Translation of Japanese Original
April 26, 2022
To All Concerned Parties
REIT Issuer:
Kenedix Office Investment Corporation
Hikaru Teramoto, Executive Director(Securities Code: 8972)
Asset Management Company:
Kenedix Real Estate Fund Management,Inc.
Masahiko Tajima, President & CEO
Inquiries:
Hiroaki Momoi
Head of Strategic Planning,
Office REIT Department
TEL: +81-3-5157-6010
Notice Concerning Acquisition of Properties (Edobashi Building・Sendai Honcho Building)Kenedix Office Investment Corporation (“the Investment Corporation”) announced today that Kenedix Real Estate
Fund Management, Inc. (“the Asset Management Company”), the asset management company for the Investment
Corporation, decided to acquire the following properties (“the Acquisition”), as follows. Furthermore, the sellers of theeach asset are related parties, etc. as defined in the Investment Trusts and Investment Corporations Law (“theInvestment Trust Law”) and related parties as defined in the rules for related-party transactions of the Office REIT
Department of the Asset Management Company. These transactions were deliberated and approved by the AssetManagement Committee of Office REIT Department after the deliberation and approval of Compliance Committee.
1. Outline of the Acquisition(1) Propery Name

Edobashi Building

Sendai Honcho Building(2) Area

Chuo-ku, Tokyo

Sendai, Miyagi(3) Anticipated Acquisition
Price (Note 1)(4) Seller

9,600 million yen

Please refer to below “4. Seller’s Profile.”(5) Contract Date
(6) Scheduled Acquisition
Date(7) Planned Acquisition
Funds (Note 2)(8) Settlement Method

6,360 million yen

April 26, 2022
June 30, 2022 or date not later thanJune 30, 2022 to be agreed separately

Arpil 28, 2022

Debt financing (planned)

Debt financing

Payment in full on settlement

Note 1: Excluding acquisition costs, adjustment amount of property tax and city-planning tax, and consumption tax,
etc.
Note 2: For details concerning debt financing to be the acquisition fund of Sendai Honcho Building, please refer tothe press release, “Notice Concerning Debt Financing (Series 192)” dated today. The details concerning
the planned acquisition fund of Edobashi Building will be announced upon determination.
Each aforementioned property shall hereafter be referred to as “the Property” and collectively as “the Two
Properties”.

12. Reason for Acquisition
The decision on the Acquisition was made by comprehensively considering portfolio construction policy, real estatemarket trends, the characteristics of the Two Properties and other factors to improve and expand the portfolio
through expansion of portfolio size.
In the decision to acquire the Two Properties, which are mid-sized office buildings in Tokyo Metropolitan Area (5central wards) and Other Regional Area that the Investment Corporation has focused on as main investment target,
the following characteristics of the Two Properties were evaluated.
(1) Edobashi Building(i) Area
Nihonbashi Honcho, where the Property is located, and neighboring Nihonbashi Muromachi are lined withstores such as Nihombashi Mitsukoshi Main Store, and are also foremost office areas in Tokyo, home to
many corporate headquarters and branches. With numerous redevelopment plans in the pipeline both in
Nihonbashi Honcho and the surrounding area, this is an area that is developing further.
The Property fronts onto a main avenue (Showa-dori Avenue) and is an office building accessible frommultiple train lines and with extremely high traffic convenience being approximately 5 minutes on foot from
Mitsukoshimae Station on the Tokyo Metro Ginza Line/Hanzomon Line, approximately 6 minutes’ walkfrom Nihombashi Station on the Toei Asakusa Line, and approximately 6 minutes on foot from
Shin-Nihombashi Station on the JR Sobu Main Line.
(ii) Building
The Property has a leasable floor area of about 695 m2 (approximately 210 tsubo) on the standard floors, withceiling height of 2.6 m. It is equipped with individual air-conditioning systems, OA floors, a security system,
24 mechanical parking spaces, and 3 flat parking spaces. The Property has an imposing facade and the rentalrooms are regularly-shaped, taking daylight from both north and south and giving a sense of spaciousness.
After the acquisition, the Investment Corporation plans to rennovate the common areas including theentrance hall to further strengthen the Property’s competitiveness, as well as implement otherenvironment-friendly construction such as installation of LED lightnings.
(2) Sendai Honcho Building(i) Area
The Property is located in an office area in the center of Sendai City, adjacent to a district lined withgovernment agencies such as the Miyagi Prefectural Government and Sendai City Hall, and a bustlingneighborhood extending from the front of Sendai Station and consisting mainly of stores, bars and restaurants.
Located on a corner, where Hirose-dori Avenue on the south side and Higashi-Ni-bancho-dori Avenue on thewest side intersect, the Property is an office building with excellent visibility and with extremely high traffic
convenience, being approximately 1 minute on foot from Hirose-dori Station on the Sendai Subway
Namboku Line.
(ii) Building
The Property has a leasable floor area of about 612 m2 (approximately 185 tsubo) on the standard floors, withceiling height of 2.5 m. It is equipped with individual air-conditioning systems, OA floors, a security system,
and 56 mechanical parking spaces. With regular-shaped rental rooms that facilitate office layout planning andfloors that can be subdivided, the Property’s office specifications can meet diverse needs. Currently occupied
by tenants from various industries ranging from the branches of major corporations to the offices of local
corporations. Several decades have passed since the Property was constructed, however, with the renovatted
common areas including the entrance hall and implemented other environment-friendly construction such as
installation of LED lightnings, the Property is reasonably competitive within the area and more widely.
Through the acquisition of the Two Properties, the portfolio of the Investment Corporation will expand to 98
properties (total: 455.2 billion yen). The investment ratio of office buildings in the portfolio will be 99.3%, and theinvestment ratio of the Tokyo Metropolitan Area (Note) in the portfolio will be 80.5% (The figures are based on
anticipated acquisition price.).
2Note: Tokyo Metropolitan Area refers to major cities in Tokyo Metropolitan, Kanagawa, Saitama, and Chiba
Prefectures.
3. Property Details(1) Edobashi Building
Property Name

