Make The World
More Sustainable[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

January 24, 2023
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Takaaki Fukunaga, Executive Director
www.ichigo-office.co.jp/en
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Norio Nagamine, Head of Ichigo OfficeTel: +81-3-3502-4891

Acquisition of Two Office Assets(Ichigo Hakataeki Higashi Building, Fukuoka Kensetsu Kaikan)
Ichigo Office decided today to acquire two office assets, the Ichigo Hakataeki Higashi
Building and Fukuoka Kensetsu Kaikan.
1. Asset Acquisition Summary
Total appraisal value: JPY 6,440 million
Total acquisition price: JPY 6,250 million
O-99
Asset Number
Ichigo Hakataeki Higashi
1
Asset Name
Building
OfficeAsset Type

O-100
Fukuoka Kensetsu Kaikan
OfficeAppraisal Value1

October 3, 1987
Trust beneficiary interest inreal estate (juekiken)
JPY 3,630 million

November 30, 1997
Trust beneficiary interest inreal estate (juekiken)
JPY 2,810 million

Acquisition Price2

JPY 3,500 million

JPY 2,750 million

Seller4

GK Kizuna1

BrokerNone

Contract Date

January 24, 2023

Closing Date

January 27, 2023 (expected)

Financing Method

Cash-on-hand, Loans (expected)

Settlement Method

Lump-sum payment

Date Built
Legal Form of Asset

1

Appraisal Value is calculated by Tanizawa Sogo Appraisal as of December 1, 2022,
and is in compliance with the appraisal guidelines of Ichigo Investment Advisors(“IIA”) as well as the rules of the Investment Trusts Association of Japan.
1

2Acquisition Price excludes incidental expenses such as fees and property, city
planning, and consumption taxes.

2. Acquisition Rationale
As a specialized office REIT that delivers robust earnings stability via a diversified
portfolio, Ichigo Office continues to execute on its strategy to grow shareholder value
by focusing its portfolio on high-quality, mid-size office assets.
Ichigo Office acquired the Ichigo Marunouchi South Building on November 30, 2022
and sold the Ichigo Ikenohata Building on December 20, 2022 as part of its strategic
portfolio restructuring during the April 2023 fiscal period. Ichigo Office is making useof the proceeds from the asset sale to acquire two mid-size office assets in Fukuoka City
with earnings growth upside.
Post-acquisition, Ichigo Office’s portfolio will consist of 84 office assets comprising
96.9% of the portfolio, and annual NOI is expected to increase by c. JPY 113 million.
Ichigo Office will draw upon its operational capabilities to carry out value-add activities
at the newly acquired office assets and drive stable earnings growth.
On January 28, 2022, Ichigo Office acquired a TK (tokumei kumai) equity interest in a
bridge fund that includes the Ichigo Hakataeki Higashi Building, the Fukuoka Kensetsu
Kaikan, and two other high-quality mid-size offices as its underlying assets and isoperated by TK operator GK Kizuna1. The bridge fund, created with the support ofsponsor Ichigo and its subsidiary Ichigo Estate, acquired four high-quality office assets
from the Ichigo group in order to support Ichigo Office’s acquisition-driven growth.
Ichigo Office is acquiring the Ichigo Hakataeki Higashi Building and Fukuoka Kensetsu
Kaikan by partially exercising a preferential negotiation right it received, free of charge,
to acquire the four underlying assets of the bridge fund. The exercise period of thepreferential negotiation right lasts until January 31, 2025, and Ichigo Office willcontinue to explore acquisition-driven growth opportunities.
The existing tenants of the Ichigo Hakataeki Higashi Building and Fukuoka Kensetsu
Kaikan satisfy the tenant standard stated in the “Financial Report (Yuka Shoken
Hokokusho)” (Japanese only) disclosed on July 28, 2022.
Please refer to Section 3 “Asset Details” below for additional details on the asset’s
features and characteristics that underpinned the acquisition decision.
For details of the TK equity interest acquisition, please see the January 27, 2022 release,“Acquisition of TK Equity Interest in Four Office Assets (Bridge Fund) and Preferential
Negotiation Right With Sponsor Support” and for details of the revision to conditions
for exercise of preferential negotiation right, please see the October 31, 2022 release“Revision to Conditions for Exercise of Preferential Negotiation Right (GK Kizuna1).”
3. Asset Details
A. Ichigo Hakataeki Higashi Building(1) Location
The eastern Hakata Station area is part of Fukuoka’s main commercial district where
many office buildings, occupied by financial institutions and major corporations, andhotels stand along a major thoroughfare.

