|
|
 |
|
 |
|
 |
|
Before providing an explanation of earnings forecasts, let me brief you on the background and purpose of the capital increase through public stock offering that we announced on October 3.
In the capital increase this time, we plan to increase capital by ¥66.8 billion through the issuance of new shares and the disposition of treasury shares by making a secondary offering of 110 million shares.
Excluding the greenshoe option (scheduled for November 27), payment was completed before the end of October (on October 29).
The background of the capital increase through public stock offering this time is that we have reconfirmed strong demand in the Shibuya area, given that contracts were concluded at an early stage in the leasing of properties in large-scale redevelopment projects around Shibuya Station, while the medium-term management plan that started in the previous fiscal year is making steady progress. In addition, looking at the overall office market in Tokyo, concern about the large supply problem has receded.
On the other hand, because multiple large developments are ongoing in central Tokyo, competition among areas is expected to intensify over the medium to long term. Our policy is to promote high value-added projects in major areas in central Tokyo centered on the Greater Shibuya Area.
Against this backdrop, we have established a new investment plan of ¥350 billion up to FY2023 to make continuous investments in the high-potential Greater Shibuya Area with by strengthening our financial base through the capital increase through public stock offering. With this, we will strengthen the foundation for the rental business and improve its NAV.
The breakdown of ¥350 billion is the anticipated amount of investments in four development projects in the Greater Shibuya Area, namely Shibuya Nampeidai Project, Shibuya Dogenzaka 1-chome Block Development Project, Jingumae 6-chome Block Urban Redevelopment Project and Shibuya Sakuragaoka Block Redevelopment Plan, after the current fiscal year, as well as a new investment framework of ¥100 billion.
|
|
|
