May 22, 2020...Trust beneficial interest in real estate (KABUTO-CHO UNI-SQUARE 5th to 8th floors...
Transcript of May 22, 2020...Trust beneficial interest in real estate (KABUTO-CHO UNI-SQUARE 5th to 8th floors...
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May 22, 2020
For Immediate Release
REIT Issuer
HEIWA REAL ESTATE REIT, Inc.
9-1 Nihonbashi Kabuto-cho, Chuo-ku, Tokyo
Aya Motomura, Executive Director
(Securities Code: 8966)
Asset Management Company
HEIWA REAL ESTATE Asset Management CO., LTD.
Takaya Ichikawa, President & Representative Director
Inquiries: Yoshio Ito, General Manager, Planning & Finance Department
TEL. +81-3-3669-8771
Notice Concerning Asset Acquisition and Transfer
HEIWA REAL ESTATE REIT, Inc. (hereinafter referred to as the “Investment Corporation”) announced today that
HEIWA REAL ESTATE Asset Management CO., LTD. (hereinafter referred to as the “Asset Management Company”),
the company to which the Investment Corporation entrusts its asset management operations, decided to execute the
acquisition and transfer of assets (hereinafter referred to as the “Acquisition” and “Transfer,” respectively, and
collectively as the “Transaction”). The details are as follows.
Details
1. Overview of the transaction
(1) Overview of the acquisition
Property number / Property name Of-45 KABUTO-CHO UNI-SQUARE
Type of specified asset
Trust beneficial interest in real estate
(KABUTO-CHO UNI-SQUARE 5th to 8th floors (100% ownership interest), 1st
basement (58.07% co-ownership interest), 1st floor (58.07% co-ownership
interest) and 4th floor (59.80% co-ownership interest.))
Investment category Office
Investment area (Note 1) Primary Investment Area (Chuo-ku, Tokyo)
Proposed acquisition price (Note 2) 2,100,000 thousand yen
Agreement execution date May 22, 2020
Scheduled acquisition date May 28, 2020
Seller (Note 3) Undisclosed
Acquisition financing Proceeds from the sale and Cash on hand
Payment method Lump-sum payment at time of delivery
Trustee (Planned) Sumitomo Mitsui Trust Bank, Limited
Trust Term (Planned) From November 28, 2017 to May 31, 2030
(Note 1) The Primary Investment Area refers to the “23 wards of Tokyo”
(Note 2) “Proposed acquisition price” is the price described in the trust beneficial interest transaction agreement (consumption tax excluded), and
does not include acquisition expenses, fixed property tax equivalent, or city planning tax equivalent.
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(Note 3) Undisclosed as consent cannot be obtained from the seller.
(2) Overview of the transfer
Property number /Property name Re-15 HF AZABUJUBAN RESIDENCE
Type of specified asset Trust beneficial interest
Transfer value (Note 1) 1,450,000 thousand yen
Book value (Note 2) 1,093,613 thousand yen
Difference between transfer value and
book value (Note 3) 356,386 thousand yen
Scheduled agreement execution date May 22, 2020
Scheduled transfer date (Note 4) May 28, 2020
Transferee (Note 4) Undisclosed
(Note 1) “Transfer value” is the price described in the trust beneficial interest transaction agreement (consumption tax excluded), and does not
include the amounts of settlement for fixed property tax, city planning tax, etc.
(Note 2) “Book value” is estimated amount as of April 30, 2020. Furthermore, amounts below a thousand yen have been rounded off.
(Note 3) “Difference between transfer value and book value” represents the pro forma value calculated as the difference between the estimated
transfer value and book value. It differs from the actual gain (loss) on transfer.
(Note 4) Undisclosed as consent cannot be obtained from the transferee.
2. Reason for the transaction
Since the change of the sponsor in 2009, the Investment Corporation has been making efforts to improve the
quality and profitability of its portfolio through continuous property acquisition and asset replacement, and the
Transaction will also be conducted as part of these efforts.
The Transaction aims to improve the portfolio and strengthen its profitability by transferring the residence owned
and acquiring a new office property. While residences with stable income are valuable assets amid the increasingly
uncertain business sentiment along with the recent spread of the COVID-19 coronavirus, the property to be
transferred has characteristics of being susceptible relatively significantly to the economic fluctuations given its
locational conditions in Higashi-Azabu, Minato-ku, although it is a residence. On the other hand, Kabutocho, where
the property to be acquired is located is where HEIWA REAL ESTATE, the sponsor, was founded, and HEIWA
REAL ESTATE owns, manages and operates many office properties including the Tokyo Stock Exchange Building
there. The occupancy rates in the portfolio of HEIWA REAL ESTATE in this area are stable at a high level, and the
operation of offices in the Acquisition area is what the Investment Corporation does best.
