This English translation of the original Japanese press release is provided for information purpose only. The Japanese
press release should be referred to as the original and, in the event of any discrepancy between this translation and
the Japanese original, the original shall prevail in all respects.
April 14, 2021
To All Concerned Parties
REIT Issuer:
LaSalle LOGIPORT REIT
1-11-1, Marunouchi, Chiyoda-ku, Tokyo
Representative: Toshimitsu Fujiwara, Executive Director
(Securities Identification Code: 3466)
Asset Manager:
LaSalle REIT Advisors K.K.
Representative: Toshimitsu Fujiwara, President and CEO
Contact: Daisuke Ishida, Director, General Manager of Finance &
Management Department
TEL: +81-3-6367-5600
Notice Concerning Acquisition and Leasing of
Domestic Real Estate Trust Beneficiary Interests and Redemption of Preferred Shares of
Nanko Property TMK
LaSalle REIT Advisors K.K. ("LRA" or "Asset Manager"), to which LaSalle LOGIPORT REIT ("LLR") has entrusted the management of its assets, announces that LRA has resolved to acquire and lease an asset (the "Acquisition") as outlined below under "1. Acquisition and Redemption Overview" (the "Intended Acquisition Asset") and will receive a redemption (the "Redemption") of the preferred shares (the "Preferred Shares") in Nanko Property TMK (the "TMK") of which the underlying principle asset is LOGIPORT Osaka Bay as described below.
1. Acquisition and Redemption Overview
- Acquisition Overview
Intended | Post- | |||||||
Property | Location | Acquisition | Appraisal Value | NOI | ||||
depreciation | ||||||||
Area | Asset name | (city or ward, | Seller | Price | (million yen) | Yield (%) | ||
number | Yield (%) | |||||||
prefecture) | (million yen) | (Note 2) | (Note 3) | |||||
(Note 4) | ||||||||
(Note 1) | ||||||||
Osaka | LOGIPORT | Osaka- | Nanko | |||||
Osaka-7 | city, | Property | 40,000 | 42,700 | 4.4 | 3.6 | ||
area | Osaka Bay | |||||||
Osaka | TMK | |||||||
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
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(1) | Purchase | & Sale | : April 14, | 2021 |
agreement date | ||||
(2) | Intended | acquisition | : April 30, | 2021 (delivery and settlement date) (Note 6) |
date | ||||
(3) | Seller | : Please refer to "4. Seller Profile" below |
(4) | Funds for acquisition | : Net proceeds from the issuance of new investment units as resolved at LLR's Board of |
Directors meeting held on April 14, 2021, borrowings (Note 7) and cash on hand. | ||
(5) | Settlement method | : To be paid in a lump sum on the intended acquisition date (see (2) above) |
Notes:
- "Intended Acquisition Price" is the price to be paid for the Intended Acquisition Asset pursuant to the relevant Trust Beneficiary Interests Purchase & Sale Agreement (excluding national and local consumption taxes, and expenses such as transaction fees, and is rounded down to the nearest million yen).
- With respect to the appraisal evaluation of the property, Tanizawa Sogo Appraisal Co., Ltd. was commissioned to appraise the value of the Intended Acquisition Asset. "Appraisal Value" is based on the appraisal value from the relevant appraisal report as of February 28, 2021.
- "NOI Yield" is the ratio of Appraisal NOI (Note 5) divided by the Intended Acquisition Price, rounded to the first decimal place.
- "Post-depreciationYield" is defined as Appraisal NOI minus the estimated depreciation expense calculated by the Asset Manager, divided by the Intended Acquisition Price, rounded to the first decimal place.
- "Appraisal NOI" is the stabilized net operating income (an amount equal to operating income after deducting operating expenses) based on a direct capitalization method indicated in the relevant appraisal report prepared by Tanizawa Sogo Appraisal Co., Ltd. which represents revenue before deducting depreciation expense. Appraisal NOI is different from NCF (net cash flow), to which interests derived from security deposits, etc. are added back, and from which capital expenditures are deducted.
- "Intended acquisition date" is subject to change as agreed upon between LLR and the seller in accordance with Trust Beneficiary Interests Purchase & Sale Agreement.
- LLR will make an announcement regarding the borrowing of funds as soon as financing decisions are made.
- Redemption Overview
In conjunction with the press release announced today titled "Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units" coupled with the acquisition of the real estate trust beneficiary interests in LOGIPORT Osaka Bay via exercising LLR's preferential right of first negotiation, LLR will receive a full redemption attributed to the Preferred Shares (Note 1) (Note 2) and LLR will receive dividends from the Preferred Shares, as a result, LLR will receive a Net Gain on Redemption of 519 million yen (expected amount) (Note 3). LOGIPORT Osaka Bay is a deal which will realize upside from the Preferred Shares, by way of real estate value created through the lease-up of the property with the support of the LaSalle Group. Moreover, through the disposition of LOGIPORT Osaka Bay by the TMK, LLR intends to realize approximately 535 million yen in dividends received from the Preferred Shares in the fiscal period ending August 31, 2021 (Note 4).
Notes:
1. Regarding the Preferred Shares, please refer to the press release titled "Notice regarding Acquisition of Asset (Preferred Shares
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
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of Nanko Property TMK)" dated December 18, 2019 for further details.
- The redemption of the Preferred Shares is scheduled to take place by the end of the fiscal period ending August 31, 2021.
- "Net Gain on Redemption" means the amount of dividends from the Preferred Shares which is expected to be paid from the TMK minus relevant costs after the anticipated acquisition of LOGIPORT Osaka Bay by LLR. The dividend amount is calculated in anticipation of selling cost and repair cost, however if such cost differs from the anticipation, the amount of dividends may differ and the Net Gain on Redemption may also differ.
