Eveillard is targeting shares of companies with property holdings in Tokyo because commercial land prices are rising for the first time in 16 years and office vacancies are falling to the lowest in at least six years. He holds Tokyo-based Toho Co., Japan's biggest film company, which hasn't marked up the value of its real estate in more than 50 years. Toho, which had a 16 percent drop in fiscal first-half profit, owns property and buildings in central Tokyo that are worth about 582.6 billion yen ($5.22 billion), according to Sydney-based investment bank Macquarie Group Ltd. That's 16 times more than the book value of 35.8 billion yen and exceeds Toho's market capitalization of 477.2 billion yen. Adjusting for the market value of its property holdings, Toho is valued at about 0.6 times the company's total net assets, according to Bloomberg calculations.