2The Ichigo Hakataeki Higashi Building is located near Hakata Station, which offers
access to rail lines including the JR Kagoshima Main Line and the Fukuoka City
Subway Kuko Line and conveniently connects to the Tenjin entertainment district andFukuoka Airport.
The eastern Hakata Station area is expected to grow on the back of new redevelopment
projects being planned as a result of Hakata Connected, a policy providing for relaxed
floor-area ratio requirements for buildings meeting certain criteria.
(2) Building Features
The Ichigo Hakataeki Higashi Building is a mid-size office building located within afour-minute walk from the Chikushi Exit of Hakata Station, which offers access to raillines including the JR Kagoshima Main Line and the Fukuoka City Subway Kuko Line.
The standard floor plate has a leasable area of 135 tsubo (c. 446m2) and is sub-divisible
into six zones, and the building has raised access floors and individual air conditioning
units therefore catering to the needs of many tenants.
Current tenants include the branch and sales offices of listed companies, construction
companies, and a medical clinic.
(3) Building Photos and Location Map

3

Asset Name
Form of Ownership
Trustee
Period of Trust Contract
Location
Property Right
Area
Land
ZoningCoverage Ratio
Floor Area Ratio
Property Right
Use
Building

Structure
Total Floor Area
Date Built

Appraiser
Appraisal Value

Asset Overview
Ichigo Hakataeki Higashi Building
Trust beneficiary interest in real estate (juekiken)
Mitsubishi UFJ Trust and Banking Corporation
March 1, 2007 – January 31, 2033 (expected)
1-13-9 Hakataeki Higashi, Hakata-ku, Fukuoka City
Freehold
950.75m2
Commercial
80%500%
Freehold(1) Office (2) Pump room(1) Steel Reinforced Concrete, 8 floors(2) Reinforced Concrete, 1 floor(1) 4,871.45m2 (2) 17.25m2
October 3, 1987
Tanizawa Sogo Appraisal Co., Ltd.
JPY 3,630 million
December 1, 2022

Appraisal Date
Value by Direct Capitalization
JPY 3,830 million
MethodTekken Corporation, First-Class Registered Architects OfficeArchitect1
1
Tekken Corporation, Fukuoka Branch
Builder1
Structural Designer
Tekken Corporation, First-Class Registered Architects Office1
Inspection Agency
Fukuoka City
Seismic PML (Assessor)
0.8% (Sompo Risk Management Inc.)
None
Collateral
Lease Details (as of December 31, 2022)
Number of Tenants
32
Monthly Rental Income
JPY 13.414 million
Tenant Security Deposits
JPY 122.363 million
Leasable Area
3,596.71m2
Leased Area
3,483.18m2
Apr 2021 Oct 2021 Apr 2022 Oct 2022 Dec 2022
Occupancy
100%
100%
96.8%
94.1%
96.8%
Property Management
OHI Co., Ltd. (expected)
Company
Ichigo Office (expected)
Master Lease Company
Pass-through (expected)
Master Lease TypeSpecial Items
A lease termination notification was received from one of the tenants (leased area: 81.31m2) on
September 27, 2022 and effective March 31, 2023. Occupancy is expected to be 94.6% after
the lease termination.
4

1

Names of the architect, builder, structural designer, and inspection agency are those as of
the building’s construction date.