- Loss on the redemption of the Preferred Shares of 15 million yen will be recorded as non-operating expense for the fiscal period ending August 31, 2021.
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
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2. Rationale for the Acquisition
The Intended Acquisition Asset is "large-scale and high specification" modern logistics facility located in the place suitable for logistics facilities within Osaka area, and is a property that meets LLR's criteria to be considered "Prime Logistics." The Asset Manager has decided the Acquisition based on its judgment that the Intended Acquisition Asset would generate stable revenues for mid- to long-term or is expected to realize the upside in the future.
Through the acquisition of the Intended Acquisition Asset, LLR will continue to expand its asset size by acquiring high quality properties to further diversify its portfolio, which will contribute towards the enhancement of unitholders' value.
In addition, LLR selected tenants based on LLR's tenant selection criteria guideline (detailed in the "Report on management systems of issuers of real estate investment trust securities" dated November 30, 2020 and the "Securities report" dated November 27, 2020) and after its confirmation that all of the tenants meet the necessary standards on these guidelines.
Further details related to the features of the Intended Acquisition Asset are as follows.
Osaka-7 LOGIPORT Osaka Bay
- Location with strong traffic convenience as a delivery hub for major consumption areas surrounding Central Osaka: located in the Osaka Bay area, a core logistics district in Kansai region in proximity to the Port of Osaka and enjoying good access to major arterial roads.
- A multi-tenant facility with a central driveway with leasable area per floor of approximately 10,000 tsubo, equipped with highly-functional specifications that meet recent tenant needs, including double ramp-ways that allow access to each floor as well as effective ceiling height and floor loading capacity.
3. Description of Intended Acquisition Asset
(1) Overview of Intended Acquisition Asset
Tables (2) through (4) below provide an overview of the Intended Acquisition Asset (the "Individual Property Tables" in 3). When referring to the Individual Property Tables, please refer to the following explanation for terms used.
In principle, unless otherwise noted, all information included in the tables is as of February 28, 2021.
- Explanation on the section
- "Use" column indicates the primary building's type of use stated in the property registry.
- Explanation on "Overview of specified asset"
- "Type of specified asset" represents the category of the Intended Acquisition Asset upon acquisition that is planned on the date of this press release.
- "Intended acquisition date" represents the purchase date of the trust beneficiary interest of the Intended Acquisition Asset, as shown in the relevant Trust Beneficiary Interests Purchase & Sale Agreement. "Intended acquisition date" is subject to change as agreed upon between LLR and the seller in accordance with Trust Beneficiary Interests Purchase & Sale Agreement.
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
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- "Intended Acquisition Price" represents the summary of the trust beneficiary interest of the Intended Acquisition Assets, as shown in the relevant Trust Beneficiary Interests Purchase & Sale Agreement (excluding national and local consumption taxes, and expenses such as transaction fees, and is rounded down to the nearest million yen).
- "Overview of trust beneficiary interest" includes the entrustment date, trustee and trust maturity date of the Intended Acquisition Asset upon acquisition that is planned on the date of this press release.
- "Location" of "Land" represents the displayed address of the property. If there is no displayed address, the building address in the property registry is shown (If there are multiple addresses shown on the property registry, then one address will be chosen).
- "Land area" of "Land" is based on the description in the land registry, and the land area of some sites may not match the current status.
- "Zoning" of "Land" represents the types of districts listed in Article 8, Paragraph 1, Item 1 of the City Planning Act (as amended).
- "SCR" of "Land" represents the ratio of the building area of buildings to the site area, as depicted in Article 53 of the Building Standards Act (as amended), indicating the upper limit of the site coverage ratio ("SCR") as determined in city planning in accordance with the zoning.
- "FAR" of "Land" represents the ratio of the total floor area of buildings to the site area, as depicted in Article 52 of the Building Standards Act, indicating the upper limit of the floor area ratio ("FAR") as determined in city planning in accordance with the zoning.
- "Form of ownership" of "Land" and "Building" represents the type of rights owned by the trustee with respect to the Intended Acquisition Assets.
- "Presence or absence of pledged collateral setting" indicates whether a property is scheduled to be pledged by LLR as collateral after acquisition of corresponding asset and an overview of the collateral if such property is scheduled to be pledged as collateral.
- "Master lessee" represents the companies with which the trustee has entered into or will enter into a master lease agreement for the Intended Acquisition Asset.
- "Type of master lease" represents, in accordance with the terms and conditions of the master lease agreement, "pass-through type" for the pass-through type master lease in which rent received by the lessor is in principle the same amount as the rent received by the master lessee from end-tenants, and "sub-lease type" for the sub-lease type master lease in which rent received by the lessor is fixed even if the rent received by the master lessee from end-tenants change. No Master Lease Agreement has been or is going to be entered into with respect to the Intended Acquisition Assets.
- "Overview of property assessment report" represents the summary of the engineering report of the Intended Acquisition Assets conducted by Tokio Marine & Nichido Risk Consulting Co., Ltd. upon request by LLR. The engineering firm conducted an investigation of building deterioration conditions, planning of short-term and long-term repair and maintenance, an investigation of building code compliance, and an environmental assessment with respect to hazardous substances. The engineering report represent a judgment and an opinion of the engineering firms mentioned above only at a certain point in time, and any adequacy and accuracy of the report are not guaranteed.
- "Structure / No. of floors" and "Type" of the building are based on the property registry.
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
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- "Completion date" of the building represents the date of completion as described in the property registry.
- "Gross floor area" of the building is based on the property registry.
- "Property manager" is the property management company with which the trustee will enter into a property management agreement in order to manage the trust property.
- "Lease" is based on the lease agreements for the Intended Acquisition Asset. The information in "Lease" is as of March 1, 2021.
