---
title: "Nomura Real Estate Master Fund (NMF, J-REIT 3462)"
aliases:
  - "nomura-real-estate-master-fund-nmf"
  - "Nomura Real Estate Master Fund"
  - "NMF"
  - "NMF 3462"
  - "野村不動産マスターファンド投資法人"
  - "Nomura Real Estate sponsor J-REIT"
  - "Nomura J-REIT merger 2015"
  - "NMF diversified J-REIT"
domain: real-estate-finance
created: 2026-05-25
last_updated: 2026-07-29
last_tended: 2026-07-29
review_by: 2027-01-29
confidence: likely
tags: [real-estate-finance, j-reit, nmf, nomura-real-estate, diversified, merger, 3462]
status: active
sources:
  - "https://www.nre-mf.co.jp/"
  - "https://www.nre-mf.co.jp/english/"
  - "https://www.nre-mf.co.jp/en/"
  - "https://www.nomura-re-hd.co.jp/english/"
  - "https://www.jpx.co.jp/english/markets/products/reit/index.html"
  - "https://www.ares.or.jp/en/"
  - "https://www.fsa.go.jp/en/"
---

# Nomura Real Estate Master Fund (NMF, J-REIT 3462)

## TL;DR

**Nomura Real Estate Master Fund Inc. (NMF, TSE J-REIT 3462)** is a **diversified-portfolio J-REIT** managed by Nomura Real Estate Asset Management. It was newly incorporated on **2015-10-01** through a consolidation-type merger in which former Nomura Real Estate Master Fund, Nomura Real Estate Office Fund, and Nomura Real Estate Residential Fund were all eliminated; the new investment corporation listed on **2015-10-02**. Its portfolio includes office, residential, retail, logistics and other assets. Any at-the-time or current size ranking requires a same-date J-REIT census, and diversification alone does not prove smoother distributions or lower volatility than pure-play peers.

For FinWiki, NMF is a **diversified-J-REIT comparison case** — the contrast to pure-play office J-REIT like [[real-estate-finance/nippon-building-fund-j-reit-8951|NBF]] and [[real-estate-finance/japan-real-estate-j-reit-8952|JRE]] and to pure-play logistics J-REIT like [[real-estate-finance/glp-j-reit-3281|GLP J-REIT]] and [[real-estate-finance/nippon-prologis-reit-3283|Nippon Prologis REIT]]. Its multiple sleeves change the exposure mix, but historical DPU volatility must be calculated over matched periods rather than assumed from the diversified label.

## Wiki route

This entry sits under [[real-estate-finance/INDEX|real-estate-finance index]] as the **diversified-J-REIT anchor**. Read it together with [[real-estate-finance/top-10-j-reit-overview-matrix|Top 10 J-REIT overview matrix]] for cross-J-REIT positioning, with [[real-estate-finance/nippon-building-fund-j-reit-8951|NBF (8951)]] and [[real-estate-finance/japan-real-estate-j-reit-8952|JRE (8952)]] for pure-office contrast, and with [[real-estate-finance/glp-j-reit-3281|GLP J-REIT (3281)]] / [[real-estate-finance/nippon-prologis-reit-3283|Nippon Prologis REIT (3283)]] for pure-logistics contrast. The governance frame is [[real-estate-finance/j-reit-vs-us-reit-governance-comparison|J-REIT vs US REIT governance]] and [[real-estate-finance/j-reit-sponsor-structure-conflict|J-REIT sponsor structure and conflict]]. For the sponsor parent corporate-finance side see [[finance/japan-listed-financial-groups-investable-universe|Japan listed financial groups investable universe]].

## 1. Corporate identity

Table evidence (reviewed 2026-07-29): [NMF official disclosures](https://www.nre-mf.co.jp/en/) and the [JPX listed-REIT directory](https://www.jpx.co.jp/english/equities/products/reits/issues/index.html).

| Item | Detail |
|---|---|
| Ticker | TSE J-REIT **3462** |
| Investment corporation | Nomura Real Estate Master Fund Inc. (野村不動産マスターファンド投資法人) |
| Asset-management company | Nomura Real Estate Asset Management Co., Ltd.; Nomura Real Estate Holdings owns 100% of its outstanding shares |
| Group roles | Nomura Real Estate Development is an information provider and a special related corporation; these roles are distinct from Nomura Real Estate Holdings' ownership of the asset manager |
| Establishment / listing | New investment corporation incorporated **2015-10-01** and listed **2015-10-02** |
| Asset focus | Diversified — office, residential, retail, logistics |
| Investment-corporation asset custodian | Sumitomo Mitsui Trust Bank under NMF's asset-custody agreement |
| General administrator | Mitsubishi UFJ Trust and Banking Corporation for organizational administration and accounting; it also serves separately as transfer agent and special-account administrative agent |
| Rating | Use the issuer's dated current ratings; diversification and scale alone do not establish a rating rank |
| Index inclusion | Verify current inclusion directly from each index provider's dated constituent list |

