The Legal 500

The team at Anderson Mori & Tomotsune is ‘experienced and knowledgeable’, and includes finance partner Isao Shindo, securitisation specialist Tatsu Katayama, and funds partner Minoru Kobayashi, who is recommended for his ‘good understanding of business needs’. The firm excels on the capital markets side and recently advised the joint global coordinators, and the public offering without listing (POWL) managers, on Global Logistics Properties’ $2.7bn Singapore IPO and public offering in Japan. Other notable transactions included advising Aozora Bank on the $1.85bn refinancing of the Shiba Park Building in Tokyo.

Mori Hamada & Matsumoto is highlighted as ‘the leading firm for real estate finance’, with lawyers praised as ‘always accurate, informative, experienced and creative’. Masanori Sato is ‘definitely the leading counsel for property finance’, but structured finance partner Atsuko Matsui and Eriko Ozawa are also recommended. Among the firm’s recent transactions, it advised Heiwa Real Estate Asset Management on its acquisition of Japan Single-Residence REIT - notably its client was concurrently acquiring shares of another asset management company from a group of shareholders that included the insolvent Lehman Brothers, which made the transaction more complex.

At Nagashima Ohno & Tsunematsu, Naohiro Nishimura is recommended for structured real estate finance and advised a set of real estate investment vehicles managed by affiliates of Morgan Stanley on a ¥225bn refinancing.The ‘very experienced and commercially aware’ Shunpei Tanaka is also highly regarded and advised the lenders on a non-recourse financing to the Kyobashi 3-chome redevelopment project. The firm has strength across corporate work, securities and construction projects. Other representative clients include United Urban Investment Corporation, Westmont Hospitality Group and Mapletree investment.

Nishimura & Asahi is a ‘finance powerhouse’, and clients single out Norio Maeda as ‘excellent in structured real estate transactions’ and also praise his capability in funds. The firm is experienced in representing foreign investors into Japanese properties and clients include investment funds and financial institutions. Among its recent transactions, the team advised a high-profile private equity house on the acquisition of a portfolio of non-recourse loans. Group head Hideaki Ozawa is recommended as a ‘real estate specialist through and through.’’

Atsumi & Sakai’s team is led by Junko Ogushi and is known for its expertise in the funds and structured finance sectors. The firm also packs a powerful punch on the project finance side; in particular Miho Niunoya fields a leading reputation in the market for her experience in PFI projects and recently advised the consortium on a ¥30bn water supply plant PFI.

Hayabusa Asuka Law Offices focuses on securitisation and structured finance transactions; notably the firm was involved in the listing of the first Singapore REIT investing exclusively in Japanese properties. Finance specialist Shinji Itoh has solid experience in the area.

Despite being a small team, Kashiwagi & Tazawa has a strong reputation locally for advice to domestic construction companies. Founding partner Kaoru Kashiwagi is recommended.

Matsuo & Kosugi counts one of Japan’s largest property developers as a longstanding client but also acts for lenders. Highlights included advising on several substantial real estate acquisitions.

Morrison & Foerster Ito & Mitomi has ‘the deepest bench of real estate attorneys among the foreign law firms in Japan. Particularly impressive is the balance between US trained counsel and Japanese bengoshi’. Theodore Seltzer ‘is unique in his creative solutions for the Japan market’, Keisuke Mochizuki and ‘excellent attorney’ Eric Piesner lead the real estate group. ‘They find innovative and non-standard solutions for complex problems’. The firm advised Citibank on the workout and disposition of the financing position in the ANA hotel portfolio; and acted for AIG Global Real Estate in connection with the sale of its Asia real estate fund management platform to Invesco. Andrew Morrison is ‘a calm and composed individual who handles transactions with reassuring confidence’.

At Skadden, Arps, Slate, Meagher & Flom LLP, Tokyo-based Audrey Sokoloff is head of the firm’s real estate and investment finance group in Asia and Masahiro Shiga leads the firm’s Japan law real estate practice. The firm recently advised China Investment Corporation in establishing a co-investment platform for investments in overseas real estate; and acted for Aozora Bank (Japan) in its financing of a Japanese distressed loan portfolio, which was acquired by affiliates of The Blackstone Group. Naoki Ueyama recently left the firm to join Paul Hastings LLP, and Paul Huff has recently relocated to the firm’s Chicago office.

White & Case LLP- White & Case Law Offices (Registered Association) is praised for its ‘terrific response times and very focused analysis’. The firm advised Shinsei Bank in the restructuring and workout of loans provided to MSREF for the acquisition of the ANA Hotels portfolio; and acted for Mitsubishi Estate in a joint venture to acquire and develop an outlet mall in China. Tetsuya Morimoto leads the real estate group in Japan. Gerald Fujii is ‘very good at managing issues that cut across real estate and restructuring areas’. The firm recently welcomed Ayako Kawano, a corporate and real estate partner from Paul Hastings LLP.