- "Number of tenants" is based on the number of buildings described in the lease agreements for the trust property. Should master lease agreements be entered into or are going to be entered into, this figure represents the total number of end-tenants. However, tenants who have entered into multiple lease agreements are counted as one tenant. The information in "Number of tenants" is as of March 1, 2021.
- Explanation on "Remarks"
- "Remarks" indicate items believed to be materially important in terms of the relationship of rights and use of acquired assets as well as items believed to be materially important in consideration of their impact on appraisal value, profitability, and possibility of disposal regarding a given acquired asset based on the information as of February 28, 2021, and includes the following items:
- Major restrictions or regulations under laws and other rules
- Major encumbrances or restrictions related to rights and duties
- Major matters concerning lease terms agreed with tenants or end tenants, or major status, etc. of property use by tenants or end tenants
- Major matters when there are structures or other physical elements that cross abutting real estate boundary lines, or when there are problems in confirming real estate adjacent boundaries
- Explanation of "Outline of leasing"
- "Outline of leasing" represents the terms and conditions of lease agreements with the top two tenants based on the leased area occupied space for the trust property. In cases where a master lease agreement is entered into, it represents lease agreements between the end tenants and the master lessee.
- "Leased area" means the leased area of the building stipulated in the respective lease agreement of the property and the figures are rounded down to the nearest whole number.
- "Annual rent" is calculated by multiplying by twelve the monthly rent (including common area maintenance fees but excluding national and local consumption taxes; if the property has multiple tenants, the total of all monthly rents) for the building stipulated in each lease agreement of the Intended Acquisition Asset. Figures are rounded down to the nearest million yen.
- "Security deposit" represents the outstanding balance of tenant leasehold and security deposit from the respective end-tenants set forth in the corresponding lease agreements. Figures are rounded down to the nearest million yen.
- The information in "Outline of leasing" is as of March 1, 2021.
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
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- Explanation of the "Outline of the appraisal report"
- "Outline of the appraisal report" describes the summary of the appraisal report for the Intended Acquisition Asset prepared by the appraiser upon LLR's request. Such appraisal report represents a judgment and an opinion of the appraiser as an evaluator at a certain point in time, and any adequacy, accuracy of the report or feasibility of a transaction at such appraisal value are not guaranteed. In this item, figures are rounded down to the nearest unit and ratios are rounded to the first decimal place.
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
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- Overview of specified asset Osaka-7 LOGIPORT Osaka Bay
Asset name | LOGIPORT Osaka Bay | ||
Use | Warehouse | ||
Type of specified asset | Trust beneficiary interest in real property | ||
Planned acquisition date | April 30, 2021 | ||
Intended acquisition price | 40,000 million yen | ||
Overview of trust | Entrustment date | December 27, 2019 | |
Trustee | Mitsubishi UFJ Trust and Banking Corporation | ||
beneficiary interest | |||
Trust maturity date | April 30, 2031 | ||
Location | 1-4-130 Nankonaka, Suminoe-ku,Osaka-city, Osaka | ||
Land area | 69,908.85 m2 | ||
Land | Zoning | Semi-industrial zone | |
SCR | 60% | ||
FAR | 200% | ||
Form of ownership | Ownership | ||
Presence or absence of pledged collateral setting | None | ||
Master lessee | - | ||
Type of master lease | - | ||
Appraisal value (Date of Valuation) | 42,700 million yen | ||
(as of February 28, 2021) | |||
Real estate appraiser | Tanizawa Sogo Appraisal Co., Ltd. | ||
Appraiser | Tokio Marine & Nichido Risk Consulting Co., Ltd. | ||
Appraisal date | March, 2021 | ||
Overview of engineering | Emergency repair cost | - | |
Short-term repair cost | - | ||
Long-term repair cost | 245,904 thousand yen / 12 years (annual average: 20,492 thousand yen) | ||
Structure / No. of | Steel structure aluminum-zinc alloy coated steel roofing, 4-story | ||
floors | |||
Building | Completion date | February 27, 2018 | |
Gross floor area | 139,551.94 m2 | ||
Type | Warehouse | ||
Form of ownership | Ownership | ||
Property manager | CRE, Inc. | ||
Number of tenants | 11 | ||
Lease | Annual rent | 1,608 million yen | |
Security deposit | 471 million yen | ||
Leased area | 112,390.94 m2 |
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
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Net Rentable area | 136,516.89 m2 | |
Occupancy rate | 82.3% | |
Remarks | None | |
- Outline of leasing
Osaka-7 LOGIPORT Osaka Bay
Outline of leasing
Annual rent | |||
Tenant | Leased area | (excluding national and | Security deposit |
local consumption taxes) | |||
KOHNAN SHOJI CO., | 34,352 m2 | Undisclosed (Note 1) | Undisclosed (Note 1) |
LTD. | |||
Contract type: Undisclosed (Note 1) | |||
Rent revision: Undisclosed (Note 1) | |||
Early termination: Undisclosed (Note 1) |
Note 1: Not disclosed because approval has not been obtained from the tenant.
Note 2: As for the tenant with second leased area, because approval has not been obtained for all of the items above from the tenant, not described in the table above.
