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Japan Metropolitan Fund To Acquire Toda-Koen Retail Property for JPY 4.9 Billion

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Japan Metropolitan Fund To Acquire Toda-Koen Retail Property for JPY 4.9 Billion

Japan Metropolitan Fund To Acquire Toda-Koen Retail Property for JPY 4.9 Billion

Japan Metropolitan Fund Investment Corp. decided on Aug. 26, 2026, to acquire m-City Toda-Koen, a retail property in Toda, Saitama Prefecture. The planned acquisition price is JPY 4.869 billion, with the acquisition scheduled for Oct. 1 of the same year. The seller is undisclosed, but the registered owner of the building as of Aug. 26, 2026, was Open House Real Estate.

The property is about a 10-minute walk from Toda-Koen Station on the JR Saikyo Line. Completed in 1999, the two-story building has a gross floor area of approximately 3,221 tsubo (approx. 114,600 sq. ft.). Anchored by the Super Value Ropia supermarket, its tenants include home center Kohnan, Okawa Kagu and DAISO, and it has parking for about 300 vehicles.

According to the National Institute of Population and Social Security Research, Toda's population is projected to grow about 7% between 2020 and 2050. The city offers strong transport access to central Tokyo and deep housing demand centered on families, and steady customer traffic driven by daily necessities is expected. Rent increases effective from the spring of 2027 have already been fixed, and the NOI yield on the acquisition price after those increases is 4.5%. The REIT sees room to lift that to 5.5% in the future through further rent increases and tenant replacement.

The REIT has been making a series of investments in daily-needs retail facilities. In March 2026, it decided to acquire (tentative name) Machinoma Kotesashi in Tokorozawa. In August, it decided to acquire a silent partnership equity interest backed by the land underlying 17 Seiyu and Trial Seiyu stores. With retail accounting for more than half of its portfolio on an acquisition-price basis, the REIT is adding assets that can deliver earnings growth through rent increases and sales-linked rents on top of stable income.

Key Facts

  • Property Name: m-City Toda-Koen
  • Buyer: Japan Metropolitan Fund Investment Corporation
  • Seller: Undisclosed (registered owner of the building as of August 26, 2026: Open House Real Estate Co., Ltd.)
  • Acquisition Target: Real estate
  • Planned Acquisition Price: JPY 4.869 billion
  • Appraisal Value: JPY 5.8 billion (as of August 1, 2026; Tanizawa Sogo Appraisal Co., Ltd.)
  • NOI Yield (actual): 4.5%
  • Appraisal NOI Yield: 5.5%
  • Capitalization Rate: 3.8%
  • Agreement Date: August 26, 2026
  • Scheduled Acquisition Date: October 1, 2026
  • Location: 9-29 Minamicho, Toda, Saitama Prefecture
  • Nearest Station(s): About a 10-minute walk from Toda-Koen Station on the JR Saikyo Line
  • Completion: April 1999
  • Number of Floors: 2F (steel-frame construction)
  • Use: Retail
  • Area: Site area of approximately 3,323 tsubo (approx. 118,200 sq. ft.) / Gross Floor Area of approximately 3,221 tsubo (approx. 114,600 sq. ft.)
  • Number of Tenants: 2
  • Major Tenant: Super Value Ropia
  • Occupancy: 100.0% (projected as of the end of September 2026)
  • Parking: Approximately 300 spaces

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