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.