LVMH bucks global trends in the retail sector with the opening of two flagship stores in Tokyo over the past week – a brand new 500sqm Hermes store in Omotesando, and the relaunch of Louis Vuitton in Namiki-Dori Ginza following a full interior and exterior revamp of the store.
BentallGreenOak is on a roll with the acquisition of a major office building in Nagoya, Hirokoji Cross Tower, for circa US$370m from Mitsubishi Estate. This follows the news earlier this year on the acquisition by BGO of Avex’s HQ building in Aoyama in central Tokyo for close to 700m.
Aman Residences and its sister hotel brand Janu to headline Mori Building’s huge Toranomon-Azabudai urban redevelopment project in central Tokyo slated for completion in 2023.
Daiwa House is building Japan's largest hyperscale data centre in Chiba, east of Tokyo, at a cost of close to US$1bn and Google plans to build a facility in the same area.
Japanese logistics firm Nippon Express is considering the sale its Tokyo HQ worth close to US$1bn. This news comes on the back of a similar announcement by advertising agency Dentsu. Covid is certainly putting pressure on Japanese corporates to reassess their real estate holdings.