2025.06 跟著台積去九州（2）｜Current J-Retail-REITs Market

本專欄由 福岡リアルティ執⾏董事

神野 英哉* 主筆

Japanese Real Estate Investment Trust have been composed by several asset types, such as office buildings, shopping centers, rental apartments, logistics centers and others. Its total assets reached 23.7 trillion JPY. After the first two investment corporations, Nippon Building Fund sponsored by Mitsui Fudosan Co., Ltd. and Japan Real Estate Investment Corporation sponsored by Mitsubishi Estate Co., Ltd. were listed on the Tokyo stock exchange market, Japan Retail Fund Investment corporation, now renamed as Japan Metropolitan Investment corporation, that focus on retail sector was listed on Tokyo stock exchange market.（日本的不動產投資信託（J-REIT）涵蓋多種資產類型，如：辦公大樓、購物中心、出租公寓、物流中心等，其總資產已達到23.7兆日圓。在最初的兩家投資法人——由三井不動產株式會社發起的「日本大樓基金」與由三菱地所株式會社發起的「日本不動產投資法人」— 於東京證券交易所上市後，專注於零售業的不動產投資法人「日本零售基金投資法人」（現已更名為「日本都市投資法人」）也隨後在東京證券交易所上市。）

Subsequently, some investment corporations that invest in a variety of asset types were founded. During the first period of J-REIT, major asset types were office buildings, shopping centers and rental apartments. Although we are in the period that it’s possible to request to increase the rent to tenant of Japanese office buildings because every building cost are rising in these years, the rent income of that were not growth-oriented in early 2000s. Increasing the rent was not popular business manner in Japanese real estate industry.（此後，開始有投資於多樣化資產類型的投資法人陸續成立。在 J-REIT 初期，主要的資產類型包括辦公大樓、購物中心和出租公寓。雖然目前正處於一個可以向辦公室租戶提出租金調漲要求的時期，因為近年來建築成本節節上升，但在2000年代初期，辦公大樓的租金收入並非以成長為導向。在當時的日本不動產業界，提高租金並不是一種普遍的商業做法。）

On the other hand, the rent of Japanese retail assets has been designed as fluctuate along with the result of its sales. It is usually composed of two stages, fixed rent and flow rent. The flow rent is usually linked to annual sales such as 10% of annual sales beyond minimum guaranteed annual sales. Because of this characteristic by asset type and growing annual sales from these assets, retail was one of the most invested real estates by J-REIT in the early 2000s.（另一方面，日本的零售資產租金設計本身就具備隨銷售業績波動的特性，通常由固定租金與變動租金兩個部分組成。其中，變動租金多與年度銷售額連動，例如：超過保底年銷售額部分的 10% 作為租金。由於這種資產類型的特性，加上該類資產的年銷售額逐年成長，使得零售型不動產在2000年代初期成為 J-REIT 投資比例最高的標的之一。）

It is in the same way with global economy that Japanese e-commerce sales have been grown gradually since 2000. The expansion of e-commerce has radically changed retail sales. It was remarkable that Japanese department stores lost its large share of annual sales due to the way of retail. In this market environment, the interest of institutional investors such as governmental pension fund, life insurance companies and real estate funds were shifted from retail assets to logistics assets in Japan.（與全球經濟的趨勢相同，日本的電子商務銷售自2000年以來也逐漸成長。電商的擴張徹底改變了零售的銷售模式。特別值得注意的是，由於零售方式的轉變，日本的百貨公司在年度銷售額中失去了大量市占率。在這樣的市場環境下，政府退休基金、人壽保險公司以及不動產基金等機構投資者，對零售型資產的興趣逐漸轉向物流型資產。）

The first logistics REIT in Japan listed in 2006 was Japan Logisitcs Fund, Inc. sponsored by Mitsui corporation. Then, many logistics REITs were consecutively listed in Tokyo stock exchange market after 2010. GLP J-REIT was listed in 2012 through acquisition of large part of Prologis Japan portfolio after the great financial crisis and Japanese giant logistics REIT, Nippon Prologis REIT, was listed in 2013.（日本第一家物流型REIT於2006年在市場上市，為由三井物產贊助的「日本物流基金公司」。之後，自2010年起，許多物流型 REIT 陸續在東京證券交易所上市。GLP J-REIT 於 2012 年上市，其資產主要來自收購 Prologis Japan 的大部分物業組合，這是在全球金融危機後的重要併購案。而日本大型物流 REIT「日本普洛斯物流投資法人」則於 2013 年正式上市。）

