Investor Presentaiton
Illustrative TK Structure Diagram
Offshore Co
A domestic investor in a TK arrangement
may be, or be affiliated with, the asset
manager, but there are different
approaches to this based on specific
circumstances and this is just indicative
only.
(TK Investor)
TK investment
KPMG
I
I
Domestic
investor
Asset
Manager
I
Non-
managing
member
Managing
member
An Ippan Shadan Hojin (ISH) is a form of
orphan entity in Japan often used for achieving
bankruptcy remoteness in debt structures. The
need for an ISH in any actual structure would
depend upon whether debt financing is used
and the lending bank's preference in this
regard.
Ippan Shadan
Hojin
GK
(TK Operator)
Lender
I
Asset
Management
Debt financing
(optional)
Ownership
Real estate / Trust beneficial interest
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organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
All rights reserved.
Offshore
Japan
Document Classification: KPMG Confidential
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