5

Appraisal Details
Asset Name
Appraisal Value
Appraiser
Appraisal Date

Appraisal Value
Value by Direct Capitalization
MethodIncomeMaximum Obtainable
Rental Income
Vacancy Loss
Expenses
Administrative andMaintenance Expenses
Utility Expenses
Repair Expenses
PM FeeLeasing Brokerage Fees
Taxes
Insurance Premiums
Other Expenses
Net Operating Income(NOI)
Income on Investment of
Deposits Received
CapitalExpenditure
Net Profit
Cap Rate
Value via DCF Method
Discount Rate
Terminal Cap Rate

Ichigo Hakataeki Higashi Building
JPY 3,630,000,000
Tanizawa Sogo Appraisal Co., Ltd.
December 1, 2022
Amount (JPY)Note
Calculated using an income approach,with a DCF valuation as a basis and3,630,000,000
verified using a direct capitalization
valuation
3,830,000,000
220,727,714
Based on expected long-term, stablerental income, common area service
232,285,174
income, parking lot income, and otherincomeBased on long-term, normalized
11,557,460
vacancy rates
48,994,641
12,516,551 Based on historical actual amounts
12,775,514 Based on historical actual amounts
3,925,000 Based on engineering reports
4,834,372 Based on existing contractual fees
Based on tenant acquisition costs at
1,791,165
similar assets
11,595,700 Based on FY2022 actual amounts
452,700

Based on quotes from insurancecompanies

1,103,639 Based on historical actual amounts
171,733,073
1,537,164 Based on a 1.0% investment yield
8,635,000 Based on engineering reports
164,635,237
Based on transactions of similar assets,
while taking into account the asset’s
4.3% location and specific characteristics,
rights, and terms and conditions of thecontract
3,550,000,000
Based on transactions of similar assets
and the current yield of financial
4.4%
assets, taking into consideration theasset’s location and specific risks
4.5% Cap rate adjusted for uncertainties
6

Value via Cost Approach
Ratio of Land
Ratio of Building

3,660,000,000
85.9%
14.1%
Notes

None
Note: Appraisal NOI Yield: 4.9% (calculated by dividing NOI by Acquisition Price)7

B. Fukuoka Kensetsu Kaikan(1) Location
The eastern Hakata Station area is part of Fukuoka’s main commercial district where
many office buildings, occupied by financial institutions and major corporations, andhotels stand along a major thoroughfare.
The Fukuoka Kensetsu Kaikan is located near Higashi-Hie Station on the Fukuoka City
Subway Kuko Line, offering convenient access to the Tenjin entertainment district andFukuoka Airport, and also provides for access to Hakata Station on the JR Kagoshima
Main Line.
The eastern Hakata Station area is expected to grow on the back of new redevelopment
projects being planned as a result of Hakata Connected, a policy providing for relaxed
floor-area ratio requirements for buildings meeting certain criteria.
(2) Building Features
The Fukuoka Kensetsu Kaikan is a mid-size office building located within a two-minute
walk from Higashi-Hie Station on the Fukuoka City Subway Kuko Line.
The standard floor plate has a leasable area of 117 tsubo (c. 386m2) and is sub-divisible
into five zones, and the building has raised access floors and individual air conditioning
units therefore catering to the needs of many tenants.
Current tenants include construction companies, an industry organization, IT
companies, and a real estate company.
(3) Building Photos and Location Map

8

Asset Name
Form of Ownership
Trustee
Period of Trust Contract
Location
Property Right
Area
Land
ZoningCoverage Ratio
Floor Area Ratio
Property Right
Use
Building Structure
Total Floor Area
Date Built
Appraiser
Appraisal Value

Asset Overview
Fukuoka Kensetsu Kaikan
Trust beneficiary interest in real estate (juekiken)
Mitsubishi UFJ Trust and Banking Corporation
April 26, 2019 – January 31, 2033 (expected)
3-14-18 Hakataeki Higashi, Hakata-ku, Fukuoka City
Freehold
954.48m2
Commercial(1) 80% (2) 80%(1) 500% (2) 400%
Freehold(1) Office (2) Storage(1) Steel, 9 floors (2) Reinforced Concrete, 1 floor(1) 4,357.40m2 (2) 4.49m2
November 30, 1997
Tanizawa Real Estate Appraisal Co., Ltd.
JPY 2,810 million
December 1, 2022

