Based on the latest available filings, the most recent *large* real estate development investment Japan Post Holdings discloses as completed is **JP Tower Osaka** (completion March 2024). As of September 30, 2025, it also provides detailed land and building book values for this and other flagship properties. ### 1. Most recent major real estate investment Japan Post identifies the following large multi-use properties in its real estate portfolio, listing land area, total floor area, book value, and completion date. As of the latest interim report (period April 1–September 30, 2025), **JP Tower Osaka** is the most recently completed major project in this list, with a completion date of **March 2024**. ["JP Tower Osaka … Completion date | March 2024"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) Key flagship properties (as of Sept. 30, 2025): | Property | Completion date | Business form | |-------------------------|-----------------|------------------------| | JP Tower | May 2012 | Joint venture (major) | | Omiya JP Building | Aug 2014 | Independent business | | JP Tower Nagoya | Nov 2015 | Joint venture (major) | | KITTE Hakata | Mar 2016 | Independent business | | Hiroshima JP Building | Aug 2022 | Independent business | | Kuramae JP Terrace | Mar 2023 | Independent business | | Azabudai Hills Mori JP Tower | Jun 2023 | Urban redevelopment | | Gotanda JP Building | Dec 2023 | Independent business | | **JP Tower Osaka** | **Mar 2024** | Joint venture (major) | ["name … Completion date | JP Tower … May 2012 … JP Tower Osaka … March 2024"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) Earlier quarterly filings confirm that **Azabudai Hills Mori JP Tower** and **Gotanda JP Building** were major new facilities completed in June 2023 and December 2023 respectively, with total investment amounts of **¥146,534 million** and **¥31,172 million** (including indirect costs). ["Azabudai Hills Mori JP Tower … 146,534 … June 2023 … Gotanda JP Building … 31,172 … December 2023"](d889f1cd-84e2-417e-be3e-ddc00f0f7794:1038:original.html) ### 2. Value of building and land (book value) – JP Tower Osaka and other key assets The latest semi-annual report provides a breakdown of **book value** between land and buildings for the main properties, as of **September 30, 2025**. ["name … Book value (million yen) … land etc. … Buildings and other"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) #### JP Tower Osaka (most recent major development) As of Sept. 30, 2025: - **Land area:** 8 thousand m² owned; 12 thousand m² total business area (including leased land) (area shown in parentheses is total business area). ["JP Tower Osaka | 8 (12) | land area"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Total floor area:** 173 thousand m² on an equity basis; 227 thousand m² total business area. ["JP Tower Osaka … 173 (227) | Total floor area"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value (total):** **¥87,398 million**. ["JP Tower Osaka … 87,398 | Book value"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value – land etc.:** **¥17,534 million**. ["JP Tower Osaka … 17,534"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value – buildings and other:** **¥69,863 million**. ["JP Tower Osaka … 69,863"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) So, for JP Tower Osaka, **land is roughly ¥17.5bn and the building/structures about ¥69.9bn (book value, not market value)** as of Sept. 30, 2025. (computed from disclosed table) ["JP Tower Osaka … 87,398 … 17,534 … 69,863"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) #### Gotanda JP Building As of Sept. 30, 2025: - **Land area:** 6 thousand m². ["Gotanda JP Building | 6 | Land area"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Total floor area:** 69 thousand m². ["Gotanda JP Building … 69 | Total floor area"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value (total):** **¥36,427 million**. ["Gotanda JP Building … 36,427 | Book value"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value – land etc.:** **¥6,586 million**. ["Gotanda JP Building … 6,586"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value – buildings and other:** **¥29,841 million**. ["Gotanda JP Building … 29,841"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) For comparison, one year earlier (as of Sept. 30, 2024), the same table showed a **total book value of ¥38,007 million**, with **¥6,586 million** land and **¥31,421 million** buildings, indicating normal depreciation on the building portion. ["Gotanda JP Building … 38,007 … 6,586 … 