ES-CON JAPAN Ltd.
Financial Results for Term
Ended December 2020

IDEAL to REAL

February 25, 2021

1

Table of Contents⚫ Financial Results for Term Ended December 2020 (26th term)
Main Activities in Term Ended December 2020
Response to COVID-19 Pandemic
P/L for Term Ended December 2020
Segment Results for Term Ended December 2020
B/S for Term Ended December 2020

⚫ Announcement of fourth medium-term management plan
⚫ Performance Plans for Term Ending December 2021 (27th term)
Performance Plans for Term Ending December 2021
Real Estate Sales BusinessCondominium Sales Business
Commercial Development Business
Logistics Development Business and Other Business
Real Estate Leasing Business⚫ New Business
Launch of Sale and Management of Columbarium Permanent Use Rights(Ryomon)
Leasehold Condominium Development, Private Investment Fund Formation
ESG Initiatives⚫ Main Recent Initiatives
ESCON JAPAN REIT Investment Corporation (EJR)
Hokkaido Ballpark Project
Partner Company Preferred Negotiation Rights Obtained for Kitahiroshima Station“West Exit Area Revitalization Project” in Hokkaido
Overseas Business Development
Information

P.3
P.4
P.5
P.6
P.7, 8
P.9

P.10, 11, 12
P.13
P.14
P.15
P.16, 17
P.18, 19
P.20
P.21
P.22
P.23
P.24
P25, 26
P.27
P.28, 29
P.30
P.31
P.32
P.35

2
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Financial Results for
Term Ended December 2020 (26th term)3
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Main Activities in Term Ended December 2020

ES CON FIELD
HOKKAIDO

January

Naming rights acquired for new stadium for Hokkaido Nippon-Ham Fighters
Nomination and Remuneration Advisory Committee establishedFebruary

ESCON JAPAN REIT Investment Corporation (EJR) undertakes first public offering
Opening of tonarie Utsunomiya, the Tokyo metropolitan area’s first community shopping center

March

Monetary donation to Kyoto University’s iPS Cell Research Fund,
Participation in joint condominium project in Los Angeles County, California
Joint Nagoya-shi Higashi-ku Shirakabe 4-chome II Project (tentative name) with Chuden Real Estate Co., Inc.
Raised three billion yen in funding through ESG/SDGs assessment-based loan / Joint Suita-shi Fujishirodai 5-chome Project (tentative name) with Chuden Real
Estate Co., Inc.

April

Investment in SQUEEZE Inc. and participation in hotel operation business
Acquisition of commercial facility Lions Square Kawaguchi
Additional contribution to performance-based stock reword system for directors

May

Earned EcoAction 21 environmental management system (EMS) certification

July

EJR earned DBJ Green Building certification,

AugustThird medium-term management plan and progressive dividend policy reviewed

Soyoca Fujimino commercial facility earns CASBEE real estate assessment certification.
Joint Ichinomiya-shi Hachiman 4-chome Project (tentative name) and joint Kakegawa-shi Minami 1-chome Project (tentative name) with Chuden
Real Estate Co., Inc.

September

Effective September 1, Hokkaido Office opens and begins operating; Fukuoka Office renamed Kyushu OfficeFormation of private investment fund and investments in silent partnership (Kamikitadai Ekimae development, Fujisawa
development)

October

Grand Le JADE Todoroki and Le JADE Tsujido Higashikaigan win 2020 Good Design Awards
Sale of permanent use rights at columbarium and management of columbarium commence.
Acquisition of Suroy Mall Nagamine

November

Earned 3-star and Green Star ratings in Development Benchmark of GRESB real estate assessments
Completion of ZEH Builder Certification registration by ES-CON HOME and ES-CON CRAFT

DecemberRaised 3.5 billion yen in funding through ESG/SDGs assessment-based financing (Tsukuba CREO (commercial facility))●Number of new business sites acquired in term ended December 2020
Acquisition of preferred negotiation rights of partner companies for the JR Kitahiroshima Station “West Exit
Metropolitan
Kinki
Chubu
KyushuArea Revitalization Project” in Kitahiroshima City, Hokkaido
Total
area
regionregionregionFormation of private investment fund and investments in silent partnership (Keio Inagi Ekimae development)
Condom inium or
residential leasing

January

Notice on new executive officer appointments and new directors and division management personnel
Opening of tonarie Yokkaichi, the Tokyo metro area’s first neighborhood shopping center
Formation of private investment fund and silent investment (Odakyu Isehara Ekimae Sakuradai development)

Com m ercial (includingcommercial facilities)

OfficeNotice of third-party allotment to Chubu Electric
Announcement of “IDEAL to REAL 2023”, the fourth medium-term management plan

11

2

1

4

1

21

1

4
1

1

Multipurpose
Total

February

5

2

2

8

14

4

2

4

28

Response to COVID-19 Pandemic◼ Condominium sales
Although the number of visitors to show rooms dropped significantly during the state of emergency of April to May 2020 and caused a slowdown insales, the number picked up gradually after the state of emergency was lifted. The current situation indicates that the actual demand for housing
under the pandemic remains stronger than expected. However, prolonged economic fluctuations induced by the pandemic may result in stagnant
sales. The situation remains impossible to predict.

Based on numbers of visitors to model units in April-June, yields, and other indicators, condominium sales are relatively
unaffected. We plan to maintain a stable supply going forward.

◼ Commercial facilities
ES-CON JAPAN Group owns and manages retail properties centering on community-based shopping centers with supermarkets as the coretenant. Supermarkets, drug stores, etc., selling daily essentials continued operations during the state of emergency and have posted sales
exceeding 100% year on year. However, other tenants, such as restaurants, apparel shops and sports clubs were forced to refrain from doing
business and are still facing difficulty in business operations. As such, there is a risk of possible decrease in planned real estate leasing income
due to rent reduction requests, uncollected rents of bankrupted tenants, difficulty in soliciting new tenants, etc.

Neighborhood commercial facilities, centered on supermarkets selling fresh food, have performed well even during the
pandemic. Given their contribution to communities, we intend to continue with their proactive development.

◼ Hotels
We have been promoting hotel development projects in recent years, and has completed sales for 15 out of its 17 projects. As to the 2 projects
underway (Fukuoka City: opened in March 2020, Osaka City: opened in January 2021), there is a risk of possible delay in the sales period ordecrease in sales prices due to the sluggish occupancy rate and difficulty in predicting the time needed for recovery.

Occupancy rates have fallen sharply. For the immediate future, we will exercise cautious management, assuming a
recovery from the second half of 2023.

◼ Other businesses
Logistics development:
Overseas businesses:
Residential leasing:E-commerce demand is booming during the pandemic. Anticipating this trend to continue, weplan to maintain proactive development.
We will adopt a cautious approach until the COVID-19 pandemic is under control.
We will pursue proactive development as an additional development business, since thisbusiness has high affinities with condominium development and demand is expected to remain
stable.

◼ Group-wide initiatives
The Group is currently implementing work from home, remote work, staggered shifts, and other measures. We are also
rigorously enforcing COVID-19 prevention measures like mask use, hand washing and gargling, hand sanitization, andavoiding the 3 Cs.

5Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

P/L for Term Ended December 2020➢

Sales increased and profits decreased YoY.

➢

Due to COVID-19 and the resulting abrupt changes in the socioeconomic environment, the timing of a hotel
property sale (Fukuoka Nakasu hotel) was revised from initial plans. Additionally, the booking of the sale of alogistics site (logistics park in Koga City) was delayed. Both sales and profits fell short of initial plans.
(Unit: Million yen)

Full year ended
December 2020
(term under review)

Full year ended
December 2019(previous term)

Amount ofCompared toincrease/previous term
decrease

Percentage
vs.
initial plan

-8,692-10.1%

13,300-1,098

-8.3%

-5.5%

12,300-1,136

-9.2%

-492

-6.0%

8,500

-837

-9.8%

-7.23

-6.1%

77,308

72,106

5,202

7.2%

Gross profit

19,67919,767-88-0.4%

Selling, general andadministrative expenses

7,477

6,854

623

9.1%

Selling expenses

2,787

2,627

160

6.1%

General administrative expenses

4,689

4,226

463

11.0%

12,202

12,912

-710

-5.5%

1,047

1,143

-96

-8.4%

Ordinary income

11,164

11,810-646

Profit attributable to ownersof parent

7,663

8,155

Basic earnings per share incurrent term

111.94119.17

Interest expenses

Difference
from plan

86,000

Sales

Operating profit

Full year ended
December 2020
(initial plan)

6
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Segment Results for Term Ended December 2020
➢ In the real estate sales business, sales and income increased YoY.
➢ In the condominium business, sales increased by 7.5% and income by 38.5% YoY.
➢ In other sales, sales increased YoY due to the properties sold to Chuden Real Estate Co., Inc. and ESCON JAPAN REIT Investment Corporation(EJR), and other factors. However, income declined due to the change in the timing of a hotel sale from initial plans and the delayed booking of the saleof a logistics site.
➢ Sales of condominium units fell short of initial plans, with 652 units sold compared to the 765 units targeted.
➢ Profits in the real estate leasing business were down YoY due in part to the sale of properties to Chuden Real Estate Co., Inc., EJR, and other buyers.
(Unit: Million yen)

Sales
Term ended December
2020(term under review)
Real estate sales
business

Segment income

Term ended December
Term ended December
Compared to
2019
2020
previous term
(previous term)(term under review)

Term ended December
Compared to2019previous term
(previous term)

71,48566,7107.2%

14,257

13,802

3.3%

Condominium sales

30,67728,529

7.5%

3,591

2,593

38.5%

Other sales

40,80738,180

6.9%

10,666

11,209-4.8%

Real estate leasing
business

5,527

5,022

10.1%

2,381

3,001

-20.7%

295

372-20.7%

152286-46.9%

77,308

72,106

7.2%

16,791

17,091-1.8%

Real estate planning
agency and consulting
business

Total

Results

Condominium sold/sales

Units sold
(Units)Amount(million yen)Price per unit
(10,000 yen)Segment profit margin

Term ended December 2019(previous term)

648

28,529

4,402

9.1%

Term ended December 2020
(term under review)

652

30,677

4,705

11.7%

Sales planned interm under review(units)Units sold at term-end(units)Term ended
December 2020
(term under review)

765

Inventory at term-end(units)652

103

Non-condominium project
profit margin

85.2%

Sales
(million yen)

Year ended December 2019(previous term)
Year ended December 2020
(term under review)

Units contracted
as of 2/22
(including units sold)(units)Progress

Results

679

Segment profit(million yen)Segment profit
margin38,180

11,20929.4%

40,807

10,666

26.1%

Other sales in term ended
December 2020

Sales
(million yen)

Progress

Segment profit(million yen)

Properties• tonarie Yamato-Takada 50%• tonarie Toga-Mikita 50%

Properties sold to Chuden Real
Estate Co., Inc.