In the economic aspects of the Transaction, acquisition at a lower level than the appraisal value will contribute to
an increase in the net asset value. In addition, it is also expected from the difference between the sizes of the property
to be acquired and the property to be transferred that asset size will increase, that rental business profit will increase
about 47 million yen annually and that net income per unit will increase about 21 yen every fiscal period (the latter
two are on a basis excluding special factors after posting taxes and public dues). In addition, while a gain on sales
of about 300 million yen is expected to arise as a result of the transfer at a level higher than the appraisal value, the
Investment Corporation will appropriate some of the gain for distributions for the current fiscal period and use the
rest to improve and stabilize future distributions by internally retaining it through the utilization of tax loss carried
forward, etc.
As described above, the Investment Corporation believes that the Transaction will result in the enhancement of
unitholder value through an improvement of the quality and income of the portfolio and the expansion of resources
for distributions. The Investment Corporation will continue to aim for securing the steady growth of assets under
management and stable medium- to long-term profits by working to improve the profitability and quality of the
portfolio from the perspective of enhancing the unitholder value.
Please see “3. Details of the asset to be acquired” for the overview of the property to be acquired and “4. Details
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of the asset to be transferred” for the overview of the property to be transferred.
3.Details of the asset to be acquired
The characteristics of the property to be acquired are as per below.
(1)Of-45 KABUTO-CHO UNI-SQUARE
Location
・The property to be acquired is located about a four-minute walk from Kayabacho Station of the Hibiya Line
and the Tozai Line of the Tokyo Metro, about a five-minute walk from Hacchobori Station of the JR Keiyo
Line and the Hibiya Line of the Tokyo Metro and about a 13-minute walk from Tokyo Station where several
lines intersect, therefore multiple train lines are available. In addition, the property offers excellent access
to not only main areas in Tokyo but also wide-ranging areas including other regions by Shinkansen and car,
due to proximity to main roads such as Eitai Dori, Showa Dori and the inner Circular Route.
・Nihonbashi Kabutocho, where the property to be acquired is located, has been developing as a financial
district where the securities industry centered on the Tokyo Stock Exchange, the futures trading industry
centered on the Tokyo Commodity Exchange in Nihonbashi Horidomecho, and related companies and
industry groups and peripheral industries have collected since early times. Recently, the redevelopment of
large buildings has also progressed because the Tokyo Metropolitan government announced policy of
developing the area from Otemachi to Nihonbashi Kabutocho as a financial hub by establishing the
International Financial City Tokyo vision for a special financial business zone. For this reason, in the
Acquisition area, it is possible to anticipate the expansion of new demand and the development of the
neighborhood associated with progress in the special business zone projects and redevelopment projects in
Kabutocho, in addition to conventional stable office demand.
Building
・While the property to be acquired is a building completed in 1993, it has reasonable competitiveness, given
that the new supply of properties of a similar size is limited in this area and that buildings supplied before
2000 make up a majority.
・The rentable floor area on the standard floor) in the office portion is about 108 tsubo and able to meet
various kinds of demand because it is dividable. In addition, the property has specifications and equipment
levels that meet tenant needs, including a ceiling height of about 2.6 meters, individual air-conditioning
and OA floors.
Property number / Property name Of-45 KABUTO-CHO UNI-SQUARE
Type of asset Trust beneficial interest in real estate
Location (Note 1)
(Building address on real estate registry)
21-7 Nihonbashi Kabutocho, Chuo-ku, Tokyo
(Lot Number)
226-1 Nihonbashi Kabutocho, Chuo-ku, Tokyo (5 lots)
Land
Form of ownership Share Ownership
Area (Note 1) Total Area 646.36 m2
Share Ownership 406.55 m2
Use district (Note 2) Commercial district
Building coverage ratio(Note 3) 80%
Floor area ratio (Note 4) 600%
Building
Form of ownership (Note 5) Classification ownership (Partially shared)
Use (Note 1) Office, Parking, Storage
Structure/Floors (Note 1) Steel-framed reinforced concrete with flat roof, 1 floor below ground and 8
floors above ground
Total floor space (Note 5) Total Floor Space 4,229.47 m2
Proprietary area 1,828.48 m2
Construction
completion date (Note 1) March 31, 1993
Construction client Kato real estate corporation, Ishikawajima-Harima Heavy Industries Co.,Ltd.