31,421 … As of September 30, 2024"](a38442f1-2749-49ea-be9d-84fa60530c21:207:original.html) #### Azabudai Hills Mori JP Tower As of Sept. 30, 2025: - **Land area:** 11 thousand m² on an equity basis; 24 thousand m² total business area. ["Azabudai Hills Mori JP Tower | 11 (twenty four) | Land area"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Total floor area:** 227 thousand m² equity basis; 461 thousand m² total. ["Azabudai Hills Mori JP Tower … 227 (461) | Total floor area"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value (total):** **¥139,844 million**. ["Azabudai Hills Mori JP Tower … 139,844 | Book value"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value – land etc.:** **¥65,347 million**. ["Azabudai Hills Mori JP Tower … 65,347"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value – buildings and other:** **¥74,496 million**. ["Azabudai Hills Mori JP Tower … 74,496"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) Earlier, as of Sept. 30, 2024, the same table showed a slightly higher total of **¥142,826 million** with the same land value and a higher building value of **¥77,479 million**, again consistent with depreciation. ["Azabudai Hills Mori JP Tower … 142,826 … 65,347 … 77,479 … As of September 30, 2024"](a38442f1-2749-49ea-be9d-84fa60530c21:207:original.html) --- ### 3. Interpretation and limitations - The figures above are **book values on Japan Post’s balance sheet**, not market values. They reflect historical cost less depreciation (for buildings) and are presented in millions of yen. ["Book value (million yen) … land etc. … Buildings and other"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - For JP Tower Osaka, the **latest filing indicates no newer large development with a later completion date**, so this is the most recently completed major real estate development disclosed as of the November 14, 2025 semi-annual report. ["name … JP Tower Osaka … Completion date | March 2024"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) If you’d like, I can next: - Isolate just **one** asset (e.g., JP Tower Osaka) and walk through how its book value has evolved over time, or - Pull aggregate data for the **Real Estate Business segment** (revenues, segment assets, etc.) to put these assets in context.

Based on the latest available filings, the most recent *large* real estate development investment Japan Post Holdings discloses as completed is **JP Tower Osaka** (completion March 2024). As of September 30, 2025, it also provides detailed land and building book values for this and other flagship properties. ### 1. Most recent major real estate investment Japan Post identifies the following large multi-use properties in its real estate portfolio, listing land area, total floor area, book value, and completion date. As of the latest interim report (period April 1–September 30, 2025), **JP Tower Osaka** is the most recently completed major project in this list, with a completion date of **March 2024**. ["JP Tower Osaka … Completion date | March 2024"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) Key flagship properties (as of Sept. 30, 2025): | Property | Completion date | Business form | |-------------------------|-----------------|------------------------| | JP Tower | May 2012 | Joint venture (major) | | Omiya JP Building | Aug 2014 | Independent business | | JP Tower Nagoya | Nov 2015 | Joint venture (major) | | KITTE Hakata | Mar 2016 | Independent business | | Hiroshima JP Building | Aug 2022 | Independent business | | Kuramae JP Terrace | Mar 2023 | Independent business | | Azabudai Hills Mori JP Tower | Jun 2023 | Urban redevelopment | | Gotanda JP Building | Dec 2023 | Independent business | | **JP Tower Osaka** | **Mar 2024** | Joint venture (major) | ["name … Completion date | JP Tower … May 2012 … JP Tower Osaka … March 2024"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) Earlier quarterly filings confirm that **Azabudai Hills Mori JP Tower** and **Gotanda JP Building** were major new facilities completed in June 2023 and December 2023 respectively, with total investment amounts of **¥146,534 million** and **¥31,172 million** (including indirect costs). ["Azabudai Hills Mori JP Tower … 146,534 … June 2023 … Gotanda JP Building … 31,172 … December 2023"](d889f1cd-84e2-417e-be3e-ddc00f0f7794:1038:original.html) ### 2. Value of building and land (book value) – JP Tower Osaka and other key assets The latest semi-annual report provides a breakdown of **book value** between land and buildings for the main properties, as of **September 30, 