9,515

2,819 • Ikoma-gun commercial site

Properties sold to EJR

10,373

2,933 • tonarie Toga-Mikita 50%

88.8%• Omihachiman-shi commercial site
• Muko-shi commercial site
• tonarie Yamato-Takada 50%

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved• Sakai-shi Daisen commercial site

7

Segment Results for Term Ended December 2020
➢ The completed condominium inventory as of end of December 2020 was 103 units (76 units as of February 22, 2021).
➢ Other sales included 10.3 billion yen in sales to REIT (EJR) and 9.5 billion yen in sales to Chuden Real Estate (total of approx. 19.8 billion yen).
(Unit: Units)

Condominium sales

Total numberof units

Location

Mirakita City Himeji

Himeji-shi, Hyogo

Grand Le JADE Jiyugaoka

Meguro-ku, Tokyo

Grand Le JADE Shonan Enoshima R134

Fujisawa-shi, Kanagawa

Le JADE Hama-Otsu

Otsu-shi, Shiga

Grand Le JADE Todoroki

Setagaya-ku, Tokyo

Le JADE Minami-Ibaraki MUSE

Ibaraki-shi, Osaka

Le JADE Tsujido Higashikaigan

Fujisawa-shi, Kanagawa

Le JADE Toyoda Master Hills

Hino-shi, Tokyo

Le JADE Kotoen

Nishinomiya-shi, Hyogo

Le JADE Kuzuha

Hirakata-shi, Osaka

Takatsuki-shi, Osaka

Le JADE Ikeda Masumicho

Ikeda-shi, Osaka

Le JADE Nishinomiya Kitaguchi Hinokuchicho

Nishinomiya-shi, Hyogo

Grand Le JADE Shukugaw a Residence

Nishinomiya-shi, Hyogo

Le JADE Utsukushigaoka

Yokohama-shi, Kanagawa

Le JADE Okurayama

Yokohama-shi, Kanagawa

Le JADE Morinomiya

Higashinari-ku, Osaka-shi

32
8

11
8

21
0

22*2
51
43
40
51

5
27
28
3
ー

5
23
28
3
50

0
4
0
0
1

63
49
47*3
41

ー
ー
ー
ー

63
49
47
41

0
0
0
0

99
35
94
13

ー
ー
ー
ー

99
35
63
8

0
0
31
5

90
25
45

ー
ー
ー

49
25
45

41
0
0

103

652

103

Total
Other sales
LOGITRES Tojo

Sale

Matsubara, Setagaya-ku

Revenue-generating real estate

Sale

Honjonishi, Kita-ku

Revenue-generating real estate

Sale
Sale

Revenue-generating real estate

Minami-Otsuka, Toshima-ku

Revenue-generating real estate

Sale

Gemboen, Koga-shi, Fukuoka

Land planning

Sale

Built-for-sale detached houses
Ikoma-gun commercial site

Sale to EJRApprox. 10.3 billion yen

Business scheme

Logistics

Daikyocho, Shinjuku-ku

Sale to Chuden
Real Estate
Approx. 9.5 billion yen

TypeDetached houses

Sale

Land planning

Sale to Chuden Real Estate and external buyers*

Sales (million yen)
8,120
2,167
1,967
2,562
2,900
392
2,316
765

Omihachiman-shi commercial site

Land planning

Sale to Chuden Real Estate

Muko-shi commercial site

Land planning

Sale to Chuden Real Estate

tonarie Yamato-Takada

Commercial facility

Sale to Chuden Real Estate and EJR

tonarie Toga-Mikita

Commercial facility

Sale to Chuden Real Estate and EJRLand planning

Sale to EJR

970
445
8,175
6,875
2,733

-

-

417

Sakai-shi Daisen commercial site

Other

* The Ikoma-gun commercial site was sold to Chuden Real Estate (690 million yen) and external buyers (75 million yen).

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Inventory at end ofterm ended
December 2020

143 (67 units)*1
23

Le
Imagawa
RyokudoLe JADE
JADEHigashi-Sumiyoshi
Higashi-Sumiyoshi
Imagawa Ryokudo Higashi-Sumiyoshi-ku, Osaka-shi

Le JADE Takatsuki Miyanocho

Number of units
Closing inventory
delivered in term
for term ended
ended
December 2019
December 2020

Leasing business (major owned properties)*1 Includes 143 residential units and nine unsold units. Based on
our 50% share, this is equivalent to a total of 67 units.
*2 Includes 24 residential units and two unsold units (units for sale: 22 units).
*3 Includes 78 residential units and 31 unsold units (units for sale: 47 units).

Location

Possession status

Kansai Medical University Kuzuha Hospital

Hirakata-shi, Osaka

Non-current asset

Aeon Minamisenri

Suita-shi, Osaka

Non-current asset

Oh! Me Otsu Terrace

Otsu-shi, Shiga

Non-current asset

tonarie Utsunomiya

Utsunomiya-shi, Tochigi

Non-current asset

Lions Square Kawaguchi

Kawaguchi-shi, Saitama

Current asset (for sale)

Tsukuba CREO

Tsukuba-shi, Ibaraki

Current asset (for sale)

Tsukuba Q’t ・MOG

Tsukuba-shi, Ibaraki

Current asset (for sale)

KoLuTeNa I

Nishi-ku, Sapporo-shi

Current asset (for sale)soyoca Fujimino

Fujimino-shi, Saitama

Current asset (for sale)

Yamada Denki Sapporo Shiroishi store

Shiroishi-ku, Sapporo-shi

Current asset (for sale)

Mukomotomachi, Amagasaki-shi

Amagasaki-shi, Hyogo

Current asset (for sale)

Ikegami, Nishi-ku, Kobe-shi

Nishi-ku, Kobe-shi

Current asset (for sale)

Nakasu, Hakata-ku

Hakata-ku, Fukuoka-shi

Current asset (for sale)

Suroy Mall Nagamine

Kumamoto-shi, Kumamoto

Current asset (for sale)8

B/S for Term Ended December 2020
➢ Non-current assets increased by 8.7 billion due to the acquisition of the commercial facility tonarie Utsunomiya, investments (in EJR,SQUEEZE, and ESCON USA), and acquisition of exclusive sales rights for permanent use rights at a columbarium.
➢ The annual average interest rate fell YoY by 0.1 percentage points to 0.8% due to the business partnership with Chubu Electric Power Group.
➢ The equity ratio rose to 25.8%, up 0.5 points from the end of the previous term.
(Unit: Million yen)

Term ended December
2020(term under review)

Current assets

Term ended December
2019(previous term)

Increase/decrease

122,117

114,137

7,980

Cash and deposits

23,87022,511

1,359

Real estate for sale

6,262

24,234-17,972

Residential
leasing 5% Others
Hotel 3%

Real estate for sale inprocess

82,316

Non-current assets
Property, plant andequipm ent
Intangible assets
Investm ents and otherassetsTotal assets

59,61918,558

8,748

14,876

13,433

1,443

403

492

-89

12,026

4,632

7,394

149,423

132,696

6%

Inventory
at end of term
ended
29%
December2020
88.5
Commercial, billion yen
etc.

22,69727,306(Unit: Million yen)2020 term end

Condominium

57%

2019 term end

Condominium

50,88043,588Commercial, etc.

25,99235,155

Hotel

2,326

1,734

Residential leasing

4,072

722

Others

5,306

2,655

Total

88,57883,854

16,727(Unit: Million yen)

Term ended December
2020(term under review)

Current liabilities
Short-term loans

Term ended December
2019(previous term)

Increase/decrease

39,81350,199-10,386

2,907

4,580

-1,673

24.9%

24.8%
Current portion of
longterm loans

26,09332,415-6,322

230

40

190

Non-current liabilities

70,982

48,95022,032

Corporate bonds

-

230

-230

Long-term loans

69,27447,72021,554

Total liabilities

110,795

99,14911,646

Total net assets

38,62733,546

5,081

Total liabilities and net
assets149,423

132,696

16,727

25.8%

25.3%

149,423
Non-current assets (owned assets)

Current portion of bonds

Inventory

Total assets
Equity ratio

25.8%

25.3%

+0.5 points

109,747

86,435
81,19998,50484,98588,57883,85464,21970,66156,5441,565

Equity ratio

132,696

Interest-bearing debt

Term ended December
2017

12,655

14,136

Term ended December
2019

Term ended December
2020

1,534
Term ended December
2018

9
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Announcement offourth medium-term management plan

10
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Announcement of Third-Party Allotment and fourth medium-term management plan
Capital increase realized by becoming a consolidated subsidiary of Chubu Electric Power through third-party allotment; fourth
medium-term management plan formulated and launched to cover the three years from 2021 to 2023

New
Fourth medium-term management plan(Three years from term ending December 2021
through term ending December 2023)

Transformation

Rapid ProgressandBasic policy of medium/long-term management strategy① Establishing business foundations able to withstand unexpected changes in economic conditions
Establishing business and financial standings that would be sound and enable us to maintain our fund-raising abilities
under any economic conditions.