(Current name: IHI Corporation)
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Constructor Toda Okumura Joint Venture
Architect TODA CORPORATION first-class architect office
Structural designer TODA CORPORATION first-class architect office
Building certification Chuo-ku, Tokyo
Property management company MITSUI FUDOSAN BUILDING MANAGEMENT CO.,LTD.
Master lease company -
Master lease type -
Collateral None
Tenant details (Note 6)
Total number of tenant 5
Total rent income 115,767 thousand yen
Leasehold and security deposits 95,510 thousand yen
Total leased floor space 1,637.17 ㎡
Total leasable floor space 1,637.17 ㎡
Occupancy rates
(Based on floor space) 100.0% (As of April 30, 2020)
NOI yield (Note 7) 4.4%
Outline of the engineering report
Survey company Tokyo Bldg.-Tech Center Co., Ltd.
Survey date April 8, 2020
Replacement value(Note 8) 606,870 thousand yen
Probable Maximum Loss (PML) 5.9%
Long-term repairs
(next 15years) (Note 8) 85,100 thousand yen
Overview of real estate
appraisal report
Appraiser Daiwa Real Estate Appraisal Co., Ltd.
Value date April 30, 2020
Appraisal value 2,260,000 thousand yen
Other items of special note -
(Note1) “Location (excluding indication of residential address),” “Area,” “Use,” “Structure/Floor” “Total floor space” and “Construction
completion date” are as stated in the real estate registry.
(Note 2) “Use district” is the type of use district as listed in Article 8, Paragraph 1, Item 1 of the City Planning Act.
(Note 3) “Building coverage ratio” is the ratio of the building area of the building to the site area as stipulated in Article 53 of the Building
Standards Act. The building coverage ratio is eased to 100% because this property is a fire-resistant building in the fire prevention
district.
(Note 4) “Floor area ratio” is the ratio of the total floor space of the building to the site area as stipulated in Article 52 of the Building
Standards Act.
(Note 5) Of the building, the portion to be acquired by the Investment Corporation is the fourth floor (474.12 m2), the fifth through the eight
floors (1,394.68 m2) and the garage portion of the first basement and the first floor (388.05 m2) of the property to be acquired, and the
ratio of interest in the building is 58.07% of the entire building. The ratio of interest is rounded to the nearest two decimal places.
(Note 6) Figures in “Tenant details” are as of April 30, 2020. Furthermore, “Total rent income” is the annualized figure (multiplied by 12) of
the monthly rent (including common expenses but not including fees for the usage of parking, storage rooms and such as well as
consumption tax) as of April 30, 2020., based on lease agreements concluded between the trustee and end tenants, with amounts below
a thousand yen round off. For the 4th floor, the total rent income obtained by co-ownership interest ratio of 59.8% is shown.
(Note 7) “NOI yield” indicates the NOI yield calculated by using the net operating income (NOI) for the 12 months, which serves as the
assumption for the value indicated by the income approach under the direct capitalization method shown in the appraisal report for the
property, and is rounded to the first decimal place.
(Note 8) The replacement value and long-term repairs costs for the co-ownership interest to be acquired in the engineering report are stated.
4. Details of the asset to be transferred
Property number / Property name Re-15 HF AZABUJUBAN RESIDENCE
Type of asset Trust beneficial interest in real estate
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Location (Note 1)
(Building address on real estate registry)
3-3-4 Higashi-azabu, Minato-ku, Tokyo
(Lot Number)
3-3-4 Higashi-azabu, Minato-ku, Tokyo
Land
Form of ownership Ownership
Area (Note 1) 499.24 ㎡
Use district (Note 2) Category 1 residential district
Building coverage ratio (Note 3) 60%
Floor area ratio (Note 4) 300%
Building
Form of ownership Ownership
Use (Note 1) Residence
Structure/Floors (Note 1) Reinforced concrete with flat roof, 8 floors above ground.
Total floor space (Note 1) 1,225.85 ㎡
Construction
completion date (Note 1) January 12, 2005
Transfer value 1,450,000 thousand yen
Book value (Note 5) 1,093,613 thousand yen
Difference between transfer value and book
value (Note 6) 356,386 thousand yen
Tenant details (Note 7)
Total Leasable Units 29 units
Total Leased Units 29 units
Total rent income 66,384 thousand yen
Leasehold and security deposits 7,732 thousand yen
Total leased floor space 1,116.78 ㎡
Total leasable floor space 1,116.78 ㎡
Occupancy rates Nov. 2017 May 2018 Nov. 2018 May 2019 Nov.2019
100.0% 100.0% 97.1% 100.0% 96.2%
Overview of Real Estate
Appraisal Report
Appraiser Chuo Real Estate Appraisal Co.,Ltd.
