Creating peace of mind through honest and committed management.

[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.

March 14, 2013
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Notice of Refinancing and Repayment of Existing Loan
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) has decided to borrow funds andrepay an existing loan.
1. Reason for Refinancing
As part of Stage II of its Growth Strategy, Ichigo has sought to reduce borrowing costs throughcomprehensive refinancing in order to accelerate the growth of Ichigo REIT.
2. Details of Borrowings
Shinsei Bank Syndicate Loan 2 (5 year maturity)
Lenders

Loan Amount
Use of Proceeds
Loan Date
Principal Repayment Date
Principal Repayment Terms

Partial Principal Repayment Date
Interest Rate

Prudential Mortgage Asset Holdings 1 Japan
LPS; Shinsei Trust & Banking Co., Ltd. (fundedby Investment LPS managed by AXA Real
Estate Investment Managers Japan KK)
3,800 million yen
Repayment of existing loans
March 18, 2013
March 16, 2018
16,750,000 yen of the principal for the period
from June 2013 to December 2015 and33,750,000 yen of the principal for the period
from March 2016 to December 2017
respectively will be repaid on each Partial
Principal Repayment Date; the remainder will berepaid in full on the Principal Repayment Date.
Same as the Interest Payment Date
1.76429% (fixed)1Interest Payment Date

Collateralized

Final business day of March, June, September,and December following the Loan Date (thefirst payment date will be June 2013 and the last
payment date will be the same as the Principal
Repayment Date)
Yes

3. Details of Existing Loan Repayments
Gibraltar Life Insurance LoanLender
Loan Amount Before Refinancing
Loan Amount After Refinancing
Loan Date
Refinancing Date
Interest Rate
Collateralized

Gibraltar Life Insurance Co., Ltd.
3,800 million yen (As of March 14, 2013)
None
March 16, 2006
March 18, 2013 (expected)
2.481% (fixed)
Yes

4. Future Outlook
Ichigo REIT is making no amendment to its earnings forecast for the fiscal period ending April
2013 (November 1, 2012 – April 30, 2013).
5. Other
Risks related to this refinancing have no material impact on the “Investment Risks” described in
the latest Securities Report (submitted January 28, 2013).

2

Reference 1: Loan Structure after Refinancing■ Outstanding Loan Balance (as of March 18, 2013)(million yen)
Balance
12,500GE Japan Corporation
Sumitomo Mitsui Banking Corporation

8,371

Aozora Bank, Ltd.

5,561

Resona Bank, Limited

4,951

Shinsei Bank, Limited

4,598

Prudential Mortgage Asset Holdings 1 Japan LPS

3,991

Mizuho Trust & Banking Co., Ltd.

3,871

Shinsei Trust & Banking Co., Ltd. *1

3,172

The Tokyo Star Bank, Limited

3,000

MetLife Alico

1,991

The Kagawa Bank, Ltd.

1,400

Shinsei Trust & Banking Co., Ltd. *2

1,100

Mizuho Bank, Ltd.

1,000996

ORIX Bank Corporation

56,506Total*1: Source of fund is Investment LPS managed by AXA Real Estate Investment Managers
Japan KK
*2: Cash funding is provided by Ichigo Group Holdings Co., Ltd.

■ Distribution of Repayment Dates (As of March 18, 2013)(million yen)
30,00020,00014,93010,49810,000

8,449
6,825

6,685
5,366

2,0000Apr 2013 Oct 2013 Apr 2014 Oct 2014 Apr 2015 Oct 2015 Apr 2016 Oct 2016 Apr 2017 Oct 2017 Apr 20183

■ Reduced Borrowing Costs
At Merger

2.70%

2.62%

2.62%

2.60%

SMBC & Mizuho Trust Bank
Syndicate Loan (Term 1 &2)

2.50%

Comprehensive Refinancing(January 2013)

2.35%2.40%

2.26%

2.30%
2.20%

2.26%

2.24%

0.8% reduction in borrowing cost

2.10%

Aozora Bank
Syndicate Loan

2.00%

Changes in Terms ofKagawa Bank Loan

1.90%

1.88%

1.83%

1.80%
Nov 2011

Apr 2012

May 2012

Aug 2012

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

4Oct 2012 Nov 2012

Jan 2013

Mar 2013