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ORIX JREIT To Acquire Two Office Properties in Toyosu and Naha for JPY 40 Billion

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ORIX JREIT To Acquire Two Office Properties in Toyosu and Naha for JPY 40 Billion

ORIX JREIT To Acquire Two Office Properties in Toyosu and Naha for JPY 40 Billion

ORIX JREIT Inc. decided on Aug. 26, 2026, to acquire 50% quasi-co-ownership interests in the real estate trust beneficiary interests of Toyosu Prime Square in Koto Ward, Tokyo, and Naha Shintoshin Center Building in Naha, Okinawa Prefecture. The planned acquisition prices are JPY 29.4 billion for Toyosu and JPY 10.6 billion for Naha, or JPY 40 billion in total. Toyosu will be acquired on Sept. 30 of the same year, while Naha will be acquired in five tranches from August of the same year through August 2028.

Toyosu Prime Square is being acquired from a domestic godo kaisha; the beneficiary as of Aug. 26, 2026, was Godo Kaisha TPS. The remaining 50% interest is held by Global One Real Estate Investment Corporation, so the property will be co-owned by the two REITs after the acquisition. For Naha Shintoshin Center Building, the REIT will additionally acquire the remaining 50% interest from Daiwa House REIT Investment Corporation, giving it sole ownership once the acquisition is complete.

Toyosu Prime Square is a three-minute walk from Toyosu Station on the Tokyo Metro Yurakucho Line and the Yurikamome Line. Completed in 2010, the 12-story building has a typical floor plate of approximately 901 tsubo (approx. 32,100 sq. ft.). Occupancy rose from 83.9% at the end of June 2023 to 100% at the end of June 2026. The appraisal NOI yield is 3.7%.

Naha Shintoshin Center Building is a mixed office-and-hotel property a five-minute walk from Omoromachi Station on the Yui Rail. Completed in 2011, it has 19 floors above ground and one below, with a typical floor plate of approximately 646 tsubo (approx. 23,000 sq. ft.). Occupancy was 98.1% as of the end of June 2026. The hotel portion is structured with a combination of fixed and variable rent. The additional acquisition will allow the REIT to cut management costs and lease more flexibly, and it expects room to raise rents in both the office and hotel components.

Including this deal, the REIT's acquisitions since the fiscal period ended August 2025 total JPY 132.3 billion, against JPY 35.1 billion of dispositions. The average building age of the acquired assets is 11.6 years, far below the 37.0 years of the assets sold. Through this rotation into properties with potential for future earnings growth, the REIT is making its portfolio younger and expanding its earnings base.

Key Facts

  • Property Name: Toyosu Prime Square
    • Buyer: ORIX JREIT Inc.
    • Seller: A domestic godo kaisha (registered beneficiary as of August 26, 2026: Godo Kaisha TPS)
    • Acquisition Target: 50% quasi-co-ownership interest in a real estate trust beneficiary interest
    • Planned Acquisition Price: JPY 29.4 billion
    • Appraisal Value: JPY 29.75 billion (as of July 31, 2026; Japan Real Estate Institute)
    • Appraisal NOI Yield: 3.7%
    • Agreement Date: August 26, 2026
    • Scheduled Acquisition Date: September 30, 2026
    • Location: 5-6-36 Toyosu, Koto-ku, Tokyo
    • Nearest Station(s): Three-minute walk from Toyosu Station on the Tokyo Metro Yurakucho Line and the Yurikamome Line
    • Completion: August 2010
    • Number of Floors: 12F (steel-frame construction)
    • Area (site and entire building): Site area of approximately 3,102 tsubo (approx. 110,400 sq. ft.) / Gross Floor Area of approximately 12,626 tsubo (approx. 449,300 sq. ft.) / Typical floor plate of approximately 901 tsubo (approx. 32,100 sq. ft.)
    • Use: Office / Retail / Parking
    • Occupancy: 100% (as of the end of June 2026)
  • Property Name: Naha Shintoshin Center Building
    • Buyer: ORIX JREIT Inc.
    • Seller: Daiwa House REIT Investment Corporation
    • Acquisition Target: 50% quasi-co-ownership interest in a real estate trust beneficiary interest
    • Planned Acquisition Price: JPY 10.6 billion
    • Appraisal Value: JPY 10.6 billion (as of August 1, 2026; Tanizawa Sogo Appraisal Co., Ltd.)
    • Appraisal NOI Yield: 4.9%
    • Agreement Date: August 26, 2026
    • Scheduled Acquisition Dates: August 31, 2026 / September 1, 2026 / August 31, 2027 / September 1, 2027 / August 31, 2028
    • Location: 1-1-12 Omoromachi, Naha, Okinawa Prefecture
    • Nearest Station(s): Five-minute walk from Omoromachi Station on the Okinawa Urban Monorail
    • Completion: July 2011
    • Number of Floors: 19F / B1 (steel-frame construction)
    • Area (site and entire building): Site area of approximately 2,384 tsubo (approx. 84,800 sq. ft.) / Gross Floor Area of approximately 10,339 tsubo (approx. 367,900 sq. ft.) / Typical floor plate of approximately 646 tsubo (approx. 23,000 sq. ft.)
    • Use: Office / Retail / Hotel / Disaster management room / Cleaning staff room / Refuse storage / Loading area / Parking management room / Storage
    • Occupancy: 98.1% (as of the end of June 2026)

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