Value Date November 30, 2020
Appraisal Value 1,300,000 thousand yen
Other items of special note
・Cyanogen was detected in the southwestern part of the trust land, but
decontamination work including backfilling with clean soil after removing
polluted soil was completed on March 25, 2005 in accordance with the Soil
Contamination Countermeasures Act. The building condition survey report
prepared by Tokyo Bldg-Tech Center Co., Ltd. on March 28, 2005 has
determined that the possibility of soil contamination on the trust land is
extremely low, given that (1) Decontamination has been completed and the
soil contaminated with cyanogen has been removed and (2) hazardous
substances were not detected in additional land surveys on other portions of
the property.
(Note 1) “Location (excluding indication of residential address)”, “Area,” “Use,” “Structure/Floor” “Total Floor Space” and “Construction
Completion Date” are as stated in the real estate registry.
(Note 2) ”Use District” is the type of use district as listed in Article 8, Paragraph 1, Item 1 of the City Planning Act.
(Note 3) “Building Coverage Ratio” is the ratio of the building area of the building to the site area as stipulated in Article 53 of the Building
Standards Act.
(Note 4) “Floor area ratio” is the ratio of the total floor space of the building to the site area as stipulated in Article 52 of the Building
Standards Act.
(Note 5) “Book value” is estimated amount as of April 30, 2020. Furthermore, amounts below a thousand yen have been rounded off.
(Note 6) “Difference between transfer value and book value” represents the pro forma value calculated as the difference between the
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estimated transfer value and book value. It differs from the actual gain (loss) on transfer.
(Note 7) Figures in “Tenant details” are as of April 30, 2020. Furthermore, “Total rent income” is the annualized figure (multiplied by 12)
of the monthly rent (including common expenses but not including fees for the usage of parking, storage rooms and such as well as
consumption tax) as of April 30, 2020, based on the lease agreements or sub-leasing agreements concluded between the trustee or the
master lease company and the tenants, with amounts below a thousand yen round off.
5. Overview of the seller and the transferee
(The property to be acquired) Of-45 KABUTO-CHO UNI-SQUARE
The seller is a domestic business company, but it is undisclosed due to consent cannot be obtained. The seller is
not a party that has a special interest relationship with the Investment Corporation or the Asset Management
Company.
(The property to be transferred) Re-15 HF AZABUJUBAN RESIDENCE
The transferee is a domestic business company, but it is undisclosed due to consent cannot be obtained. The
transferee is not a party that has a special interest relationship with the Investment Corporation or the Asset
Management Company.
6. Status of previous owner, etc. of the property to be acquired
(The property to be acquired) Of-45 KABUTO-CHO UNI-SQUARE
The acquisition of the property is not acquisition from any persons having a special interest in the Investment
Company or the Asset Management Company.
7. Broker Profile
(The property to be acquired) Of-45 KABUTO-CHO UNI-SQUARE
None
(The property to be transferred) Re-15 HF AZABUJUBAN RESIDENCE
The broker is a domestic business company, but it is undisclosed due to consent cannot be obtained. The broker
is not a party that has a special interest relationship with the Investment Corporation or the Asset Management
Company.
8. Method of Settlement
Please refer to the aforementioned “1. Overview of the transaction.”
9. Schedule for the acquisition and the transfer
Please refer to the aforementioned “1. Overview of the transaction.”
10. Outlook
For the impact of the transaction on the management status forecast for the fiscal period ending May 2020 (37th Fiscal
period) and the fiscal period ending November 2020 (38th Fiscal period) published in the 36th Fiscal Period Financial
Report dated January 16, 2020 is minor, and the management status forecasts will remain unchanged.
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11. Overview of the appraisal report (Properties to be acquired)
Property number / Property name Of-45 KABUTO-CHO UNI-SQUARE
Appraisal value 2,260,000 thousand yen
Appraiser Daiwa Real Estate Appraisal Co., Ltd
Value date April 30, 2020
Item
Content
(1,000
yen)
(Note)
Overview, etc.
Value 2,260,000 Estimated combining the indicated value by DCF method and direct
capitalization method.
Value indicated by the income
approach (direct capitalization
method)
2,340,000
Effective gross income 131,323
Potential total profits 138,092
Assessment made after taking into account the medium- to long-term
competitiveness of the target real estate based on rent levels of the current
contract, new rent levels of comparable real estate within the same demand zone and their trends
Losses from vacancies,
etc. 6,768
Assessment made based on actual vacancy rates of the target real estate and the standard vacancy rate of comparable real estate
Operating expenses 38,334
Management fees 10,697 Posted after referring to actual costs as well as taking into account the
management fees of comparable real estate.
