31 July 2017
To All Concerned Parties
REIT Securities Issuer
3-8-11 Kudan Minami, Chiyoda-ku, Tokyo
Sakura Sogo REIT Investment Corporation
Representative Makoto Muranaka,
Executive Director:(Securities Code 3473)
Asset Management Company:
Sakura Real Estate Funds Management, Inc.
Representative Makoto Muranaka,/ Inquiries
Representative Director andPresident
Tel: +81-3-6272-6608

Notice Concerning Acquisition and Disposition of Real Estate Beneficiary Interests in Trust
Sakura Sogo REIT Investment Corporation (hereinafter the “Investment Corporation” or “SKR”) is
pleased to announce that it will acquire and dispose assets (the “Acquisition” and the “Disposition,”
respectively; collectively referred to as the “Transaction”) as outlined below:
Overview of the Transaction
Overview of the asset to be disposed
Asset to be transferred
Property name
Asset type
Location
Year of construction
Transfer price1
Appraisal Value2
Acquisition Price3
Book Value4
Realized gain on sale5
Date of contract
Date of settlement

100% beneficiary interest in Trust
Royal Hill Kobe Sannomiya II
Residential
3-5-13 Kanocho, Chuo-ku, Kobe city, Hyogo prefecture
2004¥1,800,000,000¥1,550,000,000¥1,480,000,000¥1,483,000,000¥317,000,000
31 July 201711 September 20171

Transfer price as agreed to for the transaction and indicated in the Purchase and Sale Agreement executed on 31 July 2017(exclusive of acquisition related expenses and consumption tax).
2
Appraisal report provided by Daiwa Real Estate Appraisal Co., Ltd. with effective date 28 February 2017.
3
Acquisition price of subject property when acquired by SKR on 9 September 2016.
4
Book Value as at 28 February 2017.
5
Realized gain on sale based on the above-mentioned Book Value before transaction costs.

Overview of the asset to be acquired
Asset to be acquired
Property name
Asset type
Location
Year of construction
Acquisition price1
Appraisal Value2
Date of contract
Date of settlement12

100% beneficiary interest in Trust
Abode Yoyogi Parkside
Residential
1-2-9 Yoyogi, Shibuya-ku, Tokyo2017¥1,600,000,000¥1,610,000,000
31 July 201729 September 2017

“Acquisition Price” as agreed to for the transaction and indicated in the Purchase and Sale Agreement executed on 31 July 2017(exclusive of acquisition related expenses and consumption tax)
Since the building is still under construction, an “Appraisal for Non-Completed Buildings” was provided by Daiwa Real EstateAppraisal Co., Ltd. with effective date 1 July 2017.