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
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- Outline of appraisal report Osaka-7 LOGIPORT Osaka Bay
Outline of appraisal report
Appraisal value | 42,700 million yen | ||||||||||
Appraiser | Tanizawa Sogo Appraisal Co., Ltd. | ||||||||||
Appraisal date | February 28, 2021 | ||||||||||
Item | Details | Outline | |||||||||
(million yen) | |||||||||||
Income approach value | 42,700 | Assessed based on a discounted cash flow method and | |||||||||
verified against a direct capitalization method. | |||||||||||
Direct capitalization method | 44,700 | ||||||||||
Operating revenues | 2,172 | ||||||||||
Total potential revenue | Assessed based on the revenue from rent and common | ||||||||||
2,247 | area maintenance that could be procured on a standard | ||||||||||
and consistent basis. | |||||||||||
Loss such as vacancy | 75 | Assessed | based | on | the forecast | of vacancy and | |||||
replacement period. | |||||||||||
Operating expenses | 400 | ||||||||||
Maintenance costs | 40 | Based on current contract terms and conditions. | |||||||||
Utility costs | 98 | Assessed based on previous year's actual amount of the | |||||||||
property. | |||||||||||
Repair costs | 16 | Assessed | based | on | the repair and | renewal expenses | |||||
described in the engineering report. | |||||||||||
Property | management | 5 | Assessed based on current terms and conditions. | ||||||||
fees | |||||||||||
Tenant | solicitation | 16 | Assessed based on tenant lease rollover assumptions. | ||||||||
expenses | |||||||||||
Property taxes | 212 | Assessed based on previous year's actual amount. | |||||||||
Non-life | insurance | 6 | Assessed based on similar cases. | ||||||||
premiums | |||||||||||
Other expenses | 4 | Assessed based on previous year's actuals. | |||||||||
Net operating income | 1,771 | ||||||||||
One-time | investment | 4 | The investment yield is assessed as 1.0%. | ||||||||
gains | |||||||||||
Capital expenditure | 32 | Assessed | based | on | the repair and | renewal expenses | |||||
described in the engineering report. | |||||||||||
Net income | 1,744 | ||||||||||
Capitalization rate | 3.9% | Assessed based on examples of comparable real estate | |||||||||
transactions while taking into account particular factors | |||||||||||
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
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specific to the real estate. | |||||
Discounted cash flow method | 41,900 | ||||
Discount rate | Assessed based on additional yield premium relative to | ||||
4.0% | other financial assets in consideration of individual | ||||
characteristics of the real estate. | |||||
Terminal capitalization rate | 4.1% | Assessed based on the capitalization rate coupled with | |||
reflecting uncertainties about the future. | |||||
Cost method value | 42,300 | ||||
Proportion of land | 60.9% | ||||
Proportion of building | 39.1% | ||||
Other points to be noted for the determination of appraisal value | None | ||||
4. Seller Profile
Name | Nanko Property TMK | |
Address | 1-11-1 Marunouchi, Chiyoda-ku, Tokyo | |
Representative | Director Kazuhiro Matsuzawa | |
Line of business | 1. Assignment of specified assets in accordance with an asset liquidation plan based on the Asset | |
Securitization Law and business related to the management and disposition of such assets. | ||
2. Other incidental business related to securitization of specified assets above | ||
Capital | 100,000 yen | |
Relationship with LLR and LaSalle REIT Advisors K.K. | ||
Capital ties | LLR holds approximately 11.4% of the total amount of preferred equity of the TMK. | |
Except for the above, there are no noteworthy capital relationships. | ||
Personal relations | There are no significant personal relationships. | |
Business relationship | There are no significant business relationships. | |
The company does not fall under the category of related party to LLR or LRA. | ||
Applicable situation to | In addition, since the TMK has concluded an asset management agreement with the Sponsor, | |
related parties | LaSalle KK, which is the parent company of LRA, the TMK is deemed a related party under the | |
Related Party Transaction Rules of LRA. | ||
- Transactions with Related Parties Osaka-7 LOGIPORT Osaka Bay
Since the seller is deemed a related party under the Related Party Transaction Rules of LRA, necessary deliberations and resolutions have been conducted in accordance with the rules on transactions with related parties and other internal rules. - Status of parties concerned
Osaka-7 LOGIPORT Osaka Bay
In the table below, ① indicates company name and ② indicates the relation between related party etc.
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
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Asset Name | Prior Owner | Second Prior Owner | |||
(Location) | |||||
①、② | ①、② | |
Purchase (Transfer) Price | Purchase (Transfer) Price | |
Purchase (Transfer) Date | Purchase (Transfer) Date | |
LOGIPORT Osaka | ① Nanko Property TMK | ② Non-related party |
Bay | ② This is a TMK that has executed an | |
(Osaka-city, Osaka) | asset management agreement with | |
the Asset Management Company's | ||
Sponsor | ||
Omitted as the current owner/trust | ||
beneficiary has owned the property for | - | |
over a year | ||
December, 2019 | - | |
7. Future Outlook
For further details on future projections, please refer to the "Notice Concerning Upward Revisions to the Forecasts for Financial Results and DPU for the Fiscal Period Ending August 31, 2021 and the Forecasts for Financial Results and DPU for the Fiscal Period Ending February 28, 2022" released today.
