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J-REIT (Japanese Real Estate Investment Trusts) and Brazilian real estate market

Author

Listed:
  • Yuko Akiyama
  • João da Rocha Lima

Abstract

In Japan, Real Estate Investment Trust (REIT) scheme is legally created in 2000 and it is commonly called J-REIT. Hence then, J-REIT market has been growing and the total market capitalization of J-REIT issues has reached in 4,362 billion yen (Closing price as of May, 31, 2008; approximately 42 billion USD, calculated as of 1 USD=104.14yen). It's less than 1.5 % of the total market capitalization of the Tokyo Stock Exchange listed securities. Thus a further expansion of J-REIT market is expected. In May 2008, an inclusion of overseas real estate to the portfolio of J-REIT funds is liberated by law; that means Japanese capital is legally permitted to invest in overseas by real estate securitization scheme. Considering its opportunity, this paper presents J-REIT history, current market and its perspectives and later, discusses a business environment between Japan and Brazil. As a final consideration, a first step to attract Japanese capital to Brazilian market is proposed; that is "to provide information of good quality on real time".

Suggested Citation

  • Yuko Akiyama & João da Rocha Lima, 2008. "J-REIT (Japanese Real Estate Investment Trusts) and Brazilian real estate market," LARES lares_2008_artigo060-akiy, Latin American Real Estate Society (LARES).
    • Handle: RePEc:lre:wpaper:lares_2008_artigo060-akiyama
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    More about this item

    Keywords

    International investment; Japan; real estate; REIT; securitization;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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