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Tokyu Corporation and L’Catterton Real Estate have formally announced their plans for the redevelopment of the Tokyu Department Store site in Shibuya, Tokyo. The project, called the “Shibuya Upper West Project”, will feature a high-end mall, luxury hotel, and residences. The combination of Tokyu’s development expertise in Japan, and L Catterton Real Estate’s strong track record in delivering iconic mixed-use projects globally, along with its affiliation with the LVMH Group, has got the market talking. The lead architect will be the internationally acclaimed Snøhetta, and Swire Hotels from Hong Kong, known for their creative and contemporary luxury properties, will operate the hotel. This is definitely one of the most exciting upcoming projects in Tokyo!

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KKR is on the cusp of its second major real estate acquisition for the year in Japan, the 740-key Hyatt Regency Tokyo located in Shinjuku. The final price for the hotel is rumoured to be circa US$600m. The deal also marks another major asset sale by a railway company in the market.

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SC Capital has announced the final close of the largest dedicated hospitality fund for the Japan market, a US$1bn opportunistic fund anchored by two global institutional investors. The vehicle will focus on distressed opportunities that have arisen from COVID, and the subsequent decrease in domestic travel and closure of the market to international travelers. The group also owns the manager of the Japan Hotel REIT Investment Corporation, a TSE-listed hotel REIT which has a market capitalization of over US$2bn.

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KKR has announced the acquisition of a major REIT manager in Japan, Mitsubishi UBS Realty, in a transaction valued at circa US$2.0bn. The vehicle manages two REITs, the Japan Metropolitan Fund and the Industrial & Infrastructure Fund, which together manage over US$15bn in real estate investments across all major asset classes.

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Another railway company in Japan looks to exit a major hospitality holding as Odakyu puts the Hyatt Regency in Tokyo on the market. The 744 key hotel and an adjacent office property located in Shinjuku will be sold as part of the transaction, and are expected to fetch north of US$800m.

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