Edobashi Building

Type of Specified Asset

Trust beneficiary interest in real estate

TrusteeMizuho Trust & Banking Co., Ltd.

Trust Term

February 28, 2002 to March 31, 2030 (Note 1)

Location (Address)

1-7-2 Nihonbashi Honcho, Chuo-ku, Tokyo

Usage

OfficeType of Structure

Steel-framed reinforced concrete structure;
one underground and ten above-ground floors

Site Area

Type of OwnershipLand

924.00 m2

Building(total floor area)

8,076.42 m2

Land

Proprietary ownership

Building

Proprietary ownership

Completion Date

November 21,1986

Probable Maximum Loss

6.5% (Sompo Risk Management & Health Care Inc.)
9,600 million yen

Anticipated Acquisition PriceAppraisal

Appraisal Value

10,200 million yen

Base Date for Appraisal

April 1, 2022

Appraiser

Japan Real Estate InstituteDetails

Please refer to below “10. Summary of Appraisal Report.”

Appraisal Existence of Secured Interests
after Acquisition
Master Lease Company after Acquisition
Property Management Company after
Acquisition
Details of Tenant

None
The Investment Corporation
Kenedix Property Design, Inc.
As of March 31, 2022

Number of End Tenants

7

Total Leasable Area

5,695.70 m2

Total Leased Area

5,695.70 m2

Occupancy Rate
Monthly Rent and Common Area
Charge (Excluding Consumption
Tax, etc.)

100.0%

Security and Guarantee Deposit

30 million yen (Note 2)
283 million yen (Note 2)

Forecast Income and Expenditure(Annual Amount)
Forecast Net Operating Income

342 million yen

Forecast Net Operating Income
320 million yen
after Depreciation
Special Considerations
Not applicable(Note 1) The Investment Corporation plans to change the end of trust term to August
Other
1, 2030 at the time of acquisition.
(Note 2) The indicated figures include the total amount of monthly rent, common
3area charge, and security and guarantee deposit for the end-tenants forwhich the lease period started. Figures are truncated to thousands of yen.
(2) Sendai Honcho Building
Property Name

Sendai Honcho Building

Type of Specified Asset

Trust beneficiary interest in real estate

Trustee

Sumitomo Mitsui Trust Bank, Limited

Trust Term

March 29, 2002 to May 31, 2028 (Note 1)

Location (Address)

2-3-10 Honcho, Aoba-ku, Sendai City, Miyagi

Usage

Office, RetailType of Structure

Flat-roofed, Steel-framed reinforced concrete structure;
one underground and twelve above-ground floors

Site Area

Type of Ownership

Land
Building(total floor area)
Land

1,995.04 m2
13,049.82 m2

Building

Proprietary ownership

Proprietary ownership

Completion Date

November 26, 1984

Probable Maximum Loss

1.0% (Sompo Risk Management & Health Care Inc.)

Anticipated Acquisition Price

6,360 million yen

Appraisal

Appraisal Value

6,500 million yen

Base Date for Appraisal

April 1, 2022

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Details
Appraisal Existence of Secured Interests
after Acquisition

Please refer to below “10. Summary of Appraisal Report.”
None

Master Lease Company after Acquisition

The Investment Corporation

Property Management Company after
Acquisition

Kenedix Property Design, Inc.

Details of Tenant

As of March 31, 2022

Number of End Tenants

42

Total Leasable Area

8,882.05 m2

Total Leased Area

8,247.12 m2

Occupancy Rate
Monthly Rent and Common Area
Charge (Excluding Consumption Tax,etc.)

