Invincible Investment Corporation
Notice of Change of Tenant and Operator
The corporation will replace the tenant and operator at Toyama Station Front and Tsubame-Sanjo from the current tenant to Iconia Hospitality (ICN). The rent structure will shift from a fixed-rent model to a combined fixed-plus-variable rent model, with a substantial increase in estimated annual rent. Operational impact going forward is expected to be minor.
Key Figures
- Toyama Station Front Estimated Annual Rent: 234.9 million yen
- Tsubame-Sanjo Estimated Annual Rent: 150.3 million yen
- Toyama Station Front Fixed Rent Annual Amount: 71.8 million yen → New structure including variable rent
- Tsubame-Sanjo Fixed Rent Annual Amount: 64.0 million yen → 40.2 million yen
- Leasable Area: Toyama Station Front 3,305.64 sqm, Tsubame-Sanjo 2,873.90 sqm
AI要約
Overview of the Change
The corporation will change the tenant and operator at Toyama Station Front and Tsubame-Sanjo from the current tenant Greens to Iconia Hospitality (ICN). The new contracts will be for 10 years and will adopt a combined fixed-rent plus variable-rent structure. ICN is a company that has received investment from a fund managed by an affiliate of Fortress Investment Group, and the decision was made after careful deliberation as an interested party under internal regulations.
Outlook and Impact
The estimated post-change rents are 234.9 million yen for Toyama Station Front and 150.3 million yen for Tsubame-Sanjo, representing a significant expected increase in revenue. The impact on operating results for the fiscal year ending June 2027 is expected to be minor; this replacement aims to enhance asset value and maximize shareholder value. ICN meets the corporation's related-party suitability requirements and is expected to support long-term stable operation of the assets as a whole.
Invincible Investment Corporation
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