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

May 20, 2024
Ichigo Inc. (Tokyo Stock Exchange Prime, 2337)
Representative: Scott Callon, Chairman
Inquiries: Takanori Sakamatsu, Executive Managing Director
Telephone: +81-3-4485-5221 www.ichigo.gr.jp/en

Sale of Four Office Assets to Ichigo Office
Ichigo decided today to sell four office assets (JPY 9.1 billion) owned by its whollyowned subsidiary Ichigo Estate to Ichigo Office (8975), a TSE-listed REIT managed byIchigo’s wholly-owned subsidiary, Ichigo Investment Advisors (IIA). Ichigo is Ichigo
Office’s sponsor, and believes the asset sale will support Ichigo Office’s growth anddrive shareholder value for Ichigo Office shareholders.
1. Background and Sale Rationale
As Ichigo Office’s sponsor, Ichigo decided on the sale of four high-quality office assets
located in central Tokyo and central Fukuoka in order to support Ichigo Office’s growth.
Ichigo is strengthening its asset management business and increasing its support forIchigo Office, Ichigo Hotel (IHR, 3463), and Ichigo Green (IGI, 9282).
When Ichigo acquires assets that meet Ichigo Office, IHR, and IGI investment criteria,Ichigo works to provide them to Ichigo Office, IHR, and IGI after completing value-add
activities to deliver stable earnings, including via the use of dedicated IHR, IOR, and IGI
bridge funds. In turn, Ichigo Office, IHR, and IGI leverage Ichigo’s value-add capabilities
to drive organic growth that contributes to their long-term dividend growth.
Ichigo views Ichigo Office, IHR, and IGI’s growth as important drivers of Ichigo
shareholder value. Ichigo’s sponsor support will contribute to an increase in Ichigo’s
assets under management and to Ichigo Office, IHR, and IGI’s dividend growth,increasing shareholder value for Ichigo, Ichigo Office, IHR, and IGI shareholders. As thesponsor of the only J-REITs implementing a no fixed fee, performance-fee only structurethat fully aligns with value creation for J-REIT shareholders, Ichigo believes today’s
sales will drive shareholder value for both Ichigo and Ichigo Office shareholders.
2. Details of Assets Being Sold
(Asset names in parentheses are the names that Ichigo Office will use after acquisition.)
FORECAST Hakata Gion (Ichigo Hakata Gion Building)
Address
Location
Land Area / Total Floor Area
Structure

4-61 Gionmachi, Hakata-ku, Fukuoka
2-minute walk from Gion Station on the Fukuoka City
Subway Kuko Line
401.17m2 / (1) Office/Commercial 1,973.57m2(2) Parking Lot 41.07m2(1) Steel, 9F (2) Steel, single-story building1Tenjin First Building (Ichigo Tenjin North Building)
Address
Location
Land Area / Total Floor Area
Structure

4-6-28 Tenjin, Chuo-ku, Fukuoka
6-minute walk from Tenjin Station on the Fukuoka
City Subway Kuko Line
397.86m2 / (1) Office/Residential 1,839.02m2(2) Parking Lot 44.34m2(1) Steel Reinforced Concrete/Reinforced Concrete, 8F(2) Steel, 1F

COCORO Gotanda (Ichigo Gotanda West Building)
Address

Land Area / Total Floor Area

2-18-2 Nishi Gotanda, Shinagawa-ku, Tokyo
4-minute walk from Gotanda Station on the JRYamanote, Tokyu Ikegami, and Toei Asakusa Lines
516.45m2 / 3,463.56m2

Structure

Steel Reinforced Concrete, B1F/8F

Location

Ichigo Otemachi North Building
Address

Land Area / Total Floor Area

1-15-7 Uchikanda, Chiyoda-ku, Tokyo
6-minute walk from Kanda Station on the JRYamanote Line, 3-minute walk from Awajicho Stationon the Tokyo Metro Marunouchi Line andOgawamachi Station on the Toei Shinjuku Line
220.94m2 / 1,314.80m2

Structure

Steel, 12F

Location

3. Buyer Overview
Name

Ichigo Office REIT Investment Corporation (8975)

Address

2-6-1 Marunouchi, Chiyoda-ku, Tokyo

Representative

Executive Director, Keisuke Chiba

Paid-In Capital

JPY 67,675 million (as of October 31, 2023)

Establishment Date

June 2005

Net Assets

JPY 101,999 million (October 31, 2023)

Total Assets

JPY 231,001 million (October 31, 2023)
Ichigo Trust Pte. Ltd. (28.2%), Custody Bank ofJapan, Ltd., Trust Bank (17.7%), The Master Trust
Bank of Japan, Trust Bank (11.3%), Ichigo Inc.
(7.1%), Nomura Trust & Banking Co., Ltd.
Investment Trust Account (3.7%), SMBC Nikko
Securities Inc. (1.5%), STATE STREET BANKWEST CLIENT – TREATY 505234 (1.4%), JP
MORGAN CHASE BANK 385781 (1.0%), Japan
Securities Finance Co., Ltd. (0.9%), JP MORGANCHASE BANK 385771 (0.9%)
Ichigo Investment Advisors Co., Ltd.
(wholly-owned subsidiary of Ichigo)

Major Shareholders(% Share)(as of October 31, 2023)

Asset Management Company2

4. Sale Prices
Asset NameFORECAST Hakata Gion
(Ichigo Hakata Gion Building)Tenjin First Building(Ichigo Tenjin North Building)
COCORO Gotanda(Ichigo Gotanda West Building)
Ichigo Otemachi North BuildingPrice
JPY 1,700 million
JPY 1,550 million
JPY 3,950 million
JPY 1,946 million

5. Transaction Schedule
Contract Date
Settlement Date

May 20, 2024
May 30, 2024

6. Earnings Impact
Although there is no change to Ichigo’s FY25/2 consolidated earnings forecast announced
on April 15, 2024 as a result of today’s sale, the asset sales will drive shareholder value forboth Ichigo and Ichigo Office shareholders.

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