Property Management fee 6,308 Assessment based on contract terms
Utilities expenses 5,943 Posted based on utilities expenses in past fiscal years after taking the vacancy
rate into account.
Maintenance and repair
cost 522
Posted by determining that the annual average maintenance and repair cost
written in the engineering report is reasonable.
Tenant advertisement
expenses, etc. 1,029
Assessment based on the tenant advertisement expenses for comparable real
estate, etc.
Public charges and taxes 11,937 Assessment based on actual payments.
Casualty insurance
premiums 303
Assessed to be an amount equivalent, equivalent to interest in the replacement cost, in reference to the insurance premiums of comparable real estate.
Other expenses 1,593 Posted as a contingency expenses.
Net operating income (NOI) 92,989
Interest on lump-sum
payments 1,210 Assessed the investment yield at 1.0%.
Capital expenditures 5,351 Of the repair and renewal expenses stated in the engineering report, 15-year average value and construction management fee of large-scale repair
expenses and renewal expense part were recorded.
Net cash flow (NCF) 88,848
Capitalization rate 3.8% Assessment made after comprehensively taking into account criteria of the location building and other factors of the target real estate as well as examples
of transactions of comparable real estate.
Value indicated by the income
approach (discounted cash flow
method)
2,230,000
Discount rate 3.6%
Assessment made by comparing with the discount rate related to the transactions of comparable real estate, investment yields of other financial
products.
Terminal capitalization rate 4.0% Assessment made after taking into account the marketability of the target real
estate upon the expiration of the holding period.
Value indicated by the cost approach
using the cost accounting method 2,400,000
Percentage of land 92.8%
Percentage of building 7.2%
Other notable items regarding the
appraisal as stated by the appraiser -
(Note) The balance above is based on that in the appraisal report and is not that of the Investment Corporation or the Asset Management
Company.
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12. Overview of the appraisal report (Property to be transferred)
Property number / Property name Re-15 HF AZABUJUBAN RESINDENCE
Appraisal value 1,300,000 thousand yen
Appraiser Chuo Real Estate Appraisal Co.,Ltd.
Value date November 30, 2019
Item
Content
(1,000 yen)
(Note) Overview, etc.
Value 1,300,000 Assessed by placing emphasis on indicated value by the DCF method and linking indicated value by the direct capitalization
method.
Value indicated by the income
approach (direct capitalization
method)
1,310,000
Effective gross income 67,435
Potential total profits 70,104 New rents are assessed taking into account current rent levels and the rent levels of comparable real estate.
Losses from vacancies,
etc. 2,669
Assessed taking into account actual occupancy rates of the target
real estate and comparable real estate, the forecast for the future
market trends and stable occupancy rates over the medium to long term.
Operating expenses 11,449
Management fees 2,747 Assessed taking into account past expenses and expense levels of
comparable real estate based on the conditions of the current BM contract.
Property Management fee 1,304 Sum of the property management fee and the construction
management fee is posted.
Utilities expenses 780 Assessed taking into account the expenses of comparable real estate based on past results.
Maintenance and repair
cost 1,191
Sum of small-scale repairs and maintenance costs and costs for
restoration to original state is posted.
Tenant advertisement
expenses, etc. 1,571
Sum of brokerage commissions, advertising expenses and renewal commissions is posted.
Public charges and taxes 3,607 Assessment based on actual payments.
Casualty insurance
premiums 75 Assessment based on actual payments.
Other expenses 174 Assessment based on actual payments
Net operating income (NOI) 55,986
Interest on lump-sum payments 103 Assessed the investment yield at 1.0%.
Capital expenditures 2,305 Annual average amount of estimated renewal costs based on the engineering report is posted.
Net cash flow (NCF) 53,784
Capitalization rate 4.1% Assessed individually considering locational conditions, building
specifications and rights of the target real estate in reference to returns on investment in transactions of comparable real estate.
Value indicated by the income
approach (discounted cash flow
method)
1,290,000
Discount rate 3.9%
Assessment made by comparing with the discount rate related to
the transactions of comparable real estate, investment yields of other financial products.
Terminal capitalization rate 4.3% Assessment made after taking into account the marketability of
the target real estate upon the expiration of the holding period.
Value indicated by the cost approach using
the cost accounting method 1,130,000
Percentage of land 84.1%
Percentage of building 15.9%
Other notable items regarding the appraisal
as stated by the appraiser -
(Note) The balance above is based on that in the appraisal report and is not that of the Investment Corporation or the Asset Management
Company.
