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This is about our decision to sell a portion of our co-ownership interest in Shibuya Sakura
Stage.
On February 8, 2024, we decided to sell the equivalent of a 49% co-ownership interest in the
sectional ownership of the office portion of Shibuya Tower.. This sale is part of the Partner
Co-Creation business policy set forth in the long-term management policy, from the perspective of
expanding the assets involved and improving efficiency through the use of other parties'
capital.
The subject property, which is owned by Tokyu Land Corporation, a consolidated subsidiary of the
Company, will be sold to a fund in which domestic institutional investors will invest and a special
purpose company in which a domestic institutional investment fund and Tokyu Land Corporation will
make a silent partnership investment. In addition, Tokyu Land Capital Management Corporation, a
consolidated subsidiary of the Company, will be entrusted with asset management services by the
special purpose company. The sale is part of the Shibuya Sakura Stage SHIBUYA Tower, and Tokyu Land
Corporation will continue to own the portion of the building other than the portion subject to the
sale. Tokyu Land Corporation will continue to operate the tower, including the portion subject to
the sale.
The proceeds from the sale are expected to be recorded in the consolidated financial results for the
fiscal
year ending March 2025 and March 2026.
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