Yokohama continues its proactive IR strategy as it kicks off a formal RFP process to identify the casino operator. The operator is due to be announced later this year.
Interesting article below on the potential sale of Dentsu’s US$3bn HQ building in Tokyo which could become the largest property transaction ever in Japan. This comes on the back of the high-profile sale of Avex's HQ building in Aoyama recently to BentallGreenOak. Is this the start of a wave of sales of real estate holdings by non-real estate companies in Japan? At Nikota, we think it is likely to be, and it is something we have been talking about for a while.
Some meaningful reforms are potentially on the horizon for listed companies in Japan which should increase governance and transparency, and opportunities for PE funds going forward
As the hospitality industry in Japan starts to see some green shoots, Adrian Zecha, founder of Aman, announces his plans for a new ryokan brand, Azumi. The build out of the brand will be done together with Japanese hospitality group Naru Developments. Their first property will be on an island in the Setouchi area and is due to open in spring 2021.
Interesting article below on PAG and the real estate market in Japan. At Nikota, we expect buy-side opportunities to improve from Q4 this year as large corporates come under pressure from lenders to offload real estate assets and Covid-related government support policies fall away. This should be good news for all investors looking to deploy capital in the Japan market.