1

Reasons for the Transaction
Sakura Real Estate Funds Management, Inc. (“SREFM”), a licensed asset management company
manages SKR’s assets and is focused on implementing initiatives that enhance SKR unitholder value.
This includes exploring opportunities to recycle capital to enhance distributions and improve the overall
quality and/or diversification of the real estate portfolio. The Transaction outlined herein is consistent
with this strategy. In deciding to complete the Transaction SREFM has considered several key factors
including the following; 1) an increase in portfolio weighting to the 5 central wards of Tokyo, 2) a
reduction in the weighted average age of the residential portfolio, 3) a 23.3% increase in Fiscal Period
3 (“FP3”) distribution, 4) a reduction in forecast medium term capital expenditure, and 5) attractive
acquisition terms with an asset sourced directly with a third party developer.
1) An increase in portfolio weighting to the 5 central wards of Tokyo
SKR has a broad investment mandate however it has a clear strategy to maintain a portfolio
weighting of approximately 50% to the Tokyo Metropolitan area (by asset value). SREFM believes
that real estate investments located in Tokyo will continue to benefit in the medium to long term bya more stable population base relative to some regional locations in Japan. These differences inforecast demographics are likely to have an impact on all sectors including residential apartments.
Over the past three years (to September 2016) the apartment rent index 1 for the Tokyo Metropolitan
Wards has exhibited growth of 1.6% or approximately 0.5% per annum. In contrast the rent index
for Kobe (Kinki Region) shows negative growth of 0.7% or 0.23% per annum. The 2015 national
census showed that while Japan’s total population had declined by 960,000 people since 2010,
Tokyo gained 327,000 over the same five-year period. This includes an increase of 95,000 within
the 5 central wards of Tokyo as well as an increase of 20,000 within Shibuya, the ward where theacquisition property is located. The outlook for residential occupancy and market rents in central
Tokyo is considered relatively strong in comparison to certain regional locations including Kobe.
Post the Transaction, SKR’s weighting to the 5 central wards of Tokyo will increase to 42.3% (from39.6%) and the Tokyo Metropolitan weighting will increase to 53.7% (from 51.0%). Please refer toReference Material 3 for demographic information on Tokyo and Shibuya-ku, the ward in which theacquisition property is located.
2) Reduction in the average age of the residential portfolio
The asset being acquired, Abode Yoyogi Parkside will be completed in September 2017. The asset
being transferred, Royal Hill Kobe Sannomiya II will be 13 years old at the date of transfer. This will
result in the weighted average age 2 of the residential portfolio reducing from 22.2 years to 19.0 years.
3) An increase in forecast distribution per unit
The Transaction results in a 23.3% increase in FP3 forecast distribution from ¥2,700 per unit to ¥3,330
per unit, the main factor being the realized gain of ¥317 million 3 on the disposal of Royal Hill Kobe
Sannomiya II (sale price of ¥1.80 billion, 21.6% above current book value of ¥1.483 billion).
4) A reduction in medium/long term capital expenditure forecast
The medium/long term (12 year) capital expenditure forecast for the asset being acquired is ¥7.7
million 4 which represents 0.5% of purchase price. In contrast, the forecast for the disposal asset is¥85.8 million 5 over the same period, representing 5.8% of book value.

1

Japan Real Estate Institute – Apartment rent index September 2016. The 5 central wards of Tokyo are Chiyoda-ward, Chuoward, Minato-ward, Shinjuku-ward and Shibuya-ward.
2
Weighted by acquisition value3
Net realized gain equates to 224 million yen (245 million yen increase on gain on sale of real estate property, 21 million yen
increase in non-deductible consumption tax).
4
As stated in the Engineering Report provided by JCIA Japan Constructive Inspect Association in July 20175

As stated in the Engineering Report provided by Tokio Marine & Nichido Risk Consulting Co., Ltd. in October 2015.

25) Attractive acquisition terms with asset sourced directly with third party developer
The acquisition asset has been sourced directly with a Tokyo based real estate firm. SREFM has astated strategy of fostering direct relationships with mid-scale developers and similar real estate related
businesses which have the potential to deliver attractive external growth opportunities.
Description of the asset to be acquired
Abode Yoyogi Parkside is a new residential development very well located to major parks including
Yoyogi Park, approximately 200 meters, Shinjuku Gyoen National Gardens approximately 600
meters and the Meji Jingu Shrine grounds located directly to the rear of the property. It is a 4-minute
walk from Yoyogi JR station which offers access to both the Yamanote and Chuo-Sobu train lines.
The property has a targeted completion date of 21 September 2017. A rent guarantee has been
agreed with the seller (see Special Comments for more details).
Yoyogi is a very popular residential area appealing to a wide cross section of the community given
its access to parks and the two largest shopping / entertainment districts in Japan (Shinjuku andShibuya). It is also beside Tokyo's largest fashion district, Omotesando. A large proportion of Yoyogi
residents work in creative fields such as fashion, art and music. There are many small home offices
operating in the area that include record labels, photographers, modeling agencies and art dealers.
Property name - Abode Yoyogi Parkside1
Zoning2
Asset typeType of specified asset
Trustee
Trust term
Location2
AccessType 2 Residential
Residential
100% beneficiary interest in Trust
Sumitomo Mitsui Trust Bank, Limited
10 years from 30 September 2017 to 29 September 2027
1-2-9 Yoyogi, Shibuya-ku, Tokyo
Approximately 400 meters from Yoyogi, Kita Sando and Minami
Shinjuku Stations (4-minute walk)
September 2017
Reinforced concrete / 8F
Chemical Design Inc.
Katayama Corporation
City Building Certification Center Co., Ltd.
464.70 square meters
1,471.95 square meters
60%
300%
1,285.54 square meters
Rio Consulting Co., Ltd.
7.3%
1,600 million yen
1,610 million yen
70,021,809 yen
Daiwa Real Estate Appraisal Co., Ltd.
n/a (Targeted completion date of September 2017)