## 2. The 2015 three-way merger

NMF in its current form was newly established through an October 2015 consolidation-type merger of three former Nomura Real Estate-related J-REITs:

Table evidence (reviewed 2026-07-29): [NMF's merger FAQ](https://www.nre-mf.co.jp/en/ir/faq.html) states that all three former REITs were eliminated and a new investment corporation was established; the [merger schedule](https://www.nre-mf.co.jp/en/merger/index.html) gives the 2015-10-01 incorporation and 2015-10-02 listing dates.

| Pre-merger J-REIT | Asset focus | Role in merger |
|---|---|---|
| Nomura Real Estate Office Fund | Office | Eliminated in the consolidation-type merger; assets and obligations comprehensively succeeded by the new investment corporation |
| Nomura Real Estate Residential Fund | Residential | Eliminated in the consolidation-type merger; assets and obligations comprehensively succeeded by the new investment corporation |
| Former Nomura Real Estate Master Fund | Logistics and retail | Eliminated in the consolidation-type merger; assets and obligations comprehensively succeeded by the new investment corporation |

Rationale-table evidence (reviewed 2026-07-29): [NMF official disclosures](https://www.nre-mf.co.jp/en/) and the merger documents should be used for stated objectives; scale, cost, liquidity and pipeline effects require matched pre- / post-merger data.

| Merger rationale | Reading |
|---|---|
| Scale | Record combined AUM, then compare same-date J-REIT AUM, index weight and trading liquidity separately |
| Diversification | Combined multiple asset sleeves in one vehicle; any DPU-smoothing effect requires a matched pre- / post-merger calculation |
| Cost efficiency | Test pre- / post-merger fees and overhead on a consistent basis; consolidation alone does not prove savings |
| Pipeline structure | One listed vehicle replaced three, but current acquisition rights and asset sources remain disclosure-specific |
| Sponsor strategy | Compare the merger documents with Nomura Real Estate Holdings' dated strategy disclosures |

Later within-sponsor J-REIT consolidations should be evaluated from their own transaction documents; this page does not assert that they followed NMF as a causal precedent.

## 3. Portfolio composition

Table evidence (reviewed 2026-07-29; issuer snapshot as of 2026-03-30, occupancy as of 2026-06-30): [NMF official dashboard](https://www.nre-mf.co.jp/en/). NMF disclosed **285 properties**, ¥1,097 billion acquisition price and 99.0% occupancy.

| Asset sleeve | NMF pattern |
|---|---|
| Office | Use the current asset-class allocation and stated denominator; historical assets include the former Nomura Real Estate Office Fund portfolio |
| Residential | Use the current asset-class allocation and stated denominator; historical assets include the former Residential Fund portfolio |
| Retail | Use the current asset-class allocation and property list |
| Logistics | Use the current asset-class allocation and acquisition / disposition history |
| Other | Use the issuer's current classifications for hotel, mixed-use and other assets |

Specific weights shift with acquisitions and dispositions; NMF's IR materials publish current sector mix. The portfolio is geographically diversified across Tokyo metro, Osaka, Nagoya, and other major cities.

## 4. Capital and leverage

Table evidence (reviewed 2026-07-29): [NMF official financial and distribution disclosures](https://www.nre-mf.co.jp/en/). Actual DPU was ¥3,634 for the period ended 2026-02; forecasts were ¥3,695 for 2026-08 and ¥3,719 for 2027-02 at review time and remain forecasts, not actual results.

| Item | NMF pattern |
|---|---|
| LTV | Read the point-in-time ratio from the current issuer financial disclosure; no undated “typical” band is asserted here |
| Debt mix | Bank loans plus public investment-corporation bonds; compare dated terms rather than attributing an access benefit to affiliation |
| Bond curve | Use the current rating and outstanding-issue schedule with dates and tenors |
| Sponsor support stake | Use the latest dated major-unit-holder disclosure |
| Distribution snapshot | ¥3,634 actual DPU for 2026-02; later-period figures shown above were issuer forecasts at review time |
| Foreign-investor relevance | Use dated unit-holder ownership and JPX trading-flow sources separately |

