Wednesday, March 17th, 2010
Koseinenkin Kaikan (= a convention hall built by Japan’s welfare pension program for corporate employees) has been on an auction since December 1st, 2009; and Yodobashi Kamera (= a mega electrics retail shop with a nation-wide network of shops) has won the bid at 12,000,000,000 yen on February 12th, 2010.
Shinjuku Koseinenkin Kaikan has been in business since April 15th, 1961, and has been functioning as a hotel, a restaurant, and a multi-purpose convention hall which has staged music concerts of domestic and world-famous musicians.
Yodobashi Kamera is planning to make the facility be a museum of cameras.
The purchase may create new foot traffic because Yodobashi Kamera is well known and the real estate is only 10-min walk away from Shinjuku station.
Economic activities in eastern regions of Shinjuku may grow further and accelerate faster due not only to the on-going land development in Shinjuku 7 chome but also to the Yodobashi Kamera’s purchase of a prime property.
Minato Asset Management
The Japan’s organization for welfare pension is going to use the hall till March 31st, 2010.
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