Completion date
Structure / Number of stories2
Architect
Builder
Building Permit Agency3Land Area2
Gross Building Area2
Building Coverage Ratio4
Floor Area Ratio4
Total Leasable Area5
Property Management Company
Seismic Risk (PML)6
Acquisition Price7
Appraisal Value8
Appraisal NOI8
Appraisal Firm
Leasing status (As of [date])9
Special Comments
The Seller has agreed to provide a rent guarantee for a period of up to six months post the date ofacquisition. The total amount of the rent guarantee is capped at ¥25 million. The rent guarantee can be
drawn by the purchaser for any vacant apartment at the commencement of each month post acquisition.
SREFM and third party property manager will be collectively undertaking leasing activity and are
confident that occupancy of 95% (“stabilized occupancy”) will be achieved at or before the 6th month
post close. Based on forecast leasing in the period from close to the 6th month, SKR will by virtue ofthe rent guarantee, receive rent revenue not less than stabilized occupancy (95%).
1

Subject property is a development that is planned for completion in September 2017. The Purchase and Sale
Agreement was executed with the seller on 31 July 2017. The scheduled dates may change depending on the
progress of the construction.
2“Location” and “Land area” are based on the land registry records. Since the building is still under construction andhas not been registered yet, the “Gross Building Area”, “Structure / Number of stories” are planned figures as atcompletion of building based on information from the verification notice of building construction specified in Article 6,
Paragraph 1 of the Building Standards Act. The current information may be revised in the future subject to changes
in planning and construction.

3

3

Since the building is still under construction, the building permit agency on the verification notice of building
construction is referred to as the Building Inspection Agency“Building Coverage Ratio” and “Floor Area Ratio” are the designated building-to-land ratio and designated floor-arearatio provided by city planning.
5“Total Leasable Area” is the planned floor area that will be leasable at the time the asset is required.
6“PML” is extracted from the Earthquake Risk Valuation Report provided by Tokyo Marine & Nichido Risk Consulting
Co., Ltd. in July 20177
“Acquisition Price” as agreed to for the transaction and indicated in the Purchase and Sale Agreement executed on
31 July 2017 (exclusive of acquisition related expenses and consumption tax)
8
“Since the building is still under construction, an “Appraisal for Non-Completed Buildings” was provided by Daiwa
Real Estate Appraisal Co., Ltd. with effective date 1 July 2017.
9“Leasing status” is indicated as “n/a” since the building is still under construction
4

Description of the asset to be disposed
Property name – Royal Hill Kobe Sannomiya II
SectorType of Specified Asset
Trustee
Trust term
Location
AccessCompletion Date
Structure / Number of Stories
Land Area
Gross Building Area
Building Coverage Ratio
Floor Area Ratio
Property Management Company
Seismic Risk (PML)
Acquisition Price1
Transfer Price2
Book Value3
Realized Gain on Sale4
Appraisal value5
Appraisal Firm
Total number of tenants (as at 30
June 2017)
Appraisal NOI
Security and Guarantee Deposits
Total Leased Floor Space (as at
30 Jun 2017)
Total Leasable Floor SpaceHistorical Occupancy Rate (byquarter)
Special Comments
1
2

3
4
5

Residential
100% beneficiary interest in Trust
Aozora Trust Bank, Ltd.
From 9 September 2016 until 30 September 2026
3-5-13 Kanocho, Chuo-ku, Kobe city, Hyogo prefecture
Approximately 500 metres from Kobe Sannomiya Station (5minute walk).
2004
Steel framed reinforced concrete structure / B1/14F
529.72 square meters
5,690.14 square meters
80%
700%
Haseko Livenet, Inc.
8.6%
1,480 million yen
1,800 million yen
1,483 million yen
317 million yen
1,550 million yen
Daiwa Real Estate Appraisal Co., Ltd.
107
82,166,492 yen
5,000,000 yen
3,031.29 square meters
3,217.93 square meters
30 Sep 201631 Dec 2016
31 Mar 201797.2%
100.0%
96.5%
There are no applicable matters.