## 5. Diversified vs pure-play J-REIT

Table evidence (reviewed 2026-07-29): [NMF](https://www.nre-mf.co.jp/en/), [NBF](https://www.nbf-m.com/nbf_e/), [JRE](https://www.j-re.co.jp/en_cms/portfolio/statement.html), [GLP J-REIT](https://www.glpjreit.com/en/portfolio/data.html), and [NPR](https://www.prologis-reit.co.jp/en/) issuer disclosures. DPU behaviour and investor-use rows are a comparison framework, not performance results or forecasts.

| Dimension | Diversified (NMF) | Pure-play office (NBF / JRE) | Pure-play logistics (GLP J-REIT / NPR) |
|---|---|---|---|
| Asset-class focus | Multiple sleeves | Single (office) | Single (logistics) |
| DPU behaviour | Calculate matched historical periods; no lower-volatility claim is assumed | Calculate the same periods and distribution convention | Calculate the same periods and distribution convention |
| Cap-rate sensitivity | Calculate from current property mix, NOI and appraisal assumptions | Calculate from current office properties, NOI and appraisal assumptions | Calculate from current logistics properties, NOI and appraisal assumptions |
| Investor use case | Broad real-estate exposure | Pure-play office theme | Pure-play logistics theme |
| AUM scale | Compare same-date issuer AUM on one definition | Compare same-date issuer AUM on one definition | Compare same-date issuer AUM on one definition |
| Possible mandate framing | Broad Japan real-estate exposure | Office-focused exposure | Logistics-focused exposure |

The diversified-vs-pure-play choice is an exposure-design question. Actual investor selection and demand require fund-level or ownership evidence and cannot be inferred from the vehicle label.

## 6. NMF in the J-REIT market structure

Table evidence (reviewed 2026-07-29): [NMF official disclosures](https://www.nre-mf.co.jp/en/) and [JPX index/listing information](https://www.jpx.co.jp/english/equities/products/reits/index.html). Index weight, issuance and investor use must be read from dated disclosures.

| Function | NMF role |
|---|---|
| Sponsor capital recycling | Trace disclosed acquisitions, sellers, prices, continuing mandates and use of proceeds transaction by transaction |
| Potential mandate use | Offers single-name diversified Japan real-estate exposure; actual global-mandate use is not inferred |
| Index position | TSE REIT Index constituent; weight and contribution are date-specific |
| Bond-market issuance | Investment-corporation-bond issuer; use dated issuance and outstanding-debt disclosures |
| Diversified structure | Case study of a multi-asset-class J-REIT; no claim that peers adopted NMF as a reference model |

## Related

- [[real-estate-finance/INDEX|real-estate-finance index]]
- [[real-estate-finance/nippon-building-fund-j-reit-8951|Nippon Building Fund (NBF, 8951)]]
- [[real-estate-finance/japan-real-estate-j-reit-8952|Japan Real Estate (JRE, 8952)]]
- [[real-estate-finance/glp-j-reit-3281|GLP J-REIT (3281)]]
- [[real-estate-finance/nippon-prologis-reit-3283|Nippon Prologis REIT (3283)]]
- [[real-estate-finance/top-10-j-reit-overview-matrix|Top 10 J-REIT overview matrix]]
- [[real-estate-finance/j-reit-market-overview|J-REIT market overview]]
- [[real-estate-finance/j-reit-vs-us-reit-governance-comparison|J-REIT vs US REIT governance comparison]]
- [[real-estate-finance/j-reit-sponsor-structure-conflict|J-REIT sponsor structure and conflict of interest]]
- [[real-estate-finance/j-reit-foreign-investor-ownership|J-REIT foreign investor ownership]]
- [[real-estate-finance/j-reit-dividend-yield-vs-jgb-spread|J-REIT dividend yield vs JGB spread]]
- [[real-estate-finance/logistics-j-reit-vs-office-j-reit-asset-class-comparison|logistics J-REIT vs office J-REIT comparison]]
- [[real-estate-finance/mitsui-fudosan-financing-model|Mitsui Fudosan financing model]]
- [[real-estate-finance/mitsubishi-estate-financing-model|Mitsubishi Estate financing model]]
- [[securities-firms/nomura-hd|Nomura Holdings]]
- [[finance/japan-listed-financial-groups-investable-universe|Japan listed financial groups investable universe]]
- [[INDEX|FinWiki index]]

## Sources

- NMF — official site https://www.nre-mf.co.jp/ and English IR.
- Nomura Real Estate Holdings IR — https://www.nomura-re-hd.co.jp/english/
- JPX — REIT Market English landing.
- ARES — English landing.
- FSA — investment-corporation framework.