92.9% (Note 2)

Security and Guarantee Deposit

263 million yen (Note 3)

28 million yen (Note 3)

Forecast Income and Expenditure(Annual Amount)
Forecast Net Operating Income

293 million yen

Forecast Net Operatin
262 million yen
Income after Depreciation
A superficies has been established on a portion of the land of the Property for theSpecial Considerations
purpose of ownership of facilities required for the high-speed rail business.
(Note 1) The Investment Corporation plans to change the end of trust term to August
1, 2030 at the time of acquisition.
Other(Note 2) As vacancies occurred as of April 1, 2022 and notice of termination of thelease agreement dated May 31, 2022 was submitted, the occupancy rate is4expected to be 90.6% as of June 1, 2022.
(Note 3) The indicated figures include the total amount of monthly rent, common
area charge, and security and guarantee deposit for the end tenants for which
the lease period started. Figures are truncated to thousands of yen.
4. Seller’s Profile(1) Edobashi Building
Company Name
Location
Title and Name of Representative

SMFL MIRAI Partners Company, Limited
1-3-2 Marunouchi, Chiyoda-ku, Tokyo
Tatsuro Terada, President
1. Real estate business
2. Environmental and energy business
Description of Business3. Others
4. Services relating to above-mentioned businesses
Amount of Capital
200 million yen (as of March 31, 2022)
Date of Incorporation
October 1, 2018
Net Assets
Not disclosed due to the seller’s disapproval.
Total Assets
Not disclosed due to the seller’s disapproval.
Major shareholder and ratio
Sumitomo Mitsui Finance and Leasing Company, Limited (100%)
Relationship between the seller and the Investment Corporation/the Asset Management Company
The seller is the owner of Kenedix, Inc. (“KDX”), owning 70% of theCapital Relationshipoutstanding shares of KDX. KDX is the 100% owner of the AssetManagement Company.
One of the employees of the Asset Management Company is seconded
Personnel Relationshipfrom the seller. (as of April 1, 2022)
The seller entered into an Alliance Agreement with the Asset Management
Company on October 6, 2021, and provides the Asset Management
Business Relationship
Company with property information and other services as a supporting
company.
The seller is a related party, etc. as defined in the Investment Trust Law or
Applicability of Related Party
related party as defined in the Office REIT Division Related-party
Relationships
Transaction Rules of the Asset Management Company.

(2) Sendai Honcho Building
Company Name
Location
Title and Name of Representative

G.K. KRF69
2-1-6 Uchisaiwaicho, Chiyoda-ku, Tokyo
Ippan Shadan Hojin KRF 69, Representative Partner
Masanori Nakatsu, Administrator

1. Acquisition, holding, disposal, leasing and management of real estate
2. Acquisition, holding and disposal of trust beneficiary interest in real
Description of Businessestate3. Aforementioned associated businessAmount of Capital
100 million yen (as of March 31, 2022)
Date of Incorporation
December 11, 2017
Net Assets
Not disclosed due to the seller’s disapproval.
Total Assets
Not disclosed due to the seller’s disapproval.
Major shareholder and ratio
Please refer to “Capital Relationship” below.
Relationship between the seller and the Investment Corporation/the Asset Management Company
Ippan Shadan Hojin KRF69, to which KDX contributes the funds, owns
entire equity interest in the company. In addition, KDX owns 100% ofCapital Relationshipsilent partnership equity interest of Ippan Shadan Hojin KRF69 that
operates the company
There is no special personnel relationship between the Investment
Personnel Relationship
Corporation and the Asset Management Company.
The asset management business is entrusted to Kenedix Investment
Business Relationship
Partners, Inc. (KIP), which is the 100% subsidiary of KDX.
Applicability of Related Party The seller is a related party, etc. as defined in the Investment Trust Law or5

Relationships

related party as defined in the Office REIT Department Related-party
Transaction Rules of the Asset Management Company.

5. Acquirer’s (Previous Owners of Current Owner) Profile(1) Edobashi Building
Investment Corporation

Current Owner/Trust beneficiary<Background･Reasons for Acquisition>
In accordance with its basic
investment principles, theInvestment Corporation shall obtain
the Property following its
determination as a competitive
property that will contribute to theInvestment Corporation’s mediumto long-term profitability.

<Company Name/Relationship to
Specified Related Party>
SMFL MIRAI Partners Company,
LimitedThe anticipated acquisition price isdetermined to be appropriate, as it isbelow the appraisal price (10,200
million yen) determined by Japan
Real Estate Institute.
< Anticipated Acquisition Price>
9,600 million yen (excluding
consumption tax, etc.)< Scheduled Date of Acquisition >June 30, 2022
or date not later than June 30, 2022
to be agreed separately<Background･Reasons for Acquisition>
Acquisition for the purpose ofinvestment and management<Acquisition Price>
Omitted because the property has
been owned by current trust
beneficiary for more than a year.
<Date of Acquisition>
March 6, 2020

Investment Corporation

Current Owner/Trust beneficiary<Background･Reasons for Acquisition>
In accordance with its basic
investment principles, theInvestment Corporation shall obtain
the Property following its
determination as a competitive
property that will contribute to theInvestment Corporation’s mediumto long-term profitability.

