Shimizu Corporation (President: Kazuyuki Inoue) (Shimizu) acquired an apartment building for lease in the city center of Philadelphia through its American subsidiary Shimizu Realty Development (U.S.A.), Inc. (SRD), as a part of Shimizu's overseas real estate business jointly with a local real estate company, CSA Real Estate Advisors, LLC (CSA).

A subsidiary of CSA and SRD established a joint venture which owns and operates the property. Under the investment structure, SRD owns a 97.5% stake.

The property is located near the expanding heart of Philadelphia with office skyscrapers in the vicinity and City Hall within a 5-minute walking distance. Furthermore, shopping and restaurants in the neighborhood are attracting young professionals as a place to live.

The property is a 13-story multi-family building with a total floor area of 8,410 m2, comprised of 80 residential units with office and retail space on the lower floors. The property is almost fully leased and generating a steady income, but with the help of the current favorable market conditions, the rent will further improve with the upgrading of both the common /private areas and services to residents.

Shimizu's Mid-Term Management Plan (2019-2023) calls for strengthening its real estate development business in North America as part of the overseas expansion of its real estate development business. The real estate development business expanded with the acquisition of the Albano Building, a rental office building in New York City in 2019, followed by the 2020 acquisition of The Shaw in Washington D.C., and the 2022 acquisition of rental office building 535-545 Boylston in Boston. Shimizu will continue to expand its added value investments in the multi-family sector in major cities in the U.S. Shimizu believes that the US real estate market has significant potential due to its stable legal, tax system and market size regardless of recent changes of the market environment such as inflation and rising interest rates.

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