30 Jun 201794.2%

Acquisition price of subject property when acquired by SKR on 9 September 2016.
Transfer price as agreed to for the transaction and indicated in the Purchase and Sale Agreement executed on 31
July 2017 (exclusive of acquisition related expenses and consumption tax)
Book Value as at 28 February 2017.
Realized gain on sale based on the above-mentioned Book Value
Appraisal report provided by Daiwa Real Estate Appraisal Co., Ltd. with effective date 28 February 2017

Profile of the Seller of the asset to be acquired
Aside from its Head Office location (Tokyo city) and Principal Business (Real estate), details on the
Seller are not disclosed because the Seller would not provide consent. There is no capital, personal andbusiness relationships between SKR, SREFM and the Seller. In addition, the Seller is not a “related
party” of SKR or SREFM.
Profile of the Buyer of the asset to be disposed
Details on the Buyer are not disclosed because the Buyer would not provide consent, including
information on its principle business. There is no capital, personal and business relationships between
SKR, SREFM and the Buyer. In addition, the Buyer is not a “related party” of SKR or SREFM.
4

Overview of brokerage- Abode Yoyogi Parkside - No brokerage for the asset to be acquired- Royal Hill Kobe Sannomiya II - Overview of the brokerage firm
Name of Brokerage Firm
Head Office
Representative
Principal Business

Nomura Real Estate Development Co., Ltd.
1-26-2 Nishi Shinjuku, Shinjuku-ku, Tokyo
Seiichi Miyajima, President and Representative Director
Residential development, corporate real estate brokerage,commercial property development, building leasing, architecturaldesignCapital2 billion yen (as of 1 April 2017)
Established
April 15 1957
Relationships with SKR and/or SREFM
CapitalThere is no capital relationship to report
Personal
There is no personal relationship to report
Business
There is no business relationship to report
Related Party Status
The Buyer does not fall under the definition of a related party of
SKR or SREFM
Brokerage FeeThis information cannot be disclosed since consent has not beenobtained from the Brokerage Firm

Funding for the acquisition
The acquisition of Abode Yoyogi Parkside will be funded from the proceeds of the disposition of Royal
Hill Kobe Sannomiya II and working capital. There are no new borrowings.
Matters related to Forward Commitment
The Transaction is a “forward commitment” as defined in the “Comprehensive Guidelines for Supervisionof Financial Instruments Business Operators, etc.” by the Financial Services Agency.
SKR plans to settle the disposition of Royall Hill Kobe Sannomiya II on 11 September 2017. Per the
Purchase and Sale Agreement, if the contract is canceled for a reason for which SKR or the buyer is
responsible, the party who breaches the agreement will pay a cancellation penalty of 20% of the
proposed transfer price of the trust beneficiary interest in real estate (excluding all consumption taxes)(¥360 million). Any penalty payable by the buyer will comprise forfeiture of their 10% deposit and afurther 10% penalty totaling 20%.
SKR plans to settle the acquisition of Abode Yoyogi Parkside on 29 September 2017 with the net
proceeds from the planned disposition and cash on hand. Per the Purchase and Sale Agreement, if thecontract is canceled for a reason for which SKR or the seller is responsible, the party who breaches theagreement will pay a cancellation penalty of 10% of the proposed transfer price of the trust beneficiaryinterest in real estate (excluding all consumption taxes) (¥160 million).
SKR has structured the Transaction settlement dates to mitigate financial risk associated with any
potential cancellation penalty. If, in the unlikely event the disposition did not complete, the penalty
received could be utilized to either, a) partially fund the acquisition property, or b) pay any penalty incircumstances SKR elected not to proceed with the acquisition.
Schedule for the Transaction
31 July 2017:Conclusion of purchase and sale agreement for the disposition of Royal Hill Kobe Sannomiya II
Conclusion of purchase and sale agreement for the acquisition of Abode Yoyogi Parkside
11 September 2017:
Disposition of Royal Hill Kobe Sannomiya II (delivery of trust beneficiary interests)
29 September 2017:
Acquisition of Abode Yoyogi Parkside (delivery of trust beneficiary interests)
5Summary of the Appraisal Report1 for the Acquisition
Property Name
Appraisal Value
Appraiser
Appraisal Report1 Date
Item
Indicated value by income approach

