Nomura Real Estate Master Fund agreed to acquire Mimaru Suites Tokyo Asakusa in December (Image: Google)
Nomura Real Estate Holdings said the Japanese developer's operating revenue rose 22.7% to 518.3 billion yen, with a profit of 43.2 billion yen ($290 million) for the nine months to December, up 5.6% from a year earlier. Recorded.
During the period, which represents the first three quarters of Nomura's fiscal year, the company said operating revenue in its housing development business increased 45% year-on-year to 238 billion yen due to increased home sales and improved gross profit margins. stated in the stock filing.
Nomura sold 2,659 homes from April to December, an increase of 340 homes compared to the same period last year, compared to the full-year plan of 4,300 homes. In the Tokyo metropolitan area, 1,938 units were sold, an increase of 20.6% compared to the same period last year.
Mr. Nomura stated, “The contract progress rate against the expected residential sales revenue for this term was 99.8% as of the end of the third quarter.''
commercial segment solids
In the commercial real estate sector, Nomura's operating revenue was 165.7 billion yen (up 11.6% year-on-year), 76.5 billion yen (up 4.1%) from the real estate management business, and 35.3 billion yen (up 3.2%) from the real estate brokerage business. . ).
Nomura Real Estate President Satoshi Arai
Operating revenue in the investment management business was 11.1 billion yen (up 6.3% year on year). The balance of assets under management at the end of the third quarter was 92 billion yen.
Total assets on the balance sheet increased 2.9% from March 31 to December 31 to 2.17 trillion yen, due to an increase in investment securities and ongoing construction projects. Total debt increased by 2.6% to 1.49 trillion yen.
For the full year, Nomura expects attributable profit to rise 0.7% to 65 billion yen and operating revenue to rise 14.5% to 750 billion yen.
December transactions
In late December, Nomura signed a deal to acquire hotel management company Urban Design System from Odakyu Electric Railway for an estimated 18 billion yen ($126 million). The transaction is expected to close in April and will see Nomura gain exclusive control of UDS, which will manage 1,855 rooms in 16 properties in Japan and China, including Tokyo, Sapporo, Kyoto and Beijing.
Also in December, Nomura Real Estate Master Fund, which is sponsored by the company, bet on lodging demand from foreign tourists visiting Japan's capital and invested 2.3 billion yen (16 million yen) in the hotel Mimaru Suites Tokyo Asakusa. announced that it would acquire the company for USD.
Earlier that month, Nomura revealed plans to invest in two condominium projects in eastern Thailand through a joint venture with local developer Origin Nationwide. The two projects in Bangsaen, about an hour's drive north of the resort city of Pattaya, are Nomura's first steps into the country's Eastern Economic Corridor Special Zone.
