Commercial property: Hidden billions in Tokyo real estate lure activist hedge funds

| The long-concealed market value of Tokyo’s largest skyscrapers is being unveiled by activist investors.

Elliott’s campaign is partly focused on realising the value of Mitsui’s properties – including prized skyscrapers across Tokyo – by selling them off, a point the investment firm has discussed with the developer, according to a person familiar with the matter.It’s a strategy that more activist funds could turn to this year, as they work with Japanese corporations under pressure to change and increase value.

Consider the large difference between book value and market value in Mitsui’s Tokyo Midtown building – a 54-storey skyscraper in the heart of the city’s buzzy Roppongi area that includes offices, a Ritz-Carlton hotel, and retail and dining facilities. Mitsui developed and opened the property in 2007.

Many of these companies could become new hunting grounds for activists, and some have already been targeted. Strategic Capital Inc, a Tokyo-based activist fund, has asked construction and engineering firm Wakita & Co to sell off its rental properties, saying there’s “no rationale” for the company to have a real estate leasing business.

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