Appraisal Date
Value by Direct Capitalization
JPY 2,890 million
MethodFukuoka Sekkei Kyodo Kumiai (FSK), First-Class Registered
Architect1
Architect Office1
Takenaka Corporation, Kyushu Branch
Builder1
Structural Designer
Tokuta Sekkei
1
Inspection Agency
Fukuoka City
Seismic PML (Assessor)
0.1% (Sompo Risk Management Inc.)
None
Collateral
Lease Details (as of December 31, 2022)
Number of Tenants
11
Monthly Rental Income
JPY 12.162 million
Tenant Security Deposits
JPY 114.549 million
Leasable Area
2,949.22m2
Leased Area
2,949.22m2
Apr 2021 Oct 2021 Apr 2022 Oct 2022 Dec 2022
Occupancy
100%
100%
100%
100%
100%
Property Management
The Dai-ichi Building Co., Ltd. (expected)
Company
Ichigo Office (expected)
Master Lease Company
Pass-through (expected)
Master Lease Type9

Special Items
Fukuoka City has partial rights to 96.3m2 of the land for the purpose of establishing a highspeed railway facility.
1

The names of the architect, builder, structural designer, and inspection agency are those
as of when the building was built.

10Appraisal Details
Asset Name
Appraisal Value
Appraiser
Appraisal Date

Appraisal Value
Value by Direct Capitalization
MethodIncomeMaximum Obtainable
Rental Income
Vacancy Loss
Expenses
Administrative andMaintenance Expenses
Utility Expenses
Repair Expenses
PM FeeLeasing Brokerage Fees
Taxes
Insurance Premiums
Other Expenses
Net Operating Income(NOI)
Income on Investment of
Deposits Received
CapitalExpenditure
Net Profit
Cap Rate
Value via DCF Method
Discount Rate
Terminal Cap Rate

Fukuoka Kensetsu Kaikan
JPY 2,810,000,000
Tanizawa Real Estate Appraisal Co., Ltd.
December 1, 2022
Amount (JPY)Note
Calculated using an income approach,with a DCF valuation as a basis and2,810,000,000
verified using a direct capitalization
valuation
2,890,000,000
178,795,875
Based on expected long-term, stablerental income, common area service
188,926,973
income, parking lot income, and otherincomeBased on long-term, normalized
10,131,098
vacancy rates
41,485,182
10,266,157 Based on historical actual amounts
11,061,423 Based on historical actual amounts
5,040,000 Based on engineering reports
Based on existing contractual fees and3,361,630
reference to similar assets
Based on tenant acquisition costs at
1,419,133
similar assets
9,027,300 Based on FY2022 actual amounts
Based on quotes from insurance
415,560
companies
893,979 Based on historical actual amounts
137,310,693
1,202,411 Based on a 1.0% investment yield
11,520,000 Based on engineering reports
126,993,104
Based on transactions of similar assets,
while taking into account the asset’s
4.4% location and specific characteristics,
rights, and terms and conditions of thecontract
2,770,000,000
Based on transactions of similar assets
and the current yield of financial
4.5%
assets, taking into consideration theasset’s location and specific risks
4.6% Cap rate adjusted for uncertainties
11Value via Cost Approach
Ratio of Land
Ratio of Building

2,720,000,000
78.5%
21.5%
Notes

None
Note: Appraisal NOI Yield: 5.0% (calculated by dividing NOI by Acquisition Price)12

4. Seller Profile
Name

GK Kizuna1

Address

1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo

Representative

Managing Member: Ippan Shadan Hojin IES2Manager: Kenta Itoi

Business

1. Investment in trust beneficiary interests in real estate(juekiken)
2. Acquisition, development, holding, management, and sale ofreal estate
3. Other businesses relating to the aforementioned businesses

Paid-In Capital

JPY 100,000

Establishment Date

January 4, 2022

Total Assets

JPY 12,740 million (expected)

Net Assets

JPY 100,000

Relationship to
Ichigo Office or
Ichigo Investment
Advisors (IIA)

Although the TK Operator is not a related party as defined in the
Act on Investment Trusts and Investment Corporations, it is arelated party as defined in the internal rules of IIA, because it
receives asset management services from Ichigo Estate, which isa related party as defined in the Act on Investment Trusts andInvestment Corporations.

13

5. Ownership History
Asset Name

Ichigo Hakataeki Higashi Building
Current Owner

Name

GK Kizuna1

Relationship with Please see “Seller
Ichigo Office
Profile” in Section 4.

