Hankyu REIT
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Portfolio Structure Policy

Ownership period

Hankyu REIT, Inc. shall acquire and manage properties on the premise of long-term ownership.

Zoning and investment ratio: Emphasis on investment in retail-use zones

Hankyu REIT shall invest in retail-, office-use, and complex facilities.
In principle, retail-use zone investment as a percentage of the total investment amount of the entire portfolio shall be 50% or more (on an acquisition price basis) as of the end of each fiscal period.

Zoning and investment ratio
"Retail-use zone*" refers to a zone in which visitors receive goods and services in return for payment at offices, stores, restaurants, amusement facilities, clinics, private preparatory schools (juku), schools, beauty salons, rental meeting rooms, halls, theaters, hotels and entertainment facilities, as well as a supplementary zone that provides goods and services.
"Office-use zone" refers to a zone and a supplementary zone intended for office use.
A zone that does not fall in either the retail- and office-use categories, such as residents, is called a "Zone for other uses."

* Effective December 1, 2008, hotels shall be included as part of “retail-use zone”. Originally, the share of the hotel-use portion with respect to the entire assets under management of Hankyu REIT shall not exceed 10% in principle, the ratio has been raised to 20% in principle effective January 22, 2015.

Region and investment ratio: Investment focus on the Kansai region

Investment target areas of Hankyu REIT shall be the Tokyo metropolitan area, government-ordinance-designated cities nationwide, and other comparable major cities. In principle, investment in the Kansai region shall be 50% or more of the entire portfolio (on an acquisition price basis).

Region and investment ratio

Gross product of the Kansai region - equivalent to the nineteenth in the world
The gross product of the Kansai region in fiscal 2014 was about 16% of Japan's gross domestic product (GDP). In comparison with foreign nations, Kansai's gross regional product exceeded the 2014 GDP of Saudi Arabia, which ranked nineteenth, and that of Swizerland, which ranked twentieth.

Fiscal 2014 GDP (Billions of Yen)
Source: The Economic and Social Research Institute, Cabinet Office, Prefectural Accounts: Gross Prefectural Domestic Product (nominal) (Fiscal Year 2014)

Comparison with GDP of foreign nations
Source: Kansai Region: The Economic and Social Research Institute, Cabinet Office, Prefectural Accounts: Gross Prefectural Domestic Product (nominal) (Fiscal year 2014)
Foreign nations: The Statistics Bureau of the Ministry of Internal Affairs and Communications, Chapter 3 National Accounts, 3-2 Gross Domestic Product (in U.S. dollars) (2014) in Sekai-no-Tokei (The World Statistics) 2017.
(Note) The above graph juxtaposes GDP in foreign nations in calendar year 2014 and gross regional product of the Kansai region in fiscal 2014 ended March 2015.