Investor Presentaiton
Japanese Mid-Size Office Investment Opportunity (1)
Rich Pool of REITable Assets
✓ 90%+ of Japanese real estate = mid-size
✓ High liquidity
Broad and Deep Tenant Base
✓ 95% of all companies have 50 employees or less
✓ Diverse tenant industries contributes to stable high occupancy
Largely Untapped by Professional Management
✓ High ownership by individuals and "passive owner" corporations
results in inadequate building maintenance
✓ Lacking professional building and management specifications
Abundant Opportunities for Large-Scale Improvements
✓ Increase safety via seismic reinforcement
✓ Increase tenant satisfaction via value-add capex
Breakdown of Buildings in Japan by Floor Area (m²)
■ < 500
500 to 1,000
2,000 to 5,000 5,000 to 10,000
1,000 to 2,000
>10,000
Mid-Size Real Estate: 94%
44%
3%
10
25%
15%
%
3%
Source: Ministry of Land, Infrastructure, Transportation and
Tourism (2018)
Breakdown of Companies by Number of Employees
6 to 20 21 to 50
> 51
<5
% Of Companies Suited to Mid-Size Assets: 96%
65%
7
23%
4%
%
一期一会
ICHIGO
Significant Value-Add Potential
O Ichigo Investment Advisors Co., Ltd. Ichigo Office REIT Investment Corporation All rights reserved.
Source: Small and Medium Enterprise Agency (2021)
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