Japan Metropolitan Fund To Sell Life Supermarket Ground-Lease Site in Osaka's Naniwa Ward for JPY 6.1 Billion
Japan Metropolitan Fund Investment Corporation decided on September 17, 2026, to sell Life Shitadera Store (land) in Naniwa Ward, Osaka, for JPY 6.1 billion. The agreement is scheduled to be signed on September 18, 2026, with 50% of the interest to be transferred on August 31, 2027, and the remaining 50% on September 30, 2027. The investment corporation expects a gain on sale of approximately JPY 4.3 billion.
The property is the land beneath a Life supermarket; the investment corporation holds only the land and does not own the building. It is a seven-minute walk from Ebisucho Station on the Osaka Metro Sakaisuji Line and has a land area of approximately 1,314 tsubo (approx. 46,800 sq. ft.). The investment corporation acquired it on March 25, 2010, for JPY 1.683 billion and has held it for more than 17 years.
The sale price is more than 2.5 times the appraised value of JPY 2.43 billion. It also exceeds the book value of JPY 1.717 billion as of the end of February 2026 by more than 3.5 times. The buyer is a domestic business company whose name has not been disclosed.
The investment corporation also announced the sale of EDION Kyobashi Store (land) in June 2026. In August, meanwhile, it decided to make a JPY 8.79 billion subordinated investment in a silent partnership backed by the land beneath 17 Seiyu stores. The investment corporation is selling fixed-rent ground-lease assets at high prices and redirecting the proceeds into ground leases that combine fixed rent with sales-linked percentage rent.
Related Articles
- Japan Metropolitan Fund To Sell Retail Ground-Lease Site in Osaka's Kyobashi for JPY 7 Billion
- Japan Metropolitan Fund To Invest JPY 8.79 Billion in Land Under 17 Seiyu Stores
Key Facts
- Property Name: Life Shitadera Store (land)
- Seller: Japan Metropolitan Fund Investment Corporation
- Buyer: Undisclosed (domestic business company)
- Asset to Be Sold: Real estate (ground-lease land)
- Scheduled Sale Price: JPY 6.1 billion
- Appraised Value: JPY 2.43 billion, by CBRE K.K. as of August 31, 2026
- Book Value: JPY 1.717 billion as of the end of February 2026
- Gain on Sale: Approximately JPY 4.3 billion
- Sale Decision Date: September 17, 2026
- Scheduled Agreement Date: September 18, 2026
- Scheduled Sale Date: August 31, 2027 (50%) / September 30, 2027 (50%)
- Location: 2-5-23 and other lots, Shitadera, Naniwa Ward, Osaka, Osaka Prefecture
- Nearest Station(s): Seven-minute walk from Ebisucho Station on the Osaka Metro Sakaisuji Line / Eight-minute walk from Shitennoji-mae Yuhigaoka Station on the Osaka Metro Tanimachi Line
- Area: Land area of approximately 1,314 tsubo (approx. 46,800 sq. ft.)
- Number of Tenants: 1
- Occupancy: 100.0%
- Acquisition Date: March 25, 2010
- Acquisition Price: JPY 1.683 billion
