JINUSHI Co. Acquires Commercial Land Near Susukino Station in Sapporo
JINUSHI Co. acquired land in Minami 2-jo Nishi 5-chome, Chuo Ward, Sapporo, on March 11, 2026. The site area is 560 square meters (approx. 6,028 sq. ft.), and the acquisition price exceeded JPY 2.0 billion, including transaction costs. The deal utilized the company’s “JINUSHI Leaseback” structure, under which SATUDORA HOLDINGS Co. acquired the building and will continue using the property as a store site.
The property is located a four-minute walk from Susukino Station on the Sapporo Municipal Subway Namboku Line. SATUDORA HOLDINGS is listed on the Tokyo Stock Exchange Standard Market, and its wholly owned subsidiary, SAPPORO DRUG STORE Co., operates drugstores and dispensing pharmacies mainly in Hokkaido. By acquiring the building, the group can reduce land acquisition costs while ensuring continued operation of a core store.
JINUSHI Leaseback is a scheme in which JINUSHI Co. acquires only the land and enters into a fixed-term land leasehold agreement with the tenant company. The tenant company can reduce land acquisition costs while continuing to own the building, while JINUSHI Co. can secure long-term stable income. In November 2025, the company also entered into an agreement with Mitsubishi HC Capital Realty to establish the approximately JPY 100.0 billion “JINUSHI Fund,” expanding its capacity to accept investments in leased fee interests (see related article:JINUSHI and Mitsubishi HC Capital Realty to Establish JPY 100 Billion Land-Under-Leasehold Investment Fund).
The leased fee interest market is in a growth phase. According to the Japan Real Estate Institute, the market is expected to grow from approximately JPY 6.0 trillion in 2023 to around JPY 10.0 trillion in 2026. Against the backdrop of the rise of activist shareholders, operating companies have been accelerating land sales aimed at improving asset efficiency, providing a tailwind for the market. JINUSHI promotes a strategy of “investing only in land” and is diversifying beyond commercial facilities into logistics facilities, data centers, and medical and nursing care facilities. The company is also expanding its investment footprint into major regional cities, and this Sapporo transaction appears to be part of that strategy.
Key Facts
Location: Minami 2-jo Nishi 5-chome, Chuo Ward, Sapporo, Hokkaido
Nearest Station: 4-minute walk from Susukino Station on the Sapporo Municipal Subway Namboku Line
Site Area: Approx. 169 tsubo (approx. 5,586 sq. ft.)
Acquisition Price: More than JPY 2.0 billion (including transaction costs)
Seller: Undisclosed
Building Acquirer: SATUDORA HOLDINGS Co. (to continue using the property as a tenant)
Buyer: JINUSHI Co.
Contract Date: March 11, 2026
Closing / Acquisition Date: March 11, 2026