Section 2. Expanding Our Business

In October 2019, Daibiru acquired an approximately 10% interest in the Seavans South Building, a building with steel-frame and partial steel-frame reinforced concrete construction in Minato-ku, Tokyo with 24 aboveground floors and two underground floors, from Mitsui O.S.K. Lines (limited proprietary rights of land and building) and Utoku Corporation (land leasehold and building). The building was conveniently located within walking distance of Hamamatsucho Station on the JR and Tokyo Monorail lines, Mita Station on the Toei Subway Line, and Hinode Station on the Yurikamome Line. It was expected to increase further in value due to redevelopment of the surrounding Shibaura district.

Although the Seavans South Building, Daibiru’s acquisition target, was 28 years old, the building had been used as the headquarters for Shimizu Corporation, so it was well maintained, and renovations had been completed in 2012. The standard rental offices were column-free and spacious with about 1,980 m² in floor area. The building was also attractive for its ability to meet the needs of companies for increasingly large single-floor offices.