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

Yuko Akiyama and João da Rocha Lima

LARES from Latin American Real Estate Society (LARES)

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".

Keywords: International investment; Japan; real estate; REIT; securitization (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2008-09-01
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