Tokyo's 'Yeongchinwang Residence' in Japan Falls into Hands of US Fund

Blackstone Acquires for 3.7 Trillion Won

The ownership of the complex facility "Tokyo Garden Terrace Kioicho" in Tokyo, Japan, is set to transfer from a Japanese company to a U.S. investment fund.

According to the Nihon Keizai Shimbun (Nikkei) and Yomiuri Shimbun on the 12th, Seibu Holdings announced that it will sell the facility to the private equity firm Blackstone for about 400 billion yen (approximately 3.758 trillion KRW).

Tokyo Garden Terrace Kioicho is a complex facility developed on the former site of the Akasaka Prince Hotel and opened in 2016. The facility consists of the 36-story "Kioi Tower," the 21-story "Kioi Residence," and the Tokyo Metropolitan Cultural Property "Former Imperial Family Tokyo Residence." Among these, the former Imperial Family residence is known as the place where Prince Yeongchin, the last crown prince of the Korean Empire, and his wife lived for over 20 years starting from March 1930. Seibu purchased this building and used it as a hotel for some time, and after renovation, it has been used as a restaurant and banquet hall. Its current name is "Akasaka Prince Classic House."

Bloomberg reported that even after Blackstone acquires this complex facility, Seibu will continue to handle its operation and management, describing it as "the second-largest transaction in Japanese real estate following 'Otemachi Place,' which the government sold to Hulic and others," and called it "a major case symbolizing the movement of overseas investors showing interest in the Japanese real estate market amid low interest rates and a weak yen."

Seibu plans to invest the proceeds from the sale into its real estate business. It intends to invest about 600 billion yen (approximately 5.637 trillion KRW) in redevelopment projects in central Tokyo and about 70 billion yen (approximately 65.8 billion KRW) in resort development.

This content was produced with the assistance of AI translation services.