Tokyo Metro Launches Private REIT, Sells Residential Asset “Metro Stage Ueno” into Initial Portfolio
In March 2025, Tokyo Metro Co., Ltd. transferred the trust beneficiary interest of its rental apartment “Metro Stage Ueno” to the newly launched private REIT “Tokyo Metro Private REIT Investment Corporation” (TMPR). The REIT commenced operations with an asset size of approximately JPY 20 billion. Tokyo Metro plans to reinvest proceeds from the sale into growth initiatives such as station-area redevelopment, aiming to accelerate its circular business model.
The property is located within walking distance of two major stations—6 minutes from Iriya Station on the Tokyo Metro Hibiya Line and 7 minutes from JR Ueno Station. Constructed in 2013, the 15-story (14 above ground, 1 basement) reinforced concrete building contains 99 residential units ranging from 1K to 2LDK layouts (25–53 sqm / approx. 270–570 sq. ft.). Urban-living features such as parcel lockers and auto-lock entry systems are provided to meet modern rental needs. Benefiting from stable demand in the Ueno area, the relatively new building remains competitively positioned.
As outlined in its mid-term business plan “Tokyo Metro Plan 2024,” Tokyo Metro is expanding its real estate business. By recycling capital through asset sales to TMPR, the company aims to enhance portfolio quality and optimize capital efficiency. TMPR is a diversified private REIT investing in office, retail, hotel, and residential assets, with an initial focus on properties within Tokyo’s 23 wards.
Key Facts
Property Name: Metro Stage Ueno
Buyer: Tokyo Metro Private REIT Investment Corporation (TMPR)
Seller: Tokyo Metro Co., Ltd.
Transaction Price: Not disclosed
Location: 1-1-11 Shitaya, Taito-ku, Tokyo
Nearest Station: 6 min walk from Iriya Station (Tokyo Metro Hibiya Line) / 7 min walk from JR Ueno Station
Completion: March 2013
Number of Floors: 14F / B1
Unit Sizes: 25.01–53.35 sqm (approx. 270–570 sq. ft.)