According to a report by Nikkei on October 30, the fund under Daiwa Securities Group will acquire most assets of the Tokyo complex facility "Tokyo Garden Terrace Kioicho" (formerly the Akasaka Prince Hotel) from Blackstone for over $1.9 billion (30 billion yen), and will issue part of the assets as digital securities (STs) for sale to individual investors.

The specific structure is that the acquisition target is office and commercial facilities (excluding residential parts). Approximately $570 million (9 billion yen) of office assets will be custodied by Mitsubishi UFJ Trust Bank. After deducting liabilities, approximately $190 million (3 billion yen) will be issued as digital securities and sold by Daiwa Securities to individual investors. This is the largest single real estate digital security issuance to date. Blackstone acquired the entire facility (including the hotel and residential parts) for about $2.5 billion in 2025. The sale of the office building part and its tokenization reflects that traditional asset managers are using the fragmentation of equity in core real estate assets as a tool for exit and liquidity management.

Previously, large-scale cases of real estate RWA were mostly concentrated at the institutional or professional investor level. Daiwa Securities' direct packaging of trust beneficiary rights of an office building in Tokyo's core area into digital securities for sale to individuals marks a substantive step in investor suitability management. For brand assets and operating rights RWA, the Japanese market's approach indicates that when the underlying asset ownership is clear, cash flow can be verified, and a licensed securities firm leads the underwriting, the retailization of real estate RWA is feasible within a mature regulatory framework when the underlying assets have clear ownership, verifiable cash flow, and are underwritten by a licensed securities firm.