For Immediate Release For Translation Purposes Only

Transcription

1 For Immediate Release For Translation Purposes Only Japan Excellent, Inc. (TSE: 8987) Chifumi Toda, Executive Director August 12, 2011 Asset Management Company: Japan Excellent Asset Management Co., Ltd. Representative: Chifumi Toda, President Contact: Toshihiko Sasaki General Manager, Corporate Planning Dept. TEL: Notice Concerning the Acquisition of Investment Assets (No. 35 Kowa Building / MID Kyobashi Building) Japan Excellent, Inc. (hereinafter, JEI or the Investment Corporation ) hereby announces that, JEI has decided today to acquire investment assets as follows: 1. Summary of Acquisition (A) No. 35 Kowa Building Property Name No. 35 Kowa Building 1 (hereinafter, No. 35 Kowa Building or Property under Purchase Option ) Property under Purchase Option Trust beneficiary interest in real estate 1 Purchase Option Price 8,280 million (JPY 8,280,000,000) Date of Execution of Purchase Option August 12, 2011 Agreement Expiration Date of Purchase Option October 3, 2011 Scheduled Acquisition Date October 3, Seller Kowa Real Estate Co., Ltd. (hereinafter, the Seller ) Planned Funding for Acquisition Cash in hand and debt financing subject to the exercise of purchase option Method of Settlement The settlement is planned to be made at once when the acquisition is made after the exercise of purchase option Notes 1. The Seller currently owns No. 35 Kowa Building in the form of direct ownership in real estate. JEI has entered into a Purchase Option 1

2 Agreement for Trust Beneficiary Interests in Real Estate (hereinafter, Purchase Option Agreement ) pertaining to No. 35 Kowa Building dated August 12, 2011 with the Seller. Under the Purchase Option Agreement, JEI is entitled to decide, at its absolute discretion, whether to acquire No. 35 Kowa Building by exercising the purchase option. However, JEI is required to exercise the purchase option pertaining to No. 35 Kowa Building under the Purchase Option Agreement if it is negotiated and agreed between the Seller and a trust bank (which shall be the trust bank agreed by JEI separately in a reasonable manner and is hereinafter referred to as the Trustee; as of the date of this release, Mitsubishi UFJ Trust and Banking Corporation is contemplated to be the Trustee) that a real estate management/disposition trust will be established for No. 35 Kowa Building (hereinafter, establishment of real estate trust ). If the purchase option under the Purchase Option Agreement is exercised, JEI will acquire trust beneficiary interests in No. 35 Kowa Building. JEI will be able to double-check the status of legal and other compliance of No. 35 Kowa Building as the property is subject to the validation required for the establishment of real estate trust conducted by the Trustee, who is an expert of real estate trusts. With regard to and throughout the process of the establishment of real estate trust, JEI will remain an independent third party. It has been agreed between JEI and the Seller that if the process of the establishment of real estate trust is not completed by the expiration date of the purchase option under the Purchase Option Agreement, which is October 3, 2011, they will negotiate the acquisition of No. 35 Kowa Building by JEI in good faith. 2. Only if the purchase option under the Purchase Option Agreement is exercised. (B) MID Kyobashi Building Property Name MID Kyobashi Building (Note) (hereinafter, MID Kyobashi Building or Property to be Acquired ) Property to be Acquired Trust beneficiary interest in real estate Acquisition Price 3,308 million (JPY3,308,000,000) Date of Execution of Purchase August 12, 2011 Agreement Scheduled Acquisition Date September 1, 2011 Seller Liverpool Asset TMK Planned Funding for Acquisition Cash in hand Method of Settlement The settlement is planned to be made at once when the acquisition is made (Note) JEI plans to change the name of the property to JEI Kyobashi Building after acquisition. 2. Background of Acquisition JEI has concluded the Purchase Option Agreement for No. 35 Kowa Building and the Purchase Agreement for MID Kyobashi Building in order to enhance its portfolio, pursuant to the investment targets and policies of asset management stipulated in the Articles of Incorporation of the Investment Corporation. For the factors JEI has taken into account in concluding the Purchase Option Agreement and the Purchase Agreement for these assets, please refer to (A) No. 35 Kowa Building (1) Evaluation of the Property under Purchase Option and (B) MID Kyobashi 2

