Nomura Real Estate Master Fund Acquires Two Properties in Tachikawa and Kiyosumi-Shirakawa

Nomura Real Estate Master Fund, Inc. will acquire two Tokyo-area assets from its sponsor, Nomura Real Estate Development Co., Ltd., effective March 6, 2026. The total purchase price is JPY 8.88 billion, comprising JPY 3.05 billion for the retail property “GEMS Tachikawa” and JPY 5.83 billion for the rental apartment building “Proud Flat Kiyosumi-dori.” Both are newly built assets completed in 2024.

“GEMS Tachikawa” is a 10-story, food-and-beverage-focused retail building located a two-minute walk from the JR Tachikawa Station South Exit. Tachikawa Station serves approximately 290,000 passengers per day, ranking third on the JR Chuo Line after Shinjuku and Tokyo, and is the largest terminal in the Tama area. While large-format retail clusters around the station’s North Exit—including Isetan, Takashimaya, and IKEA—the South Exit area is known for its distinctive dining scene. The property marks the first entry into the Tama area for Nomura Real Estate’s restaurant-focused “GEMS” brand, featuring a tenant mix designed to differentiate from chain operators. The building is fully leased with 10 tenants, maintaining stable operations at 100% occupancy.

“Proud Flat Kiyosumi-dori” is a 12-story rental apartment building located a seven-minute walk from both Kiyosumi-Shirakawa Station and Monzen-Nakacho Station. Kiyosumi-Shirakawa gained broader recognition as a “coffee mecca” following the 2015 opening of Blue Bottle Coffee’s first Japan location, and has since become a popular residential area among younger demographics. From Monzen-Nakacho, central Tokyo access is convenient—seven minutes to Otemachi and four minutes to Nihombashi via the Tokyo Metro Tozai Line. The property has 138 units and an occupancy rate of 95.4%.

Key Facts

• Buyer: Nomura Real Estate Master Fund, Inc.

• Seller: Nomura Real Estate Development Co., Ltd.

• Scheduled Acquisition Date: March 6, 2026

• GEMS Tachikawa

  • Purchase Price: JPY 3.05 billion

  • Appraised Value: JPY 3.20 billion

  • Appraisal NOI Yield: 3.9%

  • Location: 3-6-9 Shibasaki-cho, Tachikawa City, Tokyo

  • Nearest Stations: 2-minute walk to JR “Tachikawa” Station; 2-minute walk to Tama Toshi Monorail “Tachikawa-Minami” Station

  • Completion: September 2024

  • Structure: Steel

  • Number of Floors: 10F / B0

  • Gross Floor Area: approx. 464 tsubo (approx. 16,511 sq. ft.)

  • Occupancy: 100.0% (as of end-January 2026)

  • Environmental Certifications: BELS 3-star; DBJ Green Building 2-star

• Proud Flat Kiyosumi-dori

  • Purchase Price: JPY 5.83 billion

  • Appraised Value: JPY 6.86 billion

  • Appraisal NOI Yield: 3.9%

  • Location: 2-20-1 Fukagawa, Koto Ward, Tokyo

  • Nearest Stations: 7-minute walk to Tokyo Metro Hanzomon Line / Toei Oedo Line “Kiyosumi-Shirakawa” Station; 7-minute walk to Tokyo Metro Tozai Line / Toei Oedo Line “Monzen-Nakacho” Station

  • Completion: February 2024

  • Structure: Reinforced Concrete

  • Number of Floors: 12F / B0

  • Gross Floor Area: approx. 1,691 tsubo (approx. 60,171 sq. ft.)

  • Total Units: 138

  • Occupancy: 95.4% (as of end-January 2026)

  • Land: Leasehold (Einen-ji Temple; through September 30, 2091)

  • Environmental Certifications: BELS 5-star