② Simultaneously changing the revenue structure and expanding business domains
Transforming the revenue structure from one based on flows to one based on stock by strengthening
the real estate leasing business while at the same time realizing business diversification and expanding business territories.
➢ Proactive investment in long-term revenue-generating real estate and improving
the structure of the balance sheet➢ Transforming the focus of management from flows to stock➢ Demonstrating synergies in the Chubu Electric Power Group➢ Achieving net sales of 110 billion yen and operating income of
16 billion yen (in the final fiscal year of the medium-term
management plan)

2022
2021

Stage of setting newrecord profits

2023
Stage of further rapid
progress through realizing
transformation

Stage of structural reforms tobalance sheet and revenues

For more information on the third-party allotment and fourth medium-term management plan,refer to Appendix 1 and medium-term management plan presentation.
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

11Fourth medium-term management plan
(Unit: 100 million yen)

“IDEAL to REAL 2023”, the fourth medium-term management plan

Results

Performance
Plans

Term ended December 2020
(26th term)

Term ending December 2021
(27th term)

Term ending December 2022
(28th term)

Term ending December 2023
(29th term)

Results

Plan

Plan

Plan

Sales

773

800

980

1,100

Operating income

122

108

140

160

“IDEAL to REAL 2023”, the fourth medium-term management plan

Results

Indicators

Term ended December 2020
(26th term)

Term ending December 2021
(27th term)

Term ending December 2022
(28th term)

Term ending December 2023
(29th term)

Results

Plan

Plan

Plan

Share of profits from leasing *1

14.2%

23.0%

24.0%

26.0%

Return on equity (ROE)

21.2%

12.0%

13.0%

13.0%

Return on invested capital (ROIC)

6.6%

4.0%

4.0%

4.0%

Equity ratio

25.8%

29.0%

26.0%

23.0%

Share of long-term earnings from realestate *2

9.5%

12.0%

14.0%

18.0%

38.6 billion yen

61 billion yen

66 billion yen

72 billion yen

Net assets*1 Share of prof its f rom leasing: Leasing segment prof its/segment total prof its (not including adjustments)*2 Share of long-term earnings f rom real estate: Real estate generating leasing rev enues recorded as
noncurrent assets/net assets

Unit: 100 million yen

Cumulative three-year investment (2021-2023)
2021
Gross investment

2022

550

950

3-Yearcumulative
2,200

300

400

600

1,300

Investm ent in revenue-generating realestate developm ent

50

100

150

300

Investm ent in m edium -term revenuegenerating real estate*

150

200

250

600

Investm ent in long-term revenuegenerating real estate

100

100

200

400

250

300

350

900

0

0

300

300

550

700

650

1,900

Amount recovered
Net investment

40.0%Real estate leasing business

Real estate sales business

Real estate planning agency and consulting businessLeasing income ratio

230

206
200
Total segment income

Investment in revenue-generating realestateInvestment in other development

Trends in segment income and leasing income ratio
250

2023

700

Conversion to sustainable and stable revenue structure:raise leasing income ratio to 26% or higher

167

23.0%

26.0%

150

24.0%

100

151
20.0%

138

142
109
14.2%

10.0%
50

*Lease revenue-generating real estate acquired while maintaining leasing operations to increase value before sale

23
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

30.0%

161

37

50

61

0

0.0%
2020

2021

2022

2023

12

Performance Plans for
Term Ending December 2021 (27th term)

13
Copyright ©2021 ES-CONJAPAN Ltd., All Rights ReservedPerformance Plans for Term Ending December 2021
➢ For the term ending December 2021, we are targeting sales of 80.0 billion yen and operating income of 10.8 billion yen (increased
sales, decreased income YoY). In the final year of the fourth medium-term management plan, we are targeting sales of 110.0 billion
yen and operating income of 16.0 billion yen.
➢ In the condominium sales business, we project 1,062 units sold in the term ending December 2021.
➢ The sales target in the real estate leasing business for the term ending December 2021 is 7.9 billion yen.
➢ In the July 30, 2020 press release, “Notice on Review of Third Medium-Term Management Plan ‘IDEAL to REAL 2022’ andProgressive Dividend Policy,” we announced revisions to our progressive dividend policy. However, we now plan to maintain the policy
from fiscal 2020. We will maintain a per-share dividend of at least 38 yen in the term ending December 2021 and into the future.
(Unit: Million yen)

Business plan

Term ended December 2020
(26th term)
Results

2Q plan

77,308

Sales

Term ending December 2021 (27th term)Plan

29,40080,00071,48569,90030,67747,240652

1,062

Other businesses

40,807

22,660Real estate leasing business

5,527

7,900

295

2,200

Real estate sales businessCondominium sales business
Number of condominium
units sold (units)

Real estate planning, brokerage, andconsulting businesses

Operating income

12,2023,900

10,800Ordinary income

11,164

3,300

9,400

Dividends per share (yen)

38 yen38 yen or more

14
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Other1%

Real Estate Sales Business➢ In the condominium sales business, we’retargeting sales of 1,062 units for the term ending
December 2021 and a stable annual supply of
1,200 units from 2022 on.
➢ In other businesses, we project declining sales
due to the policy of long-term ownership intended
to achieve stable real estate leasing revenue.

Sales Shareby Area

Chubu area Other 6%
5%

Kanto
35%

66,710 (results)

Kansai
64%

Kanto
13%

2020 (results)

71,485 (results)

Kansai76%

2021 (plan)

Condominium
units soldStable supply of 1,200
units in 2022 and2023, respectively

69,900 (plan)

Unit: Million yen

Unit: Units

Other
businesses

Kansai

Condominium
sales
business

Kanto

Minami-Semba I (hotel)
Nagahoribashi Ekimae (hotel)
Awajicho III (hotel)
Shimotakaido A (revenue-generating real estate)
Nakano, Nakano-ku (land)Gemboen, Koga-shi, Fukuoka (land planning)Grand Le JADE Sanbancho (revenue-generating
real estate)
Sold to REIT (seven commercial projects)
Total amount: approx. 13.7 billion yen

LOGITRES Tojo (logistics)
Daikyocho, Shinjuku-ku(revenue-generating real estate)
Gemboen, Koga-shi, Fukuoka (land planning)
Minami-Otsuka, Toshima-ku (building (dormitory))
Honjonishi, Kita-ku (revenue-generating real estate)
Matsukazecho, Hiratsuka (land)
Matsubara, Setagaya-ku (revenue-generating real estate)
Hyogo Tojo II B (logistics)
Detached houses for sale (detached houses)
Sales to REIT/Chuden Real Estate (six commercial projects)
Total amount: approx. 20.0 billion yen

Mirakita City Himeji
Le JADE Otsu LUXE
Le JADE Hama-Otsu
Le JADE Takatsuki Kosobe
Le JADE Sumakaihin Koen
Le JADE Shinkanaoka Park Fields
Le JADE Minami-Ibaraki MUSE
Grand Le JADE Takatsuki Tenjin

Le JADE Kuzuha
Le JADE Morinomiya
Le JADE Kotoen
Le JADE Higashisumiyoshi Imagawa Ryokudo
Le JADE Takatsuki Miyanocho
Le JADE Ikeda Masumicho
Le JADE Nishinomiya Kitaguchi HinokuchichoGrand Le JADE Shukugawa Residence

Le JADE Nishiakashi Sold out
Le JADE City Hyotanyama
Le JADE Yamato-Takada Ekimae
Le JADE Mukonosohonmachi
Le JADE Suma Myohoji Ekimae
Le JADE Ibaraki Higashichujo
Le JADE Senri Aoyamadai
Le JADE Senri Furuedai
Le JADE Nagaikoendori Sold out
Le JADE Tennoji Katsuyama
Le JADE Neyagawakoen

Le JADE Tsujido Higashi Kaigan
Le JADE Toyoda Master Hills
Le JADE Utsukushigaoka
Le JADE Okurayama

Grand Le JADE Shirakabe Getsuronotei
OST Residence Karuizawa

Grand Le JADE Todoroki
Grand Le JADE Shonan Enoshima
Copyright©2021 ES-CONJAPAN
Chubu
R134 Ltd., All Rights Reserved

Gemboen, Koga-shi, Fukuoka (landplanning)
Kandacho, Higashiosaka-shi(commercial)
Aoyamadai, Suita-shi (commercial)
Other sales of revenue-generating
owned properties (planned)

1515Condominium Sales Business FY2021
Kansai (Kinki) Area

Le JADE Yamato-Takada Ekimae (Nara)
Le JADE Nishiakashi (Hyogo)

Sold out

Location: Nishiakashi-shi, Hyogo
Access: 2-minute walk from Nishiakashi Station on JR Sanyo
Main Line
No. of residences: 77
Occupancy date: Slated to start late February 2021

