Mirarth Holdings

What Mirarth Holdings does

Mirarth Holdings Co., Ltd. (TSE Prime: 8897) is a Tokyo-headquartered holding company that operates four segments: a real estate business built around the LEBEN and NEBEL condominium brands, an energy business generating power from solar, wind, and biomass (including a Cambodia-based cashew-shell biomass fuelization project), an asset management business running J-REITs and private funds, and other businesses including construction and hotels under the HOTEL THE LEBEN brand. The group was originally established in September 1972 (formerly Takara Leben Co., Ltd.) and transitioned to its current holding-company structure under the name MIRARTH (a combination of 'Mirai' meaning future and 'Earth') in October 2022, with approximately 1,506 employees as of FY2024 and a shareholder base of 89,267.

The company monetizes primarily through one-time sale of newly developed condominiums and detached houses in the Tokyo metropolitan area, complemented by recurring revenue from renewable electricity sales to regional power companies and from J-REIT/private-fund management fees. Its flagship technical offering is MIRARESI, a proprietary disaster-prevention condominium system integrating solar power generation and storage batteries, which is being standardized across all new LEBEN and NEBEL units starting with the April 2026 launch of LEBEN Hikarigaoka GLOW GARDEN. The group also pushes differentiated products such as ZEH-certified rental apartments (L.Biz series) and lifestyle-segmented stock such as Lagzen Plus OTO, a soundproof-room condominium, and operates the real estate lifecycle through wholly-owned subsidiaries spanning construction (Leben Home Build), property management (Leben Community), resale and brokering (Takara Leben Real Net), energy (MIRARTH Energy Solutions), trust services, and asset management.

Mirarth goes to market through brand showrooms and model-room sales for individual homebuyers, a separate B2B channel for renewable energy off-take to power utilities and large partnership-driven projects such as the JR Central Real Estate joint renovation (Le Ar Matsudo Novark Hill), and a separately funded sustainability-linked loan program under a group-level framework tied to a 70% Scope 1+2 GHG reduction target by FY2030 versus FY2022. Customer mix is anchored by individual condominium buyers supplemented by institutional investors in Mirarth's AM products and corporate partners on redevelopment mandates.

Name

Mirarth Holdings

Legal name

MIRARTHホールディングス株式会社

Website

https://mirarth.co.jp

Company type

Public

Founded year

1972

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Mirarth Holdings is a Tokyo-based holding company operating a real estate condominium business under the LEBEN and NEBEL brands, a renewable energy business spanning solar, wind, and biomass, and a J-REIT and private-fund asset management business serving individual homebuyers, institutional investors, and corporate partners across Japan and Cambodia.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

Real Estate Property Managers (53131), Portfolio Management and Investment Advice (523940), Management of Companies and Enterprises (551)

SIC

Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531), Real Estate (6500)

akta.pro primary industry

Real Estate (Commercial Property, REITs) (FSABACAH)

akta.pro secondary industries

Renewable Energy Infrastructure (FSAAAKAG), Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB)

Keywords

• Residential real estate development
• Condominium sales
• Renewable energy generation
• Asset management services
• Property management

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Real Estate Business: Development, planning, and sales of new condominiums under 'Leben' and 'Nebel' brands. Also includes detached housing, renovation projects, rental management, and二手房 (used property) resale business. This is the core business segment.
2. Energy Business: Selling electricity generated from renewable sources (solar, wind, biomass) to power companies. Building non-FIT dependent business models for stable income. Expanding into overseas markets including Cambodia biomass projects.
3. Asset Management Business: J-REIT and private fund management services. Providing investment opportunities and asset management services to a wide range of investors using accumulated real estate and renewable energy expertise.
4. Other Businesses (Construction and Hotels): Construction business with quality control and environmental load reduction. Hotel operations under 'HOTEL THE LEBEN' brand. Wide range of businesses contributing to people and society.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Mirarth Holdings is a Tokyo-based holding company that develops, sells, and manages residential real estate — primarily new condominiums under the LEBEN and NEBEL brands — in the Tokyo metropolitan area. It also operates a renewable energy business (solar, wind, and biomass power generation, including a biomass fuelization venture in Cambodia), an asset management business managing J-REITs and private real estate/energy funds, and ancillary businesses including construction and hotel operations under HOTEL THE LEBEN.

Product overview

MIRARTH Holdings operates as a diversified real estate and sustainability-focused holding company with four main business segments: (1) Real Estate Business centering on the LEBEN and NEBEL condominium brands, including development, sales, and property management; (2) Energy Business encompassing renewable energy generation through solar, wind, and biomass power including biomass fuelization from cashew shells; (3) Asset Management Business handling J-REIT and private fund operations; and (4) Other Businesses including construction, hotel operations under HOTEL THE LEBEN brand, and nursing care. The company also developed MIRARESI, a disaster prevention system with solar panels and storage batteries for installation across all new condominiums. Recent initiatives include L.Biz ZEH-certified rental apartments and L.Biz soundproof room apartments. The group positions itself as a 'future environment design company' focused on sustainability and regional co-creation.