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* Investment Corporation Website: https://www.heiwa-re.co.jp/en/
【Attachment】
(Attachment 1) Pictures and maps of the assets to be acquired
(Attachment 2) Portfolio list after the property transaction
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【Attachment】
(Attachment 1) Pictures and maps of the assets to be acquired
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<MAP>
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(Attachment 2) Portfolio list after the property transaction
Property
No. Property Name Location
Investment
Area (Note 1)
Acquisition Price
(million yen)
(Note 2)
Investment
Ratio
(Note 2) (%)
Office
Of-05 SUITENGU HEIWA BUILDING Chuo-ku, Tokyo I 1,550 0.87
Of-06 HF MONZENNAKACHO BUILDING Koto-ku, Tokyo I 2,500 1.40
Of-07 HF HAMAMATSUCHO BUILDING Minato-ku, Tokyo I 1,530 0.86
Of-08 HF TAMEIKE BUILDING Minato-ku, Tokyo I 2,700 1.51
Of-09 GRACE BUILDING SENGAKUJIMAE Minato-ku, Tokyo I 1,220 0.68
Of-11 HF NIHONBASHI ODENMACHO
BUILDING Chuo-ku, Tokyo I 2,150 1.20
Of-12 HF HATCHOBORI BUILDING Chuo-ku, Tokyo I 3,092 1.73
Of-17 HATCHOBORI MF BUILDING Chuo-ku, Tokyo I 1,110 0.62
Of-18 M2 HARAJUKU Shibuya-ku, Tokyo I 3,418 1.91
Of-20 FUNABASHI FACE BUILDING Funabashi City, Chiba II 3,900 2.18
Of-21 ADESSO NISHIAZABU Minato-ku, Tokyo I 640 0.36
Of-23 HF IKEBUKURO BUILDING Toshima-ku, Tokyo I 1,314 0.73
Of-24 HF YUSHIMA BUILDING Bunkyo-ku, Tokyo I 1,624 0.91
Of-25 KAYABACHO HEIWA BUILDING Chuo-ku, Tokyo I 4,798 2.68
Of-27 KOBE KYUKYORYUCHI HEIWA
BUILDING Kobe City, Hyogo III 2,310 1.29
Of-29 SAKAE MINAMI BUILDING Nagoya City, Aichi III 1,580 0.88
Of-30 HF SAKURADORI BUILDING Nagoya City, Aichi III 4,900 2.74
Of-31 HF NIHONBASHI HAMACHO
BUILDING Chuo-ku, Tokyo I 1,900 1.06
Of-32 HF SENDAI HONCHO BUILDING Sendai City, Miyagi III 2,700 1.51
Of-33 HF UENO BUILDING Taito-ku, Tokyo I 3,400 1.90
Of-34 KOJIMACHI HF BUILDING Chiyoda-ku, Tokyo I 1,350 0.76
Of-35 HF KUDAN MINAMI BUILDING Chiyoda-ku, Tokyo I 2,720 1.52
Of-36 HF KANDA OGAWAMACHI
BUILDING Chiyoda-ku, Tokyo I 3,150 1.76
Of-37 NISSO 5 BUILDING Yokohama City,
Kanagawa II 3,100 1.73
Of-38 ACROSS SHINKAWA BUILDING Chuo-ku, Tokyo I 3,250 1.82
Of-39 SENJU MILDIXⅡBANKAN Adachi-ku, Tokyo I 1,650 0.92
Of-40 ARK Mori Building Minato-ku, Tokyo I 3,085 1.73
Of-41 Nihonbashi Horidomecho First Chuo-ku, Tokyo I 2,140 1.20
Of-42 Southern Sky Tower Hachioji Hachioji City, Tokyo II 1,600 0.89
Of-43 HAMACHO HEIWA BUILDING Chuo-ku, Tokyo I 3,100 1.73
Of-44 KINSICHO SQUARE BUILDING Sumida-ku, Tokyo I 2,840 1.59
Of-45 KABUTO-CHO UNI-SQUARE Chuo-ku, Tokyo I 2,100 1.17
Office Subtotal 76,321 43.86
Resid
ence
Re-03 HF ICHIKAWA RESIDENCE Ichikawa City, Chiba II 430 0.24
Re-05 HF MEGURO RESIDENCE Meguro-ku, Tokyo I 660 0.37
Re-09 HF KASAI RESIDENCE Edogawa-ku, Tokyo I 650 0.36
Re-11 HF WAKABAYASHI-KOEN
