Investor Presentaiton
Value-Add Asset Breakdown (4)
No.
Asset Type
Classification
Location
Acquisition
Price
Acquisition Building
Date
Age
Expected
NOI/Year
Ichigo Equity
Investment
Forecast Equity
Forecast
Multiple¹
IRR²
69
Hotel
70
Hotel
71
Retail
89
Office
92
Office
Real Estate for Sale
Real Estate for Sale
Real Estate for Sale
Real Estate for Sale
Real Estate for Sale
Osaka
Aomori
93
Office
Real Estate for Sale
Fujisawa, Kanagawa
Musashino, Tokyo
Fukuoka
Fukuoka
JPY 2B-3B
<JPY 1B
JPY 1B-2B
≥ JPY 3B
JPY 1B-2B
2015/05
2015/06
16 years
JPY 195M
JPY 633M
1.56X
58.3%
11 years
JPY 51M
JPY 113M
2.10X
20.2%
2015/07
3 years
JPY 95M
JPY 126M
6.80X
37.3%
2015/07
30 years
JPY 147M
JPY 670M
1.72X
13.3%
2015/07
11 years
JPY 100M
JPY 353M
1.82X
17.7%
JPY 1B-2B
2015/07
16 years
JPY 94M
JPY 358M
1.92X
18.8%
105
Hotel
Real Estate for Sale
Kumamoto
JPY 1B-2B
2015/12
34 years
JPY 158M
JPY 453M
1.61X
61.2%
110
Hotel
Real Estate for Sale
Fukuoka
≥ JPY 3B
2016/03
33 years
JPY 288M
JPY 905M
2.05X
104.5%
111
Hotel
Fixed Asset
Yokohama
JPY 2B-3B
2016/03
35 years
JPY 184M
JPY 228M
112
Hotel
Real Estate for Sale
Yokohama
≥JPY 3B
2016/03
31 years
JPY 260M
JPY 354M
10.64X
36.2%
113
Hotel
Real Estate for Sale
Yokohama
≥ JPY 3B
2016/03
31 years
JPY 213M
JPY 344M
5.84X
25.5%
114
Hotel
Real Estate for Sale
115
Hotel
Real Estate for Sale
116
Retail
Fixed Asset
118
Retail
Real Estate for Sale
Fukuoka
Osaka
Sendai
Nagoya
≥ JPY 3B
2016/04
29 years
JPY 223M
JPY 550M
1.73X
72.6%
JPY 2B-3B
2016/04
11 years
JPY 111M
<JPY 1B
JPY 1B-2B
2016/04
2016/06
30 years
21 years
JPY 47M
JPY 86M
JPY 274M
JPY 86M
JPY 102M
2.96X
30.7%
7.71X
32.6%
1 Forecast Equity Multiple is based on the business plan of each asset and is the forecast sum of rental income and gains on sale divided by Ichigo Investment.
2 Forecast IRR is the forecast internal rate of return based on each asset's actual cash flow. The total Forecast Equity Multiple and Forecast IRR are for Real Estate
for Sale assets acquired from FY15/2 onward and exclude Fixed Assets.
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