Nomura Real Estate Development to Acquire TEPCO’s “SoloTime” Shared Office Business via Corporate Split

Nomura Real Estate Development Co., Ltd. has agreed to acquire the shared office business “SoloTime,” operated by Tokyo Electric Power Company Holdings, Inc. (TEPCO), through an absorption-type corporate split, and has executed a definitive absorption-type split agreement. The transaction is scheduled to close on March 31, 2026.

The assets to be transferred include 37 company-operated locations, one jointly operated location, and 335 affiliated locations under the “SoloTime” brand. The business currently serves approximately 650 corporate clients with around 110,000 members. Following completion of the transaction, Nomura Real Estate will operate “SoloTime” as part of its own shared office platform.

Nomura Real Estate Development and TEPCO first entered into a partnership agreement in June 2020, launching an industry-first initiative that allowed members of each company’s service to mutually access the other’s locations. Nomura Real Estate operates the multi-location shared office brand “H¹T,” and through this acquisition plans to integrate the two services to enhance convenience and flexibility for members.

From April 2026, following the business transfer, Nomura Real Estate Development’s shared office operations are expected to scale to approximately 8,000 member companies and around 580,000 members. The network will comprise a total of 194 company-operated locations and 481 locations including affiliates.

Competition in the flexible office market is increasingly driven by scale. In addition to “H¹T,” Nomura Real Estate Development is accelerating the rollout of its serviced office brand “H¹O,” designed for small teams, and is expanding into regional cities, including its first entry into the Fukuoka market. Meanwhile, Mitsui Fudosan Co., Ltd. continues to expand its “Workstyling” shared office platform, supporting flexible workstyles for tenant companies. As hybrid work becomes firmly established, the ability to “work from anywhere” has emerged as a key competitive differentiator. With network breadth directly translating into market strength, business integrations aimed at achieving scale—such as this transaction—are expected to become more prevalent.

Key Facts

• Transferred Business: “SoloTime” shared office business

• Transferor: Tokyo Electric Power Company Holdings, Inc.

• Transferee: Nomura Real Estate Development Co., Ltd.

• Transaction Structure: Absorption-type corporate split

• Agreement Date: January 28, 2026

• Effective Date: March 31, 2026

• Assets Transferred:

  • Company-operated locations: 37

  • Jointly operated locations: 1

  • Affiliated locations: 335

  • Corporate clients: approx. 650

  • Members: approx. 110,000

Key Facts

• Projected Scale of Nomura Real Estate’s Shared Office Business After Transfer (as of April 2026):

  • Member companies: approx. 8,000

  • Members: approx. 580,000

  • Company-operated locations: 194

  • Total locations including affiliates: 481