Indicated value by direct capitalization
method(i) Operating revenue ((a)-(b))(a) Gross potential income(b) Vacancy loss etc.
(ii) Operating expenses
Maintenance andmanagement fee
Utilities expense
Repair expenses
Property management fee
Tenant leasing costs, etc.
Property taxes

Insurance premiums
Other expenses(iii) Net operating income(NOI = (i)-(ii)(iv) Financial interests on deposits(v) Capital expenditures(vi) Net cash flow
(NCF = (iii)+(iv)-(v))(vii) Capitalization rate
Indicated value of DCF method(unit:Yen)
Abode Yoyogi Parkside
1,610,000,000
Daiwa Real Estate Appraisal Co., Ltd.
1 July 2017
Details
Description
1,610,000,000 Assessed utilizing a combination of the indicatedvalue from adopting the direct capitalization method
and the DCF method.
1,650,000,000 Assessed by adopting appraised cap rates fromsimilar residential properties based on analysis of
supply and demand, market trends and appropriate
rents.
82,558,692
85,891,932 Potential rent from residential units of Y6.9m permonth, utilities revenue as well as car park revenue.
3.333.240 Adopted 4.0% of potential rent from residential units
and carpark rent.
12.536.883
2,016,000 Adopted terms of planned service agreement which
are judged consistent with market terms.
699,984 Adopted a rate of Y150/tsubo on net rentable area
based on assessed actual rates of similar real estate.
802,726 Adopted 0.12% of replacement cost while taking into
consideration repair expenses of similar real estate.
2,399,933 Adopted terms of planned service agreement which
are judged consistent with market terms.
2,718,220 Adopted leasing costs based on actuals from similar
real estate.
3,818,600 Land: based on fiscal year 2017 assessed value withreference to land value trend and industry standards.
Building: adopted forecasted tax in year 11 postcompletion based on assessed replacement costvalue.
81,420 Adopted terms of planned insurance which are judged
consistent with market terms.
- 70,021,809
66,665920,766

Appraised investment return as 1.0%
Appraised by reference to the repair and renewal
expenses in the ER and expenses of similar realestate.

69,167,708
4.2%
1,590,000,000

Assessed by assuming current lease agreement
terms and conditions and tenant characteristics,
appropriately reflecting the change in future cash
flows and terminal value.
Discount rate
4.0% Assessed based on discount rates of similar realestate transactions and comparing with yields of otherfinancial products.
Terminal capitalization rate
4.4% Assessed taking into consideration the marketabilityof the subject real estate at the end of the DCF
analysis period.
Indicated value by cost approach
1,380,000,000 Assessed by applying depreciation price correction to
the replacement cost as well as taking themarketability of the land and building as a single pieceof real estate into consideration.
Ratio of land
72.5% Ratio of building
27.5% Other matters of consideration
Value was assessed under the assumptions that thebuilding will be completed as specified in the designplans obtained from the seller.
1
Since the building is still under construction, an “Appraisal for Non-Completed Buildings” was provided by Daiwa
Real Estate Appraisal Co., Ltd. with effective date 1 July 2017.