3 Building (1) Evaluation of the Property to be Acquired of the immediately following section titled 3. Details of the Property under Purchase Option and the Property to be Acquired. 3. Details of the Property under Purchase Option and the Property to be Acquired (A) No. 35 Kowa Building (1) Evaluation of the Property under Purchase Option A. Location The Property under Purchase Option is conveniently located with close access to four subway stations (Roppongi 1-chome, Tameike-sanno, Kamiyacho, and Toranomon) and is also close to the government district. The neighborhood has traditionally been regarded as a desirable area surrounded by luxury hotels and embassies. Despite its central location, it has an abundance of green of roadside trees and quiet ambience. B. Building Facilities The Property under Purchase Option has a rooftop garden and lots of planting around the building exterior to create an office environment well-suited to the quiet neighborhood. Each floor has a rentable space of 300 to 580 tsubo. The building facilities and interior have been kept in an excellent condition, with quakeproofing works and a major renovation completed in We expect that the property will continue to enjoy stable demand going forward as it has been operated at high levels of occupancy supported by the demand from foreign-affiliated and media-company tenants who place a high priority on the office environment and favored the excellent location and high specifications of the property. (2) Overview of the Property under Purchase Option Property Name No. 35 Kowa Building Type of Specified Asset 1 Trust beneficiary interest in real estate trust Trustee Mitsubishi UFJ Trust and Banking Corporation (Scheduled) Trust Establishment Date October 3, 2011 (Scheduled) Maturity Date of Trust To be determined 2 Location Lot Number , Akasaka, Minato-ku, Tokyo Address , Akasaka, Minato-ku, Tokyo Use 3 Offices Site Area Land 3, m 2 Building 13,328.53m 2 3

4 Structure 3 RC, B1/6F Completion Date 3 January 16, 1980 Building Engineer Kageyama Architect Office / Nihon Sekkei, Inc. 4 Constructor Building Inspection Agency Obayashi Corporation Tokyo Metropolitan Government Type of Land Full Ownership Ownership 5 Building Full Ownership Appraisal Value 8,960 million Appraisal Date July 1, 2011 Appraiser Japan Real Estate Institute 12.9% PML 6 (Based upon the Building Survey: Report on PML Assessment produced by Takenaka Corporation) Collateral None Property Management Company To be determined 7 Other Relevant Information On August 5, 2011, the Seller of the Property under Purchase Option, after consulting with a designated confirmation and inspection body designated under the Building Standards Act, submitted to said designated confirmation and inspection body an application for building confirmation pertaining to extension works of the building of the Property under Purchase Option. The application is currently under examination. Upon receipt of the certificate of building confirmation from said confirmation and inspection body, the proposed extension works will be carried out promptly and the same confirmation and inspection body will be requested to conduct completion inspection (it has been agreed with the Seller that the Seller shall bear the costs for said construction works). It has been agreed by the Seller that a parcel of the land of the Property under Purchase Option to the south (34.63 m 2 ) would be used as part of a road in a special ward (No. 1,100 road) starting from September 1, As long as said road exists, the parcel of the land will not be included in the calculation of the floor area ratio, etc. when a building is reconstructed on the site of the Property under Purchase Option. Notes 1. The type of the property under purchase option. 2. To be decided by the scheduled acquisition date if a real estate trust is established for the Property under Purchase Option. 3. The descriptions of Lot Number, Site Area, Structure and Completion Date are based on information in the land registry. The descriptions of Use are based on information in the land registry or completion drawing. 4. The building was originally designed by Kageyama Architect Office. Nihon Sekkei, Inc. was the designer for the quakeproofing works and major renovation carried out in Type of Ownership refers to the current type of ownership of the Property under Purchase Option by the Seller. 6. Probable Maximum Loss ( PML ) indicates the ratio of (a) the estimated total cost associated with fully restoring a property after damage by an earthquake, to (b) the total reconstruction cost of the property, on the assumption that such an earthquake is a maximum-scale earthquake for that area (a large scale earthquake expected to occur once every 475 years with a 10% probability of occurrence every 50 years). 7. JEI is currently in the process of selecting the property management company for the Property under Purchase Option and plans to complete the selection process by the scheduled acquisition date provided that the purchase option is exercised. 4