Le JADE Suma Myohoji Ekimae (Hyogo)

Le JADE Senri Aoyamadai (Osaka)

Location: Kobe-shi, Hyogo
Access: 1-minute walk from Myohoji Station on Kobe
Municipal Subway Seishin-yamate Line
No. of residences: 40
Occupancy date: Slated to start late March 2021

Location: Suita-shi, Osaka
Access: 17-minute walk from Kita-Senri Station on
Hankyu Senri Line
No. of residences: 152
Occupancy date: Slated to start late March 2021

Le JADE Senri Furuedai (Osaka)

Le JADE Mukonosohonmachi (Hyogo)

Location: Furuedai, Suita-shi
Access: 12-minute walk from Yamada Station on Hankyu Senri Line; 11-minute
walk from Yamada Station on Osaka Monorail; 15-minute walk from Kita-Senri
Station on Hankyu Senri Line
No. of residences: 71
Occupancy date: Slated to start late March 2021

Location: Amagasaki-shi, Hyogo
Access: 12-minute walk from Mukonoso Station on Kobe Line
No. of residences: 33
Occupancy date: Slated to start late April 2021

Location: Yamato-Takada-shi, Nara
Access: 3-minute walk from Yamato-Takada Station on
Kintetsu-Osaka Line; 3-minute walk from Takada
Station on JR Sakurai/Wakayama Line
No. of residences: 205
Occupancy date: Slated to start late May 2021

Le JADE Neyagawakoen (Osaka)
Location: Neyagawa-shi, Osaka
Access: 2-minute walk from Neyagawakoen
Station on JR Gakkentoshi Line
No. of residences: 60 + 1 retail zone
Occupancy date: Slated to start late
December 2021

Le JADE Tennoji Katsuyama (Osaka)
Location: Tennoji-ku, Osaka
Access: 5-minute walk from Momodani
Station on Osaka Loop Line
No. of residences: 39
Occupancy date: Slated to start lateNovember 2021

Le JADE Nagaikoendori (Osaka)
Location: Minamisumiyoshi, Sumiyoshi-ku, Osaka
Access: 9-minute walk from Nagai Station on
Midosuji Line; 10-minute walk from Nagai Station on
JR Hanwa Line
No. of residences: 108
Occupancy date: Slated to start late December 2021

Le JADE City Hyotanyama (Osaka)
Location: Higashiosaka-shi, Osaka
Access: 5-minute walk from Hyotanyama Station on
Kintetsu Nara Line
No. of residences: 232
Occupancy date: Slated to start late December 2021

Chubu Area

Le JADE Ibaraki Higashichujo (Osaka)
Location: Ibaraki-shi, Osaka
Access: 9-minute walk from Ibaraki Station on
JR Kyoto Line; 12-minute walk from Ibaraki-shi
Station on Hankyu Kyoto Line
No. of residences: 40
Occupancy date: Slated to start late November
2021

Grand Le JADE Shirakabe Getsuronotei (Aichi)(Joint project with Chuden Real Estate)

Karuizawa Shiozawa Project (Nagano)

Location: Shirakabe, Higashi-ku, Nagoya-shi, Aichi
Access: Approx. 15-minute walk from Takaoka Station on
Nagoya Municipal Subway Sakura-dori Line; approx. 10minute walk from Shimizu Station on Meitetsu Seto Line

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

16Condominium Sales Business FY2022, FY2023
FY2022
Kansai (Kinki) Area

Chubu Area

 Takatsuki-shi Besshiyonakanocho Project (Osaka) Takatsuki-shi Nishimakami 1-chome Project(Osaka) Takatsuki-shi Minamimatsubaracho Project (Osaka) Yao-shi Sakuragaoka Project (Osaka) Shijo-Omiya Station Ekimae Project (Kyoto) Kyoto Shimogyo-ku Fukakusacho Project (Kyoto) Le JADE Kyoto Horikawa(Kyoto)Le JADE Hirano (Osaka)

Le JADE Uehonmachi (Osaka)

Location: Hirano-ku, Osaka
Access: 7-minute walk from Hirano Station on
Osaka Metro Tanimachi Line
No. of residences: 58
Occupancy date: Slated to start late May 2022

Location: Tennnoji-ku, Osaka
Access: 3-minute walk from Osaka-Uehonmachi Stationon Kintetsu Namba Line/Nara Line/Osaka Line; 4-minute
walk from Tanimachi Kyuchome Station on Osaka Metro
Tanimachi Line/Sennichimae Line; 12-minute walk from
Tsuruhashi Station on JR Osaka Loop Line
No. of residences: 56
Occupancy date: Slated to start late March 2022

Grand Le JADE Shirakabe
Rinzennotei (Aichi)(Joint project with Chuden Real Estate)

 Le JADE Gifu Koganekoen (Gifu)

Location: Shimogyo-ku, Kyoto
Access: 9-minute walk from Omiya Station on
Hankyu Dentetsu Kyoto Line; 12-minute walkfrom Shijo Station on Kyoto Municipal Subway
Karasuma Line; 12-minute walk from Gojo
Station on Kyoto Municipal Subway Karasuma
Line; 13-minute walk from Karasuma Station
on Hankyu Dentetsu Kyoto Line
No. of residences: 60
Occupancy date: Slated to start late April 2022

Location: Kaburagicho, Gifu-shi, Gifu
Access: 8-minute walk from Meitetsu Gifu
Station on Meitetsu Nagoya Main Line; 10minute walk from Gifu Station on JR Tokaido
Main Line
No. of residences: 38
Occupancy date: Slated to start end-May
2022

 Grand Crea Ichinomiya (Aichi)
 Le JADE Kakegawa Ekimae (Shizuoka)

Kanto (Tokyo Metro) Area

Location: Minami 1-chome, Kakegawa-shi,
Shizuoka
Access: 2-minute walk from Kakegawa Station
on JR Tokaido Shinkansen, Tokaido Main Line,
Tenryu Hamanako Line
No. of residences: 83
Occupancy date: Slated to start late October
2022

FY2023

 Kamakura Zaimokuza Project (Kanagawa)
Location: Kamakura-shi, Kanagawa
Access: 16-minute walk from Kamakura Station on
JR Yokosuka Line/Shonan-Shinjuku Line; 10-minute
walk from Wadazuka Station on the Enoshima
Electric Railway
No. of residences: 31
Occupancy date: Slated to start July 2021

 Le JADE Tsukuba Station Front (Ibaraki)
Location: Azuma, Tsukuba-shi, Ibaraki
Access: 3-minute walk from Tsukuba Station
on Tsukuba Express Line
No. of residences: 218
Occupancy date: Slated to start late November2022

 Makuhari Hongo 1-chome Project (Chiba)

 Minato-ku Shirokane
Project (Tokyo)

 Le JADE Urawa (Saitama)
Location: Urawa-ku, Saitama-shi, Saitama
Access: 4-minute walk from Urawa Station on
JR Takahashi Line/JR Tohoku Main Line
No. of residences: 44
Occupancy date: Slated to start late May 2022

 Hayamamachi Project(Kanagawa) Minami-ku Ohashi 2-chome
Project (Fukuoka)

 Tennoji-ku Rokumantaicho Project(Osaka) Higashiyodogawa Hoshin Project(Osaka) Takatsuki-shi Minamimatsubaracho II
Project (Osaka) Naka-ku Masaki 3-chome Project(Aichi)17
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Commercial Development Business➢ We will acquire neighborhood commercial facilities throughout Japan and pursue development projects
with roots in the local community.
Tsukuba (Tsukuba-shi, Ibaraki) Project (integrated condominium and commercial
facility development in the Tsukuba station area)
Seibu Tsukuba, a large-scale commercial facility in front of the station, closed in February 2017, and Aeon Tsukuba
Ekimae closed in January 2018, so the area around the station is in need of urban development and revitalization. We
acquired three facilities, CREO, Q’t and MOG, and are currently promoting the integrated development of these facilities
in the area around Tsukuba Station.
Along with the commercial facility, we will develop the “Le JADE Tsukuba Station Front” condominium and conduct
integrated development of the station area in a manner that contributes to local revitalization and benefits local residents.
Le JADE Tsukuba Station Front 
Location: Azuma, Tsukuba-shi, Ibaragi
Access: 3-minute walk from Tsukuba
Station on the Tsukuba Express line
No. of residences: 218
Occupancy date: Slated to start lateNovember 2022

Tsukuba Q’t

Le JADE Tsukuba

tonarie CREO

Tsukuba MOG

tonarie Q’t

tonarie MOG

Tsukuba CREO

1st-3rd floors:commercial
Slated to open
spring 2021

Soyoca Fujimino(Fujimino-shi, Saitama)

4th-6th floors: office
Occupancy
commenced in stages
from November 2020

Lions Square Kawaguchi(Kawaguchi-shi, Saitama)

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Oh! Me Otsu
Terrace(Otsu-shi, Shiga)

KoLuTeNa I (Sapporo-shi, Hokkaido)

18

Suroy Mall Nagamine (Higashi-ku, Kumamoto-shi)Commercial Development BusinessWe develop and operate neighborhood shopping centers (NSCs) as part of our commercial development business.
We launched the tonarie brand of commercial facilities; six tonarie facilities are currently in operation. These facilities are operated byGroup company ES-CON Property.
Brand Concept: Close to the community in order to develop together with the community. Always a good neighbor.

tonarie Yamato-Takada (Yamato-Takada-shi, Nara) Project
After acquisition, dismantling andconstruction took place while theapproximately 30 tenants (including a
supermarket and other stores essential tothe community) continued to operate.
Shifting toward large-scale development
projects including development of the Le
JADE Yamato-Takada Ekimae condominium
and attracting large specialty retailers, etc.

