Hulic REIT to Acquire “Hospitalment Hongo,” a Senior Housing Facility in Bunkyo Ward, Tokyo
Hulic REIT, Inc. announced on January 16, 2026, that it will acquire the fee-based senior housing facility “Hospitalment Hongo” located in Yayoi 2-chome, Bunkyo Ward, Tokyo. The planned acquisition price is JPY 2,884 million, and the seller is Fuyo General Lease Co., Ltd. The acquisition will be funded through borrowings and internal reserves, with the aim of further strengthening and diversifying the REIT’s portfolio.
The property is a reinforced concrete structure with four floors above ground and one basement level, completed in March 2019. It has a gross floor area of approximately 614 tsubo (approx. 22,000 sq. ft.) and a site area of approximately 269 tsubo (approx. 9,600 sq. ft.). The facility is situated in a quiet residential neighborhood, a seven-minute walk from Nezu Station on the Tokyo Metro Chiyoda Line, with prominent landmarks such as the University of Tokyo’s Hongo Campus, Nezu Shrine, and Ueno Park in the surrounding area.
Hospitalment Hongo operates as a high-end assisted living facility, with upfront move-in fees ranging from JPY 20 million to JPY 45 million. As of the announcement, the facility has 44 residents against a capacity of 51, resulting in an occupancy rate of 86%. The master lease agreement runs through March 2044, with fixed rent for the first 15 years until March 2034, providing long-term income stability.
The operator, Sakurajyuji Group, was founded in 2005 with the establishment of Sakurajyuji Hospital in Kumamoto Prefecture. Today, the group operates 364 facilities across 31 cities in seven countries and employs more than 10,000 people, positioning it as a major healthcare and senior care provider. Under the “Hospitalment” brand, Sakurajyuji operates 17 senior housing facilities nationwide, differentiated by its strong collaboration with medical institutions and its focus on care supported by robust medical services.
Demand for senior housing facilities continues to expand as Japan’s demographic shift accelerates. By 2025, the baby boomer generation will be aged 75 and older, with the population aged 65 and above projected to reach 36.53 million. At the same time, approximately 9% of fee-based senior housing facilities report occupancy rates below 70%, underscoring increasing polarization based on location, pricing, and operational quality. In this environment, strong medical partnerships and operational capabilities are seen as key factors in achieving stable performance.
Key Facts
Property Name: Hospitalment Hongo
Buyer: Hulic REIT, Inc.
Seller: Fuyo General Lease Co., Ltd.
Acquisition Price: JPY 2,884 million
Location: 2-4-4 Yayoi, Bunkyo-ku, Tokyo
Nearest Station: Nezu Station, Tokyo Metro Chiyoda Line (7-minute walk)
Completion: March 2019
Number of Floors: 4F / B1 (RC structure)
Gross Floor Area: Approx. 614 tsubo (approx. 22,000 sq. ft.)
Site Area: Approx. 269 tsubo (approx. 9,600 sq. ft.)
Operator: Sakurajyuji Co., Ltd.
Appraised Value: JPY 3,060 million
Capitalization Rate: 3.7%
Occupancy: 100.0% (facility occupancy: 86%)