Rising Stars: Bengoshi

Real estate and construction: International firms and joint ventures in Japan

Baker McKenzie (Gaikokuho Joint Enterprise)

At Baker McKenzie (Gaikokuho Joint Enterprise), the real estate and construction group sits within the firm’s broader projects practice. Housing both foreign and Japanese law qualified practitioners, the team is well versed in both inbound and outbound matters, especially large-scale project development in the energy and infrastructure industries. Offering strategic advice on real estate acquisitions, disposals, financing, leasebacks and portfolio restructurings, the group is prominent in a wide range of sectors, including leisure, logistics, and hospitality. Ean Mac Pherson, who is especially sought after to assist contractors and project developers with renewable energy projects, leads the team alongside Seishi Ikeda. Ikeda alongside Akiko Hosokawa and Taijiro Suzuki has extensive experience advising on cross-border real estate acquisitions, disposals and financing. Also noted are M&A expert Chris Hodgens and Maki Mawamura, who often handles matters involving office, residential, commercial and retail projects.


Practice head(s):

Ean Mac Pherson; Seishi Ikeda


Other key lawyers:

Chris Hodgens; Akiko Hosokawa; Taijiro Suzuki; Maki Mawamura


Key clients

Nomura Real Estate


ING


Vena Energy


Pacifico Energy KK


Total Solar International and SB Energy Corp


Forest Energy


Wyndham Vacation Clubs Asia Pacific


Pacific Century Group


AirTrunk


China Merchants Commercial REIT


Kohlberg Kravis Roberts (KKR)


Work highlights


  • Advised Air Trunk on its development of +300 MW data centre campus in Inzai, Japan through TMK structure.
  • Acted for Pacifico Energy on the development, construction and financing of a 121 MW solar power generation plant in Sanda, Hyogo Prefecture.
  • Assisted Nomura Real Estate with the redevelopment of a complex consisting of residential, office, commercial, and hotel buildings and three temples and shrines.

Clifford Chance

At Clifford Chance, the real estate practice works alongside the firm’s dispute resolution and finance team to assist domestic and international investors, developers, banks and funds with the full gamut of real estate matters. Of particular note is the practice’s broad expertise, which spans asset acquisitions and divestments, developments, M&A, joint ventures and equity capital raisings. Real estate specialist Eiichi Kanda heads up the group, which include Leng-Fong Lai, who often acts for sponsors and financiers on real estate investment and financing, and banking and finance expert Yusuke Abe. Another key names is counsel Yoshiaki Shimizu, whose practice spans real estate development, structured finance and fund regulations.

Practice head(s):

Eiichi Kanda


Other key lawyers:

Leng-Fong Lai; Yusuke Abe: Yoshiaki Shimizu


Key clients

ESR


CBRE Investment Management


Allianz Real Estate


NISEKO VILLAGE KK


Westmont Hospitality Group


AXA Real Estate Investment Managers


Tokyu Livable Inc


Japan Bank for International Cooperation (JBIC)


Mitsubishi Corporation


Partners Group


Work highlights


  • Advised CBRE Investment Management on its acquisition of a portfolio of 13 residential properties from Invincible Investment Corporation.
  • Acted for a group of banks, including JBIC, Nippon Export and Investment Insurance, Asian Development Bank (ADB) and Mizuho Bank, Ltd, on the development and financing of a 718-megawatt natural gas-fired combined cycle power plant in Bangladesh, developed by JERA Co., Inc and Reliance Power Limited.
  • Assisted Allianz Real Estate with its investment in prime multi-family residential assets in Tokyo using the platform of Allianz Real Estate Asia-Pacific Japan Multi-Family Fund, a closed-end fund newly formed in partnership with Ivanhoé Cambridge.

Herbert Smith Freehills

With both contentious and non-contentious capabilities, the real estate group at Herbert Smith Freehills is geared to handle the full lifecycle of construction and infrastructure projects for contractors, investors and project owners. The team is prominent in the energy, transportation and natural resources industries and is frequently sought after to advise on complex construction disputes, including international arbitration, litigation and mediation cases. Elaine Wong heads up the practice and is recommended for complex cross-border disputes and international arbitration and investigation. David Gilmore often handles complex arbitration cases, anti-corruption compliance and internal investigations, with a focus on the manufacturing, TMT and energy sectors. Other key names include James Allsop and Yosuke Homma. Craig Shepherd has reallocated to the Kuala Lumpur office to set up a new construction and infrastructure practice.

