Publications

- February 1, 2013: Volume 5, Number 2

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The Real Thing: Private REITs in Japan Offer Investors Low Volatility and Stable Yields

by William Hsu

 

A common impression of Japan, especially among overseas investors, is that it is “too big to be ignored”. The tinge of passiveness and pessimism surrounding this phrase is understandable, for it has indeed been some time since Japan grabbed the attention of the world with exciting headlines. Nevertheless, what actually has been ignored is the degree of resilience and sustainability required to withstand both the vicissitudes of the 2008 global financial crisis and the 2011 Tohoku earthquake.

The latest trend in Japanese real estate — the emergence of private real estate investment trusts (private REITs) — demonstrates the strength and dynamism underpinning the Japanese brand of stability, and promotes a more active approach in understanding the opportunities that the country can offer. What are the salient characteristics of private REITs vis-à-vis public (listed) REITs and private funds? How did this private REIT trend emerg

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