There were three retail focused REITs in the past in Japan, Japan Retail Fund Investment Corporation, Frontier Real Estate Investment Corporation and Aeon REIT Investment Corporation. Japan Retail Fund Investment Corporation was renamed as Japan Metropolitan Investment Corporation through the merger of its asset manager. It was the biggest retail focused REIT in Japan. They used to invest in a variety of retail assets, and they were skilled at acquisition of large-scale shopping malls in suburban areas. However, due to environmental change of retail assets, they shifted their portfolio from large-scale shopping malls in suburban areas to top notched s-class shopping complex buildings in s-class shopping areas such as Shibuya, Omotesando and Ginza. Currently, they changed their investment criteria from retail focused REIT to diversified REIT in asset types through merger of other REITs and their sponsor was changed from Mitsubishi Corporation to KKR**. （日本過去曾有三家專注於零售資產的 REIT，分別為「日本零售基金投資法人」、「Frontier 不動產投資法人」以及「永旺不動產投資法人」。其中，「日本零售基金投資法人」在資產管理公司合併後更名為「日本都市投資法人」，曾是日本最大的零售型 REIT。他們過去投資於各種類型的零售資產，並擅長於收購郊區的大型購物中心。然而，隨著零售資產環境的變化，他們逐步將投資組合從郊區的大型購物中心轉向位於澀谷、表參道與銀座等一級商圈的頂級複合型購物大樓。目前，透過與其他 REIT 的合併，他們已將投資標的從以零售為主轉為多元資產類型，同時發起人也從三菱商事轉換為 KKR**。）

Frontier Real Estate Investment Corporation has its AUM about 365 billion JPY and is sponsored by Mitsui Fudosan Co., Ltd. They were initially listed by JT, Japan TABACCO INC., in 2004 and were merged by Mitsui Fudosan Co., Ltd. in 2008. Frontier REIT has well balanced portfolio composed of large-scale shopping malls including outlet shopping malls such as Mitsui shopping park named as “LaLa port” and “Mitsui outlet park”, mid-scale shopping malls in downtown areas and shopping complex buildings in high shopping streets. （Frontier 不動產投資法人的資產管理總額約為3,650億日圓，由三井不動產株式會社擔任發起人。該法人最初於2004年由日本菸草產業公司（JT）設立並上市，後於2008年併入三井不動產。Frontier REIT 擁有均衡的投資組合，包括大型購物中心（如三井購物園區「LaLaport」與「Mitsui Outlet Park」等名品暢貨購物中心）、位於市中心的中型購物中心，以及商業街上的複合型購物大樓。）

Aeon REIT Investment Corporation is managed by Japanese retail giant Aeon. Their AUM is roughly reached 480 billion JPY, and their portfolio is composed of only assets related to Aeon.（永旺不動產投資法人由日本零售業巨頭永旺（Aeon）負責管理，資產總額約為 4,800 億日圓。該投資法人的資產組合完全由與永旺相關的物業所組成。）

Before and after Covid-19, Japan is still one of the most popular tourist destinations in the world. The number of foreign tourists has been increasing so far. It was 31,882,049 in 2019 and fell sharply from 2020 to 2022. Then it has been recovering at a rapid pace since 2023. The number of that was 25,066,350 in 2023 and 36,870,148 in 2024. The Japanese government has set a target of 60 million tourists and 15 trillion JPY travel related spending in Japan for 2030. It is 1.9 times for the number of tourists of 2024 and 1.8 times for travel related spending of 2024. In this environmental changing, the rapidly growing retail sales and ADR, average daily rate, of hotels in major cities in Japan are the center of attention of real estate fund manager and institutional investors. （無論在新冠疫情前或疫情後，日本始終是全球最受歡迎的旅遊目的地之一。至今為止，訪日外國旅客人數持續增加。2019 年達到31,882,049人，但在 2020 年至 2022 年間大幅下滑。自 2023 年起迅速回升，2023 年達到25,066,350人，2024年更成長至36,870,148人。日本政府已設定2030年目標為吸引6,000萬名旅客與15兆日圓的旅遊相關消費，這分別是 2024 年旅客人數的 1.9 倍與消費金額的 1.8 倍。在這樣的環境變化中，日本主要城市中快速成長的零售銷售額與飯店平均每日房價（ADR）正成為不動產基金經理人與機構投資者關注的焦點。）

