Tokyu Land Launches Japan’s First Fund Focused on Renovated Building Assets

Tokyu Land, Tokyu Land Capital Management (TLCM), SMFL Mirai Partners, NCS RE Capital, The Dai-ichi Life Insurance Company, Bank of Yokohama and Re-architecture Institute have formed Japan’s first domestic “re-architecture fund,” targeting renovated building assets. The inaugural fund includes two office buildings in Shibuya Ward, with total capital raised of JPY 5 billion. The fund has a maximum investment period of five years, and TLCM will serve as asset manager.

The seeded properties are COERU Shibuya East (Shibuya, Shibuya-ku) and COERU Shibuya Dogenzaka (Dogenzaka, Shibuya-ku). Both are redeveloped assets that preserve the structural frame of older buildings while incorporating value-add upgrades, including seismic retrofits and change-of-use work. Their economic useful lives were extended by 60 years, bringing total cumulative service life to more than 100 years. Redevelopment work was completed in 2024, and both properties are currently operating as setup offices for startups.

Tokyu Land entered into a business alliance with Re-architecture Institute in 2022 and has since been rolling out its compact-building series, COERU, primarily across the Greater Shibuya area. The two properties are the first in the series to apply the re-architecture model. Their track record of reducing CO2 emissions and waste volume by approximately 70% compared with new construction was recognized through selection for a model research program by Japan’s Ministry of Land, Infrastructure, Transport and Tourism, as well as receipt of the FY2025 Good Design Award.

Key Facts

• Project Name:

  Re-architecture Fund I

• Asset Manager:

  Tokyu Land Capital Management Co., Ltd.

• Maximum Investment Period:

  5 years

• Total Capital Raised:

  JPY 5 billion

• Equity Investors:

  Tokyu Land Corporation, SMFL Mirai Partners Co., Ltd., NCS RE Capital Co., Ltd., The Dai-ichi Life Insurance Company, Limited, The Bank of Yokohama, Ltd., Re-architecture Institute Co., Ltd.

• Senior Lender:

  The Bank of Yokohama, Ltd.

• Mezzanine Lender:

  The Shoko Chukin Bank, Ltd.

• Property Name: COERU Shibuya East

  • Location:

    2-6-6 Shibuya, Shibuya-ku, Tokyo

  • Access:

    7-minute walk from Omotesando Station on the Tokyo Metro Chiyoda, Ginza and Hanzomon lines; 8-minute walk from Shibuya Station on the Tokyu Toyoko Line, Tokyu Den-en-toshi Line and other lines

  • Completion:

    1972 (original construction) / 2024 (redevelopment)

  • Structure / Number of Floors:

    RC + steel structure / 6F

  • Gross Floor Area:

    Approx. 211 tsubo (approx. 6,983 sq. ft.)

  • Developer:

    Tokyu Land Corporation

  • Architect:

    Re-architecture Institute Co., Ltd.

  • Contractor:

    FBS Co., Ltd.

• Property Name: COERU Shibuya Dogenzaka

  • Location:

    1-19-14 Dogenzaka, Shibuya-ku, Tokyo

  • Access:

    4-minute walk from Shinsen Station on the Keio Inokashira Line; 6-minute walk from Shibuya Station on the JR Yamanote Line and other lines

  • Completion:

    1985 (original construction) / 2024 (redevelopment)

  • Structure / Number of Floors:

    SRC structure / 10F / B1

  • Gross Floor Area:

    Approx. 289 tsubo (approx. 9,554 sq. ft.)

  • Developer:

    Tokyu Land Corporation

  • Architect:

    Re-architecture Institute Co., Ltd.

  • Contractor:

    GOOD PLACE Co., Ltd.