<Company Name/Relationship to
Specified Related Party>
G.K. KRF 69< Scheduled Date of Acquisition >April 28, 2022

Other than a specified related party

Please refer to above “4. Seller’s
Profile.”(2) Sendai Honcho Building

The anticipated acquisition price isdetermined to be appropriate, as it isbelow the appraisal price (6,500
million yen) determined by Daiwa
Real Estate Appraisal Co.,Ltd.
< Anticipated Acquisition Price>
6,360 million yen (excluding
consumption tax, etc.)

Previous Owner/
Trust beneficiary<Company Name/Relationship to
Specified Related Party>

Please refer to above “4. Seller’s
Profile.”--Previous Owner/
Trust beneficiary<Company Name/Relationship to
Specified Related Party>
Other than a specified related party<Background･Reasons for Acquisition>
Acquisition for the purpose ofinvestment and management<Acquisition Price>
Omitted because the property has
been owned by current trust
beneficiary for more than a year.
<Date of Acquisition>
May 17, 2018

6. Details of Brokerage
Not applicable for the Two Properties.

6

-

-

7. Related-party Transaction
Regarding the Two Properties acquisition, transactions with the related party, etc. shall fall under the following
categories of transaction (1) and (2) below.
The Asset Management Company, as bound by the rules for related-party transactions of the Office REIT
Department, submitted the transaction for deliberation and approval to the Compliance Committee. After receivingsuch approval, the transactions were then submitted to the Office REIT Department Asset Management Committee
for ratification.
In accordance with the Investment Trust Law, the Asset Management Company will provide reports to theInvestment Corporation regarding the related-party transaction.
(1) Acquisition of Property
The sellers fall under the category of the related party defined under the rules for related-party transactions of
the Office REIT Department of the Asset Management Company. Details of the sellers are provided in “4.
Seller’s Profile” and “5. Acquirer’s (Previous Owners of Current Owner) Profile” above.
(2) Appointment of Property Management Company
The Investment Corporation plans to execute property management agreements for the Two Properties with
Kenedix Property Design, Inc. on the scheduled acquisition date for the Two Properties.
Fees relating to property management remain at the same level as the properties owned by the Investment
Corporation.
8. Scheduled Date of Acquisition(1) Edobashi Building

Determination of Acquisition Date
Date of Contract
Scheduled Payment Date
Scheduled Delivery Date

April 26, 2022
June 30, 2022 or date not later than June 30, 2022 to be agreed separately(Planned) (Note)

Note: The trust beneficiary interest purchase and sale agreement with the seller (“the Transaction Agreement”) on theacquisiton of the Property falls under the category of forward commitment

etc. made by investment corporations as

stipulated in the “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc.” ruledby the Financial Services Agency of Japan. In the event of a violation of the Transaction Agreement made by theInvestment Corporation or the seller, the penalty is stipulated to be an amount equivalent to 5% of the transaction pricein the Transaction Agreement.

(2) Sendai Honcho Building

Determination of Acquisition Date
Date of Contract
Scheduled Payment Date
Scheduled Delivery Date

April 26, 2022
April 28, 2022 (Planned)

9. Outlook
The impact of the acquisition of the Two Properties on the financial results for the fiscal period ending April 30,
2022 (November 1, 2021 to April 30, 2022) and the fiscal period ending October 31, 2022 (May 1, 2022 to October
31, 2022) is minimal. Therefore, the forecast of financial results for the fiscal period remain unchanged.

710. Summary of Appraisal Report
Property Name

Edobashi Building

Appraisal Value
Appraiser
Appraisal Date

10,200,000,000 yen
Japan Real Estate Institute
April 1, 2022
Item

Unit: Yen

Content

Basis

Income Capitalization Approach Value

10,200,000,000

Value Calculated Using the
Direct Capitalization Method(1) Gross Operating Revenue
Maximum Gross Operating
Revenue

10,200,000,000

Shortfall Attributed to Vacancies(2) Operating Expenses

437,941,000
451,712,000

Assess an amount based on the premise of the rent revenue,
common area charge revenue, parking revenue, otherrevenue, etc. that are believed to remain stable over the
medium and long term

13,771,000

Assess an amount based on the premise of an occupancy ratethat remains stable over the medium and long term

87,501,000

Maintenance Expenses

17,500,000

Utility Expenses

18,900,000

Repair Expenses

7,064,000

Property Management Fees

8,759,000

Tenant Recruit Expenses, etc.

