United Urban REIT to Acquire Four Assets Totaling JPY 38.3 Billion, Including Additional Stake in MALera Gifu and AEON TOWN Moriya

United Urban Investment Corporation announced on November 17, 2025, that it has agreed to acquire four assets comprising two retail properties, one factory and one land parcel. The aggregate scheduled acquisition price is approximately JPY 38.3 billion.

The properties to be acquired are an additional 50% quasi-co-ownership interest in MALera Gifu in Motosu City, Gifu Prefecture (JPY 18.0 billion), AEON TOWN Moriya in Moriya City, Ibaraki Prefecture (JPY 16.8 billion), the Kawasaki Robot Service Kobe Tamatsu Facility in Kobe City, Hyogo Prefecture (JPY 1.1 billion), and the LIMNO Tottori site in Tottori City, Tottori Prefecture (JPY 2.4 billion). MALera Gifu is already 5% owned by the REIT, and upon completion of this transaction United Urban will hold a 55% interest in the asset.

A distinguishing feature of this round of acquisitions is that United Urban has selectively targeted assets in each property type with distinct, property-type-specific growth drivers. For the shopping centers, the REIT has focused on market growth potential: MALera Gifu is expected to benefit from expansion of its trade area driven by the relocation of Motosu City Hall in July 2024 and the opening of the Tokai-Kanjo Expressway “Motosu” IC in April 2025, while AEON TOWN Moriya is being underwritten on the strength of its convenient access to central Tokyo and associated growth in official land values (rosenka), which recorded a prefecture-leading increase of 12.2%.

For the factory and land parcel, the focus is on stability and scarcity. The Kawasaki Robot Service Kobe Tamatsu Facility benefits from the credit strength of Kawasaki Robot Service, Ltd., a company wholly owned by Kawasaki Heavy Industries, Ltd., and from its location in an industrial city that ranks ninth nationwide in terms of value of manufactured shipments. The LIMNO Tottori site is the only factory in Japan that conducts planning and development through to production of enterprise tablets and IoT modules in an integrated manner under a single domestic manufacturing platform, offering high replacement barriers and scarcity value for the tenant, LIMNO Co., Ltd.

Key Facts

• MALera Gifu (additional acquisition)

  • Seller: Domestic operating company

  • Scheduled Acquisition Price: JPY 18.0 billion (50% quasi-co-ownership interest)

  • Location: 1100 Mitsuhashi, Motosu City, Gifu Prefecture

  • Nearest Station: MALera Gifu Station (Tarumi Railway), approx. 2 minutes on foot

  • Completion: April 2006

  • Structure: Steel frame, flat roof

  • Number of Floors: 3F

  • Land Area: 30,272 tsubo (approx. 1,077,170 sq. ft.; 50% quasi-co-ownership interest)

  • Gross Floor Area: 16,648 tsubo (approx. 592,390 sq. ft.; 50% quasi-co-ownership interest)

  • Expected NOI Yield: 5.2%

  • Expected Post-Depreciation Yield: 4.3%

  • Scheduled Acquisition Date: December 1, 2025

• AEON TOWN Moriya

  • Seller: Domestic operating company; Mizuho Marubeni Leasing Co., Ltd.

  • Scheduled Acquisition Price: JPY 16.8 billion

  • Location: 3-249-1 Yurigaoka, Moriya City, Ibaraki Prefecture

  • Nearest Station: Moriya Station (Joso Line / Tsukuba Express), approx. 7 minutes on foot

  • Completion: June 2007

  • Structure: Steel frame, flat roof

  • Number of Floors: 4F

  • Land Area: 21,411 tsubo (approx. 761,870 sq. ft.)

  • Gross Floor Area: 19,815 tsubo (approx. 705,080 sq. ft.)

  • Expected NOI Yield: 4.7%

  • Expected Post-Depreciation Yield: 4.1%

  • Scheduled Acquisition Date: December 5, 2025

• Kawasaki Robot Service Kobe Tamatsu Facility

  • Seller: Domestic operating company

  • Scheduled Acquisition Price: JPY 1.1 billion

  • Location: 92-1 Iju, Tamatsu-cho, Nishi-ku, Kobe City, Hyogo Prefecture

  • Nearest Access: Approx. 4.2 km from Nishi-Akashi Station (JR Sanyo Shinkansen); approx. 0.2 km from Tamatsu IC on the Daini Shinmei Expressway

  • Completion: December 2024 (scheduled)

  • Structure: Steel frame with galvanized metal-sheet roofing

  • Number of Floors: 5F

  • Land Area: 1,308 tsubo (approx. 46,540 sq. ft.; leasehold interest)

  • Gross Floor Area: 1,621 tsubo (approx. 57,680 sq. ft.)

  • Expected NOI Yield: 6.8%

  • Expected Post-Depreciation Yield: 4.2%

  • Scheduled Acquisition Date: December 3, 2025

• LIMNO Tottori (land)

  • Seller: Mizuho Marubeni Leasing Co., Ltd.

  • Scheduled Acquisition Price: JPY 2.4 billion

  • Location: 7-101 Tatsukawa-cho, Tottori City, Tottori Prefecture

  • Nearest Station: Approx. 3 km from Tottori Station (JR Sanin Main Line)

  • Land Area: 20,714 tsubo (approx. 737,070 sq. ft.)

  • Expected NOI Yield: 4.9%

  • Expected Post-Depreciation Yield: 4.9%

  • Scheduled Acquisition Date: December 16, 2025