NIPPON REIT Sells Three Urban Assets Including “Central Daikanyama” for JPY 16.8 Billion

On July 9, NIPPON REIT Investment Corporation announced it has signed a sale agreement to divest three properties—two office buildings including “Central Daikanyama” and one retail property—to a domestic special purpose company (SPC). The total sale price is JPY 16.8 billion, compared to a combined book value of approximately JPY 14.49 billion. The handover of Central Daikanyama is scheduled for August 7.

All three assets are urban properties located within a few minutes’ walk from major train stations, with a combined gross floor area of approximately 5,400 tsubo (approx. 178,570 sq. ft.). Completed between 1985 and 2005, the properties still offer value-add potential through increased occupancy and tenant replacement.

With this transaction, NIPPON REIT has sold a total of ten properties in the first half of 2025 (January–June), reaching total dispositions of approximately JPY 26.1 billion. Previous sales include FORECAST Shintokiwabashi (JPY 2.7 billion) on March 28 and a portfolio of one office and five residential buildings (JPY 6.6 billion) on June 25. The REIT continues to shift its portfolio toward residential and newer assets by offloading older offices and underperforming retail.

As of July 1, 2025, the REIT’s portfolio consisted of 108 properties with a total acquisition value of JPY 261.1 billion and a high occupancy rate of 97.8%.

Key Facts

• Property Name: Central Daikanyama

  • Buyer: Undisclosed

  • Location: 14-23 Daikanyama-cho, Shibuya-ku, Tokyo

  • Nearest Station: 5-minute walk from Daikanyama Station (Tokyu Toyoko Line)

  • Completion: August 1991

  • Number of Floors: 7F / B1

  • Gross Floor Area: approx. 592 tsubo (approx. 19,570 sq. ft.)

• Property Name: BECOME SAKAE

  • Buyer: Undisclosed

  • Location: 3-32-6 Sakae, Naka-ku, Nagoya City, Aichi Prefecture

  • Nearest Station: 3-minute walk from Yabacho Station (Meijo Line)

  • Completion: September 2005

  • Number of Floors: 10F / B1

  • Gross Floor Area: approx. 2,355 tsubo (approx. 77,860 sq. ft.)

• Property Name: FORECAST Sakurabashi

  • Buyer: Undisclosed

  • Location: 4-5-4 Hatchobori, Chuo-ku, Tokyo

  • Nearest Station: 3-minute walk from Hatchobori Station (Tokyo Metro Hibiya Line / JR Keiyo Line)

  • Completion: April 1985

  • Number of Floors: 9F

  • Gross Floor Area: approx. 2,484 tsubo (approx. 82,140 sq. ft.)