Practice head(s):

Elaine Wong


Other key lawyers:

David Gilmore; James Allsop; Yosuke Homma; Craig Shepherd


Key clients

First Gen Corporation


Mitsui & Co., Ltd


Sumitomo Metal Mining


Hitachi Construction Machinery


Work highlights


  • Represented TTCL Public Co. Ltd against a Vietnamese state-owned entity in claims before the Vietnam International Arbitration Centre arising in relation to a processing plant in Southeast Asia.
  • Advised a major Japanese company in connection with an international arbitration under the rules of the Vietnam International Arbitration Centre concerning delays and disruption to the completion of an urban rail project in Southeast Asia.
  • Acting for a Japanese conglomerate on issues of non-payment arising out of a long-term off-take agreement for a plant in Sri Lanka.

Morrison Foerster

Morrison Foerster‘s real estate practice is equipped to assist clients with a broad range of real estate asset types and the full lifecycle of real estate investment, from fund formation, acquisitions and real estate financing to dispositions and public offerings. The team is jointly led by managing partner Masahiro Shiga, whose expertise spans private equity, project finance for renewable energy transactions and real estate investment trusts, and Theodore Seltzer. Seltzer focuses on representing domestic and international investors in real estate finance transactions and distressed loan portfolio acquisitions. Joshua Isenberg is recommended for office, industrial, hotel, retail and mixed-use projects. Narutake Takasu is especially sought after to handle general corporate matters as well as sales, acquisitions and leasing transactions for corporates. Junichi Kurokoshi regularly acts for banks and private funds on asset management matters for commercial and residential properties.

Practice head(s):

Theodore Seltzer: Masahiro Shiga


Other key lawyers:

Joshua Isenberg; Narutake Takasu; Junichi Kurokoshi


Key clients

Asia Pacific Land (Japan) Limited


Angelo, Gordon & Co


Credit Suisse


Farallon Capital


Bentall GreenOak Investment Management


Savills Investment Management


SEKISUI HOUSE, LTD


Sumitomo Mitsui Banking Corporation


DAIWA HOUSE INDUSTRY CO., LTD


MORI TRUST CO., LTD


GLP Pte. Ltd


Work highlights


  • Advised Macquarie’s real estate division in connection with its initial significant minority investment in UI Holding Ltd., a real estate investment and development platform with a focus in the industrial and logistics sector in Japan and China.
  • Represented Sekisui House, Ltd, Japan’s largest homebuilder and leading diversified developer, in its acquisition of US homebuilder Holt Group Inc, one of the largest private homebuilders and land developers in the Pacific Northwest.
  • Advised GLP Pte Ltd on the establishment of the largest ever Japan-focused private real estate fund,  the GLP Japan Development Partners IV, which will have $9.1bn in assets under management when fully deployed.

White & Case LLP - White & Case Law Offices (Registered Association)

The real estate group at White & Case LLP - White & Case Law Offices (Registered Association) advises developers, institutional investors, investment funds, banks and corporates on both outbound and inbound real estate matters. Led by Mizuho Yamada, Matthew Secomb and David Robertson, the team is geared to handle all stages of the real estate investment cycle, including acquisitions, dispositions, financings, project development and construction disputes. From Singapore, Secomb represents leading Japanese clients in arbitration cases under the ICC and UNCITRAL rules. Yamada is especially sought after to advise on data centre projects and Robertson is a key contact for international arbitration matters involving energy and infrastructure projects across EMEA and Asia. Another name to note is Ayako Kawano, who has extensive experience handling real estate fund formation, acquisitions and dispositions.

Practice head(s):

Mizuho Yamada; Matthew Secomb; David Robertson


Other key lawyers:

Ayako Kawano


Key clients

Canadian Solar


ESR


INPEX


Starwood Capital Group


Yamauchi No.10 Family Office


Work highlights


  • Advised Starwood Capital Group on its tender offer for Invesco Office J-REIT, Inc, a listed J- REIT in Japan, for  ¥22,500 per investment unit, with an enterprise value of approximately$2.3bn.
  • Acted for ESR on its acquisition of an Osaka data centre asset, as part of a planned $2.15bn project.
  • Assisted ESR Singapore with the disposal of interests in ESR Yatomi Distribution Centre, to M&G Asia Property Fund, valued at $200m.