RESIDENCE Setagaya-ku, Tokyo I 3,610 2.02
Re-12 HF HIMONYA RESIDENCE Meguro-ku, Tokyo I 1,560 0.87
Re-14 HF MINAMIAZABU RESIDENCE Minato-ku, Tokyo I 1,370 0.77
Re-15 HF AZABUJUBAN RESIDENCE Minato-ku, Tokyo I - -
Re-16 HF GAKUGEIDAIGAKU
RESIDENCE Meguro-ku, Tokyo I 1,000 0.56
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Property
No. Property Name Location
Investment
Area (Note 1)
Acquisition Price
(million yen)
(Note 2)
Investment
Ratio
(Note 2) (%)
Re-17 HF HIGASHIKANDA RESIDENCE Chiyoda-ku, Tokyo I 1,100 0.62
Re-18 HF HIGASHINIHONBASHI
RESIDENCE Chuo-ku, Tokyo I 1,210 0.68
Re-19 HF NERIMA RESIDENCE Nerima-ku, Tokyo I 690 0.39
Re-20 HF SHIROKANETAKANAWA
RESIDENCE Minato-ku, Tokyo I 4,030 2.25
Re-21 HF MEIDAIMAE RESIDENCE Setagaya-ku, Tokyo I 1,070 0.60
Re-22 HF NIHONBASHI RESIDENCE Chuo-ku, Tokyo I 1,130 0.63
Re-23 HF KAMISHAKUJII RESIDENCE Nerima-ku, Tokyo I 950 0.53
Re-24 HF KINSHICHO RESIDENCE Sumida-ku, Tokyo I 1,100 0.62
Re-25 HF GINZA RESIDENCE EAST Chuo-ku, Tokyo I 5,940 3.32
Re-26 HF SHIN-YOKOHAMA RESIDENCE Yokohama City,
Kanagawa II 3,350 1.87
Re-29 HF HAKUSAN RESIDENCE Bunkyo-ku, Tokyo I 2,350 1.31
Re-30 HF MAGOME RESIDENCE Ota-ku, Tokyo I 1,630 0.91
Re-31 HF GAKUGEIDAIGAKU
RESIDENCE II Meguro-ku, Tokyo I 1,650 0.92
Re-33 HF KAMEIDO RESIDENCE Koto-ku, Tokyo I 1,050 0.59
Re-34 HF TANASHI RESIDENCE Nishi-tokyo City,
Tokyo II 911 0.51
Re-35 HF SHIBA-KOEN RESIDENCE Minato-ku, Tokyo I 836 0.47
Re-36 HF MITA RESIDENCE Minato-ku, Tokyo I 1,080 0.60
Re-37 HF TAKANAWA RESIDENCE Minato-ku, Tokyo I 749 0.42
Re-38 LA RESIDENCE DE
SHIROKANEDAI Minato-ku, Tokyo I 730 0.41
Re-39 HF GINZA RESIDENCE EAST II Chuo-ku, Tokyo I 1,460 0.82
Re-40 HF HATCHOBORI RESIDENCE II Chuo-ku, Tokyo I 1,890 1.06
Re-41 HF HATCHOBORI RESIDENCE III Chuo-ku, Tokyo I 793 0.44
Re-42 HF GINZA RESIDENCE Chuo-ku, Tokyo I 944 0.53
Re-43 HF KOMAZAWA-KOEN
RESIDENCE TOWER Setagaya-ku, Tokyo I 6,520 3.65
Re-44 HF UMEDA RESIDENCE TOWER Osaka City, Osaka III 1,920 1.07
Re-45 HF NAKANOSHIMA RESIDENCE Osaka City, Osaka III 453 0.25
Re-46 HF AWAZA RESIDENCE Osaka City, Osaka III 577 0.32
Re-47 HF MARUNOUCHI RESIDENCE Nagoya City, Aichi III 624 0.35
Re-48 HF HIRAO RESIDENCE Fukuoka City, Fukuoka III 1,780 1.00
Re-49 HF KAWARAMACHI NIJO
RESIDENCE Kyoto City, Kyoto III 534 0.30
Re-53 HF SHIJYO KAWARAMACHI
RESIDENCE Kyoto City, Kyoto III 1,820 1.02
Re-54 LA RESIDENCE DE SENDAGI Bunkyo-ku, Tokyo I 820 0.46
Re-55 HF SENDAGI RESIDENCE Bunkyo-ku, Tokyo I 870 0.49
Re-56 HF KOMAZAWA-KOEN
RESIDENCE Setagaya-ku, Tokyo I 615 0.34
Re-57 HF MUSASHIKOYAMA
RESIDENCE Shinagawa-ku, Tokyo I 842 0.47
Re-58 HF KOKUBUNJI RESIDENCE Kokubunji City, Tokyo II 839 0.47
Re-59 HF HISAYAODORI RESIDENCE Nagoya City, Aichi III 1,080 0.60
Re-60 HF KARASUMA KURAMAGUCHI
RESIDENCE Kyoto City, Kyoto III 572 0.32
Re-61 HF NISHI-SHINJUKU RESIDENCE
WEST Shinjuku-ku, Tokyo I 1,990 1.11
- 14 -
