Star Asia Investment Corporation

What Star Asia Investment Corporation does

Star Asia Investment Corporation is a diversified Japanese Real Estate Investment Trust (J-REIT) listed on the Tokyo Stock Exchange under ticker 3468 since April 2016. The REIT invests in income-producing real estate across six asset classes — office (27.4% of portfolio), hotels (40.4%), logistics (12.6%), commercial (11.0%), residential (8.7%), and mezzanine loan interests — held across 75 properties with a total acquisition value of approximately ¥273.2 billion as of May 2026. Geographic concentration is in the Tokyo metropolitan area (65.7%) with diversification into Osaka, Nagoya, Fukuoka, and other regions. Average portfolio occupancy was 98.6% as of May 2026.

The REIT generates revenue primarily through recurring rental income from tenants across its five physical asset types, supplemented by gains from periodic real estate dispositions as part of active asset replacement cycles. For the 20th fiscal period (ended January 2026), operating revenue reached ¥10,269 million, up from ¥9,988 million in the prior period. Distributions to unitholders for that period totaled 1,769 yen per unit. Capital is raised through regular public equity offerings on the TSE (most recent in August 2024 raising ¥16.1 billion) and investment corporation bonds including a ¥1.0 billion green bond issued in November 2024. Star Asia Investment Management Co., Ltd. serves as the asset management company under outsourcing arrangements, while Star Asia Group acts as sponsor; the structure is reinforced by sub-sponsor relationships with ML Estate and Nippon Kanzai.

The customer base comprises institutional and retail unitholders on the Tokyo Stock Exchange, with major custodial holders including Japanese Custody Services (18.3%), Master Trust Bank (15.3%), and Nomura Trust Bank (5.0%). The REIT holds JCR A+ and R&I A credit ratings with stable outlooks, has obtained GRESB Green Star designation for five consecutive years, and was awarded a JCR Green1(F) evaluation for its green finance framework, supporting its access to green debt markets.

Name

Star Asia Investment Corporation

Legal name

スターアジア不動産投資法人

Website

https://starasia-reit.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Star Asia Investment Corporation is a diversified Tokyo-listed J-REIT (TSE: 3468) that invests in 75 income-producing office, hotel, logistics, commercial, and residential properties, primarily in the Tokyo metropolitan area, generating rental income and asset disposition gains for institutional and retail unitholders.

Ownership category

akta.pro rank

Product category

Diversified REIT (Japanese Real Estate Investment Trust)

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro industry

PRIMARYBPAJAMAJ

Real Estate Portfolio & Fund Management (Institutional/REIT/PE)

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Asset & Portfolio Management

SECONDARYBPAJAMAE

Hospitality (Hotels & Resorts) Asset Management

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Asset & Portfolio Management

Keywords

• Japanese real estate investment
• Diversified REIT
• Commercial property investment
• Real estate asset management
• Property rental income

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Rental Income from Real Estate Properties: The primary revenue stream comes from rental income (rent, common area charges, parking fees, etc.) collected from tenants across office, residential, logistics, hotel, and retail properties in the portfolio. For the 20th fiscal period (ending January 2026), operating revenue was 10,269 million yen.
2. Real Estate Disposition Gains: The REIT generates gains from the sale of real estate properties as part of its active asset management strategy (asset replacement cycles), contributing to total profits alongside recurring rental income.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Star Asia Investment Corporation is a diversified J-REIT that invests in and manages a 75-property portfolio of income-producing real estate in Japan, spanning office, residential, logistics, hotel, and retail assets, with a focus on the Tokyo metropolitan area. The REIT raises capital through public equity offerings on the Tokyo Stock Exchange, generates rental income from tenants, and distributes returns to unitholders. Asset management is outsourced to Star Asia Investment Management Co., Ltd.

Product overview

Star Asia Investment Corporation is a diversified Japanese Real Estate Investment Trust (J-REIT) listed on the Tokyo Stock Exchange (ticker: 3468). The company operates as a综合型REIT (comprehensive REIT) that invests in six core asset types: Office properties (27.4%), Residential properties (8.7%), Logistics facilities (12.6%), Hotels (40.4%), Commercial facilities (11.0%), and Mezzanine loan investments. The portfolio consists of 75 properties valued at approximately ¥273.2 billion as of May 2026, with a focus on the Tokyo metropolitan area (65.7% of portfolio) while maintaining diversification across major cities including Osaka, Nagoya, and Fukuoka. The investment strategy emphasizes both income stability and growth, with an average occupancy rate of 98.6%.

Differentiator

Problem solved

Functional benefit

Brands

• KOKO HOTELS: Hotel brand operated by Star Asia Group, with multiple hotels in the portfolio including KOKO HOTEL Tokyo West Kasa, KOKO HOTEL Yokohama Tsurumi, KOKO HOTEL Osaka Namba Ebisucho, KOKO HOTEL Ginza 1-chome, KOKO HOTEL Sapporo Ekimae, KOKO HOTEL Fukuoka Tenjin, KOKO HOTEL Hiroshima Ekimae, KOKO HOTEL Kagoshima Chuo, KOKO HOTEL Sapporo Odori, KOKO HOTEL Tsukiji Ginza, KOKO HOTEL Residence Asakusa Kappabashi, KOKO HOTEL Residence Asakusa Tawaramachi, KOKO HOTEL Osaka Shinsaibashi, KOKO HOTEL Nagoya Sakae, KOKO HOTEL Sendai Ekimae West