5 (3) Tenant Summary Leasable Floor Space Leased Floor Space 9, m2 9, m2 Number of Tenants 1 1 Monthly Rent - 2 Leasehold and Security Deposit - 2 Occupancy Rate 100.0% (as of June 30, 2011) Notes 1. If a real estate trust is established for the Property under Purchase Option, JEI will acquire the Property under Purchase Option through the acquisition of the trust beneficiary interests in real estate. Upon such acquisition, the Trustee will lease the entire property out to a master lease company for its subleasing and seek the consent of the existing end tenants concerning the succession of the existing leasing contracts under said master/subleasing arrangement. The number of tenants shown above (1) represents the master lease company based on the assumption that the consent of all the existing end tenants will be obtained. 2. Disclosures of Monthly Rent and Leasehold and Security Deposit are omitted as the consent of the end tenants has not been obtained. (4) Details of the Seller Company Name Location of Headquarters Director Capital Kowa Real Estate Co., Ltd , Minamiaoyama, Minato-ku, Tokyo Tetsuo Narukawa, President 19.8 billion (as of June 30, 2011) Major Shareholders (as of June 30, 2011) Nippon Steel City Produce, Inc. The Dai-ichi Life Insurance Company, Limited Nippon Life Insurance Company Jowa Holdings Company, Limited Main Business Real estate business Capital Relationship As of August 12, 2011, the Seller holds 7.6% (14,312 units) of the total number of JEI s outstanding investment units, and also holds 45% (4,050 units) of the total number of the Asset Management Company (JEAM) s outstanding shares. The Seller does not fall under the category of a related Relationship with JEI / JEAM party as defined in the Law Concerning Investment Trusts and Investment Corporations (the Investment Trust Law ). However, the Seller is a sponsor company under voluntary internal regulations for transactions with sponsor companies (the Regulations for Transactions with Sponsor Companies ) formulated by JEAM with the aim of eliminating potential conflicts of interest and thereby enabling it to perform efficient asset management 5

6 for JEI. Personnel Relationship Business Relationship Status as Related Party As of August 12, 2011, the Seller dispatches 7 people to JEAM. In the tenth fiscal period (January 1, 2011 to June 30, 2011), JEI sold No. 36 Kowa Building to the Seller. For details, please refer to Notice Concerning Transfer of an Asset (No. 36 Kowa Building) dated January 13, The Seller is not a related party of JEI or JEAM. (5) Status of Previous Owners Current Owner/Beneficiary Previous Owner/Beneficiary Company Name Kowa Real Estate Co., Ltd. Not a related party Relationship with JEI / JEAM Please refer to the column (4) - Details of the Seller above. Background/Reasons for Acquisition Leasing business - Date of Acquisition September Acquisition Price Omitted because the current owner has owned the Property for more than one year. - (6) Details of Brokerage Not Applicable (7) Conflicts of Interest of JEAM Relating to Property under Purchase Option Kowa Real Estate, the Seller of No. 35 Kowa Building under purchase option, is sponsor company under the Regulations for Transactions with Sponsor Companies with JEAM. Accordingly, upon concluding an agreement with a sponsor company, JEAM, in compliance with the aforementioned regulations, has performed the following procedures: (i) obtained approval at a meeting of its Compliance Committee, which includes outside experts; (ii) obtained approval at a meeting of its Investment Committee, and (iii) presented the transaction for deliberation and approval at a meeting of its Board of Directors. (8) Acquisition Schedule August 12, 2011 Decision within JEAM on the execution of the Purchase Option Agreement 6

