Japan Metropolitan Fund To Invest JPY 8.79 Billion in Land Under 17 Seiyu Stores

Japan Metropolitan Fund Investment Corp. announced on Aug. 21, 2026, that it will acquire a silent partnership equity interest in Unicorn LLC backed by the land underlying 17 Seiyu and Trial Seiyu stores. The planned investment is JPY 8.79 billion, to be funded with cash on hand on Nov. 30 of the same year.

The underlying assets are 17 store land parcels located in Tokyo and in Kanagawa, Chiba, Miyagi, Shizuoka and Nagano prefectures. Their combined appraisal value is JPY 27.58 billion, with the Greater Tokyo area accounting for 74% on an appraisal-value basis. The tenants are Seiyu or Trial Seiyu, and occupancy at each property is expected to be 100% as of Dec. 1, 2026.

The deal is a CRE carve-out in which the Trial Group separates store land it owns from its operating assets. Trial Holdings made Seiyu a subsidiary in July 2025 and has been introducing retail technology and remodeling stores. The land leases use a rent structure that combines fixed rent with sales-linked percentage rent, allowing growth in store sales to flow through to rental income. The expected distribution yield is approximately 4.7%.

The REIT will invest JPY 8.79 billion as a subordinated silent partnership investor. If a loss arises in any calculation period, subordinated investors bear it ahead of preferred investors in proportion to their investment ratios. The silent partnership agreement runs through Nov. 30, 2031. The REIT also has a future direct acquisition of the underlying assets in view and has expressed to the operator its interest in purchasing the trust beneficiary interests.

Key Facts

• Acquirer: Japan Metropolitan Fund Investment Corporation
• Asset Name: Silent partnership equity interest in Unicorn LLC
• Acquired Asset: Subordinated silent partnership equity interest
• Investee: Unicorn LLC
• Underlying Assets: Land underlying 17 Seiyu and Trial Seiyu stores (real estate trust beneficiary interests)
• Silent Partnership Agreement Date: August 21, 2026
• Scheduled Acquisition Date of Equity Interest: November 30, 2026
• Planned Investment Amount: JPY 8.79 billion
• Expected Distribution Yield: Approximately 4.7%
• Term of Silent Partnership Agreement: Through November 30, 2031
• Total Appraisal Value of Underlying Assets: JPY 27.58 billion (as of August 1, 2026; Tanizawa Sogo Appraisal Co., Ltd.)
• Total Land Area of Underlying Assets: Approximately 23,252 tsubo (approx. 827,400 sq. ft.)