2,772,000

Taxes and Dues

32,084,000

Damage Insurance Fees

422,000

Other Expenses(3) Net Operating Income(NOI= (1)-(2))(4) Gain on guarantee deposit
investment

0350,440,000(5) Capital Expenditure

17,130,000(6) Net Cash Flow
(NCF=(3)+(4)-(5))

366,607,000(7) Capitalization Rate

3.3%

Value Calculated Using the
Discounted Cash Flow Method

Estimate by treating equally the value calculated using the
Direct Capitalization Method and the value calculated using
the Discounted Cash Flow Method
Assess by using the cap rate based on medium to long-term
stable net cash flow

3,297,000

Assess an amount in consideration of the actual amounts inthe prior years, maintenance expenses of similar properties
and unique characteristics of the property
Assess an amount in consideration of the actual amounts inthe prior years, utility expenses of similar properties,
occupancy rate of leased area, etc.
Assess an amount in consideration of the actual amounts in theprior years, future administrative operation plan, expenses atsimilar properties, annual average repair, maintenance andrenewal expenses, etc. in the engineering report
Assess an amount in consideration of compensation rates
based on terms of contract and compensation rates, etc. atsimilar properties
Recognize an annual average amount assessed based on theestimated tenant turnover period
Recognize an amount based on the fiscal 2021 tax statement,
etc., taking into account the contents of burden adjustment
measures, etc.
Assess an amount in consideration of the estimated insurance
premium rate and insurance premiums at similar properties,etc.
No particular expenses to be recognized as other expenses
Assess income from investments by using an investment
return of 1.0%
Assess an amount by taking into account the level of capital
expenditures at similar properties, the age of the property,
the average annual repair, maintenance and renewal
expenses in the engineering report, etc. assuming that anequal amount is added to a reserve in each fiscal period
Assess an amount by comprehensively taking into accountcomparison with transaction cases, etc. at similar properties,
the property’s location, the characteristics of the building, therights, the terms of contract, etc.

10,100,000,000

Discount Rate

3.0%

Assess an amount by comprehensively taking into accountthe property’s unique characteristics, etc. by reference totransaction yields at similar properties

Terminal Capitalization Rate

3.3%

Assess an amount by taking into account future uncertainty,
liquidity, etc. based on capitalization rate

Value Calculated Using the Cost Method
Land
Building
The Appraiser’s Points to Consider upon
Appraisal Other Than the Above

9,750,000,000
94.5%
5.5%
Use the Income Capitalization Approach Value as the decision is made that the
Income Capitalization Approach Value is more persuasive because the pricedetermination process has been accurately reproduced from the aspect of income,while referring to the Value Calculated Using the Cost Method8Property Name

Sendai Honcho Building

Appraisal Value
Appraiser
Appraisal Date

6,500,000,000 yen
Daiwa Real Estate Appraisal Co.,Ltd.
April 1, 2022
Item

Content

Income Capitalization Approach Value

6,500,000,000

Value Calculated Using the
Direct Capitalization Method(1) Gross Operating Revenue
Maximum Gross Operating
Revenue

6,780,000,000

Shortfall Attributed to Vacancies(2) Operating Expenses

Unit: YenBasis473,441,063

Estimated an amount by verifying the Value Calculated Using
the Direct Capitalization Method as well as handling Value
Calculated Using the Discounted Cash Flow Method as astandard
Assess by using the cap rate based on medium to long-term
stable net cash flow

494,894,460

Assess an amount based on the premise of a level of fair rent
that is believed to remain stable over the medium and longterm

21,453,407

Assess an amount based on the premise of an occupancy ratethat remains stable over the medium and long term

142,674,157

Assess an amount based on the actual maintenance expenses
and by verifying such amount by reference to the standards ofmaintenance expenses at similar properties
Assess an amount based on the actual utility expenses in thepast, and by verifying such amount by reference to the levelsof utility expenses at similar properties
Record annual average repair, maintenance andrenewal expenses in the engineering report after considering
the actual amount of expenses at similar properties
Assess a standardized PM fee ratio based on PM fee ratios atsimilar properties
Assess an amount in consideration of an estimated tenant
turnover and a vacancy rate, based on the levels of tenant
recruitment expenses, etc. at similar properties

Maintenance Expenses

29,017,000

Utility Expenses

41,913,000

Repair Expenses

5,149,250

Property Management Fees

8,666,606

Tenant Recruit Expenses, etc.

3,591,311

Taxes and Dues

51,791,500

Assess an amount based on the fiscal 2021 tax statement, etc.

611,490

Record based on the estimated amount of insurance premium

1,934,000

Assess other expenses such as consumables based on theactual amount in the past

Damage Insurance Fees
Other Expenses(3) Net Operating Income(NOI= (1)-(2))(4) Gain on guarantee deposit
investment

330,766,896(5) Capital Expenditure

22,416,690(6) Net Cash Flow
(NCF=(3)+(4)-(5))

311,837,245(7) Capitalization Rate

4.6%

Value Calculated Using the
Discounted Cash Flow Method

3,487,039

4.4%

Terminal Capitalization Rate

4.8%

Items applied to adjustments in approaches
to the value and the determination of theappraisal value

Assess an amount by comprehensively taking into accountcomparison with transaction cases, etc. at similar properties,
the property’s location, the characteristics of the building andother conditions

