Insights and analysis on the Japan market.
Seibu is planning to offload a large number of hotels, ski resorts and golf courses across Japan. Many of them are non-core and non-performing assets. It will be interesting to see if they sell some of their prime Tokyo and Karuizawa real estate over time. More asset sales are expected to be announced by major railroad companies over the coming months.
Mitsui, CPPIB and Fidelity plan to invest US$1.3bn in the development of three large data centres in Greater Tokyo and Kyoto. This is part of a greater plan for Mitsui to invest up to US$2.7bn in the sector by 2026. The DC space is certainly heating up in Japan, similar to many other major markets.
The board of Dentsu has approved the sale and leaseback of the company’s HQ building in Shiodome in central Tokyo. It is expected to trade at circa US$2.4bn, which will make it Japan’s largest single asset transaction ever when it completes in the coming months.
An excellent interview by the Monocle team with the CEO and fourth-generation owner of one of Japan’s leading hospitality groups, Hoshino Resorts.
Genting and Melco Resorts are the only two gaming companies to progress to the next stage of Yokohama’s integrated resort operator selection process. Genting has teamed up with Japan’s Sega Sammy Holdings and Kajima Corporation, and Melco is partnering with Taisei Corporation. It will be interesting to see which consortium prevails.