Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Anderson Mori & Tomotsune’s market leading practice advises on a diverse range of areas. This means that the firm is best placed to handle any aspects of real estate investment and this is confirmed by its highlight transactions in the past year which span across securities offerings, refinancings and acquisitions. For example, the firm featured on the Singapore IPO and public offering in Japan of Global Logistics Properties, acting as counsel to the joint global coordinators. Aozora Bank enlisted the team to advise it on the refinancing of Shiba Park Building, while a group of borrowers instructed the firm on an acquisition. Partners Minoru Kobayashi, Tetsuya Itoh and Tatsu Katayama are all highly acclaimed practitioners in this area.

Mori Hamada & Matsumoto stays at the forefront of the real estate and construction market for another year, housing a team of talented practitioners that includes Masanori Sato, Atsuko Matsui and Eriko Ozawa. Of note was its representation of Heiwa Real Estate Asset Management (HAM) in the acquisition of Japan Single-residence Reit (JSR) by Crescendo Investment Corporation (CIC). HAM provided asset management services to CIC and it wanted to acquire shares in Japan Single-residence Asset Management, the asset management company to JSR, at the same time. The Mori Hamada team thus had to negotiate with multiple parties in order to close the deal for HAM.

Often found on some of the largest transactions in Japan, Nagashima Ohno & Tsunematsu’s market leading real estate practice is no exception. For example, it represented a financial institution on a non-recourse financing to Nakano Ekimae redevelopment project in June 2010. This was one of the few large scale refinancing deals in the past year. Another highlight saw it advise United Urban Investment on its merger with Nippon Commercial Investment. The total value of assets held by the two J-Reits was ¥387 billion (US$5.05 billion) and the transaction is a rare merger between large J-Reits. Partners Naohiro Nishimura and Shunpei Tanaka are recommended in this space.

Peers note that Nishimura & Asahi has an impressive restructuring and insolvency team that complements its real estate practice, and this has been active of late as there are more distressed asset transactions due to challenging market conditions. Apart from the restructuring of assets, the firm has also been active on J-Reit matters. Two standout transactions are its advisory role to a lender in the extension of credit to one of the first J-Reits to be operated in an unlisted format, and representing Sumitomo Trust & Banking in the setting up of a half-public, half-private fund for J-Reits with financial difficulties. Key contacts in the group are practice head Hideaki Ozawa and funds specialist Norio Maeda.

The joining of “business-minded” Russell Kawahara from Orrick Herrington & Sutcliffe in June 2010 gave a huge boost to Atsumi & Sakai’s real estate group. Apart from the financing and acquisition of properties, the team has been working on a large number of PFI and PPP construction projects. Miho Niunoya is the key partner in charge of many of the firm’s real estate deals, and clients speak highly of her. “Niunoya-san is always professional and provides sound legal advice with reference to the facts I have provided,” says one. “The legal advice is also commercial and pragmatic, which is very important.”