Leading diversified professional services and investment management company Colliers (NASDAQ and TSX: CIGI) has announced that it has successfully facilitated the sale of Ameyoko Center Building for USD 53 million in Tokyo, Japan. The retail transaction was led by John Howald and involved a wider team from across the region: Matthew Meynell in Australia, and Hideki Ota, Kazunobu Takakoshi and Shinpei Fujie in Japan.

Ameyoko Center Building has been Tokyo’s most famous shopping arcade for almost 30 years. Situated at the entrance to the lively Ameyoko shopping street, the retail destination houses over 400 stores on a total land area of 1,311.7sqm, with a varied tenant mix across food and beverage, fashion, recreation, discretionary items and service providers. The building is a short walk from JR Ueno and JR Okachimachi train stations and attracts over 100,000 visitors a day.

Ameyoko Center Building showed great resilience during the height of the Covid-19 pandemic, specifically in terms of customer diversification and property desirability to tenants. From the onset of the pandemic until 2022, the retail asset achieved an occupancy rate of approx. 90% and rental increase of approx. 30%, bolstered by the strength of Japan’s domestic tourism market.

Hideki Ota, Executive Director, Capital Markets and Investment Services, commented: “Over the past three years, Japan’s retail sector has been struggling to overcome a lack of liquidity, similar to other capital markets across the region. However, we expect to see stronger depth in the market and confidence levels for international capital in Japan to recover. The opportune timing of this sale further establishes Colliers’ expertise and capability to maximize the potential of our clients’ property across Asia Pacific.”

John Howald, Executive Director, Head of International Capital | Asia Pacific, commented: “The sale of Ameyoko Center Building demonstrates how Colliers provides real value for clients by leveraging relationships across multiple markets and specialities. Strong team collaboration was key to successfully complete the transaction, especially at a time where capital market opportunities in Japan are expected to regain momentum with the reopening of Japan’s borders and devaluation of the Japanese yen.”

To request a sales analysis please contact the selling agent via the below contact details. 

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