Japan Property Central and The Nikkei Shimbun has announced the joint purchase of the Tiffany Building in Ginza between Fuyo General Lease, a Mizuho Financial Group company, and real estate company HULIC.

The purchase is part of the investment plan to expand into the Ginza area for HULIC.

While the sale price was undisclosed, it is estimated to have been 30 billion Yen or approximately $279 million USD or just under $400 million AUD.

The previous owner Masayoshi Son had purchased the building in late 2013 for 32 billion Yen, with a resulting cap rate of just 2.6 per cent.

At a Glance:

• Sale price is undisclosed but believed to have been around 30 billion Yen
• The 9-storey building was built in 1987 with major renovations in 2008
• Total floorspace is 5870sqm and sits on 700sqm of land

Prior to that Goldman Sachs had purchased the building from Tiffany in 2007 for 38 billion Yen from Kenedix (who had paid 16.5 billion Yen for it back in 2003).

Following the global financial crisis, the property was sold to a Hong Kong-based fund.

The 9-storey building was built in 1987, which was then refurbished and redesigned by Kengo Kuma in 2008.

The total floorspace is 5870sqm and sits on 700sqm of land.

Tiffany has been present in Japan since 1972 with the Ginza main store opening in its current location in 1996.

The upper floors are dedicated office space and is located at 2-7-17 Ginza, Chuo-ku, Tokyo.

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