Starhill Global REIT Sells Ebisu Property, Exiting Japan
Starhill Global REIT, listed on the Singapore Exchange, sold Ebisu Fort, a retail and office building in Ebisu-Minami 1-chome, Shibuya-ku, Tokyo, for JPY 6.2 billion on October 9, 2026. The buyer was not disclosed. The property was the REIT's only asset in Japan, and with the sale it no longer holds any properties in the country.
The property is a seven-minute walk from JR Ebisu Station. Completed in 2007, the building has five floors above ground and two below, with a typical floor plate of approximately 79 tsubo (approx. 2,800 sq. ft.). Its occupancy rate was 100% as of the end of June 2026, with six tenants including a convenience store and a golf school.
The sale price is 53.8% above the appraisal value of JPY 4.03 billion as of June 30, 2026. The yield on the sale price based on actual NOI for the fiscal year ended June 2026 is 2.4%. The proceeds will be used to repay yen-denominated borrowings, among other purposes.
The REIT acquired seven Tokyo properties, including this one, in 2007. Beginning with Roppongi Primo in 2013, it went on to sell Holon L, Roppongi Terzo, Harajyuku Secondo and Nakameguro Place, and sold Daikanyama in January 2023.
After the sale, the REIT's portfolio will consist of eight properties in Singapore, Australia, Malaysia and China, valued at approximately SGD 2.7 billion (approximately JPY 330 billion).
Key Facts
- Property Name: Ebisu Fort
- Seller: Starhill Global Real Estate Investment Trust
- Buyer: Undisclosed
- Sale Price: JPY 6.2 billion
- Appraised Value: JPY 4.03 billion, by CBRE K.K. as of June 30, 2026
- Net Property Income Yield on Sale Price: 2.4% (based on net property income for the fiscal year ended June 2026)
- Sale Date: October 9, 2026
- Location: 1-24-2 Ebisu-Minami, Shibuya-ku, Tokyo
- Nearest Station(s): Seven-minute walk from Ebisu Station on the JR Yamanote, Saikyo and Shonan-Shinjuku lines
- Completion: September 2007
- Number of Floors: 5F / B2 (steel-frame construction)
- Use: Retail / Office
- Area: Typical floor plate of approximately 79 tsubo (approx. 2,800 sq. ft.) / Leasable area of approximately 529 tsubo (approx. 18,800 sq. ft.)
- Occupancy: 100% (as of June 30, 2026)
- Number of Tenants: 6 (as of June 30, 2026)