Future Outlook
The Transaction results in a 23.3% increase in forecast distribution per unit for the third fiscal period
6

from ¥2,700 to ¥3,330. Please refer to “Notice Concerning Revision to Operating and Distribution
Forecasts for the Fiscal Periods Ending 31 August 2017 and 28 February 2018” announced today forfurther details.

Reference Materials
・ Reference Material 1 Portfolio List after the Transactions
・ Reference Material 2 Summary of Engineering Report and Earthquake Risk Analysis
・ Reference Material 3 Demographics
・ Reference Material 4 Artist Impressions of Asset to be Acquired
・ Reference Material 5 Location Map of Asset to be Acquired

This material is distributed to the press club of the Tokyo Stock Exchange (Kabuto Club), the press clubof the Ministry of Land, Infrastructure, Transport and Tourism, and the press club for construction trade
publications of the Ministry of Land, Infrastructure, Transport and Tourism.
Sakura Sogo REIT Investment Corporation website address: http://sakurasogoreit.com/en/

7

Reference Material 1. Portfolio List after the Transaction
Property
No.

Property nameLocation

Real estate
Investment
appraisalratio (%)3value(million yen)2
OF-01
Seishin Building
Shinjuku-ku, Tokyo
7,880
8,360
13.7
OF-02
NK Building
Chiyoda-ku, Tokyo
3,730
3,860
6.5
OF-03
Tsukasamachi Building
Chiyoda-ku, Tokyo
3,820
3,910
6.6
OF-04
Takadanobaba AccessShinjuku-ku, Tokyo
3,330
3,430
5.8
OF-05
Azabu Amerex Building
Minato-ku, Tokyo
2,020
2,140
3.5
OF-06
Hiei Kudan Building
Chiyoda-ku, Tokyo
1,960
2,050
3.4
OF-07
Shin Yokohama Nara Building
Yokohama-shi, Kanagawa
1,910
1,950
3.3
Office sub-total
24,65025,70042.9
RT-01
La Park Kishiwada
Kishiwada-shi, Osaka
6,460
6,600
11.2
RT-02
Suroy Mall Chikushino
Chikushino-shi, Fukuoka
7,670
7,820
13.3
RT-03
Seiyu Minakuchi
Koka-shi, Shiga
4,150
4,240
7.2
RT-04
Suroy Mall Nagamine
Kumamoto-shi, Kumamoto
4,180
4,460
7.3
Retail sub-total
22,46023,12039.1
RS-01
Shiroi Logiman
Shiroi-shi, Chiba
2,180
2,210
3.8
RS-02
Matsuya Residence Sekime
Osaka-shi, Osaka
1,820
1,910
3.2
RS-04
Urban Plaza Imazato
Osaka-shi, Osaka
940
984
1.6
RS-05
Abode Yoyogi Parkside
Yoyogi, Shibuya-ku Tokyo
1,600
1,610
2.8
Residential sub-total
6,515
6,704
11.3
OT-01
Funabashi Hi Tech Park Hidan
Funabashi-shi, Chiba
1,720
1,800
3.0
OT-02
Funabashi HiTech Park
Funabashi-shi, Chiba
710
770
1.2
OT-03
Confomall Sapporo
Sapporo-shi, Hokkaido
1,400
1,440
2.4
Other sub-total
3,830
4,010
6.7
Total Portfolio
57,45559,534100.0
1Planned acquisition price for Abode Yoyogi Parkside is the price agreed to in the Purchase and Sale Agreement
2
Appraisal report provided by Daiwa Real Estate Appraisal Co., Ltd. as at 28 February 2017. For planned acquisition, since thebuilding is still under construction, an “Appraisal for Non-Completed Buildings” was provided by Daiwa Real Estate Appraisal
Co., Ltd. with effective date 1 July 2017.
3“Investment ratio” is the ratio of acquisition prices for each acquired asset / asset be acquired to the total of acquisition prices,rounded down to the first decimal place.

8

Acquisition
price(million yen)1Reference Material 2. Summary of Engineering Report and Earthquake Risk Analysis
Property
No.

