Hyundai Securities plans to sell Yotsuya Building in TokyoHyundai Securities announced Tuesday it is currently in the process of selling its Yotsuya Building located in Shinjuku, Tokyo. The nine-story building, which the Korean brokerage firm bought last year, is currently occupied by a subsidy of the Japanese foreign ministry whose lease will expire in March 2019.
Previously the Korean brokerage firm was expected to continue to hold on to the property with a five-year lease as the tenant is stable and has an annual profit return of 7 percent on its investments.
However, it changed its direction as property values in Japan have been rising due to the recent economic recovery and rising expectations over the 2020 Tokyo Olympic games. The sale of the building is expected to be concluded in the second half of this year. Hyundai Securities’ profit from investing in the Yotsuya Building is expected to reach 13 billion won.
Last month the company made about 21.5 billion won in profit when it sold a shopping mall that it bought from the Japanese retail giant Eon Group in 2013.