6,380,000,000

Discount Rate

Value Calculated Using the Cost Method
Land
Building

Assess income from investments by using an investment
return of 1.0%
Record an annual average amount of renewal expenses in theengineering report added by the amountequivalent to CM fees after considering the actual amount ofexpenses at similar properties

6,770,000,000
90.3%
9.7%

While referring to investment returns of similar propertytransactions, assess by comprehensively taking into accountthe property’s unique characteristics
While referring to returns associated with transactions ofsimilar properties, assess by comprehensively taking into
account upcoming changes in investment returns, risks
associated with the property to be invested, general predictionof economic growth rate, trends in real estate prices and rent
trends, and other factors

Use the Income Capitalization Approach Value as the decision is made that the
Income Capitalization Approach Value is more persuasive because the pricedetermination process has been accurately reproduced from the aspect of income,while referring to the Value Calculated Using the Cost Method9*Reference (Appraisal NOI Yield = Net Operating Income (NOI) in the aforementioned Value Calculated
Using the Direct Capitalization Method ÷ Anticipated Acquisition Price)
Property Name

Edobashi Building

Appraisal NOI Yield(rounded to the first decimal place)

Attached Materials
Reference Material 1
Reference Material 2

Sendai Honcho Building
3.7%

5.2%

Photographs and Location of the Two Properties
Property Portfolio after Acquisition of the Two Properties

The Investment Corporation’s web site: https://www.kdo-reit.com/en/
This notice is the English translation of the Japanese announcement on our web site released on April 26, 2022.
However, no assurance or warranties are given for the completeness or accuracy of this English translation.

10

Reference Material 1
Photographs and Location of the Two Properties
KDX Edobashi Building【Photographs】

11

【Location】

12

Sendai Honcho Building【Photographs】

13

【Location】

14

Reference Material 2
Property Portfolio after Acquisition of the Two Properties
Type of Use

Area

Location(Anticipated) Acquisition Price(million yen) (Note 1)

Ratio(Note 1)KDX Hamamatsucho Place

Minato-ku, Tokyo

20,700

4.5%

July 2, 2018

KDX Shinbashi Ekimae Building

Minato-ku, Tokyo

16,3003.5%

June 30, 2020

Property NameKDX Toranomon 1chome Building

Minato-ku, Tokyo

14,616

3.2%

March 30, 2016

KDX Harumi Building

Chuo-ku, Tokyo

10,2502.2%

June 30, 2008

9,600

June 30, 2022 or date not
2.1% later than June 30, 2022
to be agreed separately

Edobashi Building

Office Buildings(Mid-size)

5 Central Wardsof Tokyo(Scheduled) Date of
Acquisition (Note 2)

Chuo-ku, TokyoKDX Nishi-Shinbashi Building

Minato-ku, Tokyo

8,400

1.8%

February 1, 2017

Hiei Kudan-Kita Building

Chiyoda-ku, Tokyo

7,600

1.6%

February 1, 2008

KDX Shinjuku Building

Shinjuku-ku, Tokyo

6,800

1.4%

February 18, 2010

KDX Ochanomizu Building

Chiyoda-ku, Tokyo

6,400

1.4%

April 2, 2007

KDX Shiba-Daimon Building

Minato-ku, Tokyo

6,090

1.3%

March 1, 2007

KDX Kojimachi Building

Chiyoda-ku, Tokyo

5,950

1.3%

November 1, 2005

KDX Nihonbashi 313 Building

Chuo-ku, Tokyo

5,940

1.3%

August 1, 2005

KDX Takanawadai Building

Minato-ku, Tokyo

5,250

1.1%

November 19, 2013

KDX Iidabashi Building

Shinjuku-ku, Tokyo

4,670

1.0%

July 22, 2011

KDX Ebisu Building

Shibuya-ku, Tokyo

4,640

1.0%

May 1, 2006

Higashi-Kayabacho Yuraku Building

Chuo-ku, Tokyo

4,450

0.9%

August 1, 2005

KDX Iidabashi Square

Shinjuku-ku, Tokyo

4,350

0.9%

January 10, 2014

KDX Ginza 1chome Building

Chuo-ku, Tokyo

4,300

0.9%

November 12, 2010

KDX Hamamatsucho Center Building

Minato-ku, Tokyo

3,950

0.8%

September 1, 2015

KDX Shin-Nihonbashi Ekimae Building

Chuo-ku, Tokyo

3,829

0.8%

August 2, 2016

KDX Shinbashi Building (Note 2)

