Nomura Real Estate Master Fund Inc

What Nomura Real Estate Master Fund Inc does

Nomura Real Estate Master Fund Inc. (NMF, TSE: 3462) is a publicly listed Japanese Real Estate Investment Trust (J-REIT) established on October 1, 2015 through a consolidation merger of three predecessor REITs, followed by an absorption merger with TOP REIT Inc. on September 1, 2016. The fund invests in a diversified portfolio of 285 income-producing real estate properties across Japan, with total acquisition price of ¥1,097.9 billion (approximately ¥1.1 trillion) as of March 2026. Portfolio composition by acquisition value is office 38.6%, logistics 22.0%, residential 19.7%, retail 16.7%, hotels 2.6%, and other 0.4%, with 83.4% concentrated in the Greater Tokyo Area.

The core operating model leverages the Nomura Real Estate Group's leasing business value chain, comprising a Property Acquisition Pipeline that provides preferential access to property information and a Management Pipeline for operational value creation through tenant replacement and rent revisions. The asset management function is performed exclusively by Nomura Real Estate Asset Management Co., Ltd., a wholly owned subsidiary of sponsor Nomura Real Estate Holdings Inc., under a fee structure that aligns the manager with unitholders (Asset Management Fee II = 5.5% of net income). Brand-licensed property categories include PMO (premium office), PROUD FLAT (residential), Landport (logistics), and GEMS (retail).

NMF generates revenue primarily through rental income from its diversified real estate portfolio, supported by semi-annual distributions to unitholders (3,634 yen per unit for the 21st fiscal period ended February 28, 2026). Customer segments span institutional and retail investors accessing units through the Tokyo Stock Exchange, with corporate tenants occupying office, retail, logistics, residential, hotel, and healthcare properties. Capital structure features ¥522.2 billion in interest-bearing debt at a 44.3% LTV (46.3% excluding goodwill), 0.93% average funding cost, 85.1% long-term debt ratio, and AA / AA- credit ratings from JCR and R&I respectively.

Name

Nomura Real Estate Master Fund Inc

Legal name

Nomura Real Estate Master Fund Inc.

Website

https://nre-mf.co.jp

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Nomura Real Estate Master Fund Inc. (NMF, TSE: 3462) is a publicly listed Japanese diversified J-REIT operating 285 properties worth ¥1.098 trillion across office, logistics, residential, retail, and hotel sectors, serving institutional and retail unitholders with semi-annual distributions.

Ownership category

akta.pro rank

Product category

Diversified Real Estate Investment Trust (J-REIT)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (525990)

SIC

Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Specialty Real Assets / Niche Strategies (Marinas, Student Housing, Self-Storage, Life Science RE) (FSANAEAO)

akta.pro secondary industry

Real Estate Debt & Mortgage Strategies (FSAAAKAC)

Keywords

• Real estate investment trust
• J-REIT operations
• Commercial property leasing
• Property portfolio management
• Investment unit distribution

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Others, Personnel

Revenue model

1. Rental Income: NMF generates rental income from its portfolio of 285 properties across office, retail, logistics, residential, hotel, and healthcare sectors. The fund focuses on internal growth through tenant replacement and rent revisions, particularly benefiting from favorable office and residential market conditions in the Greater Tokyo Area
2. Asset Management Fees: The asset management company (Nomura Real Estate Asset Management) earns fees including: Asset management fee I (0.45% of total assets annually), Asset management fee II (5.5% of net income), Acquisition fee (1.0% of acquisition price), and Disposition fee (1.0% of disposition price)

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Nomura Real Estate Master Fund (NMF) is a diversified Japanese Real Estate Investment Trust (J-REIT) listed on the Tokyo Stock Exchange (TSE: 3462). The fund invests in and operates a portfolio of 285 income-producing real estate properties across office, retail, logistics, residential, hotel, and healthcare sectors, with total acquisition price of ¥1.097 trillion. NMF acquires, leases, and manages these properties, distributing rental income to unitholders through semi-annual dividends while leveraging the Nomura Real Estate Group's leasing business value chain.

Product overview

Nomura Real Estate Master Fund Inc is a diversified Japanese Real Estate Investment Trust (J-REIT) listed on the Tokyo Stock Exchange (Securities Code: 3462). The fund operates as a single investment vehicle that invests in a diversified portfolio of income-producing real estate properties across Japan. The portfolio consists of 285 properties as of April 2026 with total acquisition price of 1,097,977 million yen (approximately 1.097 trillion yen), categorized into five main sectors: Office Buildings (61 properties, 38.6% of portfolio), Retail Facilities (52 properties, 16.7%), Logistics Facilities (25 properties, 22.0%), Residential Facilities (138 properties, 19.7% including healthcare), and Hotels (8 properties, 2.6%). The fund utilizes the Nomura Real Estate Group value chain for property acquisition and management, and distributes rental income to investors through twice-yearly dividends.

Differentiator

Problem solved

Functional benefit

Brands

• THE DEER (Blue Deer): Brand logo and mascot representing NMF's brand strategy symbolizing constant evolution, agility, and growth potential
• PMO
• PROUD FLAT
• GEMS
• Landport

Products and services

• Nomura Real Estate Master Fund Investment Units
• Office Portfolio
• Retail Facilities Portfolio
• Logistics Facilities Portfolio (Landport)
• Residential Facilities Portfolio (Proud Flat, Prime Urban, and Healthcare)
• Hotels Portfolio

Quantifiable outcome

• Portfolio occupancy rate of 98.9% (May 31, 2026) with logistics at 100%, commercial at 99.9%, hotels at 99.3%
• +2 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core, strategic and historical.

