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Japan Real Estate Insights by estie
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Sekisui House Reit to Rebalance Portfolio with JPY 55 Billion Disposal and Acquisition of Rental Housing Assets

MultifamilyTransaction

Sekisui House Reit to Rebalance Portfolio with JPY 55 Billion Disposal and Acquisition of Rental Housing Assets

Sekisui House Reit, Inc. will divest 12 rental residential assets on January 29, 2026, and acquire seven rental residential assets on February 2, 2026. The total sale price is JPY 25.2 billion, while the total acquisition price is JPY 30.04 billion. Acquisition funding will be sourced from sale proceeds, cash on hand, and borrowings.

The divested assets—such as “Esty Maison Ebisu” and “Esty Maison Waseda”—total 12 properties with an average age of 19.1 years. The buyer is LJPF LLC. The acquired assets—such as “Prime Maison Yoga Kinuta Park” and “Prime Maison Takanawadai”—are seven properties with an average age of 2.2 years, all certified as ZEH-M Oriented. The acquired portfolio has a combined Gross Floor Area of approx. 14,188 tsubo (approx. 469,000 sq. ft.) and an NOI yield of 4.0%–4.3%.

The REIT shifted its investment strategy in 2023 to focus on residential assets, with more than 70% of its domestic residential holdings concentrated in the Tokyo metropolitan area. This transaction represents a portfolio rebalancing leveraging its sponsor Sekisui House’s asset pipeline—replacing older assets with newly built, ZEH-certified properties—which will reduce the portfolio’s average age by 3.9 years. As part of its ESG strategy, the REIT has achieved an 83.7% renewable energy electricity ratio and an 89.5% green certification ratio (based on Gross Floor Area). The acquisitions further advance this initiative. The REIT expects to record a gain on sale of JPY 5.179 billion, with LTV rising to 48.3% (+1.3pt).

Key Facts — Transfer Property

  • Seller: Sekisui House Reit, Inc.

  • Buyer: LJPF LLC

  • Total Sale Price: JPY 25.2 billion

  • Scheduled Closing Date: January 29, 2026

  • Esty Maison Ebisu

    • Sale Price: JPY 3.38 billion

    • Appraised Value: JPY 3.38 billion

    • Location: Shibuya-ku, Tokyo

    • Nearest Station: JR Yamanote Line “Ebisu” Station, 7-minute walk

    • Completion: September 2006

    • Number of Floors: 14F / B1

    • Gross Floor Area: approx. 980 tsubo (approx. 32,400 sq. ft.)

    • Units: 51

    • Occupancy: 98.4%

  • Esty Maison Waseda

    • Sale Price: JPY 2.14 billion

    • Appraised Value: JPY 2.14 billion

    • Location: Shinjuku-ku, Tokyo

    • Nearest Station: Tokyo Metro Tozai Line “Waseda” Station, 5-minute walk

    • Completion: September 2005

    • Number of Floors: 14F

    • Gross Floor Area: approx. 727 tsubo (approx. 24,000 sq. ft.)

    • Units: 64

    • Occupancy: 96.5%

  • Esty Maison Ebisu II

    • Sale Price: JPY 2.33 billion

    • Appraised Value: JPY 2.33 billion

    • Location: Shibuya-ku, Tokyo

    • Nearest Station: JR Yamanote Line “Ebisu” Station, 7-minute walk

    • Completion: September 2004

    • Number of Floors: 7F

    • Gross Floor Area: approx. 444 tsubo (approx. 14,700 sq. ft.)

    • Units: 33

    • Occupancy: 100.0%

  • Esty Maison Soshigaya-Okura

    • Sale Price: JPY 1.04 billion

    • Appraised Value: JPY 1.04 billion

    • Location: Setagaya-ku, Tokyo

    • Nearest Station: Odakyu Odawara Line “Soshigaya-Okura” Station, 3-minute walk

    • Completion: September 2004

    • Number of Floors: 8F

    • Gross Floor Area: approx. 392 tsubo (approx. 13,000 sq. ft.)

