The Japan Residential Investment Company has received a second offer following Blackstoneβs for the firm.
The Guernsey-registered companyβs board said it received a separate approach from an anonymous third party, which may or may not lead to an offer.
Blackstone recently made an offer to buy the closed-end Japanese residential property specialist.
The investment managerβs offer valued the company at Β£152.6m (β¬215.5m).
JRICβs 90,000sqm portfolio is mainly located in Tokyoβs wards.
Around 25% of its assets are in the cityβs five central wards, with a further 30% in Tokyoβs 23 wards.
The company also has assets in Osaka and Nagoya.
In an August fact sheet, the company said signs of rent growth were emerging, with rents in Tokyoβs 23 wards increasing last year by 0.4%, the first year-on-year increase since the financial crisis.
βIncreased demand and a general scarcity of investment properties is compressing yields and putting upward pressure on asset prices,β the company said.
According to JRIC, the price per square metre of new condominiums in Tokyo has risen 9% year on year.
