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Investment Policy

■ NBF conducts diversified investment focused in the Tokyo CBDs as well as in Other Greater Tokyo and Other Cities.

 The investment strategy of NBF divides the investment area into three areas consisting of Tokyo CBDs, Other Greater Tokyo and Other Cities in such manner that 70% or more of total investment assets (Real Estate, etc.) is allocated to Tokyo CBDs and Other Greater Tokyo and 30% or less to Other Cities. The purpose of this area diversification is to minimize cash flow risks due to earthquakes, risk of vacancies and so forth. The following table sets forth the abovesaid area diversification strategy.

Area Specific Area Area Analysis Incorporation
Tokyo CBDs 23 wards
of Tokyo
of which, central 5 wards (Chiyoda-ku, Chuo-ku,
Minato-ku, Shinjuku-ku,
・Relatively high rent levels and low vacancy rates compared to Other Cities; also, relatively large market scale (both leasing and purchase/disposition) with high growth rates.
・Relatively low NOI yields.
・Relatively high liquidity at the time of disposition.
70% or greater
Other Greater Tokyo Tokyo Metropolis (excluding 23 wards of Tokyo) and 6 prefectures (Kanagawa, Chiba, Saitama, Ibaraki, Gunma and Tochigi) ・Basic characteristics are between those of Tokyo CBDs and Other Cities.
Other Cities Major cities in prefectures excluding the above prefectures ・Relatively low rent levels and high vacancy rates compared to Tokyo CBDs. also, relatively small market scale (both leasing and purchase/disposition) with low growth rates.
・Relatively high NOI yields.
・Relatively low liquidity at the time of disposition.
30% or less

(Note) Due to unforeseeable events such as, extreme fluctuations in market trends, financial trends, real estate market trends and so forth, it may not always be possible to operate in accordance with each of the above criteria.