J. Front City Development acquires new mixed-use property in Japan
The property was sold for JPY 26.26 billion.
J. Front City Development, a wholly owned subsidiary of Japan-based developer J. Front Retailing, has acquired a mixed-use property in Hyogo, Japan, for JPY 26.26 billion from Activia Properties Inc. (API).
The transaction price reflects a JPY 7.09 billion premium over the asset’s book value.
The property, Kobe Kyu Kyoryuchi 25Bankan, includes the 116-key Oriental Hotel Kobe, seven retail units, and 141 parking lots. Completed in 2010, the property spans 27,011 sqm of gross floor area across 17 above-ground floors and three basement levels.
The Oriental Hotel Kobe features four food and beverage outlets, a club lounge, a fitness centre, and multiple meeting and event spaces.
The property’s location also provides access to heritage landmarks such as the Old Kobe Residency Hall and Kobe City Museum, as well as transportation options including Kyukyoryuchi-Daimarumae metro station on the Kaigan Line.