‘Responsive’ Baker & McKenzie GJBJ Tokyo Aoyama Aoki Koma Law Office’s ‘business-orientated’ real estate and construction group is led by Seishi Ikeda and Alexander Jampel, who ‘never wastes a client’s time’. The firm represented Ajia Partners and the Ostara Japan Fund in connection with the acquisition of two elderly care facilities using a tax efficient TMK structure and in the issuance of limited recourse TMK bond to finance the acquisitions. Counsel Haruhiko Ogasawara is also recommended.

Clifford Chance Law Office advised Credit Suisse on entering into a non-recourse loan transaction relating to a shopping centre building held by Credit Suisse through its sponsored GK/TK structure; and acted for RREEF on the acquisition of an office building located in Tokyo through Delaware LLC SPC. Other clients include Forum partners, Capmark Japan KK and Black Rock Co. Eiichi Kanda has ‘deep knowledge of the real estate business and relevant regulations’. Peter Kilner, Miho Mizuguchi and Leng-Fong Lai are all recommended.

Freshfields Bruckhaus Deringer is praised for providing ‘practical advice, including a detailed explanation of real vs theoretical risk factors and how to hedge those risks’. The firm advised Piedmont in the multiple debt financing of a property based business; and advised on the acquisition and disposal of multiple assets for Henderson Global Investors. Edward Cole heads the real estate team, which includes the expertise of Naoaki Kinami.

Hogan Lovells Horitsu Jimusho Gaikokuho Kyodo Jigyo ‘always suggests very flexible and practical solutions keeping in mind both time and budget’. The firm’s dedicated engineering and construction team includes Anthony Raven and is led by Tony Marshall, who splits his time between London and Tokyo. The firm acts for Japanese and international contractors and owners on construction issues arising from major projects regionally and globally.

At Jones Day, Masatomo Suzuki and Hirohazu Ina have real estate experience and expertise. The firm recently advised GE in the secured lending to the fund formed by Fortress that invests in non-performing loans; and acted for IBJ Leasing Co in the purchase of a lease portfolio from Siemens Finance Services KK. Other clients include Goldman Sachs Realty Japan, Hilton Grand Vacation and OCBC.

Orrick, Herrington & Sutcliffe LLP’s service is ‘superb - it is thorough, responsive and knowledgeable’. James Tervo, who returned to Tokyo from Shanghai in 2010, and ‘responsive’ Michael Haworth, who splits his time between Hong Kong and Tokyo, are the lead partners in the construction and real estate group. The firm recently advised Prudential Mortgage as the lender in relation to a ¥3bn debt financing to a property trust formed by a J-REIT; and acted for a large US-based hedge fund in its co-investment in the acquisition of a US half-billion-dollar NPL portfolio from Bank of America Merrill Lynch. Toshihiko Tsuchiya produces ‘very solid work we can count on’, and Asahi Yamashita is ‘helpful in finding compromise solutions’.

Paul Hastings LLP’s real estate group is led by Josh Isenberg, who is ‘very knowledgeable both with the legal issues and market practice’. The firm has ‘a strong foreign law team’ and continues to advise Fortress Investment Group in relation to a range of their acquisitions of performing and non-performing loans. Of counsel Naoki Ueyama recently joined the team from Skadden, Arps, Slate, Meagher & Flom LLP. Ayako Kawano left the firm to join White & Case LLP- White & Case Law Offices (Registered Association).

DLA Piper Tokyo Partnership works on a large number of leasing transactions and development as well as M&A deals involving real estate. The firm recently advised Regus on various commercial leases. Other clients include The Boeing Group and Hilton Hotels. Lance Miller is known for his work in property development and hotels. Hajime Iwaki is also highly recommended.

Andrew Carmichael and Christopher Bradley, who gives ‘effective assistance’, are the partners in Linklaters real estate group. The firm recently advised AXA Real Estate Investment Managers Japan on setting up a fund investing in Japanese commercial real estate loans (a transaction involving complex security and capital redemption mechanisms involving multiple TMKs); and advised on KK Columbus’ sale of shares to Daiwa PI Partners and Pacific Alliance Asia Opportunity Fund LP. Counsel Eriko Sakata ‘is particularly good at negotiation’.

Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho has invested in a real estate practice with the hire of real estate finance counsel Mark Heimendinger from Skadden, Arps, Slate, Meagher & Flom LLP. He has advised on a number of real estate portfolio workouts and restructurings and frequently advises on RMBS, CMBS and CDO transactions.

Simmons & Simmons in association with TMI Associates is building a dedicated construction practice, including the arrival of EPC specialist Simon Barrett from Hogan Lovells Horitsu Jimusho Gaikokuho Kyodo Jigyo. He has particular expertise in non-contentious construction matters, especially those in the transport, energy and renewables sectors. Clients include Itochu Corporation, Sojitz Corporation and Mitsubishi Corporation.