We acquired a general merchandise store (GMS) from thehigh growth period that was over 40 years old from a major
textile manufacturer in 2015. Even though it is directly
connected to the train station in a relatively busy
commercial area, the store sizes and aging facilities were amismatch for current needs. (Photo: Oak Town Yamato
Takada)tonarie Yamato-Takada
Yamato-Takada Station

Le JADE Yamato-Takada Ekimae

The tonarie Yamato-Takada neighborhood shopping center has opened. It
has transformed into a facility that is sized to meet community needs androoted in experience-based lifestyles, with 68 tenants opening on November
23, 2018. The center won a 2019 Good Design Award.

tonarie Toga Mikita (Sakai-shi, Osaka)

tonarie Utsunomiya (Utsunomiya-shi, Tochigi)

tonarie Seiwadai (Kawanishi-shi, Hyogo)

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

tonarie Minamisenri (Suita-shi, Osaka)

tonarie Yokkaichi (Yokkaichi-shi, Mie)

19

Logistics Development Business and Other BusinessWe launched the new LOGITRES brand of logistics facilities and developed its first project, LOGITRES Tojo. Land for the second project was
acquired in October 2019 in the same area as the first project. We are also working to develop sites for logistics through our land readjustment
business in Koga, Fukuoka Prefecture.
As this is a candidate for our next core business, our current policy is to further strengthen these initiatives.
We are also engaged in revitalization projects for lease condominiums, office buildings (project site acquired in Nishiazabu, Minato-ku), andother properties and plan to actively carry out various development projects in order to establish our next core business as a general developer.

Logistics development
business

Land readjustment
business

LOGITRES Tojo
(Kato-shi, Hyogo)

Large-scale urban development business

Koga Genboen
Land Readjustment
Project(Koga-shi, Fukuoka)
Above: Aerial photo
Left: Current lot
map, neighboring
area, Genboen
location map

Fukuoka Kasuga
Project(Kasuga-shi,
Fukuoka)
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

20Real Estate Leasing Business➢ We’re strengthening our real estate leasing business by developing and acquiring revenue-generating properties. We’re currently seeking to increase
the share of segment income corresponding to real estate leasing (i.e., the leasing income ratio) from 14.2% in 2020 to 23% in 2021. (See p. 12.)➢ We’re establishing a stock revenue structure that will eventually apply leasing segment income to cover all general administrative expenses. Our
target for the final year of the fourth medium-term management plan is 90%.
➢ We will continue strengthening the added value of these facilities while paying close attention to the impact of COVID-19.
➢ We will enhance the overall stock revenue capabilities of the ES-CON JAPAN Group by expanding the operation business at Group companies.

 Strengthen asset management (AM)revenue➢ Expand ESCON JAPAN REIT’s asset size
Increase in revenue with property acquisition
Increase in revenue earned according to sizeof AUM➢ Entrustment with AM from Chuden Real Estate
In addition to properties held by warehousing
function, potentially also properties acquired by
Chuden Real Estate➢ Promote other businesses
Investment advisory and agency, real estate
trust beneficial interest sales intermediary, etc.

 Strengthen property management (PM) revenue

 Strengthen management revenue and operation capabilities➢ Enhance consulting capabilities for commercial
facilities
Greater tenant mix and MD proposing capabilities➢ Enhance leasing capabilities
Expand potential tenants from community-based
companies to national companies➢ Expand business scope
Insource building management (BM)➢ Promote entrustment with outsourced operations➢ Foray into peripheral operations
Rental storage, store renovation consulting andadvertising➢ Stable increase in number of units under management from
entrustment with management of condominiums developed by
ES-CON JAPAN➢ Promote switch of existing properties managed jointly with othercompanies to sole management➢ Strengthen services and reduce costs by insourcing manager
operations➢ Strengthen inflow of orders by enhancing scheduled repair andmaintenance proposing capabilities➢ Strengthen services for customers after they move in (renovation
consulting, interior product sales, etc.)➢ Establish restaurant business➢ Foray into hotel operation business

6,800
6,100

Unit: Million yen

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Coverage ratio: Leasing segment income / General and administrative
expenses (excluding goodwill amortization)

21

New Business

22
Copyright ©2021 ES-CONJAPAN Ltd., All Rights ReservedLaunch of Sale and Management of Columbarium (Ryomon) Permanent Use Rights
In view of the fact that it is particularly difficult to obtain graves in central Tokyo, ES-CON JAPAN has launched this business in aneffort to solve problems facing modern society and to secure revenue by expanding the scope of the real estate business.
Operations of the columbarium are overseen by the Religious Corporation Zuikein. Ryomon Co., Ltd.*1, a consolidated subsidiaryof ES-CON JAPAN, is entrusted with sales and management of the columbarium to handle all related business affairs.

◼ Overview of Columbarium (Ryomon)
Name

RyomonLocation

5-1-4 Minami-Azabu, Minato-ku, Tokyo

Access3-minute walk from Hiroo Station on the Tokyo Metro Hibiya
Line

Site area

861.36 m2 (260.86 tsubo)

Structure/scale

Steel frame, partially reinforced concrete, 7 floors above
ground, 1 below

Number ofchambers

9,999

Facility overview

Private visit-type automatic transfer columbarium

Sales launch date

March 2021 (scheduled)

Business launch
date

October 30, 2020
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Left: Columbarium “Ryomon” building exterior Middle: Third floor atrium
Right: Visitation room “Amamitsuki”

RyomonTokyo Metro Hibiya Line
Hiroo Station

23

Leasehold Condominium Development, Private Investment Fund Formation
We’ve established a leasehold condominium development fund for the following four projects and are investing in this fundas silent partners. After completion, the buildings will be operated as leasehold condominiums.
SPCs will grant priority negotiating rights on the projects to ES-CON JAPAN, which will be exercised for ES-CON Private
REIT (tentative name).
① Kamikitadai Ekimae Development Project1

1-minute walk from Kamikitadai Station on
Tama Toshi Monorail

Tokyo

3

2-minute walk from Inagi Station on
Keio Sagamihara Line

Type

Leasehold condominiums

Location

1-2 (TBD) Kamikitadai, Yamato-shi, Tokyo

Site area

894.34 m2

Floor area

3,042.56 m2 (planned)

Structure

Steel-reinforced concrete, nine floors (planned)

Scale of funds

1,500,000,000 yen (based on assumed appraised value at completion)② Fujisawa Development ProjectType
Location
Site area
Floor area
Structure
Scale of funds

Leasehold condominiums
1-1 (TBD) Kawana, Fujisawa-shi, Kanagawa
1,119.13 m2
2,064.52 m2 (planned)
Steel-reinforced concrete, five floors (planned)
1,210,000,000 yen (based on assumed appraised value at completion)③ Keio Inagi Ekimae Development Project

Yokohama

42-minute walk from Isehara Station on
Odakyu Odawara Line2

9-minute walk from Fujisawa Station on
JR Tokaido Line/Odakyu Line
10-minute walk from Fujisawa Station on
the Enoshima Electric Railway

Type
Location
Site area
Floor area
Structure
Scale of funds

Leasehold condominiums
3106-4 Higashinaganuma, Inagi-shi, Tokyo
320.46 m2
1,506.18 m2 (planned)
Steel-reinforced concrete, seven floors (planned)
800,000,000 yen (based on assumed appraised value at completion)④ Odakyu Isehara Ekimae Sakuradai Development ProjectType
Location
Site area
Floor area
Structure
Scale of funds

Leasehold condominiums
1-499-1, 2, 5 Sakuradai, Isehara-shi, Kanagawa
659.88 m2
4,001.36 m2 (planned)
Steel-reinforced concrete, 14 floors (planned)
1,930,000,000 yen (based on assumed appraised value at completion)

Currently developing leasehold condominiums in Taito-ku,
Tokyo and Suita-shi, Osaka that will be considered for future
inclusion in ESCON JAPAN REIT Investment Corporation
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

24

ESG Initiatives
ESG management philosophy
Based on IDEAL to REAL(bringing ideals into reality to create a new future), our corporate message, we seek to realize sustainable societies andsustained growth as we address social challenges by promoting ESG management as a lifeways developer creating ideal modes of living in responseto changing needs.
Basic ESG policy
We strive to grow as a company needed by society by promoting ESG initiatives in strict compliance with laws, regulations, and our pledges related to theenvironment, society, and self-governance.

E

Environment⚫ Promotion of ZEH-M (for condominiums)⚫ Conducting environmentally and socially friendly real estate research and development throughindustry-academia collaboration and collaboration with other industries⚫ Promoting the improvement of operational efficiency with IT and increasing the percentage of
people of taking maternity leave, childcare leave and paid holidays⚫ Earning Eco Action 21 certification⚫ Raising funds through ESG/SDGs assessment-based loans

Contributing to a sustainable
societySocial⚫ Conducting timely disclosure of business activities andmanagement status⚫ Establishment of Nomination and Remuneration
Committee⚫ Succession plan (successor candidate system) initiatives

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

President and Representative Director
Nomination andRemuneration
Committee
ESG Promotion
Group

President’s Office
E TeamS Team

G TeamCoordinate

G

Governance

Coordinate

S⚫ Contribution to regional revitalization and community creation through development of tonarieneighborhood shopping centers⚫ Support for WT1 cancer vaccine research, a cancer immunotherapy⚫ Promoting proactive recruitment and success of female employees, the elderly and people withdisabilities⚫ Support for Chubu Electric Power’s curling team⚫ Support for The Saikyo Bank’s badminton team ACT SAIKYO⚫ Naming rights acquired for the Hokkaido Nippon-Ham
Fighters’ new stadium; participation in urban development
activities for the overall area
Board of Directors* See previous page for details.

