Mitsui Fudosan Accommodation Fund Acquires Three Residential Assets for JPY 6.41 Billion and Disposes of Two for JPY 2.83 Billion

Mitsui Fudosan Accommodation Fund announced that on December 15, 2025, it will acquire three rental residential properties for a total of JPY 6,410 million and dispose of two properties for a total of JPY 2,830 million. In Tokyo, the REIT is executing a pair of asset swap transactions with Mitsui Fudosan Residential, while in Fukuoka it will acquire a student-oriented rental property from Nishi-Nippon Shimbun Building. Closing is scheduled for March 2, 2026, for the Fukuoka asset and April 9, 2026, for the four Tokyo properties.

The acquired assets include Park Axis Oshiage Residence (Sumida Ward, 49 units), Park Axis Nishimagome (Ota Ward, 50 units), and Campus Terrace Kyudai-Gakken-Toshi (Fukuoka City Nishi Ward, 187 units). The two Tokyo assets are relatively new leasehold properties, both operating at occupancy levels in the 98% range. The Fukuoka asset, located near Kyushu University’s Ito Campus and completed in 2024, is operating at full occupancy.

The dispositions include Park Axis Tsukishima (Chuo Ward, 30 units) and Dormy Nishi-Ogikubo (Suginami Ward, 71 units). The sale prices exceed book value by approximately JPY 890 million, and the REIT plans to allocate the realized gains to internal reserves. Through this transaction, the REIT aims to enhance portfolio quality, crystallize unrealized gains, and further diversify into major regional cities.

Key Facts -Acquisition Properties-

• Buyer: Mitsui Fudosan Accommodation Fund Investment Corporation

• Property Name: Park Axis Oshiage Residence

  • Seller: Mitsui Fudosan Residential Co., Ltd.

  • Acquisition Price: JPY 1,770 million

  • Appraisal Value: JPY 1,870 million

  • Location: 11-14 Mukojima 3-chome, Sumida-ku, Tokyo

  • Nearest Station: Honjo-Azumabashi Station (Toei Asakusa Line), approx. 9 minutes on foot

  • Completion: May 2018

  • Number of Floors: 7F

  • Gross Floor Area: approx. 660 tsubo (approx. 23,400 sq. ft.)

  • Units: 49

  • Occupancy: 98.1%

  • Cap Rate: 3.5%

• Property Name: Park Axis Nishimagome

  • Seller: Mitsui Fudosan Residential Co., Ltd.

  • Acquisition Price: JPY 1,440 million

  • Appraisal Value: JPY 1,520 million

  • Location: 14-5 Nakaikegami 2-chome, Ota-ku, Tokyo

  • Nearest Station: Nishi-Magome Station (Toei Asakusa Line), approx. 9 minutes on foot

  • Completion: February 2019

  • Number of Floors: 5F

  • Gross Floor Area: approx. 627 tsubo (approx. 22,200 sq. ft.)

  • Units: 50

  • Occupancy: 98.4%

  • Cap Rate: 3.6%

• Property Name: Campus Terrace Kyudai-Gakken-Toshi

  • Seller: Nishi-Nippon Shimbun Building Co., Ltd.

  • Acquisition Price: JPY 3,200 million

  • Appraisal Value: JPY 3,290 million

  • Location: 4-40 Kitahara 2-chome, Nishi-ku, Fukuoka City, Fukuoka Prefecture

  • Nearest Station: Kyudai-Gakken-Toshi Station (JR Chikuhi Line), approx. 9 minutes on foot

  • Completion: March 2024

  • Number of Floors: 14F

  • Gross Floor Area: approx. 1,732 tsubo (approx. 61,200 sq. ft.)

  • Units: 187 (incl. 5 retail units)

  • Occupancy: 100.0%

  • Cap Rate: 4.0%

Key Facts -Disposition Properties-

• Seller: Mitsui Fudosan Accommodation Fund Investment Corporation

• Buyer: Mitsui Fudosan Residential Co., Ltd.

• Property Name: Park Axis Tsukishima

  • Disposition Price: JPY 1,670 million

  • Appraisal Value: JPY 1,530 million

  • Location: 11-14 Tsukuda 2-chome, Chuo-ku, Tokyo

  • Completion: November 2005

  • Number of Floors: 8F

  • Gross Floor Area: approx. 512 tsubo (approx. 18,100 sq. ft.)

  • Units: 30

• Property Name: Dormy Nishi-Ogikubo

  • Disposition Price: JPY 1,160 million

  • Appraisal Value: JPY 1,280 million

  • Location: 5-16 Nishiogi-Kita 4-chome, Suginami-ku, Tokyo

  • Completion: March 1992

  • Number of Floors: 5F / B1

  • Gross Floor Area: approx. 489 tsubo (approx. 17,300 sq. ft.)

  • Units: 71