On October 1, Nippon Yusen announced that it had transferred all of its shares in JP Properties to its joint venture partner, Japan Post Real Estate, and simultaneously established Yusen Real Estate as a wholly owned subsidiary.
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Yusen Real Estate will manage and operate the real estate assets owned by Nippon Yusen, and will also work to enhance the value of Nippon Yusen's real estate business by focusing on projects such as the redevelopment of the former Yokohama branch.
JP Properties began operations in August 2021 through a joint venture (JV) partnership. The company had been operating as a comprehensive real estate company, meeting the diverse needs of its customers through a wide range of business areas, including rental properties such as offices and apartments, with its core area being the three major metropolitan areas, as well as master lease and property management businesses.
However, it was determined that making Nippon Yusen a wholly owned subsidiary of Japan Post Real Estate would lead to the company's long-term development and increase in corporate value, and therefore, all of Nippon Yusen's shares were transferred to Japan Post Real Estate.
Overview of the new company
Name: NYK Real Estate
Head office location: Minato-ku, Tokyo
Business activities: Real estate development support, design, construction supervision, and property management.
Shareholders: 100% Nippon Yusen