Related departments

ESG management
promotion structure
Led by the ESG Promotion Group,
specific initiative policies areformulated and actively carried out
while coordinating with related
departments. The ESG Promotion
Group currently has a total of 16
members.

25

ESG Initiatives (Helping to Build a Sustainable Society)

Assessment of Initiatives
GRESB Real Estate Assessment
Development Benchmark
Obtained Green Star and 3 Star Ratings

Fundraising through ESG/SDG assessment-basedloan provided by Sumitomo Mitsui Banking
Corporation (March, December 2020)

GRESB Development Benchmark ratings are five-tierassessments based on a relative rating based on an overall scorefor environmental and sustainability initiatives. We improved on
our 2 Star ranking in 2019, achieving a rating of 3 Stars for the
first time. We received high ratings in both the Management
Component and Development Component, achieving the GreenStar distinction for the second consecutive year.

Judged as implementing good ESG and SDG initiatives and information
disclosure, we earned an A* overall ranking, the third-best of sevenpossible rankings.
→ We raised three billion yen through this loan as part of funding efforts
for the Fujishirodai 5-Chome Project (joint project with Chuden Real
Estate) on a site acquired in March 2020.
→ We achieved this rating once again in December 2020 and leveraged
the result to procure 3.5 billion for the Tsukuba CREO Project(commercial facility) currently being developed in Tsukuba City, Ibaraki
Prefecture.

Main Recent Initiatives (Certifications Obtained)◼ Obtained Eco Action 21 certification◼ DBJ Green Building certification◼ CASBEE real estate certification

Eco Action 21, the environmental management
system (EMS) formulated by Japan’s Ministry of theEnvironment, encourages an effective and proactive
stance toward environmental management,
including reducing CO2 emissions. Based on asustained commitment to environmental
management, companies are expected to fulfill theirsocial responsibility to reduce environmental impact,
as well as enhance management benefits andincrease corporate value by reducing administrative
expenses and raising productivity.

We obtained DBJ Green Building
certification from the Development Bankof Japan, a certification program createdby DBJ in April 2011 to support realestate projects that account for both theenvironment and society (i.e., green
building) for tonarie Yamato-Takada,
tonarie Toga-Mikita, tonarie Seiwadai,
and tonarie Minamisenri, all commercial
facilities developed by ES-CON andowned by EJR and Chuden Real Estate.

Soyoca Fujimino, a commercial facility owned by
ES-CON, obtained the S Rank, the highest rank
recognized by the CASBEE Real Estate assessment
and certification system. This system assesses andrates building environmental performance based on
assessments done by a CASBEE certification
institution accredited by the Institute for Building
Environment and Energy Conservation.

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved◼ ZEH builder certification
Consolidated subsidiaries ES-CON HOME Co., Ltd.
and ES-CON CRAFT Ltd. have completed registration
for ZEH builder certification as business entities
capable of meeting specific requirements, including
requirements for target-setting and promotional
measures. The certification applies to builders,housing companies, and architects offices, etc. that set
as operating targets a ZEH ratio of 50% or better by
FY2020 for the home orders they receive.

26

Main Recent Initiatives

27
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

ESCON JAPAN REIT Investment Corporation (EJR)
Completed first post-listing PO in February 2020; assets total approx. 52 billion yen. Enhancing organization
with eye toward forming private REITs and private investment funds.
◆ Rating acquired from Rating and Investment Information (R&I) in November 2019
⚫ Rating Overview

Rating instituteRating scope

RatingRating direction

R&I

Issuer rating

A−

Stable◆ Capital increase through first post-listing PO in February 2020; total issue value of approx. 5.7 billion yen.
Steady asset growth.
Portfolio
When listed

25 properties

Publicoffering

3 properties

Total

28 properties(commercial facilities andcommercial leaseholds)
tonarie Yamato-Takada
tonarie Toga-Mikita
LIFE Daisen
For more information, see thenext page.

Acquisition price41,607 million yen
10,373 million yen
51,980 million yen◆ Earned DBJ Green Building certification in July 2020 and February 2021

Three distinguishing featuresof EJR

tonarie Yamato-Takada, tonarie Toga-Mikita, tonarie Minamisenri, and tonarie Seiwadai, developed by us and currently owned by EJR, were certified.
Building a portfolio centered on commercial
facilities that people depend on in their
daily lives
Areas targeted for investment: Four majorurban areas (Tokyo metropolitan area,
Kansai area, Chukyo area, Fukuoka area)

Pursuing highly stable earnings and growth potential through investment focusing on commercial
facilities that people depend on in their daily lives with roots in local communities in these four majorurban areas where population concentrations are projected to continue in the future

Investing in highly stable leasehold (landcomponents of fixed-term leaseholds forbusiness use)
Investment targets: approx. 50% leasehold,approx. 50% land and buildings

Investing proactively in leasehold of commercial facility sites, with a focus on the benefits andadvantages of leasehold, to build highly stable portfolios

External and internal growth leveraging theadvantages of the real estate development
capabilities and strength in management
provided by comprehensive developer
ES-CON JAPAN, with support from Chubu
Electric Power

External growth: Targeting steady external growth by leveraging the various real estate development
capabilities of ES-CON JAPAN as "Life Developers" active in developing the places where people live
and real estate information contributed by the Chubu Electric Power GroupInternal growth: Targeting steady internal growth leveraging the various real estate management
capabilities of the ES-CON JAPAN Group and the Chubu Electric Power Group's expertise with
eco-friendly technologies and lowering energy costs

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

28

EJR Portfolio Summary Map
Number ofproperties

Total acquisition
price

Total appraised value

Utilizationrate

28 properties

51.9 billion yen

57.0 billion yen

99.8％

Commercial leasehold included

25.5 billion yen

Leasehold ratio

49.2％

LIFE Daisen (leasehold)

Lamu Kitatsumori shop
(leasehold)Appraised NOI Amortized appraisedyield
NOI yield

5.1％

4.7％

Years remaining
on lease

10.4 years*1) Amounts are truncated and fractions rounded off.
*2) Utilization rates and years remaining on lease asof January 25, 2021
*3) Appraisals are the most recently acquired.

Nitori Imaichi shop
(leasehold)Pare Marche Nishiharu

Sanyo-Marunaka Mitani
shop (leasehold)
K’s Denki Nishi-Kobe
shop (leasehold)Nitori Tsuchiura shop
(leasehold)tonarie Minamisenri

K's Denki Kurashiki shop
(leasehold)Nishishiroi Ekimae Plaza

K's Denki Oyumino shop
(leasehold)

Asumigaoka Brand-New
Mall
Fukuoka Kasuga Project (leasehold)tonarie Seiwadai

tonarie Toga-Mikita (50% stake)tonarie Yamato-Takada(50% stake)

TSUTAYA Sakai-Minami
shop (leasehold)Max Valu Kikyogaoka Higashi
shop (leasehold)

29
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Hokkaido Ballpark Project
We are participating in the large-scale development of Hokkaido Ballpark F. Village (a total of
36.7 ha under development), centered on ES CON FIELD HOKKAIDO, the new stadium for the
Hokkaido Nippon-Ham Fighters.
Planned site
for hotel andother realestatedevelopment

From Sapporo • • • Approx. 16 min
From New
Chitose Airport • • • Approx. 20 min••••
From Sapporo • • • Approx. 30 min••••
From New
Chitose Airport • • • Approx. 30 min

SapporoStationApprox.
9,400 square meters

Kitahiroshima
Station

New Chitose
Airport<Kitahiroshima-shi, Hokkaido> (As of end of December 2019)• Population: 58,268* Hokkaido: 5,268,166• Area:119.05 sq. km

We are participating in the development of the area around the new stadium for the
Hokkaido Nippon-Ham Fighters and have acquired naming rights.
ES CON FIELD HOKKAIDO is slated to open in 2023.
We will also take this opportunity to participate in sports and cultural promotion initiatives
and to contribute to the vitality and development of the Hokkaido region and to
improvements in the lives of its residents.

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Contract period

Long-term contract of 10 years or more, starting January 2020

Business partners

Hokkaido Nippon-Ham Fighters Baseball Club Co., Ltd.
Fighters Sports & Entertainment Co., Ltd.

<Stadium overview>• Name:ES CON FIELD HOKKAIDO• Total floor area: Approx. 50,000 square meters• Seating capacity: Approx. 35,000• Floors:
Two underground (field) floors and six abovegroundfloors (70 m height)• Specifications: Retractable roof, natural turf field

30

Partner Company Preferred Negotiation Rights Obtained for
Kitahiroshima Station “West Exit Area Revitalization Project” in Hokkaido
After proposing a project for the “West Exit Area Revitalization Project” on city-owned land around JR
Kitahiroshima Station, currently being promoted by Kitahiroshima City, Hokkaido, we obtained preferred
negotiation rights as a partner company (December 16, 2020).
Development is currently underway on Hokkaido Ballpark F.
Village, centering on a new baseball stadium for the Hokkaido
Nippon Ham Fighters to be named ES CON FIELD HOKKAIDO.
Expectations continue to build for Kitahiroshima Station as animportant stadium access point.
We will pursue development in the stadium area and around
Kitahiroshima Station, the entryway to this area.
West Exit Area Revitalization Project (City-owned Land A-D)
Location

A Plaza in front of the station
B 2-1 Sakaecho, Kitahiroshima
C 1-5-2 Hokushincho, Kitahiroshima
D 1-1-2, 55-1 Hokushincho, KitahiroshimaArea

A 11,509.58 m2 / B 5,514.00 m2
C 3,395.02 m2 / D 3,396.00 m2

September 1, 2020
Started operations at Hokkaido Branch
4-minute walk from JR Sapporo Station; one -minute walk from Hokkaido Station on
Sapporo Municipal Subway Namboku Line

Completion image of station area
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved31Overseas Business Development
Following investment in a Hawaii real estate investment fund and after starting our first overseas condominium
development project in Bangkok, Thailand, we are participating in a joint condominium development project in
California
Most recently, taking a cautious approach while considering the pandemic and focusing efforts based on a
medium/long-term perspective➢ In February 2019, we launched our overseas business development efforts by investing in a Hawaii real estate investment fund.
➢ In August 2019, we joined a condominium development project initiated by the Thai real estate developer Origin Property in SamutPrakan Province adjacent to the capital city of Bangkok. This marks our first overseas condominium development project.
➢ In March 2020, we participated in a joint condominium development project in Los Angeles County, California.

