Japan Retail Fund Investment Corporation (Tokyo Stock Exchange Company Code: 8953)
News Release - January 23, 2017
Notice Concerning Acquisition of Trust Beneficiary Interest in G-Bldg. Tenjin Nishi-dori 01Mitsubishi Corp.-UBS Realty Inc. (the "Asset Manager"), the asset manager of Japan Retail Fund Investment Corporation ("JRF"), determined today to acquire a trust beneficiary interest in G-Bldg. Tenjin Nishi-dori 01 (the "Property") as outlined below.
Overview of acquisition
1) Property type
Trust beneficiary right in real estate
2) Property name
G-Bldg. Tenjin Nishi-dori 01 (Note)
3) Location
8-22 Tenjin 2-chome, Chuo-ku, Fukuoka-shi, Fukuoka Prefecture
4) Acquisition price
4,850 million yen
5) Acquisition date
April 5, 2017 (scheduled)
6) Appraisal value
5,000 million yen (as of January 1, 2017)
7) Contract completion date
January 31, 2017 (scheduled)
8) Seller
SOHGOH REAL ESTATE CO., LTD.
9) Acquisition funds
Cash on hand (scheduled)
10) Payment
Full payment at closing
(Note) Name to be used for management purposes after the acquisition; the property is currently named West Side Tenjin.
Reason for acquisition
JRF will acquire the Property for the purpose of further diversifying portfolio assets, increasing the stability and the profitability of its portfolio as well as increasing the proportion of urban-type retail properties in its portfolio.
JRF considered the following factors when making this decision.
Highlight of Acquisition |
The Property is a multi-tenant retail property facing Tenjin Nishi-dori, one of the busiest streets in the Tenjin area, which is the largest downtown in Kyushu. |
Large-sized commercial facilities concentrate in Tenjin area, primarily around Tenjin Station; Tenjin area has an extensive trade zone that can attract customers from whole Kyushu Area, primarily on weekends
Attractiveness of locationThe Property is located on the intersection of "Meiji-dori," a major road in Tenjin area and also a business area lined with office buildings, and a well-received commercial district "Tenjin Nishi-dori," lined with commercial facilities including fast fashion roadside stores and restaurants, and thus, has high visibility from pedestrians
The Property is an approximately 4-minute walk from "Tenjin Station," which boasts the largest number of passengers among all stations on Fukuoka City Subway Airport Line and an approximately 6-minute walk from "Nishitetsu-Fukuoka (Tenjin) Station" on Nishitetsu Omuta Line
Attractiveness of facilityThe first and second floors have been leased to Fukuoka Tenjin Store of Camera no Kitamura for 23 years since its opening and upper floors are leased to restaurants
Property photo Wide-areamap
Narrow-area map
3.Overview of the Property
Property name | G-Bldg. Tenjin Nishi-dori 01 | |||
Type of asset | Trust beneficiary right in real estate | |||
Trust beneficiary | Resona Bank, Limited | |||
Trust period | December 20, 2007 - April 30, 2027 (scheduled) | |||
Location (address) | 8-22 Tenjin 2-chome, Chuo-ku, Fukuoka-shi, Fukuoka, Japan | |||
Land | Area | 460.09m2 | ||
Zoning | Commercial district | Type of possession | Ownership | |
Building | Structure / stories | 9 floors above ground and one basement floor, SRC-structure with flat roof | ||
Total floor area | 3,238.87 m2 | |||
FAR/building-to-land ratio | 700% / 80% | Type | Retail / Office | |
Completion date | November 27, 1989 | Type of possession | Ownership | |
Design | Matsushima Kenchiku Kankyo Sekkei Co., Ltd. | |||
Construction | Consortium of Taisei Corporation and Tokai Kogyo Co., Ltd. | |||
Constructional inspector | Fukuoka-shi | |||
PML | 0.7% (Based on the earthquake risk analysis report jointly prepared by Engineering and Risk Services Corporation and OYO RMS Corporation) | |||
Acquisition price | 4,850 million yen | |||
Appraisal value | 5,000 million yen (as of January 1, 2017) | |||
Appraiser | CBRE K.K. | |||
Tenant summary | Number of tenant(s) (main tenant) | 8 (Camera no Kitamura)(Note 1) | ||
Annual rent | 235 million yen | |||
Tenant leasehold / security deposit | 239 million yen | |||
Total leased area | 2,666.39 m2 | Occupancy rate (floor area basis) | 100% | |
Total leasable area | 2,666.39 m2 | |||
Major tenant | Period of contract | Not disclosed (Note 2) | ||
Type of contract | Not disclosed (Note 2) | |||
Revision of rent | Not disclosed (Note 2) | |||
Early termination | Not disclosed (Note 2) | |||
Collateral conditions | N / A | |||
Special notes |
|
Amounts of less than one million yen are rounded down, and percentages are rounded to the nearest first decimal place.
"Location" represents the address of each property or the registered address of the building.
"Land area" is based on descriptions in registry books.
"Zoning" represents the classification of land by its use, stipulated in Section 1-1, Article 8 of the City Planning Act.
"Number of tenant(s)" represents the total number of lease contracts effective as of today.
"Annual rent" is calculated by multiplying the total of monthly rent, monthly common charges, monthly parking charges and signboard fees by 12 (months) based on the lease and other relevant contracts effective as of today.
"Tenant leasehold / security deposit," "Total leased area" and "Total leasable area" represent the total amount/area based on the lease contracts effective as of today.
(Note 1) JRF plans to lease the Property from Resona Bank, Limited, the trustee, under a master lease; it will then sublet it to each of the tenants described above.
(Note 2) Not disclosed as the tenants have not agreed to the disclosure.
4.Overview of Seller
1) | Name | SOHGOH REAL ESTATE CO., LTD. | |
2) | Location | 31-19 Shiba 2-chome, Minato-ku, Tokyo | |
3) | Title & name of representative | Keijiro Sekioka (Representative Director) | |
4) | Line of business |
| |
5) | Capital | 100 million yen (as of August 8, 2016) | |
6) | Date established | December 7, 2001 | |
7) | Net Assets | 2,379 million yen | |
8) | Total Assets | 49,850 million yen | |
9) | Major shareholder and shareholding ratio | Haseko Corporation (99%) | |
10) | Relationship with JRF / the Asset Manager | ||
Capital relationship Personal relationship Trade relationship | Neither JRF nor the Asset Manager have any capital, personal or business relationships to note with the company. Also, there are no relationships to note between interested parties and affiliated companies of JRF or the Asset Manager and those of the company. | ||
Related parties | The company does not fall under the category of a related party of JRF or the Asset Manager. Also, none of the related parties and affiliated companies of the company fall under the category of related parties of JRF or the Asset Manager. |
5.Ownership history of the Property to be acquired
The Property will not be acquired from a seller that falls under the category of a related party of JRF or the Asset Manager.
6.Overview of Brokerage
(1) Overview of Broker
1) | Name | HASEKO REAL ESTATE Inc. |
2) | Location | 31-19 Shiba 2-chome, Minato-ku, Tokyo |
3) | Title & name of representative | Hideki Nakata (Representative Director and President) |
Japan Retail Fund Investment Corporation published this content on 23 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 January 2017 06:35:05 UTC.
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