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Let me now introduce you to the properties we are developing.
In fiscal 2012, Tokyu Plaza Omotesando Harajuku opened in April. It has a tenant structure that classifies tenants opening for the first time in Japan and those in new business categories and is performing well with tenants occupying 100% of the rentable space, helped by coverage in a number of media outlets at the time of its opening.
In June, we sold 75% of our equity in Tokyu Plaza Omotesando Harajuku to a REIT as we regard this property as a project representing the "symbiotic model" of the Company and a REIT.
In July, Spline Aoyama Tokyu Building opened in Gaienmae (Minato-ku, Tokyo). It is a building with a sharp and sophisticated image suited for Aoyama, given that a large flagship store of Francfranc, an interior shop, has moved into the commercial store area on the first and second floors. Agreements have also been concluded steadily in the office area on the third to eighth floors, and approximately 90% (or seven-and-a-half of eight floors) of the rentable space have been informally allocated.
The Meguro 1-chome Project (tentative name) is to be completed in December 2012. This is an office building located near Meguro Station, and tenants have already concluded agreements for about 70% (or 10 of 15 floors) of the rentable space.
Let me now list the projects scheduled for fiscal 2013 and beyond. A project scheduled in fiscal 2014 is the Omotesando Project (tentative name) located on Aoyama Street, a three-minute walk from the Omotesando Station.
In fiscal 2015, we plan to open the second-phase of the Futako Tamagawa Redevelopment Project, a joint project with Tokyu Corporation, and the Ginza 5-chome Project (tentative name), the demolish work of which we commenced in September 2012.
For the Ginza 5-chome Project (tentative name), which is a large project, please see the next page. |
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