Products and services

• Office Properties Portfolio Diversified portfolio of office buildings primarily located in the Tokyo metropolitan area, including properties in Shibuya, Minato, Shinjuku, Osaka, Yokohama, and Fukuoka. The office segment represents approximately 27.4% of the total portfolio and is offered to investors seeking exposure to commercial office real estate income.
• Residential Properties Portfolio (Urban Park) Residential rental properties branded under 'Urban Park' (アーバンパーク) located in the Tokyo metropolitan area, Kanagawa, Chiba, and Osaka. The residential segment represents approximately 8.7% of the total portfolio and provides rental housing exposure for investors.
• Logistics Facilities Portfolio Logistics warehouse properties located in the Greater Tokyo area and surrounding regions. The logistics segment represents approximately 12.6% of the total portfolio and provides exposure to industrial and distribution real estate income.
• Hotel Portfolio Hotels operated under brands including KOKO HOTEL, Best Western, The Breakfast Hotel, Rembrandt Style, and Grandit. The hotel segment represents approximately 40.4% of the total portfolio, making it the largest single asset category, offering investors exposure to hospitality real estate income.
• Commercial Facilities Portfolio Retail and commercial properties including shopping malls and retail buildings. The commercial segment represents approximately 11.0% of the total portfolio and provides exposure to retail real estate rental income.
• Mezzanine Loan Investments Investment in mezzanine loan creditor rights (メザニンローン債権) including series 10 and 12, generating returns through debt instruments secured by real estate collateral with interest rates of reference rate + 5.0%. Offers investors exposure to real estate-backed debt instruments.

Quantifiable outcome

• Achieved 98.6% average occupancy rate across portfolio as of May 2026
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered major and core.

• ML Estate Company, Limited (エムエル・エステート株式会社)majorStrategic or Co-development Partner · 1 August 2020Sub-sponsor providing additional support for investment activities and market expertise. Signed capital business partnership with Mizuho Lease Group in February 2026.
• Nippon Kanzai Co., Ltd. (日本管財株式会社)majorStrategic or Co-development Partner · 1 August 2020Sub-sponsor and CASBEE certification support provider with extensive building management expertise. Assists with environmental certifications and property management.
• Star Asia Investment Management Co., Ltd. (スターアジア投資顧問株式会社)coreStrategic or Co-development Partner · 20 April 2016Asset management company responsible for day-to-day investment operations, property acquisitions, financing, and investor relations. Composed of experienced real estate finance professionals from Nomura and Merrill Lynch backgrounds.
• KOKO HOTELS CO., LTD. (株式会社ココホテルズ)majorStrategic or Co-development Partner · 20 April 2016KOKO HOTELS is part of Star Asia Group and a major hotel operator in the portfolio. Multiple KOKO HOTEL branded properties (Tokyo West Kasai, Yokohama Tsurumi, Osaka Namba, Ginza, Sapporo, Fukuoka Tenjin, Hiroshima, Kagoshima, Asakusa) are owned by the REIT.

Scale indicators7 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Advance Residence Investment Corporation: One of the largest residential J-REITs in Japan, with portfolio concentrated in Tokyo metropolitan area. Comparable to Star Asia's residential segment (8.7%, 'Urban Park' brand) and fellow J-REIT with similar unitholder structure.
• Tokyu REIT, Inc. J-REIT focused on retail and office properties in the Tokyo metropolitan area. Comparable to Star Asia as a fellow listed J-REIT with Tokyo-area concentration and a diversified mix of asset types.
• Japan Hotel REIT Investment Corporation: J-REIT focused on hotel properties across Japan. Comparable to Star Asia's hotel segment (40.4% of portfolio) and useful as a pure-play comparison for the lodging portion of Star Asia's diversified strategy.
• Kenedix Office REIT Investment Corporation: Tokyo office-focused J-REIT with mid-sized portfolio. Comparable to Star Asia's office segment (27.4% of portfolio) and similar investment corporation structure with regular public offerings.
• Nippon Building Fund: Largest J-REIT focused on office properties, primarily in Tokyo. Directly comparable to Star Asia as a publicly listed diversified J-REIT operating on the Tokyo Stock Exchange REIT Market with similar institutional investor base and distribution model.
• Japan Real Estate Investment Corporation: Major J-REIT investing in office buildings mainly in central Tokyo. Directly comparable as a fellow Tokyo-focused J-REIT with a similar listed-REIT structure, public offering strategy, and unitholder distribution model.
• Daiwa House REIT Investment Corporation: Diversified J-REIT backed by Daiwa House Group, investing in logistics, residential, retail, and office across Japan. Comparable as a diversified J-REIT with similar multi-asset strategy and institutional sponsor support.
• GLP J-REIT: J-REIT specializing in logistics facilities, primarily in Greater Tokyo area. Directly comparable to Star Asia's logistics segment (12.6% of portfolio) and also a comparable diversified J-REIT operating under the same regulatory framework.
• Invincible Investment Corporation: Tokyo-listed J-REIT with a hotel-heavy portfolio and diversified asset strategy. Highly comparable to Star Asia given both REITs allocate material exposure to hotels while also holding residential and office properties, with similar sponsor-driven growth models.

Regional players

• Frontier Real Estate Investment Corporation: J-REIT primarily focused on retail and residential properties in regional Japanese cities (Nagoya, Osaka, etc.). Comparable diversified J-REIT structure, though with different geographic focus than Star Asia's Tokyo-centric strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks4 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCYasJn4xrns2fhyZFKMAELw

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

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 Star Asia Investment Corporation