7 August 12, 2011 Execution of the Purchase Option Agreement October 3, 2011 Expiration date of the purchase option under the Purchase Option Agreement October 3, 2011 Handover date (Scheduled) (Note) (Note) Subject to the exercise of purchase option (9) Financing Impact on JEI in the Event of Failure of Fulfillment of Forward Commitment The Purchase Option Agreement for No. 35 Kowa Building falls under the forward commitment, etc. 1 defined in the Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc. established by the Financial Services Agency (as finally amended in April 2011) by the Investment Corporation. Under this Purchase Option Agreement, JEI is entitled to a purchase option and only upon exercise of this option, a valid Purchase Agreement will be executed (provided, however, that JEI will be required to exercise the purchase option in the case of establishment of real estate trust). Under the Purchase Option Agreement, it is provided that if there is a breach of the provisions of the Purchase Option Agreement by JEI or the Seller after the purchase options is exercised and the Purchase Agreement is executed, the non-breaching party may cancel said Purchase Agreement and claim the penalty payment equivalent to 20% of the purchase price from the breaching party. After the careful examination of the amount required to acquire No. 35 Kowa Building, the likelihood of establishment of real estate trust, the time period from the exercise of purchase option to the handover, and the method of funding for the acquisition, JEI decided to enter into the Purchase Option Agreement under the terms and conditions described above in order to acquire No. 35 Kowa Building based on the judgment that the acquisition will contribute to the enhancement of the investor value. (Note) This means any postdated purchase agreement under which the payment and the delivery of the target property shall be made after a lapse of one month or more after the execution of such agreement or any other similar agreement. (B) MID Kyobashi Building (1) Evaluation of the Property to be Acquired A. Location The Property to be Acquired is located in a highly convenient area, a 3 minute walk through a roofed pedestrian bridge directly from Kyobashi station, a terminal serving eastern Osaka with connections to four different lines. It also has an excellent transportation access, with a 7 minute trip to Osaka (Umeda) using the JR Osaka Loop Line and a 6 minute trip to Yodoyabashi using the Keihan Line. With Neyagawa (Neya River) just in front of the building, the property is also highly visible from outside and enjoys great views from the office. 7

8 B. Building Facilities The Property to be Acquired is the only office building with floor space of over 3,000 tsubo within 5 minute walk from Kyobashi station, which is connected to the JR Osaka Loop Line and several other lines. It has a 220-tsubo regular-shaped space without pillars, which is dividable to smaller rentable spaces (30 tsubo at a minimum), as well as a parking space capable of serving 116 vehicles at a time, a capacity rarely seen in Osaka City. With these specifications, the property is capable to satisfy the needs of tenants of various sizes. We expect that the property will continue to generate a high level of rental revenue going forward as it is located in a traffic center and has a large-scale parking facility, and therefore, is able to enjoy stable demand from companies that require branches and sales offices with convenient access. PML 6 (2) Overview of the Property to be Acquired Property Name MID Kyobashi Building 1 Type of Specified Asset 2 Trust beneficiary interest in real estate trust Trustee Mitsubishi UFJ Trust and Banking Corporation Trust Establishment Date March 9, 2006 Maturity Date of Trust March 8, 2016 Location Lot Number , Katamachi, Miyakojima-ku, Osaka Address , Katamachi, Miyakojima-ku, Osaka Use 3 Offices / Parking Site Area Land 2, m 2 Building 4 10, m 2 Structure 3 SRC, 12F Completion Date 3 April 27, 1987 Building Engineer Takenaka Corporation Constructor Takenaka Corporation Building Inspection Agency Osaka City Type of Land Full Ownership Ownership 5 Building Full Ownership Appraisal Value 3,530 million Appraisal Date June 30, 2011 Appraiser Japan Real Estate Institute (Based upon the Building Survey: Report on PML Assessment 8.9% produced by Takenaka Corporation) Collateral None 8

