Tokyu REIT Acquires an Office Building in Shinagawa’s Togoshi-Ginza and a Retail Property in Yokohama’s Aoba Ward

Tokyu Real Estate Investment Trust will acquire two domestic real estate properties from its sponsor, Tokyu Corporation, on April 15, 2026. The acquisition price is JPY 3,150 million for Togoshi-Ginza Round Building and JPY 2,400 million for Tokyu Susukino Building, for a total of JPY 5,550 million. Both assets are 100% occupied and operating stably. The REIT also disposed of a retail property in Shimokitazawa in September 2025 and continues to recycle assets using its sponsor pipeline.

Togoshi-Ginza Round Building is an office building located in Hiratsuka 2-chome, Shinagawa Ward, Tokyo, about a six-minute walk from Togoshi-Ginza Station on the Tokyu Ikegami Line. Completed in May 1992, the SRC- and steel-framed building has nine above-ground floors and a Gross Floor Area of approximately 1,510 tsubo (approx. 53,778 sq. ft.). The property is near the startup and IT cluster known as “Gotanda Valley,” where a certain level of office demand is expected. The current tenant has occupied the building since it was newly completed, supporting stable rental income while also leaving room for future rent growth.

Tokyu Susukino Building is a retail property located in Susukino 2-chome, Aoba Ward, Yokohama, Kanagawa Prefecture, functioning as a community-oriented neighborhood shopping center (NSC). Completed in October 1991, the RC- and steel-framed building has three above-ground floors and a Gross Floor Area of approximately 4,292 tsubo (approx. 152,830 sq. ft.). The property is currently accessed by bus, but under the planned extension of the Yokohama Municipal Subway Blue Line targeted for opening in 2030, a new station is planned near Susukino. Once the station opens, transportation convenience is expected to improve significantly, supporting an increase in the property’s value.

Key Facts

• Buyer: Tokyu Real Estate Investment Trust

• Seller: Tokyu Corporation

• Acquisition Decision Date: March 16, 2026

• Acquisition Date: April 15, 2026

• Property Name: Togoshi-Ginza Round Building

  • Acquisition Price: JPY 3,150 million

  • Appraised Value: JPY 3,280 million (as of January 31, 2026)

  • Capitalization Rate: 3.6%

  • Location: 1-14 Hiratsuka 2-chome, Shinagawa Ward, Tokyo

  • Nearest Station: Approx. 6-minute walk from Togoshi-Ginza Station on the Tokyu Ikegami Line; approx. 7-minute walk from Togoshi Station on the Toei Asakusa Line

  • Completion: May 1992

  • Number of Floors: 9F

  • Gross Floor Area: Approx. 1,510 tsubo (approx. 53,778 sq. ft.)

  • Use: Office / Parking

  • Occupancy Rate: 100%

  • Expected NOI: JPY 124 million per year

• Property Name: Tokyu Susukino Building

  • Acquisition Price: JPY 2,400 million

  • Appraised Value: JPY 2,490 million (as of February 1, 2026)

  • Capitalization Rate: 4.2%

  • Location: 5-4 Susukino 2-chome, Aoba Ward, Yokohama, Kanagawa Prefecture

  • Nearest Station: Approx. 6 minutes by bus from Azamino Station on the Tokyu Den-en-toshi Line and Yokohama Municipal Subway Blue Line; approx. 7-minute walk from the nearest bus stop

  • Completion: October 1991

  • Number of Floors: 3F

  • Gross Floor Area: Approx. 4,292 tsubo (approx. 152,830 sq. ft.)

  • Use: Retail / Parking

  • Occupancy Rate: 100%

  • Expected NOI: JPY 142 million per year