiyoda-ku's NTT Urban Development will develop for-sale condominium Midori Park The Glory in Binh Duong New City, the capital of Binh Duong Province in Vietnam.

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