    • Units: 30

    • Occupancy: 100.0%

  • Esty Maison Koenji

    • Sale Price: JPY 1.74 billion

    • Appraised Value: JPY 1.74 billion

    • Location: Suginami-ku, Tokyo

    • Nearest Station: JR Chuo Line “Koenji” Station, 5-minute walk

    • Completion: February 2006

    • Number of Floors: 7F

    • Gross Floor Area: approx. 628 tsubo (approx. 20,800 sq. ft.)

    • Units: 32

    • Occupancy: 100.0%

  • Esty Maison Nogata

    • Sale Price: JPY 1.20 billion

    • Appraised Value: JPY 1.20 billion

    • Location: Nakano-ku, Tokyo

    • Nearest Station: Seibu Shinjuku Line “Nogata” Station, 5-minute walk

    • Completion: March 2006

    • Number of Floors: 9F

    • Gross Floor Area: approx. 524 tsubo (approx. 17,300 sq. ft.)

    • Units: 44

    • Occupancy: 100.0%

  • Esty Maison Otsuka

    • Sale Price: JPY 1.43 billion

    • Appraised Value: JPY 1.43 billion

    • Location: Toshima-ku, Tokyo

    • Nearest Station: JR Yamanote Line “Otsuka” Station, 6-minute walk

    • Completion: March 2006

    • Number of Floors: 9F

    • Gross Floor Area: approx. 486 tsubo (approx. 16,000 sq. ft.)

    • Units: 43

    • Occupancy: 100.0%

  • Esty Maison Nihonbashi

    • Sale Price: JPY 2.67 billion

    • Appraised Value: JPY 2.67 billion

    • Location: Chuo-ku, Tokyo

    • Nearest Station: Tokyo Metro Hibiya Line “Ningyocho” Station, 6-minute walk

    • Completion: March 2005

    • Number of Floors: 12F

    • Gross Floor Area: approx. 631 tsubo (approx. 20,900 sq. ft.)

    • Units: 70

    • Occupancy: 98.6%

  • Esty Maison Tabata

    • Sale Price: JPY 1.64 billion

    • Appraised Value: JPY 1.64 billion

    • Location: Kita-ku, Tokyo

    • Nearest Station: JR Yamanote Line “Tabata” Station, 1-minute walk

    • Completion: March 2005

    • Number of Floors: 9F

    • Gross Floor Area: approx. 451 tsubo (approx. 14,900 sq. ft.)

    • Units: 37

    • Occupancy: 100.0%

  • Esty Maison Ogikubo

    • Sale Price: JPY 2.94 billion

    • Appraised Value: JPY 2.94 billion

    • Location: Suginami-ku, Tokyo

    • Nearest Station: JR Chuo Line “Ogikubo” Station, 5-minute walk

    • Completion: April 2006

    • Number of Floors: 10F

    • Gross Floor Area: approx. 1,020 tsubo (approx. 33,700 sq. ft.)

    • Units: 63

    • Occupancy: 98.4%

  • Esty Maison Itabashihoncho

    • Sale Price: JPY 2.71 billion

    • Appraised Value: JPY 2.71 billion

    • Location: Itabashi-ku, Tokyo

    • Nearest Station: Toei Mita Line “Itabashihoncho” Station, 5-minute walk

    • Completion: September 2007

    • Number of Floors: 9F

    • Gross Floor Area: approx. 992 tsubo (approx. 32,800 sq. ft.)

    • Units: 84

    • Occupancy: 100.0%

  • Esty Maison Kameido

    • Sale Price: JPY 1.98 billion

    • Appraised Value: JPY 1.98 billion

    • Location: Koto-ku, Tokyo

    • Nearest Station: JR Sobu Line “Kameido” Station, 3-minute walk

    • Completion: September 2008

    • Number of Floors: 15F

    • Gross Floor Area: approx. 664 tsubo (approx. 22,000 sq. ft.)

    • Units: 68

    • Occupancy: 97.5%

Key Facts — Acquisition Property

  • Buyer: Sekisui House Reit, Inc.

