Creating peace of mind through honest and committed management.

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

April 27, 2015
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Head of Administration
Tel: 03-3502-4891

Notice of New Loans, Interest Rate Swap, and Repayment of Existing Loan
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) today has decided to borrow funds
via new loans and repay existing loans.
1. Reason for New Loans
In the current Stage IV Increase Size & Scale (November 2014 – October 2015) of its multi-year
growth strategy, Ichigo REIT is strengthening its lender base to obtain a credit rating andborrow funds on a non-collateralized basis.
In order to achieve these goals, Ichigo REIT has carried out a public offering and is acquiring
twelve assets as well as repaying existing loans, as announced in the April 9, 2015 releases“Issuance of New Shares and Secondary Share Offering,” “Asset Acquisitions and Sale,” and“New Loans and Repayment of Existing Loans.”
2. Loan Details
SMBC Syndicate Loan III (Term Loan 1-A)
Lenders

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

Sumitomo Mitsui Banking Corporation; Shinsei
Bank, Limited; Mizuho Bank, Ltd.; The Bank ofTokyo-Mitsubishi UFJ, Ltd.
3,000 million yen
Repayment of existing loan
April 30, 2015 (Expected)
November 30, 20191
1,500,000 yen of the principal will be repaid on
each Partial Principal Repayment Date; theremainder will be repaid in full on the Principal
Repayment Date.

1

Partial Repayment Date

Interest Rate
Interest Payment Date

Collateralized

Final business day of January, April, July, andOctober following the Loan Date (the firstpayment date will be July 31, 2015 and the last
payment date will be the same as the Principal
Repayment Date)
1M JPY TIBOR + 0.81 % (p.a.)
Final business day of each month following theLoan Date (the first payment date will be May
31, 2015 and the last payment date will be thesame as the Principal Repayment Date)
Yes

SMBC Syndicate Loan III (Term Loan 1-B)
Lenders

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

Partial Repayment Date

Interest Rate
Interest Payment Date

Collateralized

Sumitomo Mitsui Banking Corporation; Shinsei
Bank, Limited; Mizuho Bank,Ltd.; The Bank ofTokyo-Mitsubishi UFJ, Ltd.
5,100 million yen
Repayment of existing loan
April 30, 2015 (Expected)
May 31, 20201
2,550,000 yen of the principal will be repaid on
each Partial Principal Repayment Date; theremainder will be repaid in full on the Principal
Repayment Date.
Final business day of January, April, July, andOctober following the Loan Date (the firstpayment date will be July 31, 2015 and the last
payment date will be the same as the Principal
Repayment Date)
1M JPY TIBOR + 0.84 % (p.a.)
Final business day of each month following theLoan Date (the first payment date will be May31, 2015 and the last payment date will be thesame as the Principal Repayment Date)
Yes

SMBC Syndicate Loan III (Term Loan 2-A)
Lenders

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

Sumitomo Mitsui Banking Corporation; Mizuho
Bank, Ltd.; The Bank of Tokyo-Mitsubishi UFJ,Ltd.; Resona Bank, Ltd.; Shinsei Bank, Limited;
Aozora Bank,Ltd.; The Bank of Fukuoka; ORIX
Bank Corporation
4,000 million yen
Acquisition of specified assets and related costs
May 7, 2015 (Expected)
November 7, 20171
2,000,000 yen of the principal will be repaid oneach Partial Principal Repayment Date; theremainder will be repaid in full on the Principal
Repayment Date.

2Partial Repayment Date

Interest Rate
Interest Payment Date

Collateralized

Final business day of January, April, July, andOctober following the Loan Date (the firstpayment date will be July 31, 2015 and the last
payment date will be the same as the Principal
Repayment Date)
1M JPY TIBOR + 0.70 % (p.a.)
Final business day of each month following theLoan Date (the first payment date will be May
31, 2015 and the last payment date will be thesame as the Principal Repayment Date)
Yes

SMBC Syndicate Loan III (Term Loan 2-B)
Lenders

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

Partial Repayment Date

Interest Rate
Interest Payment Date

Collateralized

Sumitomo Mitsui Banking Corporation; Mizuho
Bank, Ltd.; The Bank of Tokyo-Mitsubishi UFJ,Ltd.; Resona Bank, Ltd.; Shinsei Bank, Limited;
Aozora Bank,Ltd.; The Bank of Fukuoka; ORIX
Bank Corporation
9,250 million yen
Acquisition of specified assets and related costs
May 7, 2015 (Expected)
May 7, 20211
4,625,000 yen of the principal will be repaid on
each Partial Principal Repayment Date; theremainder will be repaid in full on the Principal
Repayment Date.
Final business day of January, April, July, andOctober following the Loan Date (the firstpayment date will be July 31, 2015 and the last
payment date will be the same as the Principal
Repayment Date)
1M JPY TIBOR + 0.86 % (p.a.)
Final business day of each month following theLoan Date (the first payment date will be May
31, 2015 and the last payment date will be thesame as the Principal Repayment Date)
Yes

SMBC Syndicate Loan III (Term Loan 2-C)
Lenders

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

Sumitomo Mitsui Banking Corporation; Mizuho
Bank, Ltd.; The Bank of Tokyo-Mitsubishi UFJ,Ltd.; Resona Bank, Ltd.; Shinsei Bank, Limited;
Aozora Bank,Ltd.; The Bank of Fukuoka; ORIX
Bank Corporation
9,250 million yen
Acquisition of specified assets and related costs
May 7, 2015 (Expected)
November 7, 20211
4,625,000 yen of the principal will be repaid on
each Partial Principal Repayment Date; theremainder will be repaid in full on the Principal
Repayment Date.