As we focus on efforts targeting new business areas with an eye to the future, we plan to deploy a multifaceted realestate business capable of contributing globally to society.
Bangkok, Thailand

California, US

Exterior of Tower 520 N. Central
Knightsbridge Sukhumvit-Thepharak Project

Exterior of Tower 521 N. Orange

520 Project ( Tower 520 N. Central / Tower 521 N. Orange )LocationTransportation

Bang Mueang Mai, Mueang Samut Prakan, Samut Prakan
10270, Thailand
1.7 km from Samrog Station on the BTS Line520 N. Central Avenue/ 521 N. Orange Street Glendale City,
California91203

Site land area

3,016 m2

Site land area

5,044 m2

Total floor area

25,891.52 m2

Total floor area

22,661 m2

Exclusive floor area

13,799.00 m2

Scale (planned)

36 aboveground floors, one underground floor

Exclusive floor area

12,384 m2

Total units (planned)

474 residential units, one shop

Scale (planned)

Construction
completion slated

Tower 520 N. Central: 8 aboveground floors; Tower 521 N. Orange: 45
aboveground floors

April 2021

Construction
completion slated

Late October 2022

Our investment

460 million yen (equivalent)

Location

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

32

Appendix 1

ES-CON JAPAN Ltd.
Becoming a Consolidated Subsidiaryof Chubu Electric PowerIDEAL to REAL

via Third-Party Allotment

1

Table of Contents
⚫
⚫
⚫
⚫
⚫
⚫

Background 1.
Background 2.
Background 3.
Fund Uses, Investment Targets, Main Shareholders
Details of the Business Partnership
Progress of Capital and Business Partnership with
Chubu Electric Power Co., Ltd.
⚫ Development in Chubu Area
⚫ Information

P.4
P.5
P.6
P.7
P.8
P.9
P.10
P.11

2
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Initiatives for Becoming a Consolidated Subsidiaryof Chubu Electric Power

3
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Background 1. August 2018 Became equity-method affiliate of
Chubu Electric Power through capital and business partnershipAs a general developer of multifaceted real estate projects, ES-CON JAPAN focuses on condominium development.
Other activities encompass retail, logistics, and hotel development, as well as land readjustment. Through the following
initiatives, we will achieve steady growth in both earnings and asset scale.
① We will use our information networks, planning ability, and product development expertise to tap the unlimited potential of realestate and create new value that thoroughly satisfies our clients.
② We will rely on our strong defense of operations management revolving around ROA and thorough management of cashflow andrisk to achieve a strong offense in management that is always one step ahead.
③ We will become an elite team of professionals with an unchanging ability to swiftly and deftly respond to a rapidly-changing society.
④ We will always show respect and gratitude to our colleagues, whether inside or outside of the company, and build and maintainexcellent collaborative relations⑤ We will prioritize compliance and governance, bolstering our internal auditing system, and form an organization with greatbottom-up communication; these will be articulated as part of management policy. We will move toward their realization.

Effective August 28, 2018, based on the judgment that leveraging strengths in real estate planning and business knowhow, combined with the strengths of the Chubu Electric Power Group (“Chubu Electric Power Group” hereinafter),including its energy supply networks, customer base in the Chubu region, and facility construction know-how accumulated
through years of activity in the electric power business, can reasonably be expected to generate various synergies andmaximize the corporate value of both companies, we concluded an agreement on a capital and business joint
venture with and became an equity-method affiliate of Chubu Electric Power.
5年間業績の推移
Five-YearBusiness Results

Five-Year
Asset Scale
5年間資産規模の推移
149,423

77,30880,000

売上高
経常利益◼ Net sales◼ Operating営業利益
income ◼ Ordinary
income60,000150,000

72,106◼ 総資産
Total assets純資産◼ Net assets
120,000

54,32544,72440,000132,696

90,000109,747
86,43573,70334,34760,00020,000

3,575

4,680
0

11,561
7,042

12,912

10,498

11,81012,202

11,16430,0005,988

17,363

21,43333,54627,35938,6270Term ended
2016年12月期
December
2016（第22期）(22nd
term)
Period of first
medium-term
management plan

Term ended
2017年12月期
December
2017（第23期）(23rd
term)

Term ended
2018年12月期
December
2018（第24期）(24thterm)

Term ended

2019年12月期
December 2019（第25期）(25th term)

Period of second mediumterm management plan

Chubu Electric Power Groupequity-method affiliate
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Term ended
2020年12月期
December
2020（第26期）(26thterm)

Term ended
2016年12月期
December 2016
（第22期）(22nd
term)
Period of first
medium-term
management plan

Term ended
2017年12月期
December 2017
（第23期）(23rd
term)

Term ended
2018年12月期
December 2018
（第24期）(24thterm)

Term ended
2019年12月期
December 2019（第25期）(25th
term)

Period of second mediumterm management plan

Chubu Electric Power Groupequity-method affiliate

Term ended
2020年12月期
December 2020
（第26期）(26thterm)

Background 2. Synergies since August 2018 capital and business partnership
In March 2019, based on our view that the Chubu region is an important business territory, together with the greater Tokyo region
and the Kansai region, we opened the Nagoya Branch and began joint condominium and product development businesses with the
Chubu Electric Power Group.
In June 2019, we began joint projects with Chuden Real Estate Co., Ltd. (“Chuden Real Estate” hereinafter), a subsidiary of Chuden
Electric Power.
• Acquired condominium site (Higashi-ku, Nagoya-shi)  Plans to begin supplying condominium units from 2021 to 2022
• Acquired condominium site in September 2019 (Higashi-ku, Nagoya-shi)• Acquired commercial site (Suita-shi, Osaka) in March 2020
• Acquired commercial site (Ichinomiya-shi, Aichi) in August 2020
• August 2020 also marked the start of development on a condominium project, the Group’s first in Shizuoka Prefecture, on a commercial sitemanaged from 2016 as a parking lot.

Steadily expanding and strengthening synergies with Chuden Electric Power through capital and business partnership

Emergence andspread of
COVID-19

The COVID-19 pandemic affecting not just Japanbut the entire world has led to large-scaleconstraints on economic activities and dramaticchanges in social and economic conditions

These conditions compelled us to revise the timing of the sale of the hotel projects and led to a gap in the timing of sales of various
logistics sites. As a result, on December 22, 2020, reflecting expectations of decreased earnings, we announced revisions to theconsolidated net sales of 86,000 million yen in planned consolidated financial results for the period ended December 2020 andpreviously announced on January 30, 2020.
Even under such business conditions, consolidated net sales in the period ended December 2020 grew 5,202 million yen to 77,308
million yen, up from the figure of 72,106 million yen in the period ended December 2019. In the period ended December 2020, wewere unable to form a rational estimate of the impact of COVID-19 on our business. We recognized the potential for a significant
decrease in sales leading to figures falling short of consolidated net sales for the period ended December 2019. Ultimately,
consolidated net sales in the period ended December 2020 increased year on year, thus the impact of COVID-19 on our businessproved relatively light compared to initial expectations.

ES-CON JAPAN see this as an excellent opportunity to advance further business growth and tostabilize management foundations, based on medium- to long-term management strategies.
5

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Background 3. Third-party allotment executed to become consolidated
subsidiary of Chubu Electric Power
Basic policies of medium- to long-term management strategies:① Establishing business foundations able to withstand unexpected changes in economic conditions
Establishing business and financial standings that would be sound and enable us to maintain our fund-raisingabilities under any economic conditions② Simultaneously changing the revenue structure and expanding business domains
Transforming the revenue structure from one based on flows to one based on stock by strengthening the real estateleasing business while at the same time realizing business diversification and expanding business territories
Results of repeated consideration of various options for the most effective means of realizingthese two medium- to long-term management strategies

Synergies

Becoming a consolidated subsidiary of Chubu Electric Power, which boasts strong corporate credit
standing, through a third-party allotment for the purpose of strengthening business and financial
foundations, will have the following effects:① Enable diversification of fundraising methods and reduce fundraising costs by improving ourcreditworthiness; and② Enable participation in large-scale urban-development projects through further business partnerships
with the Chubu Electric Power Group, which will also provide increased access to real estate information.

