Ichigo Office turns an Oita sale into a two-property upgrade
Ichigo Office sold an Oita building at 1.7 times book value, realizing about ¥519mn of gain and placing ¥101mn into a dividend reserve instead of paying it straight out. It then recycled capital into office acquisitions in Tachikawa and Funabashi worth ¥5.56bn combined, a cleaner illustration than usual of how Japanese REITs try to turn one disposal into both portfolio upgrade and payout smoothing.