No-Moat JR West Snatched the Property Business From Mitsubishi Heavy; Neutral to Shareholders
West Japan Railway, or JRW, is taking a 70% stake in Mitsubishi Heavy Industry’s real estate business for JPY 97 billion, net of the transaction fee. The deal will boost JRW’s total real estate holdings by 10% to JPY 480 billion, or 20% of consolidated assets as of the end of September 2016. The move is somewhat surprising, given that the newly acquired assets are largely residential properties located in the Greater Tokyo Metropolitan, or GTM, area, whereas JRW’s main asset base remains within ...West Japan Railway is one of the companies that was formed upon the privatization and separation of Japanese National Railways ("JNR") in 1987. Co. operates a railway network covering 18 prefectures in western Honshu and the northern tip of Kyushu, with a total of 5,036.7 km of railway with 1,186 stations and 6,562 rolling stocks as of Mar 31 2017. Co. is engaged in the provision of "Sanyo Shinkansen" and urban network passenger transport service; the operation of convenience stores, department stores and hotels; the operation and management of shopping centers; and the provision of travel agency, advertising agency, as well as maintenance and engineering services.
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