One of global private equity funds GAW Capital and its investment partner Patience Capital Group had decided to acquire the remarkable retail asset “Tokyu Plaza Ginza” located in the center of Ginza district at price 150 billion JPY in February 2025. Tokyu Plaza Ginza was built by Tokyu Land Corporation, one of the largest real estate developer, in 2016. It was designed as a well-linked to foreign tourists in Japan, but its annual sales were sluggish since its newly built because of its particular kind of tenant mix. Then it plunged into a pandemic period. Tokyu Land Corporation took Tokyu Plaza Ginza off the balance sheet in 2023. Gaw Capital and their investment partner are challenging themselves to find big value on Tokyu Plaza Ginza as a foreign tourists related asset. According to the release paper issued by Japanese largest real estate appraisal firm, “Japan Real Estate Institute”, and commercial real estate professional in Japan, “BAC urban project”, commercial real estate rents are on the rise in major retail districts in Japan as the result of current Japanese inbound tourism booming. In the latter half of 2024, the highest rent for a grand floor is 67,900 JPY per tsubo in Ginza, the second one is 60,900 JPY per tsubo in Omotesando and the third one is 56,600 JPY per tsubo in Shinjuku.（全球私人股權基金之一的 GAW Capital 與其投資夥伴 Patience Capital Group 於2025年2月決定收購位於銀座核心地段的指標性零售資產「Tokyu Plaza銀座」，交易金額為1,500億日圓。Tokyu Plaza 銀座由大型地產開發商東急不動產於 2016 年建造，原本就以吸引訪日外國旅客為設計目標，但由於租戶組合較為特殊，自開業以來銷售表現一直不佳，之後又遇上疫情衝擊。東急不動產於2023年將該資產自資產負債表中除名。GAW Capital 與其投資夥伴正努力發掘 Tokyu Plaza 銀座作為外國觀光資產的潛在價值。根據日本最大的不動產鑑定公司「日本不動產研究所（Japan Real Estate Institute）」及日本商業不動產專業機構「BAC Urban Project」發布的報告，由於日本目前的入境觀光熱潮，帶動了主要零售商圈的商業不動產租金上升。在2024年下半年，一樓商鋪的最高租金出現在銀座，每坪（1坪 ≈ 3.3平方公尺）達到67,900日圓；第二高為表參道，每坪60,900日圓；第三為新宿，每坪56,600日圓。）

It is the same situation in our city, Fukuoka. People say that ADR of major hotels in Fukuoka are sometimes beyond that of Tokyo. Our flagship asset, Canal City Hakata, is one of the most well-known destinations for foreign tourists in Fukuoka. The increasing number of foreign tourists is boosting the tax-free sales of Canal City Hakata. We were up 20-30 percent in tax-free sales over last year. （同樣的情況也發生在我們所在的城市 — 福岡。有人說福岡主要飯店的平均房價有時甚至超過東京。我們的旗艦資產「博多運河城」是福岡最知名的外國旅客景點之一。隨著外國旅客人數增加，博多運河城的免稅銷售額也隨之成長，較去年增加了20～30%。）

Retail assets are gradually recovering in value. The important thing is that we should maintain balance both of spending from foreign tourists and local people. （零售資產的價值正在逐步回升，而最重要的是，我們必須在外國旅客與在地居民的消費之間取得平衡。）

• * 神野 英哉【簡歷】2006年進入「福岡 REIT」投資法⼈的資產管理公司 - 福岡房地產（股）公司（株式会社福岡リアルティ）；在綜合型投資法⼈的資產運⽤中，⾄今已實際經⼿各類資產約1000億⽇圓之不動產買賣；另外，擔任投資事業負責⼈，須管理約2000億⽇圓投資組合的資產。現為執⾏董事兼投資事業部總經理，專業在投資、經營、私募基⾦等廣泛領域之管理資產運⽤。

  
  

• ** KKR【介紹】KKR（Kohlberg Kravis Roberts & Co.）是一家全球知名的私募股權投資公司（Private Equity Firm），同時也涉足多種投資領域，包括信貸、不動產、基礎建設、成長型股權等：

  
  

  🔹 公司概況

  • 成立時間：1976 年

  • 創辦人：Jerome Kohlberg、Henry Kravis、George Roberts

  • 總部：美國紐約

  • 全球據點：在全球各地（包括亞洲、歐洲）設有辦公室

  • 資產管理規模（AUM）：超過 5,000 億美元（截至 2024 年）

    
    

  🔹 主要業務領域

  • 私募股權（Private Equity）：專注於併購成熟企業並協助其改善營運、提升價值後再出售。

  • 信貸投資（Credit）：包括高收益債券、直接貸款、不良債權等。

  • 不動產（Real Estate）：投資全球各地的辦公室、住宅、物流、零售等資產。

  • 基礎建設（Infrastructure）：涵蓋能源、交通、水資源等長期資產。

  • 成長型股權與創新投資（Growth & Tech）：支援成長型企業、科技新創公司。

    
    

  🔹 投資風格與特色

  • 併購專家：KKR 是1980年代併購浪潮的代表性公司之一，曾主導歷史上最大的槓桿收購案（如 RJR Nabisco）。

  • 靈活多元的資產配置：擁有從傳統私募到不動產、基礎建設、創新資本等多元能力。

  • 全球化操作：在歐美亞各地均有強大團隊與在地化策略，積極布局亞洲市場（包括日本與中國）。

    
    

  🔹 在日本的參與

  KKR 長期在日本投資，涵蓋傳統企業、醫療保健、科技與不動產等領域。近年來也透過旗下基金或與當地REIT結盟方式，進一步擴展日本商業不動產投資布局。