Minato-ku, Tokyo

3,728

0.8%

May 1, 2006

KDX Hatchobori Building

Chuo-ku, Tokyo

3,680

0.8%

August 1, 2005

KDX Ginza East Building

Chuo-ku, Tokyo

3,600

0.7%

March 13, 2015

KDX Shibuya Nanpeidai Building

Shibuya-ku, Tokyo

3,500

0.7%

August 10, 2017

KDX Hamamatsucho Building

Minato-ku, Tokyo

3,460

0.7%

May 1, 2006

KDX Kanda Ekimae Building

Chiyoda-ku, Tokyo

3,300

0.7%

February 7, 2020

KDX Mita Building

Minato-ku, Tokyo

3,180

0.6%

November 18, 2013

KDX Higashi-Shinjuku Building

Shinjuku-ku, Tokyo

2,950

0.6%

September 1, 2006

KDX Kayabacho Building

Chuo-ku, Tokyo

2,780

0.6%

May 1, 2006

KDX Jimbocho Building

Chiyoda-ku, Tokyo

2,760

0.6%

March 31, 2008

KDX Hakozaki Building

Chuo-ku, Tokyo

2,710

0.5%

July 22, 2011

KDX Akihabara Building

Chiyoda-ku, Tokyo

2,600

0.5%

November 19, 2013

KDX Yoyogi Building

Shibuya-ku, Tokyo

2,479

0.5%

September 30, 2005

Harajuku F.F. Building

Shibuya-ku, Tokyo

2,450

0.5%

August 1, 2005

KDX Kajicho Building

Chiyoda-ku, Tokyo

2,350

0.5%

July 3, 2006

KDX Hamacho Nakanohashi Building

Chuo-ku, Tokyo

2,310

0.5%

February 1, 2008

KDX Shinjuku 286 Building

Shinjuku-ku, Tokyo

2,300

0.5%

June 1, 2007

KDX Minami Aoyama Building

Minato-ku, Tokyo

2,270

0.4%

August 1, 2005

Nihonbashi Horidomecho First

Chuo-ku, Tokyo

2,200

0.4%

August 19, 2013

Shin-toshin Maruzen Building

Shinjuku-ku, Tokyo

2,110

0.4%

February 29, 2008

KDX Nihonbashi 216 Building

Chuo-ku, Tokyo

2,010

0.4%

December 1, 2009

KDX Kanda Kitaguchi Building

Chiyoda-ku, Tokyo

1,950

0.4%

August 1, 2005

KDX Shinjuku 6-chome Building

Shinjuku-ku, Tokyo

1,900

0.4%

September 13, 2013

KDX Iwamoto-cho Building

Chiyoda-ku, Tokyo

1,864

0.4%

May 1, 2008

KDX Nishi-Shinjuku Building

Shinjuku-ku, Tokyo

1,500

0.3%

April 2, 200715

Type of Use

Area

Tokyo
Metropolitan Area

Property Name

Location

Other
Regional Areas

Ratio(Note 1)

(Scheduled) Date of
Acquisition (Note 2)

KDX Musashi-Kosugi Building

Kawasaki, Kanagawa

12,0002.6%

March 20, 2014

KDX Yokohama Kannai Building

Yokohama, Kanagawa

9,500

2.0%

January 31, 2018

KDX Yokohama Building

Yokohama, Kanagawa

7,210

1.5%

October 29, 2014

KDX Fuchu Building

Fuchu, Tokyo

6,120

1.3%

September 21, 2012

Toshin 24 Building

Yokohama, Kanagawa

5,300

1.1%

May 1, 2006

KDX Higashi-Shinagawa Building

Shinagawa-ku, Tokyo

4,590

1.0%

July 22, 2011

KDX Nishi-Gotanda Building

Shinagawa-ku, Tokyo

4,200

0.9%

December 1, 2006

KDX Ikebukuro Building

Toshima-ku, Tokyo

3,900

0.8%

November 18, 2013

KDX Kawasaki-Ekimae Hon-cho Building

Kawasaki, Kanagawa

3,760

0.8%

February 1, 2008

KDX Takadanobaba Building

Toshima-ku, Tokyo

3,650

0.8%

May 30, 2014

Koishikawa TG Building

Bunkyo-ku, Tokyo

3,080

0.6%

November 18, 2009

KDX Kasuga Building

Bunkyo-ku, Tokyo

2,800

0.6%

September 21, 2012

KDX Yokohama Nishiguchi Building

Yokohama, Kanagawa

2,750

0.6%

December 2, 2014

(excluding 5 Central Wards) KDX Gotanda Building

Office Buildings(Mid-size)(Anticipated) Acquisition Price(million yen) (Note 1)

