Atsumi & Sakai

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Real Estate

Atsumi & Sakai has one of the leading real estate practices in Japan. Our Real Estate Practice Group consists of more than a dozen partners, a number of whom are individually recognized as leading lawyers in real estate. Over the last few years, a concerted effort has successfully attracted from global law firms additional senior lawyers (foreign licensed and Japanese licensed lawyers) with deep experience and expertise in handling real estate transactions especially for overseas clients. In addition, many of our Japanese licensed lawyers (bengoshi) have advanced legal training and/or licensing in foreign jurisdictions. Our Real Estate Practice Group has earned recognition as a top-tier practice in Japan and has particular strength in handling cross-border real estate transactions.

Our clients include global investment banks, Japanese megabanks and other financial institutions, major real estate developers, real estate advisors, real estate sponsors, offshore REITs, global fund managers, asset managers and property managers. We represent real estate clients and client representatives from the United States, Europe, Asia, and other jurisdictions. Our lawyers have also represented Japanese clients in connection with their real estate acquisitions, financings and dispositions in overseas markets such as the United States, China and Southeast Asia.

We advise on all aspects of real estate transactions --- structuring, investment, acquisition, development, build-to-suit leases, financing, asset and property management, and disposition. Our clients include lenders, tokutei mokuteki kaisha (TMK) bond purchasers, borrowers, TMK bond issuers, purchasers, sellers, lessors, lessees, and fund and asset managers. We have handled every class of real estate asset including commercial office, residential, retail, logistics, and hotel and resort projects.

We have an established reputation as Japan’s premier structured finance and securitization firm and are consistently ranked in the top tier of law firms in these fields. Having pioneered real estate limited recourse financing in Japan, and having handled the first residential mortgage backed securitization (RMBS) in Japan and numerous commercial mortgage backed securitizations (CMBS), we excel in complex real estate secured financing transactions.

We also routinely advise clients in connection with the cross-border structuring of their investments and acquisitions using tax-efficient godo kaisha – tokumei kumiai (GK-TK) and TMK structures. Our lawyers have advised clients in connection with development projects utilizing “development TMKs” and forward contracts.

We have represented clients in connection with public offerings and mergers of J-REITs. We have also represented lenders in connection with the establishment of a public-private fund to provide liquidity to the J-REIT market. Our lawyers have also represented offshore REITs (including from the United States, Australia, Malaysia and Singapore) in connection with investments in Japanese real estate.

We advise clients in connection with real estate related licensing issues and compliance with the Financial Instruments and Exchange Act (“FIEA”). In fact, many of our lawyers have worked for the Financial Services Agency, the agency charged with enforcement of FIEA, enabling us to advise expertly about the regulatory framework of FIEA.