Differentiator

Problem solved

Functional benefit

Brands

• LEBEN (レーベン): Condominium brand for new condo development, sales and related real estate services
• NEBEL (ネベル)
• MIRARESI (ミラ ESI)
• HOTEL THE LEBEN
• MIRAI for EARTH

Products and services

• LEBEN Condominiums (レーベン) New condominium development and sales brand operated by subsidiary Takara Leben Co., Ltd., offering residential condominiums, detached houses, redevelopment projects, and rental properties for individual homebuyers in Japan.
• NEBEL Condominiums (ネベル) Second condominium brand under the MIRARTH Holdings group, representing a separate portfolio of new condominiums targeting individual homebuyers.
• MIRARESI Disaster Prevention Condominium System (ミライズシ) Proprietary disaster prevention system equipping all new condominium units with solar power generation panels and storage batteries, ensuring water supply and electricity during disasters by operating water supply pumps via storage battery power.
• Renewable Energy Business (Energy Business) Generation and sale of renewable electricity from solar, wind, and biomass power facilities, including solar panel installation on idle land and biomass fuelization using cattle manure and cashew nut shells. Electricity is sold to regional power companies in Japan.
• Asset Management Business (J-REIT and Private Funds) Investment management services including J-REIT operations and private fund management, operated by MIRARTH Asset Management Co., Ltd., providing investment opportunities to institutional and retail investors leveraging the group's real estate and renewable energy expertise.
• HOTEL THE LEBEN Original hotel brand under MIRARTH Holdings operating hotels with a concept of 'daily relaxation, expanding travel experiences,' contributing to local communities.
• Construction Business Construction services operated through subsidiary Leben Home Build Co., Ltd., with quality control and reduced environmental load, supporting the group's development activities.
• Condominium Management Services Property management services for condominium owners and residents operated through subsidiary Leben Community Co., Ltd. (which holds Privacy Mark certification).

Quantifiable outcome

• Environmental impact reduction of 20-50% through construction waste and CO₂ reduction in renovation projects
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• JR Central Real Estate Co., Ltd.coreStrategic or Co-development Partner · 5 March 2026Joint project to convert JR Central's former employee dormitory in Matsudo, Chiba Prefecture into 91 renovated condominium units called 'Le Ar Matsudo Novark Hill'. Aims to reduce environmental impact by 20-50% through construction waste and CO₂ reduction.
• 土谷特殊農機具製作所minorStrategic or Co-development PartnerHokkaido-based plant manufacturer involved in biomass power generation project using cattle manure in Shizuoka Prefecture. Part of a 3-company consortium including Suzuki Corporation and Leben Clean Energy.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Mitsubishi Estate: Largest Japanese real estate developer focused on premium office and large-scale redevelopment, with growing residential and ESG-aligned development operations. Comparable as a broad incumbent in Japanese real estate with overlapping sustainability-linked strategy.
• Sumitomo Realty & Development: One of Japan's largest diversified real estate developers with residential, office, and asset management operations. Comparable as a broader incumbent with overlapping condo (City Towers), REIT, and property management segments.

Direct peers

• Daiwa House Industry: Japan's largest homebuilder and real estate developer with diversified residential, commercial, and renewable energy operations. Directly comparable to MIRARTH as a vertically integrated Japanese developer increasingly integrating solar and ESG housing offerings.
• Leopalace21: Japanese apartment-focused developer and rental manager with nationwide footprint. Comparable to MIRARTH's condominium and rental management operations (Leben Community subsidiary) with overlapping customer segments in residential property.
• Tokyo Tatemono: Tokyo-focused office and residential developer with significant condominium exposure. Comparable as a Japanese listed developer operating in the same Tokyo metropolitan area with overlapping mid-market residential and asset management offerings.
• Tokyu Fudosan Holdings: Diversified Japanese real estate developer with residential, commercial, and resort operations. Comparable to MIRARTH's portfolio of LEBEN/NEBEL residential brands, HOTEL THE LEBEN hospitality, and broader real estate platform.
• Haseko Corporation: Major Japanese condominium builder (Lionas, Centurion brands) with construction, real estate, and management operations. Comparable to MIRARTH's Takara Leben condominium development subsidiary and shared value-chain construction integration.
• Nomura Real Estate Holdings: Tokyo-headquartered Japanese real estate developer with condominium (PROUD brand), asset management, and property management segments. Highly comparable business mix to MIRARTH across residential development, REIT operations, and value-chain integration.
• Open House Group: Tokyo-focused residential developer specializing in single-family homes and condominiums for the mid-market. Comparable to MIRARTH's direct-sales condominium model targeting similar individual homebuyers in the Tokyo metropolitan area.

Emerging players

• Eurus Energy Holdings: Japanese renewable energy developer (wind and solar) with international operations. Comparable to MIRARTH's renewable energy segment (solar, wind, biomass) as a Japanese player expanding into overseas renewable projects including biomass fuelization.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/mirarth_holdings

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mirarth Holdings