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.
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