Pandemic-hit Japanese travel company JTB Corporation has sold its HQ building near Tokyo Bay after posting a record loss earlier this year. The company will continue to lease back the premises from the purchaser. More major sale-and-leaseback transactions in the office sector in Tokyo are expected to be announced in the coming months.
After years of drama, the new mayor of Yokohama has ended all hopes of an integrated resort/casino being built there for the foreseeable future. Many had hoped the integrated resort would aid the further development of Yokohama’s economy, and create another major drawcard for visitors to the Greater Tokyo area.
As the Olympic Games get underway in Tokyo, take a closer look at Kengo Kuma’s masterpiece – the new Japan National Stadium - which will be the centre of the action over the coming weeks
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Seibu is planning to offload a large number of hotels, ski resorts and golf courses across Japan. Many of them are non-core and non-performing assets. It will be interesting to see if they sell some of their prime Tokyo and Karuizawa real estate over time. More asset sales are expected to be announced by major railroad companies over the coming months.
Mitsui, CPPIB and Fidelity plan to invest US$1.3bn in the development of three large data centres in Greater Tokyo and Kyoto. This is part of a greater plan for Mitsui to invest up to US$2.7bn in the sector by 2026. The DC space is certainly heating up in Japan, similar to many other major markets.