Major Tokyo investment fund buys DFS Okinawa building

A major Tokyo infrastructure investment trust fund is moving to purchase the land and building of the DFS T Galleria, a large duty free shop in Omoromachi, Naha City, according to reports published Wednesday.

The fund is reportedly paying ¥15 billion for the land and building of the DFS. According to one real estate agency, the purchase would be one of the highest prices ever paid for a commercial property in Okinawa. The agency cites the building’s good location next to a monorail station, steady income from a large number of stable tenants in the building, and the expected potential of Okinawa’s future and current tourism prospects as reasons for the high price.

The change of the property ownership has no effect on shops operating in the building. Galleria is the only tax-free shop in Japan located not within an airport but in a separate commercial facility.