Acquisition
Rationale

Investment

Acquisition Price

JPY 3,462,000,000

Acquisition Date

January 31, 2022

Asset Name

Previous Owner
GK Sunrise
Although the previous owner is
not a related party as defined in
the Act on Investment Trusts
and Investment Corporations, it
is a related party as defined in
IIA’s internal rules given that
Ichigo, IIA’s 100% shareholder,is the previous owner’s soleinvestor and the previous ownerreceives asset management
advice from Ichigo Estate,
which is a related party as
defined in the Act on Investment
Trusts and Investment
Corporations.

–

Investment–

Omitted as ownership exceeds
one yearFebruary 1, 2019––

Fukuoka Kensetsu Kaikan
Current Owner

Name

Owner Before
Previous Owner
Unrelated Party

GK Kizuna1

Previous Owner
Ichigo Estate

Owner Before
Previous Owner
Unrelated Party

Relationship with Please see “Seller
Ichigo Office
Profile” in Section 4.

Ichigo Estate is a related party as
defined in the Act on Investment
Trusts and Investment
Corporations.

–

Acquisition
Rationale

Investment

Investment–

Acquisition Price

JPY 2,732,000,000

Acquisition Date

January 31, 2022

Omitted as ownership exceeds
one year
June 28, 2019

6. Broker Profile
N/A
7. Acquisition Schedule
January 24, 2023

Acquisition Decision Date
Contract Date
Closing Date

January 24, 2023
January 27, 2023 (expected)
14––8. Earnings Impact
The impact of the acquisitions on April 2023 and October 2023 fiscal period earnings is
minimal and thus there is no change to the forecast presented in Ichigo Office’s
December 15, 2022 release “October 2022 Fiscal Period Earnings.” As a specialized
office REIT, Ichigo Office believes the acquisitions will strengthen its portfolio anddrive sustainable growth.

15

Reference
1. Earnings Profile of Assets Being Acquired
Ichigo Hakataeki Higashi Building(JPY million)
Forecast1

At Acquisition2

A. Rental Income
B. Rental Expenses(excluding depreciation)3
C. NOI (A-B)

207

178

48

46

159

132

D. NOI Yield4

4.5%

3.8%

E. Depreciation5

13

25

F. Post-depreciation NOI (C-E)

145

107

G. Post-depreciation NOI Yield4

4.1%

3.1%

H. Occupancy6

97.0%

96.8%

Fukuoka Kensetsu Kaikan(JPY million)
Forecast1

At Acquisition2

A. Rental Income
B. Rental Expenses(excluding depreciation)3
C. NOI (A-B)

166

167

39

39

127

127

D. NOI Yield4

4.6%

4.7%

E. Depreciation5

21

37

106

90

G. Post-depreciation NOI Yield

3.9%

3.3%

H. Occupancy6

97.0%

100%

F. Post-depreciation NOI (C-E)
4

1

Amounts exclude one-off factors in the year of acquisition and are calculated based on
current and future anticipated fluctuations in occupancy.
2
Shows first-year amounts used to calculate the DCF-based valuation, excluding one-off
factors in the year of acquisition.
3
Rental Expenses include incidental expenses such as service provider fees, taxes,
maintenance and repair fees, insurance premiums, and other fees.
4
Calculated based on Acquisition Price.
5
Depreciation is as estimated by Ichigo Office using the straight-line method.
6
Occupancy at acquisition is as of December 31, 2022.

16

2. Engineering Report Summary
Asset Name
Inspector Name
Inspection Date
Short-Term Repair Expenses1
Long-Term Repair Expenses2
Current Replacement Cost

Ichigo Hakataeki Higashi
Building
Tokio Marine dR Co., Ltd.
December 2022–
JPY 173.798 million
JPY 1,575 million

1

Fukuoka Kensetsu Kaikan
Tokio Marine dR Co., Ltd.
December 2022–
JPY 166.346 million
JPY 1,446 million

Short-Term Repair Expenses are defined as repair expenses beyond the scope ofordinary maintenance within a year from the time of inspection.
2
Long-Term Repair Expenses are defined as cumulative repair expenses considerednecessary for the maintenance of the asset within twelve years from the time ofinspection.