-
LLR's website:http://lasalle-logiport.com/english/
Exhibit-1: Overview of the Intended Acquisition Asset
Exhibit-2: Outline of appraisal reports
Exhibit-3: Overview of the report on research on conditions of buildings and analysis of seismic risk
Exhibit-4: List of portfolio assets after the Acquisition
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
12
Exhibit-1: Overview of the Intended Acquisition Asset
Osaka-7 LOGIPORT Osaka Bay
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
13
Exhibit-2: Outline of appraisal reports
Income approach value (yen in millions) | |||||||||||
Property | Appraisal | Appraisal | Cost method | Direct capitalization | DCF method valuation | ||||||
Property name | Appraiser | value (yen | value (yen | method value | |||||||
number | date | in millions) | in millions) | Estimated | Cap rate | Estimated | Discount | Terminal | |||
value | (%) | value | rate (%) | cap rate | |||||||
(%) | |||||||||||
Existing assets | |||||||||||
LOGIPORT | Tanizawa | ||||||||||
Sogo | |||||||||||
Tokyo-1 | Hashimoto | Feb 28, 2021 | 23,800 | 20,400 | 24,100 | 4.0 | 23,700 | 4.1 | 4.2 | ||
Appraisal | |||||||||||
(Note 1) | |||||||||||
Co., Ltd. | |||||||||||
LOGIPORT | Tanizawa | ||||||||||
Sogo | |||||||||||
Tokyo-2 | Sagamihara | Feb 28, 2021 | 25,900 | 22,800 | 26,500 | 4.1 | 25,700 | 4.2 | 4.3 | ||
Appraisal | |||||||||||
(Note 2) | |||||||||||
Co., Ltd. | |||||||||||
Tokyo-3 | LOGIPORT | CBRE K.K. | Feb 28, 2021 | 30,200 | 23,200 | 30,500 | 3.8 | 30,200 | 3.6 | 3.9 | |
Kitakashiwa | |||||||||||
LOGIPORT | |||||||||||
Tokyo-5 | Nagareyama | CBRE K.K. | Feb 28, 2021 | 31,100 | 22,200 | 30,700 | 4.1 | 31,100 | 3.8 | 4.1 | |
B | |||||||||||
LOGIPORT | Tanizawa | ||||||||||
Sogo | |||||||||||
Tokyo-6 | Higashi | Feb 28, 2021 | 20,200 | 19,700 | 20,400 | 4.3 | 20,100 | 4.4 | 4.5 | ||
Appraisal | |||||||||||
Ogishima A | |||||||||||
Co., Ltd. | |||||||||||
LOGIPORT | Tanizawa | ||||||||||
Sogo | |||||||||||
Tokyo-7 | Higashi | Feb 28, 2021 | 21,700 | 21,100 | 22,200 | 4.3 | 21,500 | 4.4 | 4.5 | ||
Appraisal | |||||||||||
Ogishima B | |||||||||||
Co., Ltd. | |||||||||||
LOGIPORT | Tanizawa | ||||||||||
Sogo | |||||||||||
Tokyo-8 | Higashi | Feb 28, 2021 | 26,400 | 25,300 | 26,800 | 4.2 | 26,200 | 4.3 | 4.4 | ||
Appraisal | |||||||||||
Ogishima C | |||||||||||
Co., Ltd. | |||||||||||
Tanizawa | |||||||||||
Tokyo-9 | LOGIPORT | Sogo | Feb 28, 2021 | 12,500 | 11,400 | 12,800 | 4.3 | 12,300 | 4.4 | 4.5 | |
Kawagoe | Appraisal | ||||||||||
Co., Ltd. | |||||||||||
LOGIPORT | Tanizawa | ||||||||||
Sogo | 4.2 | ||||||||||
Tokyo-11 | Kashiwa | Feb 28, 2021 | 10,500 | 10,000 | 10,800 | 4.3 | 10,400 | 4.5 | |||
Appraisal | (Note 3) | ||||||||||
Shonan | |||||||||||
Co., Ltd. | |||||||||||
LOGIPORT | Tanizawa | ||||||||||
Sogo | 4.2 | ||||||||||
Tokyo-12 | Sayama | Feb 28, 2021 | 6,630 | 6,440 | 6,860 | 4.3 | 6,530 | 4.5 | |||
Appraisal | (Note 4) | ||||||||||
Hidaka | |||||||||||
Co., Ltd. | |||||||||||
Higashi | Tanizawa | ||||||||||
Tokyo-13 | Ogishima | Sogo | Feb 28, 2021 | 1,620 | - | - | - | 1,620 | 3.6 | 3.7 | |
(leasehold | Appraisal | (Note 5) | |||||||||
land) | Co., Ltd. | ||||||||||
LOGIPORT | Japan | Real | |||||||||
Tokyo-14 | Kawasaki Bay | Estate | Feb 28, 2021 | 34,920 | 33,400 | 35,280 | 3.9 | 34,560 | 3.6 | 4.0 | |
(Note 6) | Institute | ||||||||||
LOGIPORT | Japan | Real | |||||||||
Tokyo-15 | Estate | Feb 28, 2021 | 9,310 | 8,030 | 9,410 | 4.4 | 9,200 | 3.9 | 4.5 | ||
Shinmoriya | |||||||||||
Institute | |||||||||||
LOGIPORT | Japan | Real | |||||||||
Sakai | |||||||||||
Osaka-1 | Estate | Feb 28, 2021 | 8,720 | 5,730 | 8,810 | 4.4 | 8,620 | 4.0 | 4.5 | ||
Minamijimach | |||||||||||
Institute | |||||||||||
o |
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
14
LOGIPORT | Tanizawa | |||||||||
Osaka-2 | Sakai Chikko | Sogo | Feb 28, 2021 | 5,020 | 4,570 | 5,120 | 4.5 | 4,970 | 4.4 | 4.7 |
Shinmachi | Appraisal | (Note 8) | ||||||||
(Note 7) | Co., Ltd. | |||||||||
LOGIPORT | Tanizawa | |||||||||
Sogo | ||||||||||
Osaka-3 | Osaka Taisho | Feb 28, 2021 | 19,300 | 17,600 | 19,900 | 4.1 | 19,000 | 4.2 | 4.3 | |
Appraisal | ||||||||||
(Note 9) | ||||||||||
Co., Ltd. | ||||||||||
Tanizawa | ||||||||||
Osaka-5 | LOGIPORT | Sogo | Feb 28, 2021 | 57,800 | 53,900 | 58,500 | 4.3 | 57,500 | 4.4 | 4.5 |
Amagasaki | Appraisal | |||||||||
Co., Ltd. | ||||||||||
LOGIPORT | Tanizawa | |||||||||
Sogo | ||||||||||
Osaka-6 | Sakai | Feb 28, 2021 | 12,800 | 10,800 | 13,100 | 4.4 | 12,600 | 4.5 | 4.6 | |
Appraisal | ||||||||||
(Note 10) | ||||||||||
Co., Ltd. | ||||||||||
Intended Acquisition Asset | ||||||||||
LOGIPORT | Tanizawa | |||||||||
Sogo | ||||||||||
Osaka-7 | Osaka | Feb 28, 2021 | 42,700 | 42,300 | 44,700 | 3.9 | 41,900 | 4.0 | 4.1 | |
Appraisal | ||||||||||
Bay | ||||||||||
Co., Ltd. | ||||||||||
Portfolio total | 401,120 | 358,870 | 406,480 | 397,700 | ||||||
Notes: |
- The appraisal value, cost method value, estimated value of direct capitalization method and estimated value of DCF method of LOGIPORT Hashimoto describe pro-rated portion of the joint co-ownership interest in the trust beneficiary interests (55%).
