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Next, I would like to explain about our future approach to "Shinbashi Place", where a tenant is scheduled to exit.
An overview of the property is provided in No 1 on the left.
We acquired this property from Tokyu Land Corporation, who is our sponsor and the developer of the property, when we launched our IPO in June 2012 for ¥20.5 billion.
After construction was completed in 2008, the entire property was leased to Yamada Denki Co., Ltd., but, as noted in our press release issued on May 31 this year, the company plans to exit the property upon expiration of its lease on May 14th next year.
As indicated in No 3 in the center of the page, the property is in an excellent location as it is situated in front of Shinbashi Station, one of major terminal stations in Japan, and, as it was initially conceived as an office building, it can be used both as a retail facility and as an office building, offering a high level of substitutability and flexibility.
As you can see in the map of the surrounding area on the bottom of the slide, the location of the property enjoys an exceptional level of accessibility and convenience considering that the Ginza area is walking distance from Shinbashi where the station serviced by numerous lines of train and metro, and is ranked as the 7th busiest JR station and the 5th Tokyo Metro station in the number of passengers per day.
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