17

3. Post-Transaction Portfolio
No.
O-02
O-03
O-04
O-05
O-06
O-07
O-09
O-10
O-11
O-12
O-14
O-15
O-16
O-17
O-18
O-19
O-20
O-21
O-22
O-23
O-24
O-26

Area1

Asset Name

O-27
O-28
O-29

Ichigo Nishisando Building
Ichigo Mita Building
Ichigo Nanpeidai Building
Ichigo Hanzomon Building
Ichigo Hijirizaka Building
Ichigo Shibuya Kamiyamacho Building
Ichigo Shibakoen Building
Ichigo Ebisu Nishi Building
Ichigo Ginza 612 Building
Ichigo Uchikanda Building
Ichigo Yotsuya 4 Chome Building
Ichigo Tameike Building
Ichigo Jimbocho Building
Ichigo Hakozaki Building
Ichigo Kudan 2 Chome Building
Ichigo Kudan 3 Chome Building
Ichigo Gotanda Building
Ichigo Shin Yokohama Building
Ichigo Minami Ikebukuro Building
Ichigo Nakano North Building
Ichigo Eitai Building
Ichigo Ikejiri Building
Ichigo Nishi Ikebukuro Building
Ichigo Nishi Gotanda Building
Ichigo Kichijoji Building

O-34

Ichigo Sakae Building

O-37

Ichigo Marunouchi Building

O-38
O-39
O-42
O-46
O-47

Ichigo Toyamaeki Nishi Building
Ichigo Mirai Shinkin Building
Ichigo Takamatsu Building
Ichigo Kanda Nishikicho Building
Ichigo Akihabara North Building

O-48

Ichigo Sakaisuji Honmachi Building

O-49
O-50

Ichigo Kanda Ogawamachi Building
Ichigo Hatchobori Building

Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Central Tokyo
Tokyo Metro Area
Four Major Regional
CitiesFour Major Regional
CitiesOther Regional Cities
Other Regional Cities
Other Regional Cities
Central Tokyo
Central Tokyo
Four Major Regional
CitiesCentral Tokyo
Central Tokyo
18

Acquisition
Price(JPY million)% ofPortfolio2

3,254
2,740
1,920
1,550
1,200
1,505
1,100
1,917
1,773
1,140
550
580
1,820
1,150
763
844
5,060
1,816
1,460
764
1,490
2,030
639
765
2,160

1.5
1.3
0.9
0.7
0.6
0.7
0.5
0.9
0.8
0.5
0.3
0.3
0.9
0.5
0.4
0.4
2.4
0.9
0.7
0.4
0.7
1.0
0.3
0.4
1.0

4,705

2.2

6,710

3.2

1,645
1,158
3,010
2,130
5,500

0.8
0.5
1.4
1.0
2.6

1,940

0.9

2,210
1,905

1.0
0.9

No.

Area1

Asset Name

O-51
O-52
O-53
O-54
O-55
O-56
O-57
O-58
O-59
O-60
O-61
O-62
O-63
O-64
O-65
O-66
O-67
O-68
O-69
O-70
O-71
O-72
O-73

Ichigo Ebisu Green Glass
Ichigo Omori Building
Ichigo Takadanobaba Building
Ichigo Omiya Building
Ichigo Sagamihara Building
Ichigo Ofuna Building
Ichigo Sendai East Building
Ichigo Kumamoto Building
Ichigo Jingumae Building
Ichigo Shibuya Dogenzaka Building
Ichigo Hiroo Building
Ichigo Sasazuka Building
Ichigo Nihonbashi East Building
Ichigo Sakurabashi Building
Ichigo Shinkawa Building
Ichigo Kudan Building
Ichigo Higashi Gotanda Building
Axior Mita
Ichigo Higashi Ikebukuro Building
Koriyama Big-i (Office Section)
Ichigo Kawasaki Building
Ichigo Shibuya East Building
Ichigo Ningyocho Building