- The appraisal value, cost method value, estimated value of direct capitalization method and estimated value of DCF method of LOGIPORT Sagamihara describe our pro-rata portion of the joint co-ownership interest in the trust beneficiary interests (51%).
- Discount rate for LOGIPORT Kashiwa Shonan is from the 1st fiscal year to the 3rd fiscal year.
- Discount rate for LOGIPORT Sayama Hidaka is from the 1st fiscal year to the 3rd fiscal year.
- Discount rate for Higashi Ogishima (leasehold land) is from the 1st fiscal year to the 3rd fiscal year.
- The appraisal value, cost method value, estimated value of direct capitalization method and estimated value of DCF method of LOGIPORT Kawasaki Bay describe our pro-rata portion of the joint co-ownership interest in the trust beneficiary interests (40%).
- The appraisal value, cost method value, estimated value of direct capitalization method and estimated value of DCF method of LOGIPORT Sakai Chikko Shinmachi include the value of the solar power generation facility completed on August 31, 2020.
- Discount rate for LOGIPORT Sakai Chikko Shinmachi is from the 1st fiscal year to the 7th fiscal year.
- The appraisal value, cost method value, estimated value of direct capitalization method and estimated value of DCF method of LOGIPORT Osaka Taisho describe our pro-rata portion of the joint co-ownership interest in the trust beneficiary interests (62.5%).
- The appraisal value, cost method value, estimated value of direct capitalization method and estimated value of DCF method of LOGIPORT Sakai describe our pro-rata portion of the joint co-ownership interest in the trust beneficiary interests scheduled (50%).
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
15
Exhibit-3: Overview of the report on research on conditions of buildings and analysis of seismic risk
Engineering report | Seismic review report | |||||||||||
Emergency | Medium-to- | |||||||||||
and short- | ||||||||||||
long term | ||||||||||||
Property | term repair | |||||||||||
Property name | repair costs | PML | ||||||||||
costs | ||||||||||||
number | Engineering firm | Report date | (thousand | Engineering firm | Report date | (%) | ||||||
(thousand | ||||||||||||
yen) | (Note 1) | |||||||||||
yen) | ||||||||||||
(Notes 1 | ||||||||||||
(Notes 1 | ||||||||||||
and 3) | ||||||||||||
and 2) | ||||||||||||
Existing Assets | ||||||||||||
LOGIPORT | Earth-Appraisal | Tokio | Marine | & | ||||||||
Tokyo -1 | Hashimoto | Nov, 2015 | - | 206,901 | Nichido | Risk | Oct, 2015 | 1.3 | ||||
Co., Ltd. | ||||||||||||
(Note 4) | Consulting Co., Ltd. | |||||||||||
LOGIPORT | Earth-Appraisal | Tokio | Marine | & | ||||||||
Tokyo -2 | Sagamihara | Nov, 2015 | - | 289,248 | Nichido | Risk | Oct, 2015 | 0.5 | ||||
Co., Ltd. | ||||||||||||
(Note 5) | Consulting Co., Ltd. | |||||||||||
LOGIPORT | Earth-Appraisal | Tokio | Marine | & | ||||||||
Tokyo -3 | Nov, 2015 | - | 238,851 | Nichido | Risk | Oct, 2015 | 0.9 | |||||
Kitakashiwa | Co., Ltd. | |||||||||||
Consulting Co., Ltd. | ||||||||||||
LOGIPORT | Earth-Appraisal | Tokio | Marine | & | ||||||||
Tokyo -5 | Nov, 2015 | - | 666,525 | Nichido | Risk | Oct, 2015 | 2.3 | |||||
Nagareyama B | Co., Ltd. | |||||||||||
Consulting Co., Ltd. | ||||||||||||
LOGIPORT | Earth-Appraisal | Tokio | Marine | & | ||||||||
Tokyo -6 | Higashi- | Oct, 2018 | 100 | 1,021,194 | Nichido | Risk | Oct, 2015 | 6.5 | ||||
Co., Ltd. | ||||||||||||
Ogishima A | Consulting Co., Ltd. | |||||||||||
LOGIPORT | Earth-Appraisal | Tokio | Marine | & | ||||||||
Tokyo -7 | Higashi- | Oct, 2018 | - | 1,215,861 | Nichido | Risk | Oct, 2015 | 6.2 | ||||
Co., Ltd. | ||||||||||||
Ogishima B | Consulting Co., Ltd. | |||||||||||
LOGIPORT | Earth-Appraisal | Tokio | Marine | & | ||||||||
Tokyo -8 | Higashi- | Nov, 2015 | - | 817,104 | Nichido | Risk | Oct, 2015 | 6.3 | ||||
Co., Ltd. | ||||||||||||
Ogishima C | Consulting Co., Ltd. | |||||||||||
LOGIPORT | Earth-Appraisal | Tokio | Marine | & | ||||||||
Tokyo -9 | Feb, 2017 | - | 118,057 | Nichido | Risk | Feb, 2017 | 4.4 | |||||
Kawagoe | Co., Ltd. | |||||||||||
Consulting Co., Ltd. | ||||||||||||
LOGIPORT | Earth-Appraisal | Tokio | Marine | & | ||||||||
