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Kenedix Launches STO Backed by New Retail Facility in Kodaira

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Kenedix Launches STO Backed by New Retail Facility in Kodaira

Kenedix will begin managing a real estate security token (ST) backed by FLAT Kodaira, a retail facility in Ogawahigashi-cho 3-chome, Kodaira, Tokyo, on December 10, 2026.

For the structuring, KRTS10, in which Kenedix holds 99.99% of the shares, will acquire the real estate trust beneficiary interest in the property and transfer the trust to Norinchukin Trust & Banking on the same day. KDX ST Partners, a Kenedix subsidiary, will serve as the asset manager.

The seller has not been disclosed, but the beneficiary in the trust register as of November 4 is KRF83 TMK. That company newly built the property and entrusted it to Sumitomo Mitsui Trust Bank in January 2026.

The property is a six-minute walk from Hagiyama Station on the Seibu Haijima Line and a seven-minute walk from Yasaka Station on the Seibu Tamako Line. Condominium developments totaling about 1,200 units are underway on adjacent land and elsewhere nearby.

The four-story building has a gross floor area of approximately 4,387 tsubo (approx. 156,100 sq. ft.). It was completed in January 2026 and opened in February. The first and second floors house tenants including the supermarket OK, the drugstore Sundrug and the 100-yen shop DAISO, while the third and fourth floors and the rooftop provide parking for a total of 251 vehicles.

As of the end of August 2026, the property had 17 end tenants and an occupancy rate of 91.9%, with OK occupying 39.9% of the leasable area. Prime Place leases the entire property as master lessee and subleases it to each tenant on a pass-through basis. As of the end of August, the appraisal value was JPY 7.3 billion, and the NOI in the appraisal was JPY 280.29 million.

Funding will consist of JPY 2.4672 billion from the ST issuance and JPY 4.745 billion from a term loan from The San-ju San Bank (a separate consumption tax loan of JPY 307 million will also be borrowed). The LTV against the appraisal value is 65.0%. SBI SECURITIES will underwrite the offering, and Progmat ST will be used for issuing and managing the STs.

The product name is Kenedix Realty Token FLAT Kodaira (digital transfer of title method). A total of 25,700 units will be issued at JPY 100,000 per unit (of which JPY 4,000 is the underwriter's proceeds), with applications accepted from December 1 to 9 for one unit or more in one-unit increments. The investment period is about five years and two months, through the end of the fiscal period ending January 2032, and the plan is to sell the property within that period. The period may be extended to the end of January 2035 at the latest.

Key Facts

  • Acquisition Overview
  • Property Name: FLAT Kodaira
  • Buyer: KRTS10 Co., Ltd. (99.99% owned by Kenedix, Inc.)
  • Seller: Undisclosed (beneficiary in the trust register: KRF83 TMK, as of November 4, 2026)
  • Asset Type: Real estate trust beneficiary interest (real estate trustee: Sumitomo Mitsui Trust Bank, Limited; trust established on the building: January 30, 2026)
  • Scheduled Acquisition Date: December 10, 2026 (trust to be transferred to Norinchukin Trust & Banking Co., Ltd. on the same day)
  • Appraisal Value: JPY 7.3 billion (as of August 31, 2026, Daiwa Real Estate Appraisal Co., Ltd.)
  • NOI Yield: 3.8% (based on appraisal value, appraisal NOI)
  • Borrowings: The San-ju San Bank, Ltd. / Term loan of JPY 4.745 billion and consumption tax loan of JPY 307 million (both floating rates based on JPY TIBOR); appraisal LTV of 65.0%
  • Location: 2708-24 Ogawahigashi-cho 3-chome, Kodaira, Tokyo, and others (lot numbers)
  • Nearest Station(s): Six-minute walk from Hagiyama Station on the Seibu Haijima Line / Seven-minute walk from Yasaka Station on the Seibu Tamako Line
  • Completion: January 2026
  • Opening: February 2026
  • Number of Floors: 4F (steel frame construction)
  • Use: Retail / Parking / Clinic
  • Area: Site area of approximately 1,997 tsubo (approx. 71,100 sq. ft.) / Gross Floor Area of approximately 4,387 tsubo (approx. 156,100 sq. ft.) / Leasable area of approximately 1,832 tsubo (approx. 65,200 sq. ft.)
  • Parking: 251 spaces
  • Occupancy: 91.9% (as of the end of August 2026, 17 end tenants)
  • Major Tenant: OK Corporation (39.9% of leasable area)
  • Building Owner: KRF83 TMK
  • Master Lease Company / PM Company: Prime Place Co., Ltd. (pass-through)

ST Overview

  • Product Name: Kenedix Realty Token FLAT Kodaira (digital transfer of title method)
  • Issuer: Norinchukin Trust & Banking Co., Ltd. (trustee) / KRTS10 Co., Ltd. (trustor)
  • Asset Manager: KDX ST Partners Co., Ltd.
  • Liquidation Beneficiary: Kenedix, Inc.
  • Underwriter: SBI SECURITIES Co., Ltd.
  • Number of Units Issued: 25,700
  • Offer Price: JPY 100,000 per unit (issue value: JPY 96,000)
  • NAV per Unit (estimate): JPY 108,900
  • Application Period: December 1–9, 2026
  • Start of Operation: December 10, 2026
  • Investment Period: Through the end of the fiscal period ending January 2032 (may be extended to the end of January 2035 at the latest)
  • Platform: Progmat ST

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