DLA Piper Tokyo Partnership Gaikokuho Kyodojigyo Horitsu Jimusho

Led by Mitsuharu Kataoka, the real estate practice at DLA Piper Tokyo Partnership Gaikokuho Kyodojigyo Horitsu Jimusho handles the full range of real estate matters, including acquisitions and dispositions, financings, commercial lease agreements and regulatory issues. The team leverages the firm’s global network to assist domestic and international clients with both inbound and outbound transactions. Often collaborating with the firm’s finance, projects and restructuring group, Kataoka advises on securitisation transactions, leases, acquisitions and concessions of office, residence, retail and data centre projects.

Practice head(s):

Mitsuharu Kataoka


Key clients

Hyatt Regency Osaka (HRO)


Marriott International


AXA Real Estate Investment Managers


Dentsu Group


Asterope


Nippon Steel Kowa Real Estate


American Eagle Outfitters


Bristol Myers Squibb


LEGOLAND Japan


Gaw Capital Partners


AirTrunk


PlasmaGuard


Adobe


Merlin Attractions Operations


Envocore


Marriott Vacations Worldwide


The Bank of New York Mellon


Okta


Aston Martin Legonda


Arthur J. Gallagher


Work highlights


  • Advised the European Bank for Reconstruction and Development on the relocation of its Tokyo office and its new lease agreement with an institutional landlord.
  • Acted for LEGOLAND Japan on its agreement with Japanese and foreign contractors to manufacture and install attractions in an amusement park in Japan.
  • Assisted Nippon Steel Kowa Real Estate with its acquisition of US residential properties through its US subsidiary.

Greenberg Traurig Tokyo Law Offices

With both Japanese and international qualified practitioners, Greenberg Traurig Tokyo Law Offices‘ real estate group is often sought out by private equity houses, asset managers, investors and developers to advise on both inbound and outbound real estate investment transactions. In addition to its strong expertise in real estate fund formation matters, the practice is noted for its track record in hospitality, data centre and digital infrastructure projects. Joel Rothstein, who is a key contact for cross-border joint ventures and property acquisitions and dispositions, leads the team alongside Mori Inada, who is a popular choice among private equity firms and financial institutions. Real estate fund formation and management, licensing, and regulatory matters are the area of expertise of Makoto Koinuma. Yuko Ino and Koh Ueda joined from Orrick, Herrington & Sutcliffe LLP in June 2023.

Practice head(s):

Joel Rothstein; Mori Inada


Other key lawyers:

Makoto Koinuma; Yuko Ino


Key clients

abrdn Japan Limited


AEW


Allianz Real Estate


Aman Hotels and Resorts


CapitaLand


CBRE KK


EdgeConneX


Fortress Investment Group


GI Capital Management Limited


GIC


GLP


Grand Harbour Investment Management


Hard Rock Hotels and Casinos


IGIS Asset Management


Japan Post Bank


Keeyls Inc.


Kensho Capital


Kokyo Asset Management Co., Ltd


Landbank


Las Vegas Sands


LaSalle Investment Advisors


Lendlease


M&G Real Estate


MEC Global Partners Asia


Metropolitan Life Insurance Company


Nomura Capital


Norinchukin Bank


ORIX Bank


OAKTON Holdings KK


Oshidori International


RTek Inc


Savills Investment Management


Shinsei Bank No


SMBC Trust Bank


Starwood Capital


Work highlights


  • Advised leading international private equity funds, including AEW, Starwood Capital and Savills Investment Management, on the structing, acquisition and financing of portfolios of multifamily housing projects across Japan’s Key markets.
  • Acted for international fund sponsors and Japanese institutional fund investors ranging from MetLife, Europa Capital and Rialto on the marketing, subscription and strategic investment in more than a dozen real-estate funds.
  • Assisted resort and hotel developers and investors from Hard Rock Japan, Las Vegas Sands and Oshidori International with resorts, hospitality and entertainment ventures across Japan.

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP‘s real estate team advises asset managers, investment firms, private equity funds and insurance companies on cross-border acquisitions, financings and joint ventures.  Yuko Ino and Koh Ueda left for Greenberg Traurig in June 2023.