9 Property Management Company Other Relevant Information To be determined 7 Within the site of the Property to be Acquired, there are walk-through facilities (stairs and passageways) available to the general public, which are connected, among others, to the west entrance of Kyobashi station on the JR Osaka Loop Line through the adjacent land owned by the West Japan Railway Company. An agreement was concluded between the previous owner of the Property to be Acquired (i.e., the initial settlor of the trust) and the Japanese National Railways (currently the West Japan Railway Company), the owner of the adjacent land at the time of the agreement, on the use of the land used for said walk-through facilities, stipulating mutual free-of-charge use of the portion of said land owned by the other party. The trustee did not succeed the agreement. Said walk-through facilities are used for the convenience of both JR line passengers and passengers walking through or around the Property to be Acquired. Notes 1. JEI plans to change the name of the property to JEI Kyobashi Building after acquisition. 2. The type of the property to be acquired by JEI. 3. The descriptions of Lot Number, Site Area, Structure and Completion Date are based on information in the land registry. The descriptions of Use are based on information in the land registry or completion drawing. 4. In addition, there is a waste storage space (16.10 m 2 ) attached to the property. 5. Type of Ownership refers to the type of ownership of the Property to be Acquired by Mitsubishi UFJ Trust and Banking Corporation). 6. Probable Maximum Loss ( PML ) indicates the ratio of (a) the estimated total cost associated with fully restoring a property after damage by an earthquake, to (b) the total reconstruction cost of the property, on the assumption that such an earthquake is a maximum-scale earthquake for that area (a large scale earthquake expected to occur once every 475 years with a 10% probability of occurrence every 50 year). 7. JEI is currently in the process of selecting the property management company for the Property to be Acquired and plans to complete the selection process by the scheduled acquisition date. (3) Tenant Summary Leasable Floor Space 7, m 2 Leased Floor Space 7, m 2 Number of Tenants 1 1 Monthly Rent 27,483,000 2 Leasehold and Security Deposit 166,909,000 3 Occupancy Rate 97.5% (as of June 30, 2011) Notes 1. After acquiring the Property to be Acquired, JEI plans to lease the entire property out to a master lease company for its subleasing. The number of tenants shown above (1) represents the master lease company based on the assumption that the consent of all the existing end tenants will be obtained with regard to the use of such master/subleasing arrangement. 2. The figure for Monthly Rent is the total (not including consumption and other taxes) of monthly rents (including common area expenses, but excluding fees for use of parking and other attached facilities), as of June 30, 2011, set forth in the lease agreements concluded with end-user tenants. 3. The figure for Leasehold and Security Deposit shows the balance, as of June 30, 2011, of leasehold and security deposit collected from end tenants (not including those pertaining to parking and other attached facilities and the amount which the lessor is not obligated to return). (4) Details of the Seller Company Name Liverpool Asset TMK 9

10 Location of Headquarters Director Capital (as of June 30, 2011) Equity Holders (as of June 30, 2011) Main Business Relationship with JEI / JEAM , Toranomon, Minato-ku, Tokyo Yuichiro Yasuda, Director 300 million Lilac Investment TE, Limited 85.6% Lilac Investment, L.P. 14.4% 1. Business related to the acquisition, management and disposal of specified assets in accordance with the Asset Securitization Plan prepared pursuant to the provisions of the Act on Securitization of Assets. 2. Any other businesses incidental to the securitization of the specified assets. Capital None. Relationship Personnel None. Relationship Business During the 10th fiscal period (January 1, 2011 to Relationship June 30, 2011), there was no asset acquisition or sale transaction with JEI or JEAM. Status as The Seller is not a related party of JEI or JEAM. Related Party (5) Status of Previous Owners The acquisition of the Property to be Acquired is not a transaction between JEI / JEAM with a special related person. (6) Details of Brokerage Company Name Handling Fee Relationship with JEI / JEAM Mizuho Trust & Banking Co., Ltd. - (Note) The broker is the general administrator (Article 117, Items 2 through 6 of the Investment Trust Law) and the asset custodian retained by JEI. The broker is also a shareholder of JEAM, but does not fall under the category of related party as defined in the Investment Trust Law or sponsor company as defined in the Regulations for Transactions with Sponsor Companies. (Note) Disclosure is omitted as the consent of the broker has not been obtained. 10

11 (7) Conflicts of Interests of JEAM Relating to the Asset to be Acquired Not Applicable (8) Acquisition Schedule August 12, 2011 August 12, 2011 September 1, 2011 Decision within JEI to acquire asset Execution of the Purchase Agreement for the trust beneficiary interests in real estate Handover date (Scheduled) 4. Outlook For the impact of the acquisition of the Property under Purchase Option and the Property to be Acquired on the JEI s expected operating results for the eleventh fiscal period (from July 1, 2011 to December 31, 2011) and the twelfth fiscal period (from January 1, 2012 to June 30, 2012), please refer to Kessan-Tanshin (REIT) for the Tenth Fiscal Period dated August 12, Appendix: (1) Appraisal Summary (2) Property Income and Expense Outlook (3) Portfolio Overview after the Acquisition of the Properties (4) External View of the Properties Japan Excellent, Inc. Website: 11

12 (Appendix 1) Appraisal Summary I-11 No. 35 Kowa Building (Millions of yen) (Note) Appraiser Japan Real Estate Institute Appraisal Date July 1, 2011 Appraisal Value 8,960 Income Approach Value 8,960 Direct Capitalization Value 9,090 Operating Revenue 562 Gross Potential Revenue 591 Vacancy Loss 29 Operating Expenses 176 Net Operating Income 386 Interest Income 8 Capital Expenditures 12 Net Cash Flow 382 Cap Rate 4.2% Discounted Cash Flow Value 8,830 Discount Rate 4.0% Terminal Cap Rate 4.4% Summation Value 9,620 Land Value/Land % 8,303/86.3% Building Value/Building% 1,317/13.7% Note: Amounts are rounded to the nearest millions of yen. 12

