CENTRAL REIT Investment Corporation Acquires Two Nagoya Office Properties for JPY 6.73 Billion

CENTRAL REIT Investment Corporation will acquire two office buildings in Nagoya on March 30, 2026, for a total acquisition price of JPY 6,730 million. The transaction marks the REIT’s first external growth action since shifting to a dual-sponsor structure with Meitetsu Urban Development Co., Ltd. and the Xymax Group in October 2025.

The two acquired assets are Enishio Meieki, in which the REIT will acquire a 10% quasi-co-ownership interest for JPY 3,410 million, and Kamimaezu KD Building, for JPY 3,320 million. Enishio Meieki is a recently completed, high-grade office building delivered in July 2023 and directly connected to the underground mall serving Nagoya Station. Its cap rate is 3.1%, and it has received CASBEE Nagoya A Rank, five-star BELS certification, and ZEB Oriented certification, reflecting strong environmental performance. By contrast, Kamimaezu KD Building was completed in 1988 and offers a relatively higher cap rate of 4.4%, suggesting a portfolio strategy that combines newer high-grade assets with older value-add properties. Although occupancy at the building temporarily declined following a large move-out in March 2025, it recovered in less than a year, indicating resilient demand.

Following the acquisition, the REIT’s asset size will expand to JPY 50.5 billion across 20 properties, with the Nagoya area accounting for 19.7% of the portfolio. The aim appears to be to strengthen its presence in the Chubu region as its second-largest investment area after the Tokyo metropolitan area, which represents 58.1% of assets.

Key Facts

• Buyer: CENTRAL REIT Investment Corporation

• Seller: Meitetsu Urban Development Co., Ltd.

• Total Acquisition Price: JPY 6,730 million

• Total Appraised Value: JPY 7,120 million

• Scheduled Closing Date: March 30, 2026

• Property Name: Enishio Meieki (10% quasi-co-ownership interest)

  • Acquisition Price: JPY 3,410 million

  • Appraised Value: JPY 3,500 million

  • Cap Rate: 3.1%

  • Location: 4-8-26 Meieki, Nakamura-ku, Nagoya, Aichi Prefecture

  • Nearest Station: 3-minute walk from Meitetsu Nagoya Station on the Meitetsu Nagoya Main Line; 3-minute walk from Nagoya Station on the Subway Higashiyama and Sakura-dori lines

  • Completion: July 2023

  • Number of Floors: 16F / B2

  • Gross Floor Area: Approximately 5,648 tsubo (approx. 201,070 sq. ft.) (entire building)

  • Occupancy Rate: 91.5%

• Property Name: Kamimaezu KD Building

  • Acquisition Price: JPY 3,320 million

  • Appraised Value: JPY 3,620 million

  • Cap Rate: 4.4%

  • Location: 4-10-32 Osu, Naka-ku, Nagoya, Aichi Prefecture

  • Nearest Station: 2-minute walk from Kamimaezu Station on the Nagoya Municipal Subway Meijo and Tsurumai lines

  • Completion: March 1988

  • Number of Floors: 9F

  • Gross Floor Area: Approximately 3,000 tsubo (approx. 106,770 sq. ft.)

  • Occupancy Rate: 96.2%