Osaka Prefecture has imposed a 30-day partial operation suspension on the Urban Research Investment Fund based on the Real Estate Specified Joint Enterprise Law.
The Urban Research Investment Fund failed to disclose important information to investors regarding changes in the business plan of the “Narita Airport Vicinity Development Project”, which significantly affect the asset value of the targeted real estate.
Additionally, the fund included land not eligible for development permits in some of its projects and misrepresented that it had received such permits in solicitations and contracts. Efforts to correct this involved the inappropriate exchange of land not eligible for development permits with land that had been permitted, violating contractual revisions with investors.
Moreover, documents distributed before contract establishment incorrectly listed the pre-completion shape and structure instead of post-land development work conditions.
In May, the group’s cohabitation bank announced plans to construct a mixed-use facility “GATEWAY NARITA” near Narita International Airport. Covering an approximate area of 445,000 square meters, with a total floor area of about 380,000 square meters. The opening is scheduled for March 2027. The complex will include an arena with a 6,000 square meter screen and over 5,000 seats, a hotel with the area’s largest number of rooms, research and development facilities aimed at expanding the export of Japanese food, a bus terminal, and a parking building.
The Urban Research Investment Fund operates a real estate co-ownership fund under the “Everyone’s Landlord” brand. Through 18 rounds, it has raised funds from individual investors for the “Narita Airport Vicinity Development Project”, with an approximately 5-year operation period and an anticipated yield of 7%. The development’s progress has been criticized on social media and in articles by Rakumachi Real Estate Investment News, which raised issues with the scheme. Although the articles were retracted after Cohabitation Bank and two other group companies filed criminal complaints, discussions and doubts about the project continue.
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