NTT Urban Development REIT Expands in Kansai With Acquisition of Osaka Rental Residence
NTT UD REIT Investment Corporation announced on December 17, 2025, that it will acquire the rental residence La Douceur Miyakojima Takakuramachi in Osaka’s Miyakojima Ward. The acquisition price is JPY 1.14 billion, below the appraised value of JPY 1.22 billion. This marks continued expansion into the Kansai region following the acquisition of a Hyogo Prefecture property in February 2025, signaling a shift from the REIT’s historically Tokyo-centric strategy toward major regional cities.
The property, completed in January 2019, is a relatively new asset located a four-minute walk from JR Osaka Higashi Line’s “Shirokita Kōendōri” Station. The line was fully opened in 2019 and extended to “Osaka” Station in 2023, improving rail connectivity—approximately eight minutes to “Shin-Osaka” and about 15 minutes to “Osaka.” Comprising 70 compact units targeting single tenants, the asset maintains stable performance with an occupancy rate of 95.7%. The cap rate based on the acquisition price is 3.7%.
The REIT’s residential portfolio consists of 37 properties totaling roughly JPY 86 billion, historically concentrated in Tokyo’s five central wards. It is executing a portfolio rebalancing strategy aimed at reducing the average building age, using proceeds from property disposals to finance new acquisitions. The REIT is also drawing market attention after receiving a tender offer from Singapore-based 3D Investment Partners in January 2025, increasing expectations for value enhancement through external growth.
Key Facts
Property Name: La Douceur Miyakojima Takakuramachi
Buyer: NTT Urban Development REIT Investment Corporation
Seller: Not disclosed (domestic corporation)
Acquisition Price: JPY 1.14 billion
Appraised Value: JPY 1.22 billion
Cap Rate: 3.7%
Location: 14-24 Takakuramachi 3-chome, Miyakojima-ku, Osaka City, Osaka Prefecture
Nearest Station: JR Osaka Higashi Line “Shirokita Kōendōri” Station, 4 minutes on foot
Completion: January 2019
Number of Floors: 9F / RC structure
Gross Floor Area: approx. 577 tsubo (approx. 19,100 sq. ft.)
Total Units: 70
Occupancy: 95.7% (as of end-October 2025)