Mitsui Fudosan Retail Fund To Sell AEON Town Tanashi Shibakubo for JPY 3.91 Billion
Mitsui Fudosan Retail Fund Investment Corporation announced on September 30, 2026, that it will sell the trust beneficiary interest in AEON Town Tanashi Shibakubo, a shopping center in Nishitokyo, Tokyo, for JPY 3.91 billion. The sale and purchase agreement was signed the same day, with delivery scheduled for June 30, 2027. The buyer is a domestic general business corporation whose name has not been disclosed. The investment corporation changed its trade name from Frontier Real Estate Investment Corporation to its current name on July 1, 2026.
The property is approximately a 15-minute walk from both Tanashi Station and Hana-Koganei Station on the Seibu Shinjuku Line. Completed in 2005, it has a gross floor area of approximately 2,297 tsubo (approx. 81,700 sq. ft.). It is leased in its entirety to AEON Town, with an occupancy rate of 100%. The lease is a 20-year ordinary lease that expires on March 19, 2027.
The REIT acquired the property from Mitsui Fudosan in 2009 for JPY 3.1 billion. The scheduled sale price exceeds the appraisal value by approximately 8.9% and is approximately 1.3 times the acquisition price. The appraisal NOI yield on the scheduled sale price is approximately 4.9%. The REIT will receive a deposit of JPY 391 million on the agreement date and the balance upon delivery. It decided to sell after concluding that there was limited room for future profitability improvement, given that the property is now 21 years old and the competitive environment nearby has changed.
In April 2026, the REIT acquired Naha Kokusai-dori Kumoji Terrace (JPY 1.598 billion) and Don Quijote Kokusai-dori Kumoji (JPY 871 million) in Naha, followed in July by Jingumae 4-chome Terrace (JPY 1.8 billion) in Shibuya Ward. After the sale, the portfolio will comprise 44 properties with a total acquisition price of approximately JPY 395.878 billion.
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Key Facts
- Property Name: AEON Town Tanashi Shibakubo
- Seller: Mitsui Fudosan Retail Fund Investment Corporation
- Buyer: Undisclosed (domestic general business corporation)
- Asset to Be Sold: Trust beneficiary interest in real estate
- Scheduled Sale Price: JPY 3.91 billion
- Appraised Value: JPY 3.59 billion, by Japan Real Estate Institute as of June 30, 2026
- Appraisal NOI Yield (based on scheduled sale price): Approximately 4.9%
- Book Value: Approximately JPY 2.728 billion (as of June 30, 2026)
- Acquisition Price: JPY 3.1 billion (acquired on February 18, 2009)
- Agreement Date: September 30, 2026
- Scheduled Sale Date: June 30, 2027
- Payment Terms: Deposit of JPY 391 million on the agreement date, with the balance upon delivery
- Location: 1-12-5 Shibakubocho, Nishitokyo, Tokyo
- Nearest Station(s): Approximately 15-minute walk from Tanashi Station on the Seibu Shinjuku Line / Approximately 15-minute walk from Hana-Koganei Station on the Seibu Shinjuku Line
- Completion: March 2005
- Number of Floors: 2F (steel-frame construction)
- Use: Retail / Parking
- Area: Site area of approximately 2,633 tsubo (approx. 93,700 sq. ft.) / Gross Floor Area of approximately 2,297 tsubo (approx. 81,700 sq. ft.) / Leasable area of approximately 2,658 tsubo (approx. 94,600 sq. ft.)
- Tenant: AEON Town Co., Ltd. (ordinary lease, 20-year term, expiring March 19, 2027)
- Annual Rent: JPY 229 million
- Occupancy: 100%