Shinagawa-ku, Tokyo

2,620

0.5%

November 18, 2009

KDX Nakano-Sakaue Building

Nakano-ku, Tokyo

2,533

0.5%

August 1, 2005

KDX Shin-Yokohama Building

Yokohama, Kanagawa

2,520

0.5%

May 1, 2006

KDX Funabashi Building

Funabashi, Chiba

2,252

0.4%

March 1, 2006

BR Gotanda

Shinagawa-ku, Tokyo

2,200

0.4%

April 5, 2017

KDX Omiya Building

Saitama, Saitama

2,020

0.4%

March 26, 2013

KDX Okachimachi Building

Taito-ku, Tokyo

2,000

0.4%

March 1, 2007

KDX Ikebukuro West Building

Toshima-ku, Tokyo

1,934

0.4%

September 3, 2014

KDX Nakameguro Building

Meguro-ku, Tokyo

1,880

0.4%

September 21, 2012

KDX Kiba Building

Koto-ku, Tokyo

1,580

0.3%

June 20, 2006

KDX Monzen-Nakacho Building

Koto-ku, Tokyo

1,400

0.3%

January 19, 2007

KDX Tachikawa Ekimae Building

Tachikawa, Tokyo

1,267

0.2%

December 26, 2011

KDX Hachioji Building

Hachioji, Tokyo

1,155

0.2%

March 1, 2007

KDX Nagoya Sakae Building (Note 2)

Nagoya, Aichi

7,550

1.6%

April 25, 2008

KDX Nagoya Ekimae Building

Nagoya, Aichi

7,327

1.6%

December 26, 2011

Sendai Honcho Building

Sendai, Miyagi

6,360

1.3% April 28, 2022 (Planned)

KDX Sakura-dori Building

Nagoya, Aichi

5,900

1.2%

January 9, 2015

KDX Karasuma Building

Kyoto, Kyoto

5,400

1.1%

June 1, 2007

KDX Tosabori Building

Osaka, Osaka

5,000

1.0%

January 31, 2020

KDX Hakata-Minami Building

Fukuoka, Fukuoka

4,900

1.0%

February 1, 2008

KDX Shin-Osaka Building

Osaka, Osaka

4,550

0.9%

September 1, 2015

KDX Nagoya Nichigin-mae Building

Nagoya, Aichi

3,500

0.7%

March 15, 2016

KDX Kobayashi-Doshomachi Building

Osaka, Osaka

2,870

0.6%

December 1, 2010

KDX Higashi Umeda Building

Osaka, Osaka

2,770

0.6%

March 28, 2012

KDX Utsunomiya Building

Utsunomiya, Tochigi

2,350

0.5%

May 30, 2014

KDX Kitahama Building

Osaka, Osaka

2,220

0.4%

February 1, 2008

KDX Minami-Honmachi Building

Osaka, Osaka

2,200

0.4%

December 2, 2014

KDX Sendai Building

Sendai, Miyagi

2,100

0.4%

June 1, 2007

KDX Sapporo Building

Sapporo, Hokkaido

2,005

0.4%

March 25, 2011

KDX Sapporo Kitaguchi Building

Sapporo, Hokkaido

1,800

0.3%

July 20, 2017

KDX Hiroshima Building

Hiroshima, Hiroshima

1,300

0.2%

September 1, 2014

384,351

84.4%-

Total of 89 Office Buildings (Mid-size)

16Type of Use

Area
5 Central Wardsof Tokyo

Office Buildings(Other)Tokyo Metropolitan Area
(excluding 5 Central Wards)

Other
Regional Areas

Others5 Central Wardsof Tokyo

Property Name

Location(Anticipated) Acquisition Price(million yen) (Note 1)

Ratio(Note 1)

(Scheduled) Date of
Acquisition (Note 2)

Ginza 4chome Tower

Chuo-ku, Tokyo

9,800

2.1%

August 19, 2013

ARK Mori Building

Minato-ku, Tokyo

4,169

0.9%

December 1, 2016

Pentel Building (Note 3)

Chuo-ku, Tokyo

3,350

0.7%

March 26, 2015

Mitsubishijuko Yokohama Building

Yokohama, Kanagawa

14,7203.2%

December 7, 2017

KDX Chofu Building

Chofu, Tokyo

8,700

1.9%

Jule 14, 2019

KDX Toyosu Grand Square

Koto-ku, Tokyo

8,666

1.9%

May 30, 2014

Senri Life Science Center Building

Toyonaka, Osaka

13,0002.8%

October 15, 2014

Portus Center Building

Sakai, Osaka

September 21, 2005

5,570

1.2%

Total of 8 Office Buildings (Other)

67,975

14.9%-

Total of 97 Office Buildings

452,326

99.3%

Portfolio PML 3.2%

Shinjuku 6chome Building (Land)

2,880

－

April 18, 2014

Total of 1 Others Property

Shinjuku-ku, Tokyo

2,880

－

-

Total of 98 Properties

455,206

0.6%

-

0.006
Investment Security

5 Central Wardsof Tokyo

G. K. KRF43 Silent Partnership Equity Interest

Shinjuku-ku, Tokyo

Total of 1 Investment Security
Note 1: The (anticipated) acquisition prices and ratios are rounded down to the nearest million and first decimal place respectively.
Note 2: For the property with multiple acquisition dates due to additional acquisition, etc., the first acquisition date is shown.
Note 3: Building, site and the land for Pental Building are counted as one property.

17

1,107

－

March 28, 2014

1,107

-

-