Ichigo Office REIT To Sell Three Properties for JPY 8.24 Billion, Raising Office Share to 100%
Ichigo Office REIT Investment Corporation decided on September 18, 2026, to sell three properties it owns for a total of JPY 8.24 billion. The price is 48% above their combined appraisal value of JPY 5.57 billion, and the REIT expects a gain on sale of JPY 2.501 billion. After the sale, offices will account for 100% of the portfolio.
The properties to be sold are two retail properties, Ichigo Shibuya Bunkamura Dori Building and Ichigo Kamata Building, and one office property, Ichigo Sagamihara Building. The two retail properties will be sold to the same domestic business company for JPY 4.88 billion and JPY 2.12 billion, respectively, with delivery scheduled for October 8, 2026.
Ichigo Shibuya Bunkamura Dori Building, completed in 2012, has eight floors above ground and one below, with a typical floor plate of approximately 27 tsubo (approx. 1,000 sq. ft.). It has five tenants and an occupancy rate of 100%, and will be sold for about 2.0 times its 2013 acquisition price of JPY 2.4 billion. Ichigo Kamata Building, completed in 1986, has six floors above ground and one below, with a typical floor plate of approximately 107 tsubo (approx. 3,800 sq. ft.). It will be sold for about 1.5 times its 2015 acquisition price of JPY 1.4 billion.
Ichigo Sagamihara Building is a seven-story office building completed in 1989, located approximately seven minutes on foot from Sagamihara Station on the JR Yokohama Line, with an occupancy rate of 100%. Although the sale price of JPY 1.24 billion is below the appraisal value of JPY 1.35 billion, the REIT decided to sell after considering the surrounding office leasing market, the property's future earnings growth potential and capital expenditures. Delivery is scheduled for October 28, 2026.
In June 2026, the REIT announced the sale of four central Tokyo office properties to Sumitomo Corp. for JPY 14.22 billion. This marks its second major disposition in just over three months, and after this sale its portfolio will comprise 80 properties with a total acquisition price of JPY 210.705 billion (see related article: Ichigo Office REIT To Sell Four Central Tokyo Office Properties to Sumitomo Corp. for JPY 14.22 Billion).
Key Facts
- Property Name: Ichigo Shibuya Bunkamura Dori Building
- Seller: Ichigo Office REIT Investment Corp.
- Buyer: Undisclosed (domestic business company)
- Asset to Be Sold: Trust beneficiary interest in real estate
- Scheduled Sale Price: JPY 4.88 billion
- Estimated Book Value: JPY 2.431 billion
- Gain on Sale: JPY 1.953 billion
- Appraised Value: JPY 2.91 billion, by Japan Real Estate Institute as of April 30, 2026
- Agreement Date: September 18, 2026
- Scheduled Delivery and Payment Date: October 8, 2026
- Location: 28-3 Udagawacho, Shibuya-ku, Tokyo
- Nearest Station(s): Three-minute walk from Shibuya Station on the JR Yamanote, Saikyo and Shonan-Shinjuku lines, the Tokyu Toyoko and Den-en-toshi lines, the Tokyo Metro Ginza, Hanzomon and Fukutoshin lines, and the Keio Inokashira Line
- Completion: May 2012
- Number of Floors: 8F / B1 (steel-frame and reinforced concrete construction)
- Use: Retail
- Ownership: Leasehold (land) / Ownership (building)
- Area: Site area of approximately 37 tsubo (approx. 1,300 sq. ft.) / Typical floor plate of approximately 27 tsubo (approx. 1,000 sq. ft.) / Gross Floor Area of approximately 259 tsubo (approx. 9,200 sq. ft.)
- Number of Tenants / Occupancy: 5 / 100.0% (as of July 31, 2026)
- Acquisition Date / Acquisition Price: December 10, 2013 / JPY 2.4 billion
- Property Name: Ichigo Kamata Building
- Seller: Ichigo Office REIT Investment Corp.
- Buyer: Undisclosed (domestic business company; same as the buyer of Ichigo Shibuya Bunkamura Dori Building)
- Asset to Be Sold: Trust beneficiary interest in real estate
- Scheduled Sale Price: JPY 2.12 billion
- Estimated Book Value: JPY 1.423 billion
- Gain on Sale: JPY 534 million
- Appraised Value: JPY 1.31 billion, by Daiwa Real Estate Appraisal Co., Ltd. as of April 30, 2026
- Agreement Date: September 18, 2026
- Scheduled Delivery and Payment Date: October 8, 2026
- Location: 8-23-5 Nishi-Kamata, Ota-ku, Tokyo
- Nearest Station(s): Four-minute walk from Kamata Station on the JR Keihin-Tohoku Line and the Tokyu Tamagawa and Ikegami lines
- Completion: July 1986
- Number of Floors: 6F / B1 (steel-reinforced concrete construction)
- Use: Office / Retail
- Ownership: Ownership (land and building)
- Area: Site area of approximately 175 tsubo (approx. 6,200 sq. ft.) / Typical floor plate of approximately 107 tsubo (approx. 3,800 sq. ft.) / Gross Floor Area of approximately 857 tsubo (approx. 30,500 sq. ft.)
- Number of Tenants / Occupancy: 2 / 100.0% (as of July 31, 2026)
- Acquisition Date / Acquisition Price: January 9, 2015 / JPY 1.4 billion
- Property Name: Ichigo Sagamihara Building
- Seller: Ichigo Office REIT Investment Corp.
- Buyer: Undisclosed (domestic business company; different from the buyer of the two properties above)
- Asset to Be Sold: Trust beneficiary interest in real estate
- Scheduled Sale Price: JPY 1.24 billion
- Estimated Book Value: JPY 1.186 billion
- Gain on Sale: JPY 14 million
- Appraised Value: JPY 1.35 billion, by Daiwa Real Estate Appraisal Co., Ltd. as of April 30, 2026
- Agreement Date: September 18, 2026
- Scheduled Delivery and Payment Date: October 28, 2026
- Location: 5-5-3 Sagamihara, Chuo Ward, Sagamihara, Kanagawa Prefecture
- Nearest Station(s): Approximately seven-minute walk from Sagamihara Station on the JR Yokohama Line
- Completion: May 1989
- Number of Floors: 7F (steel-reinforced concrete construction)
- Use: Office / Parking
- Ownership: Ownership (land and building)
- Area: Site area of approximately 303 tsubo (approx. 10,800 sq. ft.) / Typical floor plate of approximately 142 tsubo (approx. 5,100 sq. ft.) / Gross Floor Area of approximately 1,272 tsubo (approx. 45,300 sq. ft.)
- Number of Tenants / Occupancy: 14 / 100.0% (as of July 31, 2026)
- Acquisition Date / Acquisition Price: January 9, 2015 / JPY 1.174 billion