Tokyo -11 | Kashiwa | Apr, 2019 | - | 98,015 | Nichido | Risk | Apr, 2019 | 1.6 | ||||
Co., Ltd. | ||||||||||||
Shonan | Consulting Co., Ltd. | |||||||||||
LOGIPORT | Tokio Marine | & | Tokio | Marine | & | |||||||
Nichido | Risk | |||||||||||
Tokyo-12 | Apr, 2019 | - | 50,045 | Nichido | Risk | Apr, 2019 | 3.5 | |||||
Sayama Hidaka | Consulting | Co., | Consulting Co., Ltd. | |||||||||
Ltd. | ||||||||||||
Higashi | ||||||||||||
Tokyo-13 | Ogishima | - | - | - | - | - | - | - | ||||
(leasehold land) | ||||||||||||
LOGIPORT | Tokio Marine | & | Tokio | Marine | & | |||||||
Nichido | Risk | |||||||||||
Tokyo-14 | Kawasaki Bay | Jul, 2020 | - | 153,972 | Nichido | Risk | Jul, 2020 | 3.3 | ||||
Consulting | Co., | |||||||||||
(Note 6) | Ltd. | Consulting Co., Ltd. | ||||||||||
Tokio Marine | & | Tokio | Marine | & | ||||||||
LOGIPORT | Nichido | Risk | ||||||||||
Tokyo-15 | Jul, 2020 | - | 89,779 | Nichido | Risk | Jul, 2020 | 0.9 | |||||
Shinmoriya | Consulting | Co., | ||||||||||
Ltd. | Consulting Co., Ltd. | |||||||||||
LOGIPORT | Earth-Appraisal | Tokio | Marine | & | ||||||||
Osaka-1 | Sakai | Jan, 2018 | - | 29,950 | Nichido | Risk | Feb, 2018 | 6.5 | ||||
Co., Ltd. | ||||||||||||
Minamijimacho | Consulting Co., Ltd. | |||||||||||
LOGIPORT | Earth-Appraisal | Tokio | Marine | & | ||||||||
Osaka-2 | Sakai Chikko | Apr, 2019 | - | 48,172 | Nichido | Risk | Apr, 2019 | 7.6 | ||||
Co., Ltd. | ||||||||||||
Shinmachi | Consulting Co., Ltd. |
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
16
LOGIPORT | Tokio Marine & | Tokio | Marine | & | |||||||
Nichido | Risk | ||||||||||
Osaka-3 | Osaka Taisho | Aug, 2019 | - | 144,188 | Nichido | Risk | Aug, 2019 | 8.4 | |||
Consulting | Co., | ||||||||||
(Note 7) | Ltd. | Consulting Co., Ltd. | |||||||||
LOGIPORT | Tokio Marine & | Tokio | Marine | & | |||||||
Nichido | Risk | ||||||||||
Osaka-5 | Jul, 2020 | - | 784,884 | Nichido | Risk | Jul, 2020 | 6.2 | ||||
Amagasaki | Consulting | Co., | Consulting Co., Ltd. | ||||||||
Ltd. | |||||||||||
LOGIPORT | Tokio Marine & | Tokio | Marine | & | |||||||
Nichido | Risk | ||||||||||
Osaka-6 | Sakai | Jul, 2020 | - | 140,773 | Nichido | Risk | Jul, 2020 | 8.7 | |||
Consulting | Co., | ||||||||||
(Note 8) | Ltd. | Consulting Co., Ltd. | |||||||||
Intended Acquisition Asset | |||||||||||
LOGIPORT | Tokio Marine & | Tokio | Marine | & | |||||||
Nichido Risk | |||||||||||
Osaka-7 | Osaka | Mar, 2021 | - | 245,904 | Nichido | Risk | Mar, 2021 | 8.3 | |||
Consulting Co., | |||||||||||
Bay | Consulting Co., Ltd. | ||||||||||
Ltd. | |||||||||||
Portfolio PML (Note 9) | 3.1 | ||||||||||
Notes: |
- "Emergency and short-term repair costs" and "Medium-to-long-term repair costs" are indicated in the "Engineering reports", and "PML" are indicated in "Seismic review report".
- "Emergency and short-term repair costs" are the repair costs which are expected to be required within 12 months from the date of the relevant report.
- "Medium-to-long-termrepair costs" are the repair costs which are expected to be required within 12 years from the date of the relevant report.
- "Emergency and short-term repair costs" and "Medium-to-long-term repair costs" of LOGIPORT Hashimoto show the pro- rated portion of the joint co-ownership interest in the trust beneficiary interests (55%), which is rounded down to the nearest thousand yen.
- "Emergency and short-term repair costs" and "Medium-to-long-term repair costs" of LOGIPORT Sagamihara show the pro- rated portion of the joint co-ownership interest in the trust beneficiary interests (51%), which is rounded down to the nearest thousand yen.
- "Emergency and short-term repair costs" and "Medium-to-long-term repair costs" of LOGIPORT Kawasaki Bay show the pro- rated portion of the joint co-ownership interest in the trust beneficiary interests (40%), which is rounded down to the nearest thousand yen.
- "Emergency and short-term repair costs" and "Medium-to-long-term repair costs" of LOGIPORT Osaka Taisho show the pro- rated portion of the joint co-ownership interest in the trust beneficiary interests (62.5%), which is rounded down to the nearest thousand yen.
