Dai-ichi Life Diversified REIT Surpasses JPY 100 Billion in AUM Following Fourth Capital Increase

Dai-ichi Life Realty Asset Management has completed the acquisition of four properties for its privately placed REIT, Dai-ichi Life Sogo REIT Investment Corporation, as part of its fourth equity issuance on December 1, 2025. With these acquisitions, the vehicle has surpassed JPY 100 billion in assets under management approximately two years after commencing operations.

The REIT acquired partial co-ownership interests in Tokyo Square Garden, Omori Belport Buildings B and C, Shin-Osaka Dai-ichi Life Building, and Kokusai Hakozaki Building. Its directly held assets now total JPY 93 billion, consisting of 13 office properties, two logistics facilities, and one hotel. In addition, it holds JPY 8 billion in investment units of Dai-ichi Life Life Partner REIT (DLPR)—a residential and QOL-focused private REIT—bringing total managed assets to JPY 101 billion.

Sponsored by Dai-ichi Life Insurance, Dai-ichi Building, and Sogo Jutaku, the REIT invests primarily in office assets while also allocating to logistics, retail, and hospitality. Through its investment in DLPR units, the vehicle incorporates residential exposure into its platform. The REIT plans to continue leveraging sponsor pipelines to grow its portfolio and enhance income stability.

Tokyo Square Garden and Omori Belport are jointly owned with listed J-REITs and exhibit stable performance, with appraisal cap rates in the 2–3% range and occupancy levels around 99% (editorial analysis based on “estie J-REIT”).

Key Facts — Investment Corporation Overview

• Name: Dai-ichi Life Diversified REIT, Inc.

• Asset Manager: Dai-ichi Life Realty Asset Management Co., Ltd.

• Location: 1-13-1 Yurakucho, Chiyoda-ku, Tokyo

• Establishment: September 6, 2023

• Commencement of Operations: January 10, 2024

• Assets Under Management: JPY 101 billion (as of December 1, 2025)

Key Facts — Property Overview

• Tokyo Square Garden (Partial Co-ownership Interest)

  • Location: 3-1-1 Kyobashi, Chuo-ku, Tokyo

  • Nearest Station: Direct connection to Kyobashi Station (Tokyo Metro Ginza Line)

  • Completion: 2013

  • Number of Floors: 24F / B4

  • Gross Floor Area: approx. 34,075 tsubo (approx. 112,600 sq. ft.)

• Omori Belport Building B (Partial Co-ownership Interest)

  • Location: 6-26-2 Minami-Oi, Shinagawa-ku, Tokyo

  • Nearest Station: JR Keihin-Tohoku Line “Omori” Station, 3-minute walk

  • Completion: 1991

  • Number of Floors: 18F / B3

  • Typical Floor Plate: approx. 470 tsubo (approx. 15,540 sq. ft.)

• Omori Belport Building C (Partial Co-ownership Interest)

  • Location: 6-26-2 Minami-Oi, Shinagawa-ku, Tokyo

  • Nearest Station: JR Keihin-Tohoku Line “Omori” Station, 3-minute walk

  • Completion: 1991

  • Number of Floors: 3F / B3

• Shin-Osaka Dai-ichi Life Building (Partial Co-ownership Interest, Additional Acquisition)

  • Location: 3-5-24 Miyahara, Yodogawa-ku, Osaka

  • Nearest Station: JR / Osaka Metro “Shin-Osaka” Station, 8-minute walk

  • Completion: 1986

  • Number of Floors: 14F / B2

  • Gross Floor Area: approx. 10,280 tsubo (approx. 34,000 sq. ft.)

  • Typical Floor Plate: approx. 490 tsubo (approx. 16,180 sq. ft.)

• Kokusai Hakozaki Building

  • Location: 4-3 Nihonbashi Hakozaki-cho, Chuo-ku, Tokyo

  • Nearest Station: Tokyo Metro Hanzomon Line “Suitengumae” Station, 5-minute walk

  • Completion: 1988

  • Number of Floors: 8F / B1

  • Gross Floor Area: approx. 2,010 tsubo (approx. 66,450 sq. ft.)

  • Typical Floor Plate: approx. 160 tsubo (approx. 5,290 sq. ft.)