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Clifford Chance

Clifford Chance


New Fund Structure available for Real Estate Investment in Japan - Should the TKGK Structure be Reassessed?

9 April 2018

On 1 December 2017, amendments to the Real Estate Specified Joint Enterprise Act of Japan took effect. Under these amendments a new structure for investment in hard asset real estate (as opposed to trust beneficiary interests representing real estate) is made available.

Under the RE JE Act, this new structure is called a "Qualified Special Exception Investor Business" or tekikaku tokurei toushika gentei jigyo. While only certain types of investors can participate in a QSEIB, its availability increases the structural options available in respect of real estate investment in Japan.


This Client Briefing outlines the QSEIB and its impact on real estate investment in Japan.

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