  • Seller: Sekisui House, Ltd.

  • Total Acquisition Price: JPY 30.04 billion

  • Scheduled Closing Date: February 2, 2026

  • Prime Maison Yoga Kinuta Park

    • Acquisition Price: JPY 6.71 billion

    • Appraised Value: JPY 6.97 billion

    • NOI Yield: 4.1%

    • Location: Setagaya-ku, Tokyo

    • Nearest Station: Tokyu Denentoshi Line “Yoga” Station, 9-minute walk

    • Completion: March 2024

    • Number of Floors: 11F

    • Gross Floor Area: approx. 4,048 tsubo (approx. 133,800 sq. ft.)

    • Units: 157

    • Occupancy: 96.2%

  • Prime Maison Takanawadai

    • Acquisition Price: JPY 5.39 billion

    • Appraised Value: JPY 5.55 billion

    • NOI Yield: 4.0%

    • Location: Minato-ku, Tokyo

    • Nearest Station: Toei Asakusa Line “Takanawadai” Station, 2-minute walk

    • Completion: January 2024

    • Number of Floors: 15F

    • Gross Floor Area: approx. 2,224 tsubo (approx. 73,500 sq. ft.)

    • Units: 96

    • Occupancy: 100.0%

  • Prime Maison Nishiazabu

    • Acquisition Price: JPY 5.57 billion

    • Appraised Value: JPY 5.71 billion

    • NOI Yield: 4.0%

    • Location: Minato-ku, Tokyo

    • Nearest Station: Tokyo Metro Hibiya Line “Roppongi” Station, 7-minute walk

    • Completion: February 2023

    • Number of Floors: 18F

    • Gross Floor Area: approx. 2,320 tsubo (approx. 76,700 sq. ft.)

    • Units: 128

    • Occupancy: 94.5%

  • Prime Maison Nihonbashi Yokoyamacho

    • Acquisition Price: JPY 3.58 billion

    • Appraised Value: JPY 3.63 billion

    • NOI Yield: 4.3%

    • Location: Chuo-ku, Tokyo

    • Nearest Station: JR Sobu Line “Bakurocho” Station, 3-minute walk

    • Completion: January 2024

    • Number of Floors: 16F

    • Gross Floor Area: approx. 1,624 tsubo (approx. 53,600 sq. ft.)

    • Units: 113

    • Occupancy: 97.3%

  • Prime Maison Shimurasakaue

    • Acquisition Price: JPY 3.19 billion

    • Appraised Value: JPY 3.27 billion

    • NOI Yield: 4.3%

    • Location: Itabashi-ku, Tokyo

    • Nearest Station: Toei Mita Line “Shimurasakaue” Station, 4-minute walk

    • Completion: March 2024

    • Number of Floors: 15F

    • Gross Floor Area: approx. 1,760 tsubo (approx. 58,200 sq. ft.)

    • Units: 104

    • Occupancy: 100.0%

  • Prime Maison Toyocho

    • Acquisition Price: JPY 2.82 billion

    • Appraised Value: JPY 2.87 billion

    • NOI Yield: 4.3%

    • Location: Koto-ku, Tokyo

    • Nearest Station: Tokyo Metro Tozai Line “Toyocho” Station, 6-minute walk

    • Completion: December 2023

    • Number of Floors: 12F

    • Gross Floor Area: approx. 1,224 tsubo (approx. 40,400 sq. ft.)

    • Units: 71

    • Occupancy: 98.6%

  • Prime Maison Mejirodai

    • Acquisition Price: JPY 2.78 billion

    • Appraised Value: JPY 2.87 billion

    • NOI Yield: 4.1%

    • Location: Bunkyo-ku, Tokyo

    • Nearest Station: Tokyo Metro Yurakucho Line “Gokokuji” Station, 7-minute walk

    • Completion: August 2023

    • Number of Floors: 11F

    • Gross Floor Area: approx. 988 tsubo (approx. 32,700 sq. ft.)

    • Units: 54

    • Occupancy: 100.0%