13 IV-2 MID Kyobashi Building (Millions of yen) (Note) Appraiser Japan Real Estate Institute Appraisal Date June 30, 2011 Appraisal Value 3,530 Income Approach Value 3,530 Direct Capitalization Value 3,540 Operating Revenue 342 Gross Potential Revenue 360 Vacancy Loss 18 Operating Expenses 100 Net Operating Income 242 Interest Income 3 Capital Expenditures 32 Net Cash Flow 212 Cap Rate 6.0% Discounted Cash Flow Value 3,520 Discount Rate 5.7% Terminal Cap Rate 6.3% Summation Value 2,980 Land Value/Land % 1,340/45.0% Building Value/Building% 1,640/55.0% Note: Amounts are rounded to the nearest millions of yen. (Appendix 2) Property Income and Expense Outlook (Millions of yen) (1) No. 35 Kowa Building (2) MID Kyobashi Building Revenues Expenses (excluding depreciation) - 98 Net Operating Income (NOI) Assumptions for Income and Expense Outlook The above figures are annual estimates for the Property under Purchase Option and the Property to be Acquired excluding special circumstances that may arise during the year of the acquisition (i.e., not forecast for the current fiscal period). Certain information about No. 35 Kowa Building is not disclosed as the consent of the end tenants has not been obtained. 13

14 (Appendix 3) Portfolio Overview after the Acquisition of the Property under Purchase Option and the Property to be Acquired Area Property # Property Name Date of acquisition Acquisition Price 1 (mn yen) Investment Ratio 2 (% of total portfolio) I-1 Omori Bellport D June 29, , I-2 Shiba 2-Chome Building June 29, , Investment Ratio by Area 2 (%) Area I: Tokyo s 6 Central Wards 3 I-3 JEI Hamamatsucho June 29, , Building I-4 No. 32 Kowa Building June 27, , October 29, , Total 7, I-6 No. 28 Kowa Building June 27, , I-7 Akasaka Garden City March 28, , I-8 AKASAKA INTERCITY October 26, , I-9 Kowa Shirokanedai Building December 24, , I-10 Daiba Garden City Building February 4, , I-11 No. 35 Kowa Building Due on II-1 NHK Nagoya Area II: Housou-Center Building Central Osaka, Central Nagoya, II-2 JEI Nishi-Honmachi Central Fukuoka 4 Building Area III: Tokyo (excl. Area I) and areas surrounding Tokyo (Kanagawa, Saitama and Chiba prefectures) October 3, , June 27, , March 28, , III-1 Musashikosugi Tower Place June 27, , III-2 Kowa Kawasaki Higashiguchi Building June 27, , III-3 JEI Hongo Building June 29, , III-5 Kawasaki Nisshincho Building June 27, , November 30, October 17, Total 4, III-6 No. 44 Kowa Building June 27, , III-7 JEI Ryogoku Building June 27, ,

15 Area IV: Osaka, Nagoya and Fukuoka (excl. Area II) and other governmentdecreed cities, etc. III-8 Ebina Prime Tower March 29, , III-9 Kowa Kawasaki Nishiguchi October 26, , Building Due on IV-2 MID Kyobashi Building September 1, 3, Total 206, (Note 1) Acquisition Price is the acquisition value on the purchasing contract, excluding consumption tax, etc. The numerical value is rounded to the nearest millions of yen. (Note 2) Investment Ratio and Investment Ratio by Area are rounded to the first decimal place. (Note 3) Tokyo s 6 Central Wards is Chiyoda, Chuo, Minato, Shinjuku, Shinagawa, and Shibuya Wards. (Note 4) Central Osaka is the Umeda, Dojima, Nakanojima, Yodoyabashi, and Honmachi districts, Central Nagoya is the Meieki, Fushimi, Sakae districts, and Central Fukuoka is the Tenjin and Hakata Terminal Peripheral districts. 15

16 (Appendix 4) External View of the Properties I-11 No. 35 Kowa Building 16

17 IV-2 MID Kyobashi Building 17