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Jinushi Sells 18 Land Properties to Jinushi REIT, Raises Full-Year Forecast

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Jinushi Sells 18 Land Properties to Jinushi REIT, Raises Full-Year Forecast

Jinushi Co., Ltd. announced on November 5, 2026, that it will sell a total of 18 properties, consisting of 17 real estate properties for sale and one fixed asset, to Jinushi Private REIT Investment Corporation (Jinushi REIT), a private REIT for which it serves as sponsor. The total sale price is JPY 17.097 billion. The sale agreement will be concluded on December 2, and 13 properties (JPY 14.152 billion) are scheduled to be delivered on December 23 and five properties (JPY 2.945 billion) on January 7, 2027.

All 18 properties are land, located in various areas from Miyagi Prefecture to Kagoshima Prefecture, with a total site area of approximately 17,509 tsubo (approx. 623,000 sq. ft.). The largest is approximately 3,914 tsubo (approx. 139,300 sq. ft.) in Oita City, followed by approximately 2,958 tsubo (approx. 105,300 sq. ft.) in Kochi City. The one property held as a fixed asset is land of approximately 933 tsubo (approx. 33,200 sq. ft.) in Aoba-ku, Yokohama.

Jinushi REIT is managed by Jinushi Asset Management, a wholly owned subsidiary of Jinushi. It plans its 11th capital increase in January 2027, through which it will acquire a total of 28 properties worth about JPY 36.8 billion (based on appraisal values at acquisition), comprising the 18 properties in this transaction and 10 properties that Jinushi sold to other companies using a bridge scheme. Following the acquisitions, its assets under management are expected to reach JPY 326.6 billion as of the end of March 2027.

According to Jinushi, in the 11th capital increase, a major gatekeeper responsible for selecting and evaluating pension investment managers newly decided to adopt Jinushi REIT. Jinushi said it aims to raise the assets under management to JPY 500 billion at an early stage.

For the first nine months of the fiscal year ending December 2026, which Jinushi announced on the same day, net sales rose 50.8% year on year to JPY 65.492 billion and net income rose 91.2% to JPY 5.284 billion. The company also raised its full-year forecast, to net sales of JPY 106.0 billion (initial forecast: JPY 100.0 billion) and net income of JPY 8.5 billion (initial forecast: JPY 8.0 billion). The impact of the 13 properties to be sold in December has been factored into the revised forecast.

On the other hand, purchases (contract basis) for the first nine months fell 35.8% year on year to JPY 55.6 billion. The company expects purchases of about JPY 50.0 billion in the fourth quarter and aims for JPY 100.0 billion or more for the full year.

Key Facts

  • Seller: Jinushi Co., Ltd.
  • Buyer: Jinushi Private REIT Investment Corporation (asset manager: Jinushi Asset Management Co., Ltd.)
  • Assets Sold: 17 real estate properties for sale and 1 fixed asset (all land)
  • Sale Price: JPY 17.097 billion (December 2026 sale: JPY 14.152 billion / January 2027 sale: JPY 2.945 billion)
  • Contract Date: December 2, 2026 (scheduled)
  • Delivery Date: December 23, 2026 (13 properties) / January 7, 2027 (5 properties) (both scheduled)
  • Site Area: Total of approximately 17,509 tsubo (approx. 623,000 sq. ft.)
  • Scheduled for Sale in December 2026 (13 properties)
    • IDOM Kochi Shinonomecho: Kochi, Kochi Prefecture, approximately 2,958 tsubo (approx. 105,300 sq. ft.)
    • IDOM Chiba Matsudo: Matsudo, Chiba Prefecture, approximately 1,439 tsubo (approx. 51,200 sq. ft.)
    • Kendepot Kawasaki Kuji: Takatsu-ku, Kawasaki, Kanagawa Prefecture, approximately 416 tsubo (approx. 14,800 sq. ft.)
    • Kohnan Edogawa Chuo: Edogawa-ku, Tokyo, approximately 680 tsubo (approx. 24,200 sq. ft.)
    • Kohnan Yokohama Tsurugamine Honcho: Asahi-ku, Yokohama, Kanagawa Prefecture, approximately 669 tsubo (approx. 23,800 sq. ft.)
    • San Holdings Yokohama Rokkakubashi: Kanagawa-ku, Yokohama, Kanagawa Prefecture, approximately 124 tsubo (approx. 4,400 sq. ft.)
    • Sportskan Mitsuhashi Kyoto Marutamachi: Nakagyo-ku, Kyoto, Kyoto Prefecture, approximately 273 tsubo (approx. 9,700 sq. ft.)
    • Seki Yakuhin Tokyo Akiruno Ninomiya: Akiruno, Tokyo, approximately 738 tsubo (approx. 26,300 sq. ft.)
    • Daiwa House Realty Management (MCI and others) Oita Morimachi: Oita, Oita Prefecture, approximately 3,914 tsubo (approx. 139,300 sq. ft.)
    • Toyoko Inn Kyoto Uji: Uji, Kyoto Prefecture, approximately 280 tsubo (approx. 10,000 sq. ft.)
    • Drug Eleven Kagoshima Murasakibaru: Kagoshima, Kagoshima Prefecture, approximately 361 tsubo (approx. 12,800 sq. ft.)
    • Drug Store Mori Kitakyushu Takao: Kokurakita-ku, Kitakyushu, Fukuoka Prefecture, approximately 1,101 tsubo (approx. 39,200 sq. ft.)
    • Matsugen Osaka Naniwa Nishi: Naniwa-ku, Osaka, Osaka Prefecture, approximately 1,201 tsubo (approx. 42,700 sq. ft.)
  • Scheduled for Sale in January 2027 (5 properties)
    • CUC Nagoya Shinsakae (West Building): Naka-ku, Nagoya, Aichi Prefecture, approximately 124 tsubo (approx. 4,400 sq. ft.)
    • CUC Nagoya Shinsakae (East Building): Naka-ku, Nagoya, Aichi Prefecture, approximately 132 tsubo (approx. 4,700 sq. ft.)
    • Senzan Yokohama Wakakusadai (fixed asset): Aoba-ku, Yokohama, Kanagawa Prefecture, approximately 933 tsubo (approx. 33,200 sq. ft.)
    • Taiyo Koyu Sendai Minato-Kita: Miyagino-ku, Sendai, Miyagi Prefecture, approximately 1,611 tsubo (approx. 57,300 sq. ft.)
    • Yutaka Kyoto Muko: Muko, Kyoto Prefecture, approximately 556 tsubo (approx. 19,800 sq. ft.)

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