O-74

Ichigo Nishi Honmachi Building

O-75

Ichigo Hakata Building

O-76

Ichigo Nishiki First Building

O-78
O-79
O-80

Ichigo Ikebukuro East Building
Ichigo Motoazabu Building
Ichigo Otsuka Building

O-81

Ichigo Nagoya Building

O-82

Ichigo Fushimi Building

O-83

Ichigo Nishiki Building

O-84

Ichigo Minami Morimachi Building

O-85
O-86

Ichigo Shibuya Udagawacho Building
Win Gotanda Building

Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Other Regional Cities
Other Regional Cities
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metro Area
Other Regional Cities
Tokyo Metro Area
Central Tokyo
Central Tokyo
Four Major Regional
CitiesFour Major Regional
CitiesFour Major Regional
CitiesTokyo Metro Area
Central Tokyo
Tokyo Metro Area
Four Major Regional
CitiesFour Major Regional
CitiesFour Major Regional
CitiesFour Major Regional
CitiesCentral Tokyo
Central Tokyo
19

Acquisition
Price(JPY million)
5,900
3,850

% of
Portfolio2

1,580
3,430
1,174
2,000
1,840
1,450
7,200
3,650
3,960
4,780
4,700
2,500
2,360
3,190
3,660
1,800
4,570
1,660
1,750
1,350
1,450

2.8
1.8
0.7
1.6
0.6
0.9
0.9
0.7
3.4
1.7
1.9
2.3
2.2
1.2
1.1
1.5
1.7
0.9
2.2
0.8
0.8
0.6
0.7

2,190

1.0

1,380

0.7

2,000

0.9

3,010
1,890
2,740

1.4
0.9
1.3

3,420

1.6

2,340

1.1

1,330

0.6

1,040

0.5

3,500
3,100

1.6
1.5

No.
O-87
O-88
O-89
O-90

Ichigo Hongo Building
Oimachi Center Building
Win Gotanda Building 2
MIF Building

O-91

Ichigo Uchi Honmachi Building

O-92
O-93

Ichigo Minami Otsuka Building
Ichigo Nogizaka Building

O-94

Ichigo Hakata East Building

O-95
O-96

Ichigo Nakameguro Building
Ichigo Tachikawa Building
Ichigo Higashi Ikebukuro 3 Chome
Building

O-97

Acquisition
Price(JPY million)% ofPortfolio2

Tokyo Metro Area
Central Tokyo
Central Tokyo
Central Tokyo
Four Major Regional
CitiesTokyo Metro Area
Central Tokyo
Four Major Regional
CitiesTokyo Metro Area
Tokyo Metro Area

2,300
1,680
3,300
2,200

1.1
0.8
1.6
1.0

1,900

0.9

2,780
3,315

1.3
1.6

2,250

1.1

1,495
3,830

0.7
1.8

Tokyo Metro Area

3,840

1.8

1,750

0.8

3,500

1.6

2,750

1.3

205,537
1,210
2,400
1,620
1,400
6,630
212,167

96.9
0.6
1.1
0.8
0.7
3.1
100

38

–

Area1

Asset Name

Four Major Regional
CitiesFour Major
O-99 Ichigo Hakataeki Higashi Building
Regional Cities
Four Major
O-100 Fukuoka Kensetsu Kaikan
Regional Cities
Subtotal - Office (84 Assets)
Z-09 Future IZUMIOther Regional Cities
Z-10 Ichigo Shibuya Bunkamura Dori Building Central Tokyo
Z-11 Twicere Yokohama Isogo (Retail Section) Tokyo Metro Area
Z-14 Ichigo Kamata Building
Tokyo Metro Area
Subtotal - Other (4 Assets)
Total (88 Assets)
O-98

Ichigo Marunouchi South Building

TK Equity Investment GK Kizuna1 TK Equity Interest 3
1

Central Tokyo refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa Wards. Tokyo Metro
Area refers to Tokyo (excluding the six wards above), Kanagawa, Chiba, and Saitama Prefectures. Four
Major Regional Cities refers to Osaka, Nagoya, Fukuoka, and Sapporo.
2% of Portfolio is based upon acquisition price.
3
JPY 11 million of Ichigo Office’s JPY 50 million TK equity investment will be returned shortly after
acquisition of the two assets.

20