• Nomura Real Estate Asset Management Co., Ltd. (野村不動産投資顧問株式会社)coreImplementation/ SI/ Consulting Partner · 1 October 2015NMF's exclusive asset management company managing all assets according to the fund's articles of incorporation and investment policies. Established January 24, 2003, with 300 million yen capital, 100% owned by Nomura Real Estate Holdings. Provides comprehensive investment management, property management oversight, and strategic asset allocation services. Fee structure includes total assets-linked fee (0.45% annually) and net income-linked fee (5.5%) to align with unitholder interests.
• Nomura Real Estate Co., Ltd. (野村不動産株式会社)coreTechnology or IntegrationInformation provider under Information Provision Agreement for property acquisitions. Special related corporation that is previous owner of portfolio properties. Nomura Real Estate provides preferential access to property information before third parties, supporting the Property Acquisition Pipeline. Also party to Leasing Value Chain Basic Agreement for operational collaboration. During recent 6 fiscal periods, transactions with Nomura Real Estate exceeded 20% of total property acquisition/transfer value.
• Sumitomo Mitsui Trust Bank, LimitedcoreTechnology or IntegrationAsset Custodian providing custodian services for NMF's assets under Asset Custody Agreement. Holds and safeguards the fund's real estate and securities assets, provides settlement services, and administers cash flows related to asset custody.
• Mitsubishi UFJ Trust and Banking CorporationcoreTechnology or IntegrationGeneral Administrator for organizational administration and accounting under General Administration Agreement. Functions include: general unitholder meeting administration, accounting, tax filing, and financial statement preparation. Also serves as Transfer Agent for unitholder registry management, distribution payments, and proxy solicitation services. Additionally acts as Special Accounts Administrative Agent for book-entry unit management.
• Nomura Real Estate Partners Co., Ltd. and Nomura Real Estate Retail Properties Co., Ltd.strategicTechnology or IntegrationParty to Leasing Value Chain Basic Agreement along with Nomura Real Estate and the asset management company. Purpose is to share information and know-how concerning real estate leasing, and jointly develop measures to enhance brand value and property value. These companies are part of the Nomura Real Estate Group operating the leasing business value chain that NMF leverages for operational excellence.
• Ernst & Young ShinNihon LLCcoreImplementation/ SI/ Consulting PartnerAccounting auditor for NMF providing independent audit services. Ensures financial statement accuracy and compliance with Japanese auditing standards. The auditor appointment is a governance requirement for listed investment corporations.
• Top REIT Investment Corporation (absorbed in 2016)historicalStrategic or Co-development PartnerMerged with NMF on September 1, 2016 through absorption merger. Top REIT was the absorbed (dissolved) entity. Merger consideration was 2.62 NMF units per Top REIT unit. The merger expanded NMF's asset scale and portfolio diversification, contributing to NMF's current position as one of Japan's largest diversified REITs.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• United Urban Investment Corporation: Diversified J-REIT with office, retail, residential, hotel, and logistics properties across Japan. Closely comparable to NMF in diversified investment approach and scale.
• Nippon Building Fund Inc. Japan's largest office-focused J-REIT. While more office-concentrated than NMF, it is a comparable large-cap diversified J-REIT with similar sponsor-backed structure and Tokyo exposure, making it a primary peer for institutional capital allocation.
• Daiwa House REIT Investment Corporation: Diversified J-REIT sponsored by Daiwa House Group with logistics, retail, and office exposure. Comparable in multi-sector strategy, sponsor backing, and appeal to yield-seeking investors.
• Japan Real Estate Investment Corporation: Major diversified J-REIT with substantial Tokyo office exposure, comparable to NMF in scale, public market trading, and institutional investor base. Both are core J-REIT holdings for foreign and domestic investors.
• Mori Trust Sogo Reit Investment Corporation: Diversified J-REIT sponsored by Mori Trust with office, retail, and hotel exposure. Comparable multi-sector strategy and sponsor-backed structure, though smaller in scale than NMF.
• Sekisui House REIT Inc. Diversified J-REIT sponsored by Sekisui House with residential, office, and logistics exposure. Comparable in multi-sector diversification strategy and sponsor-backed value chain model.

Peers

• GLP J-REIT (Japan Logistics Fund): Logistics-focused J-REIT. While narrower in scope than NMF, it overlaps significantly with NMF's logistics segment (22.0% of portfolio with 100% occupancy) and serves similar institutional investors.

Emerging players

• Advance Residence Investment Corporation: Japan's largest residential-focused J-REIT. Comparable to NMF's residential segment (19.7% of portfolio) and shares similar Tokyo-centric geographic exposure.
• Frontier Real Estate Investment Corporation: Retail-focused J-REIT. Comparable to NMF's retail segment (16.7% of portfolio) for investors seeking diversified J-REIT exposure with retail-income focus.
• Kenedix Office Investment Corporation: Office-focused J-REIT. Comparable to NMF's office segment (38.6% of portfolio) and serves similar institutional investors seeking Tokyo office exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 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 Nomura Real Estate Master Fund Inc