- "Emergency and short-term repair costs" and "Medium-to-long-term repair costs" of LOGIPORT Sakai show the pro-rated portion of the joint co-ownership interest in the trust beneficiary interests (50%), which is rounded down to the nearest thousand yen.
- "Portfolio PML" is indicated based on the "Portfolio Seismic review report of 18 properties" dated March 2021.
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
17
Exhibit-4: List of portfolio assets after the Acquisition
(Intended) | ||||||
Area | Property | Property name | Acquisition price | Appraisal value | Investment ratio | |
number | (million yen) | (million yen) | (%) (Note 2) | |||
(Note 1) | ||||||
Existing Assets | ||||||
Tokyo-1 | LOGIPORT Hashimoto (Note 3) | 21,200 | 23,800 | 5.9 | ||
Tokyo -2 | LOGIPORT Sagamihara (Note 4) | 23,020 | 25,900 | 6.4 | ||
Tokyo -3 | LOGIPORT Kitakashiwa | 25,300 | 30,200 | 7.1 | ||
Tokyo -5 | LOGIPORT Nagareyama B | 26,600 | 31,100 | 7.4 | ||
Tokyo -6 | LOGIPORT Higashi Ogishima A | 19,000 | 20,200 | 5.3 | ||
Tokyo -7 | LOGIPORT Higashi Ogishima B | 19,120 | 21,700 | 5.3 | ||
Tokyo | ||||||
Tokyo -8 | LOGIPORT Higashi Ogishima C | 23,700 | 26,400 | 6.6 | ||
area | ||||||
Tokyo -9 | LOGIPORT Kawagoe | 11,950 | 12,500 | 3.3 | ||
Tokyo-11 | LOGIPORT Kashiwa Shonan | 9,300 | 10,500 | 2.6 | ||
Tokyo-12 | LOGIPORT Sayama Hidaka | 6,430 | 6,630 | 1.8 | ||
Tokyo-13 | Higashi Ogishima | 1,189 | 1,620 | 0.3 | ||
(leasehold land) | ||||||
Tokyo-14 | LOGIPORT Kawasaki Bay | 32,200 | 34,920 | 9.0 | ||
(Note 5) | ||||||
Tokyo-15 | LOGIPORT Shinmoriya | 8,580 | 9,310 | 2.4 | ||
Osaka-1 | LOGIPORT Sakai | 8,150 | 8,720 | 2.3 | ||
Minamijimacho | ||||||
Osaka-2 | LOGIPORT Sakai Chikko | 4,160 | 5,020 | 1.2 | ||
Shinmachi (Note 6) | ||||||
Osaka | ||||||
Osaka-3 | LOGIPORT Osaka Taisho | 17,655 | 19,300 | 4.9 | ||
area | (Note 7) | |||||
Osaka-5 | LOGIPORT Amagasaki | 48,200 | 57,800 | 13.5 | ||
Osaka-6 | LOGIPORT Sakai | 12,075 | 12,800 | 3.4 | ||
(Note 8) | ||||||
Sub-total | 317,829 | 358,420 | 88.8 | |||
Intended Acquisition Asset | ||||||
Osaka | Osaka-7 | LOGIPORT Osaka Bay | 40,000 | 42,700 | 11.2 | |
area | ||||||
Sub-total | 40,000 | 42,700 | 11.2 | |||
Portfolio total | 357,829 | 401,120 | 100.0 | |||
Notes: |
1. "(Intended) Acquisition price" is the price to be paid for each asset pursuant to their respective relevant Trust Beneficiary Interests Purchase & Sale Agreement and the Joint Co-ownership Interest Purchase & Sale Agreement for Trust Beneficiary Interests (excluding national and local consumption taxes, and expenses such as transaction fees, and is rounded down to the nearest million yen) (as for LOGIPORT Sakai Chikko Shinmachi, LOGIPORT Osaka Taisho and LOGIPORT Amagasaki, the
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
18
total amount of the price under the each Joint Co-ownership Interest Purchase & Sale Agreement for Trust Beneficiary Interests). Therefore, the sum of the (intended) acquisition price of each property may differ from the subtotal or the total (intended) acquisition price.
- "Investment ratio" is the ratio of the (intended) acquisition price of the property to the total (intended) acquisition price, rounded to the first decimal place. Therefore, the sum of the investment ratio of each property may differ from the subtotal or the total investment ratio.
- The acquisition price, appraisal value and investment ratio of LOGIPORT Hashimoto describe our pro-rata portion of the joint co-ownership interest in the trust beneficiary interests (55%).
- The acquisition price, appraisal value and investment ratio of LOGIPORT Sagamihara describe our pro-rata portion of the joint co-ownership interest in the trust beneficiary interests (51%).
- The acquisition price, appraisal value and investment ratio of LOGIPORT Kawasaki Bay describe our pro-rata portion of the joint co-ownership interest in the trust beneficiary interests (40%).
- The appraisal value of LOGIPORT Sakai Chikko Shinmachi includes the value of the solar power generation facility completed on August 31, 2020.
- The acquisition price, appraisal value and investment ratio of LOGIPORT Osaka Taisho describe our pro-rata portion of the joint co-ownership interest in the trust beneficiary interests (62.5%).
- The acquisition price, appraisal value and investment ratio of LOGIPORT Sakai describe our pro-rata portion of the joint co- ownership interest in the trust beneficiary interests (50%).
Disclaimer: This press release does not in any way constitute any part of an offering of securities for investment. This announcement is prepared for the public disclosure of acquisition and leasing of trust beneficiary interests in domestic real estate, and redemption of preferred shares of Nanko Property TMK by LLR and has not been prepared for the purpose of soliciting investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.
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LaSalle Logiport REIT published this content on 14 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 April 2021 06:22:05 UTC.