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Let’s start with an overview of the fifth public offering.
Last December, we conducted our fifth global public offering and raised ¥15.3 billion.
Related to this offering, we acquired four properties with ¥42.4 billion comprised of 1 office building of ¥18.8 billion and 3 retail properties of total ¥23.6 billion, including a property acquired during the 11th period.
Amongst the four properties, two were acquired from the Sponsor Group, and the other two were acquired via the Asset Manager with warehousing assistance of the Sponsor Group, which allowed us to achieve further external growth focused on location and quality of property, in spite of tough acquisition environment.
Although the market was still severe, this offering was an accretive equity offering. We succeeded to lower LTV and in addition, after the offering, we achieved increases in NAV per unit as well as in DPU.
At this offering, we received demand from 27 Japanese regional banks and have confirmed a brisk demand existing in domestic market.
Total demand reached to ¥162.2 billion which was 10.6 times larger than the offer size.
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