Key clients

Fortress Investment Group Japan


Manulife Life Insurance Company


Loadstar Capital


Westbrook Partners


Work highlights


  • Advised Fortress Investment Group Japan on the acquisition of 29 Kanpo-no-Yado hotels by special purpose companies formed by Fortress’s affiliate with the transfer of approximately 3,000 employees from Japan Post Holdings Co. to Fortress’s affiliate, MyStays Hotel Management Co.
  • Acted for Manulife Life Insurance Company on the ¥19.8bn joint venture with Kenedix Inc, a global real estate investment business, and the acquisition of 9 assets located in major cities in Japan by the joint venture.

Pillsbury Winthrop Shaw Pittman LLP

At Pillsbury Winthrop Shaw Pittman LLP, the real estate practice sits within the firm’s broader construction, energy and infrastructure group. The team is prominent in the power, petrochemicals, infrastructure and oil and gas industries, where it acts for major trading houses, contractors and financial institutions on construction disputes, project development and finance transactions. Simon Barrett heads up the team advises on the acquisition and disposal of project assets, trade sanctions and compliance matters. Barret works alongside Olivia Matsushita.

Practice head(s):

Simon Barrett


Other key lawyers:

Olivia Matsushita


Key clients

Osaka Gas Co., Ltd


Sumitomo Chemical Co., Ltd


JX Nippon Oil & Gas Exploration Corporation


GS Energy Corporation


Sojitz Corporation


Kawasaki Heavy Industries


Mitsui & Co., Ltd and MOECO


First Solar


Chiyoda Corporation


IHI Corporation


Metal One Corporation


Forte Energy NL


MNG Gold Jersey Limited


Kajima Corporation


JGC Corporation


Kirin Corporation


Hikari Miso


Korean West Power Company


Work highlights


  • Advised METI on the hydrogen regulatory framework in the US and the UK and the Japanese Government’s implementation of a strategic regulatory framework for future hydrogen business in Japan.

Withers Japan, Zeirishi Houjin

Established in 2018, the real estate practice at Withers Japan, Zeirishi Houjin handles the full spectrum of real estate financing work across the residential, commercial and industrial property sectors. The group attracts a roster of leading investment and asset management firms seeking assistance with a wide range of matters, most notably real estate acquisitions and dispositions, financings, leasing matters and property M&A. Structured and acquisition finance expert Gerald Fujii shares the practice’s leadership with Naoki Ueyama, Steven Wheeler and Toshihiko Tsuchiya, who is qualified in both Japan and New York. Ueyama is specialised in real estate finance while Wheeler focuses on licensing matters, onshore and offshore ventures and bank lending.

Practice head(s):

Gerald Fujii; Naoki Ueyama; Steven Wheeler; Toshihiko Tsuchiya


Key clients

Alyssa Partners Japan


CapitaLand


CLSA Capital


Deutsche Bank


Fortress Real Estate Asia


JP Morgan


LaSalle Investment Management


Maiora Asset Management Pte Ltd


Mapletree Investments


Morgan Stanley


Nuveen


PAG Investment Management Ltd


Shinsei Bank


Starwood Capital Asia Limited


Jones Day

Led by Katsumi Shirai, the real estate team at Jones Day advises global financial institutions, investment funds and multinational companies on real estate investment transactions, financings and energy project acquisitions across Asia, especially Japan.

Other key lawyers:

Katsumi Shirai


Mayer Brown

Mayer Brown GJBJ is particularly known for its strong track record in assisting clients with high-value projects, construction disputes ad EPC matters across the infrastructure, energy, chemicals and transportation sectors. Rupert Burrows heads up the team and advises trading houses, utility companies, banks and EPC contractors on complex project development. Burrows works alongside counsel Brett Thornton.

Practice head(s):

Rupert Burrows


Other key lawyers:

Brett Thornton


Key clients

Mitsubishi Heavy Industries, Ltd


IHI Corporation


Sumitomo Corporation


Hitachi, Ltd


Toshiba Corporation


Central Japan Railway Company


Work highlights


  • Advised a consortium, including Central Japan Railway Company, Mitsubishi Heavy Industries, Hitachi, Toshiba, and NEC, on the Texas Central High Speed Rail Project, a fast-train system between Dallas and Houston.
  • Acted for Sumitomo Corporation on the EPC for the Tauhara Geothermal Power Plant in New Zealand.
  • Assisted Sumitomo Corporation in resolving force majeure issues in relation to the EPC contract for the Matarbari Project in Bangladesh due to the Covid-19 pandemic and severe weather outages.