Japanese trading company Mitsubishi Corporation is to buy a retail building occupied by luxury retailer Ralph Lauren in Tokyo’s Omotesando.
Mitsubishi is reportedly in final discussions to buy the four storey building for around 35 billion yen ($344.9 million).
Earlier, another retail property in Tokyo’s Ginza, which houses Tiffany & Co store, was acquired by Masayoshi Son, founder of tech and telecoms group Softbank Corp, for 32 billion yen ($315.4 million).
“The market for retail properties in Tokyo has a positive outlook and we can expect the rents will start increasing,” said Hajime Shibata, a senior consultant at the Japanese unit of CBRE.