2025**. ["name … Book value (million yen) … land etc. … Buildings and other"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) #### JP Tower Osaka (most recent major development) As of Sept. 30, 2025: - **Land area:** 8 thousand m² owned; 12 thousand m² total business area (including leased land) (area shown in parentheses is total business area). ["JP Tower Osaka | 8 (12) | land area"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Total floor area:** 173 thousand m² on an equity basis; 227 thousand m² total business area. ["JP Tower Osaka … 173 (227) | Total floor area"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value (total):** **¥87,398 million**. ["JP Tower Osaka … 87,398 | Book value"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value – land etc.:** **¥17,534 million**. ["JP Tower Osaka … 17,534"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value – buildings and other:** **¥69,863 million**. ["JP Tower Osaka … 69,863"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) So, for JP Tower Osaka, **land is roughly ¥17.5bn and the building/structures about ¥69.9bn (book value, not market value)** as of Sept. 30, 2025. (computed from disclosed table) ["JP Tower Osaka … 87,398 … 17,534 … 69,863"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) #### Gotanda JP Building As of Sept. 30, 2025: - **Land area:** 6 thousand m². ["Gotanda JP Building | 6 | Land area"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Total floor area:** 69 thousand m². ["Gotanda JP Building … 69 | Total floor area"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value (total):** **¥36,427 million**. ["Gotanda JP Building … 36,427 | Book value"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value – land etc.:** **¥6,586 million**. ["Gotanda JP Building … 6,586"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value – buildings and other:** **¥29,841 million**. ["Gotanda JP Building … 29,841"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) For comparison, one year earlier (as of Sept. 30, 2024), the same table showed a **total book value of ¥38,007 million**, with **¥6,586 million** land and **¥31,421 million** buildings, indicating normal depreciation on the building portion. ["Gotanda JP Building … 38,007 … 6,586 … 31,421 … As of September 30, 2024"](a38442f1-2749-49ea-be9d-84fa60530c21:207:original.html) #### Azabudai Hills Mori JP Tower As of Sept. 30, 2025: - **Land area:** 11 thousand m² on an equity basis; 24 thousand m² total business area. ["Azabudai Hills Mori JP Tower | 11 (twenty four) | Land area"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Total floor area:** 227 thousand m² equity basis; 461 thousand m² total. ["Azabudai Hills Mori JP Tower … 227 (461) | Total floor area"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value (total):** **¥139,844 million**. ["Azabudai Hills Mori JP Tower … 139,844 | Book value"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value – land etc.:** **¥65,347 million**. ["Azabudai Hills Mori JP Tower … 65,347"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - **Book value – buildings and other:** **¥74,496 million**. ["Azabudai Hills Mori JP Tower … 74,496"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) Earlier, as of Sept. 30, 2024, the same table showed a slightly higher total of **¥142,826 million** with the same land value and a higher building value of **¥77,479 million**, again consistent with depreciation. ["Azabudai Hills Mori JP Tower … 142,826 … 65,347 … 77,479 … As of September 30, 2024"](a38442f1-2749-49ea-be9d-84fa60530c21:207:original.html) --- ### 3. Interpretation and limitations - The figures above are **book values on Japan Post’s balance sheet**, not market values. They reflect historical cost less depreciation (for buildings) and are presented in millions of yen. ["Book value (million yen) … land etc. … Buildings and other"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) - For JP Tower Osaka, the **latest filing indicates no newer large development with a later completion date**, so this is the most recently completed major real estate development disclosed as of the November 14, 2025 semi-annual report. ["name … JP Tower Osaka … Completion date | March 2024"](a633effd-b4a6-4ae1-a1f9-809e5386ac1f:1123:original.html) If you’d like, I can next: - Isolate just **one** asset (e.g., JP Tower Osaka) and walk through how its book value has evolved over time, or - Pull aggregate data for the **Real Estate Business segment** (revenues, segment assets, etc.) to put these assets in context.