Opportunities in a Recovering Real Estate Market

Japan Real Estate Market Summary
In the beginning of 2010, there is urgency with some property holders to
refinance by the Japanese fiscal year end in March. For this reason, buyers
can expect a boost in 2-4% net cap rate in a mostly opportunistic B and C class properties
and a few A class properties.
Opportunities in prime properties held by institutional investors and REITs are rare however
available. (Please inquire for property profiles.)

Sellers that are rushing to refinance often require quick decisions since time
is of the essence. The “rush to refinance” pattern is often seen to begin
towards the end of January, peaking in mid February with due diligence, negotiations
and closing quickly following before March 31st.
Asterisk Realty witnessed a strong example of this in early 2009 when buyers
took advantage of the opportunities that were provided by an increasing number
of distressed property holders. Click here to read more »

Japan Real Estate Market Summary
Towards end of November 2009, Asterisk observed more emerging, new opportunities than the 3 preceding months.
Due to the shortage of opportunities in the last 3 months, the target cap rate gap between domestic Japanese sellers and buyers has increased.
We are seeing some rapid sales at the end of the year.
This is making market price better for buyers and we think this condition will last until the end of March 2010. Click here to read more »

Tokyo Residential building average “Net Cash Flow” survey.

Please view the following section for average “Net Cash Flow” breakdown of location, building area and building age. The survey is referenced from the Japan Ministry of Land, Infrastructure and Transportation in 2009.

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Nihonjisyo Daiichi Building: sold at JPY 13,500,000,000- (Sep.2009)

Transaction Record in Tokyo untill September 2009
( Listed Companies` transactions only )

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Tokyo Residential building average CAPEX survey.

Please view the following section for average Capex breakdown of location, building area and building age. The survey is referenced from the Japan Ministry of Land, Infrastructure and Transportation in 2009.

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Tokyo office building average Management Cost survey.

Please view the following section for average Management Cost breakdown of location, building area and building age. The survey is referenced from the Japan Ministry of Land, Infrastructure and Transportation in 2009.
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Tokyo office building average NOI survey.

Please view the following section for average NOI breakdown of location, building area and building age. The survey is referenced from the Japan Ministry of Land, Infrastructure and Transportation in 2009.

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Tokyo office building average Maintenance cost survey.

Please view the following section for average maintenance cost breakdown of location, building area and building age. The survey is referenced from the Japan Ministry of Land, Infrastructure and Transportation in 2009. Click here to read more »

Tokyo residential building average annual NOI survey.

Please view the following section for average annual NOI breakdown of location, building area and building age. The survey is referenced from the Japan Ministry of Land, Infrastructure and Transportation in 2009.

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Westin Hotel Tokyo , sold at JPY 77,000,000,000 on Feb.2008

Please click the link below to view hotel real estate sales transactions in Japan from 2002 – 2009 (July).

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