3Partial Repayment Date

Final business day of January, April, July, andOctober following the Loan Date (the firstpayment date will be July 31, 2015 and the lastpayment date will be the same as the Principal
Repayment Date)
Interest Rate
1M JPY TIBOR + 0.90 % (p.a.)Interest Payment Date
Final business day of each month following theLoan Date (the first payment date will be May31, 2015 and the last payment date will be thesame as the Principal Repayment Date)
CollateralizedYes
1 In the event the date is not a business day, repayment shall be made on the next business day.
3. Interest Rate Swap(a) Reason
To fix the interest payment amount of SMBC Syndicate Loan III Term Loans 1-A and1-B and hedge against a rise in interest rates.
(b) Swap Details
SMBC Syndicate Loan III (Term Loan 1-A)
Counterparty
Notional Principal

Shinsei Bank, Limited
3,000 million yen (Amortized by 1,500,000 yen
on each Interest Payment Date)
Interest Rate
Fixed Interest Rate: 1.148%
Floating Interest Rate: 1M JPY TIBOR + 0.81%
Contract Date
April 27, 2015
Commencement Date
April 30, 2015Termination Date
November 30, 2019 (Expected)
Interest Payment Date
Final business day of each month following theLoan Date (the first payment date will be May
31, 2015 and the last payment date will be thesame as the Principal Repayment Date)(Note) The effect of the interest rate swap is to fix the interest rate of the above loan at
1.148%.

SMBC Syndicate Loan III (Term Loan 1-B)
Counterparty
Notional Principal

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
5,100 million yen (Amortized by 2,550,000 yen
on each Interest Payment Date)
Interest Rate
Fixed Interest Rate: 1.185%
Floating Interest Rate: 1M JPY TIBOR + 0.84%
Contract Date
April 27, 2015
Commencement Date
April 30, 2015
Termination Date
May 31, 2020 (Expected)
Interest Payment Date
Final business day of each month following theLoan Date (the first payment date will be May
31 , 2015 and the last payment date will be thesame as the Principal Repayment Date)(Note) The effect of the interest rate swap is to fix the interest rate of the above loan at
1.185%.

4

4. Loan Repayment Details
Shinsei Bank Syndicate Loan ILenders

Initial Loan AmountCurrent Outstanding AmountOutstanding Amount after Repayment
Loan Execution Date
Repayment Execution Date
Interest Rate
Collateralized

Shinsei Bank, Limited; MetLife, Inc.; Prudential
Mortgage Asset Holdings 1 Japan LPS; Shinsei
Trust & Banking Co., Ltd. (funded byInvestment LPS; managed by AXA Real Estate
Investment Managers Japan KK)
5,579 million yen
4,784 million yen (As of April 30, 2015)
None
January 31, 2013
April 30, 2015 (Expected)
1.74777% (Fixed)
Yes

Shinsei Bank Syndicate Loan IILenders

Initial Loan AmountCurrent Outstanding Amount
Outstanding Amount after Repayment
Loan Execution DateRepayment Execution Date
Interest Rate
Collateralized

Prudential Mortgage Asset Holdings 1 Japan
LPS; Shinsei Trust & Banking Co., Ltd. (fundedby Investment LPS; managed by AXA Real
Estate Investment Managers Japan KK)
3,800 million yen
3,316 million yen (As of April 30, 2015)
None
March 18, 2013
April 30, 2015 (Expected)
1.76429% (Fixed)
Yes

5. Outstanding Loan Balance(million yen)Afterexecution1(as of May 7,2015)

Beforeexecution
Short-term borrowings

000

Long-term borrowings(due within one year)

11,1756,070- 5,105

Long-term borrowings48,476

76,01027,534

Total borrowings

59,651

82,08022,428000

59,651

82,08022,428000

59,651

82,08022,428Investment corporation bonds
Total borrowings and investment
corporation bonds
Other interest-bearing
liabilities
Total interest-bearing
liabilities
1

ChangeThese figures assume that all loans are executed and that SMBC Syndicate Loan Term Loan 1 isrepaid in full with the long-term borrowing.
56. Future Outlook
There is no amendment to Ichigo REIT’s earnings and dividend forecast as announced in“Earnings and Dividend Forecast Revisions for the April 2015 and October 2015 Fiscal Periods”
on April 9, 2015.
7. OtherRisks related to this loan have no material impact on the “Investment Risks” described in thelatest Securities Report submitted April 9, 2015.

6Reference
Lender Distribution (Expected, as of May 7, 2015)

ORIX Bank
3%
Bank of
Fukuoka
Tokyo Star
3%2%
KagawaBank2%

SMBC
25%

BTMU
9%

Resona Bank
11%
Mizuho Bank
15%

Shinsei Bank
14%
Aozora Bank

12%

MizuhoTrust
3%Distribution of Repayment Dates (Expected, as of May 7, 2015)(million yen)
20,00015,00010,000

9,574

8,938

9,139

9,129

8,359
6,527
5,867
5,000

4,450

6,370
5,373

4,310

1,330

1,765

0April 2015 Oct 2015 April 2016 Oct 2016 April 2017 Oct 2017 April 2018 Oct 2018 April 2019 Oct 2019 April 2020 Oct 2020 April 2021 Oct 2021 April 2022

Website of Ichigo REIT: www.ichigo-reit.co.jp/english7