Property
No. Property Name Location
Investment
Area (Note 1)
Acquisition Price
(million yen)
(Note 2)
Investment
Ratio
(Note 2) (%)
Re-62 HF NISHI-SHINJUKU RESIDENCE
EAST Shinjuku-ku, Tokyo I 1,170 0.65
Re-63 HF HIGASHI-SHINJUKU
RESIDENCE Shinjuku-ku, Tokyo I 1,360 0.76
Re-64 HF HIGASHI-SHINSAIBASHI
RESIDENCE Osaka City, Osaka III 566 0.32
Re-65 HF KITA-YOBANCHO RESIDENCE Sendai City, Miyagi III 809 0.45
Re-66 HF ATAGOBASHI RESIDENCE Sendai City, Miyagi III 684 0.38
Re-67 HF KYUDAIBYOIN-MAE
RESIDENCE Fukuoka City, Fukuoka III 426 0.24
Re-68 HF ASAKUSABASHI RESIDENCE Taito-ku, Tokyo I 771 0.43
Re-69 HF ICHIBANCHO RESIDENCE Sendai City, Miyagi III 834 0.47
Re-70 HF HIGASHI-NAKANO RESIDENCE Nakano-ku, Tokyo I 942 0.53
Re-72 HF WASEDA RESIDENCE Shinjuku-ku, Tokyo I 2,090 1.17
Re-73 HF WASEDA RESIDENCE II Shinjuku-ku, Tokyo I 872 0.49
Re-74 HF WAKAMATSU KAWATA
RESIDENCE Shinjuku-ku, Tokyo I 1,158 0.65
Re-75 HF SENDAI RESIDENCE EAST Sendai City, Miyagi III 1,638 0.92
Re-76 HF NISHIKOEN RESIDENCE Sendai City, Miyagi III 1,310 0.73
Re-77 HF BANSUI-DORI RESIDENCE Sendai City, Miyagi III 790 0.44
Re-78 HF KANNAI RESIDENCE Yokohama City,
Kanagawa II 1,800 1.01
Re-79 HF MEIEKI-KITA RESIDENCE Nagoya City, Aichi III 2,160 1.21
Re-80 HF HIGASHI-SAPPORO
RESIDENCE
Sapporo City,
Hokkaido III 1,560 0.87
Re-81 HF HAKATA-HIGASHI
RESIDENCE Fukuoka City, Fukuoka III 880 0.49
Re-82 HF SENDAI ITSUTSUBASHI
RESIDENCE Sendai City, Miyagi III 850 0.48
Re-83 HF TABATA RESIDENCE Kita-ku, Tokyo I 1,100 0.62
Re-84 HF RYOGOKU RESIDENCE Sumida-ku, Tokyo I 1,400 0.78
Re-85 HF HACHIOJI RESIDENCE Hachioji City, Tokyo II 1,120 0.63
Re-86 HF MITA RESIDENCE II Minato-ku, Tokyo I 1,210 0.68
Re-87 HF MONZEN-NAKACHO
RESIDENCE Koto-ku, Tokyo I 945 0.53
Re-88 HF MINAMI-SUNAMACHI
RESIDENCE Koto-ku, Tokyo I 900 0.50
Re-89 HF SENDAI NAGAMACHI
RESIDENCE Sendai City, Miyagi III 1,030 0.58
Re-90 HF SHOKOJI AKABANE RESIDENCE Kita-ku, Tokyo I 1,150 0.64
Re-91 HF SENDAI HONCHO RESIDENCE Sendai City, Miyagi III 1,070 0.60
Residence Subtotal 100,375 56.14
Portfolio Total 178,796 100.00
(Note 1) The Investment Area column entries are in accordance with the following basis:
Investment in the Primary Investment Area (Tokyo 23 Wards) is entered as “I,” investment in the Secondary Investment Area (Tokyo (other
than the Primary Investment Area), and major urban areas of Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture) is entered as
“II,” and investment in the Regional Investment Area (major urban areas of government-ordinance-designated cities other than the Primary
and Secondary Investment Area) is entered as III.”
(Note 2) Figures for the acquisition price are rounded off to the nearest specified unit, and figures for the investment ratio are rounded to the second
decimal place. Accordingly, the figures may not necessarily add up to the figures in the total columns.