Property name

Engineering
Firm

Engineering
ReportInvestigation Date

Short term
repairexpenses1(thousandyen)

Medium tolong term
repairexpenses(thousand
yen)2

PML
(%)3

OF-01
OF-02
OF-03
OF-04
OF-05
OF-06
OF-07

Seishin Building
NK Building
Tsukasamachi Building
Takadanobaba Access
Azabu Amerex Building
Hiei Kudan Building
Shin Yokohama Nara Building

TRC4
TRC4
TRC4
TRC4
TRC4
TRC4
TRC4

5 October 20158 October 20158 October 2015
5 October 2015
5 October 20158 October 201516 October 2015

0
0
0
0
0
0
0

18,603
16,031
12,823
16,108
5,682
17,324
13,798

5.5
8.4
9.4
3.5
9.3
3.5
4.4

RT-01
RT-02
RT-03
RT-04

La Park Kishiwada
Suroy Mall Chikushino
Seiyu Minakuchi
Suroy Mall Nagamine

TRC4
TRC4
TRC4
TRC4

5,6 October 2015
21,22 June 20169 October 2015
26 June 2016

0
0
0
0

71,68430,314
14,05814,857

14.8
1.7
4.2
8.1

RS-01
RS-02
RS-04
RS-05

Shiroi LogimanMatsuya Residence Sekime
Urban Plaza Imazato
Abode Yoyogi Parkside

TRC4
TRC4
TRC4
JCIA5

13 October 20157 October 2015
6 October 2015
11 July 2017

0
0
0
0

48,34722,752
7,993
642

3.6
11.6
12.0
7.3

OT-01
OT-02
OT-03

Funabashi Hi Tech Park Hidan
Funabashi HiTech Park
Confomall Sapporo

TRC4
TRC4
TRC4

16 October 201516 October 2015
5 October 2015

0
0
0

1,901
3,123
7,650

4.6
4.6
2.8

3.6%
”Short term repair expenses” are the expenses stated in the Engineering Report as expenses in need and repair required withinroughly one year, rounded to the nearest thousand yen.
2
”Medium to long-term repair expenses” is the average amount per year of the repair and renewal expenses projected for the
next 12 years stated in the Engineering Report, rounded to the nearest thousand yen.
3
“PML” (“Probable Maximum Loss”) for Abode Yoyogi Parkside is extracted from the Earthquake Risk Valuation Report provided
by Tokio Marine & Nichido Risk Consulting Co., Ltd. in June 2017. PML for the residual assets is extracted from the Earthquake
Risk Valuation Reports provided by Tokyo Marine & Nichido Risk Consulting Co., Ltd. in June 2017.
4
Tokio Marine & Nichido Risk Consulting Co., Ltd.
5JCIA Japan Constructive Inspect Association
1

9

Reference Material 3. Tokyo 5 Central Wards, Shibuya-ward and Kobe city Demographics

9.8%
-0.4%

0.6%

1.2%

2.1%

3.4%

4.9%

4.4%

5.7%

8.5%

10.5%

11.1%

P O P U L A T I O N C E N S U S 1 9 9 5 - 2 01 5 : % C H A N G E I N P O P U L A T I O N

2000

2005

2010

Tokyo 5 Central Wards

2015

Shibuya-ward

Kobe city

Source: Statistics Bureau Japan

Shibuya ward: Population & No. of Households
225,000

140,000
135,000

215,000

130,000
125,000

205,000

120,000
195,000

115,000
110,000

185,000

105,000
175,000

100,000
2008

2009

2010

2011

2012

Population (LHS)

2013

2014

2015

2016

2017

Households (RHS)

Source: Shibuya City

Shibuya ward: Forcast Population
225,000
223,000

223,000

2025

2030

222,500
220,000
220,000
218,000
217,500

215,000
2015

2020

Source: Shibuya City

10

Reference Material 4. Artist Impressions of Asset to be Acquired
Building Façade and Internal Perspectives

11Reference Material 5. Location Map of Asset to be Acquired

Shinjuku station

Shinjuku Gyoen
National Garden

Yoyogi station

Subject
property

Kitasando station

12