This in turn will make it possible to further boost corporate value by
strengthening earnings potential and enhancing management stability.
Conduct third-party allotment to Chubu Electric Power
Currently
Equity-method
affiliate

33.3%
Voting rights share

Scheduled for March 26
General meeting ofshareholders
Third-party allotment
proposal

Scheduled for April 5

Also proposing increase in
numbers of authorized shares

Voting rights share

Consolidated
subsidiary

51.5%
Plans to raiseapprox. 20.4
billion yen

Total shares outstanding on February 24:
71,961,887
Total shares allotted to Chubu Electric Power: 26,619,000
Increase in authorized shares:
72,000,000  99,000,000
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

6Fund Uses, Investment Targets, Main Shareholders
As stated in the IDEAL to REAL 2023 new medium-term management plan, which covers the period from the term ending December 2021 through the term ending December 2023, ourcornerstone policy will be “Establishing business foundations able to withstand unexpected changes in economic conditions.” To convert the revenue structure from a focus on flow revenue to afocus on stock revenue, we have set a target for the period covered by the plan of expanding the share of segment income from real estate leasing to all reportable segments (real estate sales
business, real estate leasing business, and real estate planning agency and consulting business) from 14.2% in fiscal 2020 to 26% or more by fiscal 2023. Additionally, we plan to increase total
consolidated net sales from 77.7 billion in fiscal 2020 (actual figure) to 110.0 billion in fiscal 2023.

① Uses for funds procured through third-party allotment
To achieve the goals of the fourth medium-term management plan, we plan to allocate a portion of the funds to the real estate business based on the following expenditure plan:
Specific uses

Amount (millions of yen)

Purchase and development ofrevenue-generating real estate
Purchase and development ofrevenue-generating real estate
Purchase and development ofrevenue-generating real estate

Planned timing of payment

30,000March – December 2021

40,000January – December 2022

60,000January – December 2023

Fundraising method
Capital increase, loans, andfunds on hand
Capital increase, loans, andfunds on hand
Capital increase, loans, andfunds on hand

② Business investment targets
Planned targets of business investment are developments related to multipurpose developments combining retail facilities, land zoned for retail development,
rental residences, logistics facilities, and condominiums and real estate intended to be held in ownership. (Planned projects as of the end of January 2021)
Project

Location

Hyogo Tojo II

Kato-shi, Hyogo

Koga Gemboen

Koga-shi, Fukuoka

JR Kitahiroshima Station West Area
Vitalization Project

Kitahiroshima-shi,
Hokkaido
Kitahiroshima-shi,
Hokkaido

Fujishirodai 5-chome, Suita

Suita-shi, Osaka

Hokkaido Ballpark

Use

Amount(million yen)

Planned timing of payment

Logistics warehouse(28,000 m2 total floor area)
Logistics warehouse(56,000 m2 total floor area)
Multipurpose development(residential, commercial)Multipurpose development(residential, commercial)Multipurpose development(residential, commercial)

Construction planned to begin
in April 2021
Construction planned to begin
in May 2021
Acquisition of land planned totake place during FY2021
Acquisition of land planned totake place during FY2021
Construction planned to begin
during FY2023

Percentage ofshares held

Main shareholders after capital increase

4,000
7,000
7,500
20,00017,500③ Main Shareholders (before and after capital increase)
Main shareholders before capital increase(as of the end of the term ended December 2020)*Percentages of shares held after this issue arecalculated using as the denominator the figure forvoting rights (696,072 voting rights) for the total of
69,607,200 shares obtained by subtracting fromthe total of 71,961,887 shares issued andoutstanding as of December 31, 2020, 2,344,400
shares of treasury stock, and 10,287 shares inless than the minimum trading unit as of thatsame date, plus the increase in voting rights(266,190 voting rights) resulting from this capitalincrease by third-party allotment (962,262 voting
rights). Percentages of shares held byshareholders other than Chubu Electric Powerassume no change in shareholdings since
December 31, 2020.

(scheduled as of April 5, 2021)

Percentage ofshares held

Chubu Electric Power Co., Inc.

33.01%

Chubu Electric Power Co., Inc.

51.54%

Nissei Build Kogyo Co., Ltd.

9.34%

Nissei Build Kogyo Co., Ltd.

6.75%

Tenma Seiryu Co., Ltd.

5.19%

Tenma Seiryu Co., Ltd.

3.75%

The Master Trust Bank of Japan, Ltd. (account in trust)

3.57%

The Master Trust Bank of Japan, Ltd. (account in trust)

2.59%

Custody Bank of Japan, Ltd. (account in trust)

3.14%

Custody Bank of Japan, Ltd. (account in trust)

2.27%

Koryu Oh

3.02%

Koryu Oh

2.18%

Takatoshi Ito

1.73%

Takatoshi Ito

1.25%

Custody Bank of Japan, Ltd. (account in trust 5)

0.81%

Custody Bank of Japan, Ltd. (account in trust 5)

0.59%

Keiko Akashi

0.76%

Keiko Akashi

0.55%

Custody Bank of Japan, Ltd. (account in trust 6)

0.74%

Custody Bank of Japan, Ltd. (account in trust 6)

0.53%

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

7

Details of the Business Partnership
In the agreement on the capital and business joint venture concluded between ESCON JAPAN and Chubu Electric Power on February 24, 2021, both companies
agree to a business joint venture based on the following major points to promotebusiness progress and increase the corporate value of both firms.

① Enhancing joint efforts related to energy supply and facility
construction② Joint research and joint implementation in businesses related tonext-generation smart houses, connected homes, and so forth③ Further enhancing the partnership with Chuden Real Estate, amember of the Chubu Electric Power Group④ Enhancing partnerships related to the effective utilization anddevelopment of unused or underused land belonging to the Chubu
Electric Power Group⑤ Joint initiatives in businesses that constitute to society, including
urban development
8
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Progress of Capital and Business Partnership with
Chubu Electric Power Co., Ltd.
Two and a half years have passed since August 2018, when we concluded a capital and business partnership agreement with
Chubu Electric Power, becoming an equity method affiliate of that company.

The capital and business partnership with Chubu Electric Group has generated numerous synergies.
Five joint projects are already underway with ChudenReal Estate.

Promoting joint
projects

Four projects in the Chubu area: Shirakabe, ShirakabeII,
Nishi-Ichinomiya, Kakegawa
One project in the Kinki area: Fujishirodai, Suita-shi

Mutuallycomplementarybusiness areas
Making effective useof real estate ownedby the Chubu ElectricPower Group

Nagoya Office opened in March 2019.
Business developed in both regions (Chubu and Kansai)

Joint project begun on real estate owned by ChudenReal Estate in
Ichinomiya-shi, Aichi

Based on the warehousing method, commercial facilities
and commercial leaseholds owned by the Company arebeing sold to Chuden Real Estate (Feb. 2020)
tonarie YamatoTakada
Omihachiman-shi,
Shiga

ChudenReal
EstateChubu
ElectricPower

ES-CONJAPAN

Provide information







Grant preferredacquisition rights andpreferred negotiatingrights––

Warehousing



–



Redevelopment
support––

Environmental
technologies





–

PM BM processes







Leasing support



–



Personnel support

●

–



Same-boat investment



–



Permission to use
logos/symbols







Support agreement

Joint research andimplementation of nextgeneration smart houses,
connected homes, etc.

Prospective buyers
for our real estatedevelopment projects

Exchange of humanresources

Respect for autonomy

Development of a next-generation multipurpose facility began in
Fujishirodai, Suita-shi, Osaka (the former site of the National Cerebral
and Cardiovascular Center), planned as a joint project with ChudenReal
Estate.
Sale of properties owned by the Company to Chuden Real Estate throughwarehousing method(In September 2019, support agreements were concluded with threecompanies: Chuden Real Estate, EJR, and ES-CON Asset Management.)

Two of the Company’s employees were seconded to Chuden Real
Estate from April 2019, and one person from Chubu Electric was named
director in March 2019.

Continued business development utilizing the Company’s characteristic
speed

Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Total ofapprox. 9.5
billion yen

tonarie Toga Mikita
Muko-shi, Kyoto
Ikoma-gun, Nara

9

Business Development in the Chubu Area(Within thejurisdiction of Chubu Electric Power)➢ The Nagoya Office opened in March 2019.
➢ Seven projects are already underway in the Chubu area.
➢ Four of these seven projects are joint projects with Chuden Real Estate.
OST Residence Karuizawa

5 Karuizawa-machi, Kitasaku-gun,
NaganoCondominium

6
7

Kaburagicho, Gifu-shi, Gifu

Condominium

Koganemachi 8-chome,
Gifu-shi, Gifu

Condominium

NaganoGifu

3 Ichinomiya-shi,
Aichi

Condominium

Le JADE Kakegawa Ekimae

Joint project with
Chuden Real Estate

Aichi

Mie

Shizuoka

Nagoya Office4
Kakegawa, Shizuoka Condominium

1 Shirakabe, Higashi-ku, Nagoya
2

Shirakabe II, Higashi-ku, Nagoya

Joint project with
Chuden Real Estate

Condominium
Joint project with
Chuden Real Estate

tonarie Yokkaichi
Acquired January 2021

10
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved

Grand Le JADE Shirakabe Getsuronotei

Grand Le JADE Shirakabe Rinzennotei

Information

ESCON JAPAN Ltd.
Email: ir@escon.jp
Tokyo
20th Floor, The Okura Prestige Tower
2-10-4 Toranomon
Minato-ku, Tokyo 105-0001☎+81-3-6230-9308

Osaka
13th Floor, Meiji Yasuda Seimei Building
4-1-1 Fushimimachi
Chuo-ku, Osaka 541-0044F☎+81-6-6223-8055

ESCON JAPAN Official
Instagram, Facebook

Follow us!

11
Copyright ©2021 ES-CONJAPAN Ltd., All Rights Reserved