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Property Details

1AEON Shinagawa Seaside Shopping Center

Community SC

AEON Retail's flagship shopping center in an increasingly populous area of central Tokyo

Summary of the Property
Address  4-12-5 Higashi Shinagawa, Shinagawa-ku, Tokyo
Lot Area  Building site 39,985.31㎡
Ownership share 22,599.20㎡
(portion held in common with other owners 0.311465)
Floor Area  Total floor area
Exclusive use area
Acquisition Price  20,100 million yen
Completion Date  2002/9/30
Acquisition Date  2004/8/9
Summary of the Tenant
Tenant name  AEON RETAIL Co., Ltd.
Overview of lease contract  20 years
Lease maturity Date  Oct. 10, 2022
Annual rent (Note 1) 1,468 million yen
occupancy rate  100.0%
(Note 1) Annual rent is based on the lease contract and rounded to the million.

Characteristics of the Property

AEON Retail's flagship shopping center in central Tokyo. Neighboring office buildings and the Oval Garden, which houses a variety of specialty stores including restaurants, the shopping center is always crowded with customers. The location offers good road access by car with an abundant parking capacity for approximately 1,000 cars. Moreover, the property was developed to be integrated with Shinagawa Seaside Station on the Tokyo Waterfront Area Rapid Transit (Rinkai Line) and so many shoppers can be expected from among those transiting via the station.


(million yen)
  16th FP 17th FP 18th FP 19th FP 20th FP
Operating revenue 763 767 739 739 742
Expenses related to rent 337 344 334 376 382
Net total(A) 426 423 404 362 360
Depreciation(B) 202 202 202 202 202
NOI (A+B) 628 625 607 565 562
Capex - 1 - 6 5
NCF 628 623 607 558 557

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