Mitsui Fudosan Retail Fund to Acquire 25% Interest in Yokohama Outlet for JPY 5.75 Billion
Mitsui Fudosan Retail Fund Investment Corporation will acquire a 25% quasi-co-ownership interest in the trust beneficiary interest whose trust property is Mitsui Outlet Park Yokohama Bayside in Kanazawa-ku, Yokohama. The REIT signed a purchase agreement with its sponsor, Mitsui Fudosan, on October 20, 2026, and the acquisition is scheduled for March 1, 2027. The scheduled acquisition price is JPY 5.75 billion, and the remaining 75% quasi-co-ownership interest will be acquired by Bayside Shogyo GK.
The property is located in the waterfront area of Kanazawa-ku, Yokohama, a five-minute walk from Torihama Station on the Kanazawa Seaside Line. Mitsui Fudosan fully rebuilt the outlet, which first opened in 1998, expanded it to approximately 170 stores and reopened it in 2020. The facility consists of three buildings with three to four floors above ground.
After the acquisition, Mitsui Fudosan will lease the entire property under a fixed-rent master lease. The rent for the entire property consists of fixed rent of JPY 1.2 billion per year plus sales-linked rent, with a lease term of 20 years from March 2027. The appraised value of the 25% quasi-co-ownership interest is JPY 5.93 billion, and the appraisal NOI yield on the scheduled acquisition price is approximately 4.3%.
Mitsui Fudosan Retail Fund Investment Corporation is a J-REIT specializing in retail facilities with Mitsui Fudosan as its sponsor, and it changed its name from Frontier Real Estate Investment Corporation on July 1, 2026. After the acquisition, its portfolio will comprise 46 properties with a total acquisition price of approximately JPY 404.7 billion. Together with Mitsui Outlet Park Iruma, acquired in 2008, it will hold two outlet facilities.
Key Facts
- Property Name: Mitsui Outlet Park Yokohama Bayside
- Buyer: Mitsui Fudosan Retail Fund Investment Corporation
- Seller: Mitsui Fudosan Co., Ltd.
- Acquired Asset: Quasi-co-ownership interest in real estate trust beneficiary interest (25% interest)
- Other Quasi-Co-Owner: Bayside Shogyo GK (75% interest)
- Scheduled Acquisition Price: JPY 5.75 billion (land: JPY 4.243 billion / building: JPY 1.506 billion)
- Appraised Value: JPY 5.93 billion (equivalent to 25% quasi-co-ownership interest, as of July 31, 2026, by JLL Morii Valuation & Advisory K.K.)
- Appraisal NOI Yield: Approx. 4.3% (based on scheduled acquisition price)
- Contract Date: October 20, 2026
- Scheduled Acquisition Date: March 1, 2027
- Trustee: Sumitomo Mitsui Trust Bank, Limited (trust to be established on March 1, 2027)
- Location: 5-2 Shiraho, Kanazawa-ku, Yokohama, Kanagawa Prefecture, among others (lot number)
- Nearest Station(s): Five-minute walk from Torihama Station on the Kanazawa Seaside Line
- Completion: February 2020
- Number of Floors: 3F-4F (steel-frame construction), three buildings
- Use: Retail / Parking
- Area: Site area of approximately 9,663 tsubo (approx. 343,800 sq. ft.) / Gross Floor Area of approximately 13,838 tsubo (approx. 492,400 sq. ft.) (entire property)
- Lease: Fixed-rent master lease by Mitsui Fudosan Co., Ltd. (annual rent for the entire property of JPY 1.2 billion plus sales-linked rent, March 1, 2027 to February 28, 2047 (scheduled))