Fund-Style Development Using an SPC
First written in FY2023. 9 of 11 entries say "Advanced", first in FY2024. Latest entry: 2026-09-01.
No other company in this theme has enough history to compare yet.
- 2026-09-01AdvancedEarnings presentation
「In a model that uses externally raised capital to develop without holding the assets ourselves, an SPV formed together with external capital holds the assets. This allows us to increase the number of projects while limiting expansion of our balance sheet compared with in-house development.」
Fund-based development using SPVs was specified as a model that increases projects while limiting balance-sheet expansion through external capital. - FY2026-H1Fund project liquidation completedAnnual report
「During the interim consolidated accounting period, the silent partnership operated by GK RC1 was dissolved and its liquidation was completed, so it was excluded from the scope of consolidation.」
The silent partnership operated by GK RC1 was dissolved and liquidated, and was removed from the scope of consolidation. - FY2025AdvancedAnnual report
「After acquiring the land for “Hakone Sengokuhara,” we launched the “Hakone Sengokuhara Hotel Development Project” and sold it to a development fund formed by our consolidated subsidiary Columbia Asset Management.」
The company continued using the fund-based model and completed the sale of Hakone Sengokuhara to a development fund formed by its asset management subsidiary. - FY2024AdvancedAnnual report
「During the fiscal year, we acquired Frontier Residence Minami-Azabu (now LUMIEC un MINAMIAZABU) by investing 100% in a silent partnership operated by GK RC1.」
As a specific fund-based transaction, the company invested 100% in a silent partnership in October 2024 and acquired Frontier Residence Minami-Azabu. - FY2023First statedAnnual report
「We also use a fund-based development model in which development projects are sold to an SPC during the construction period, while our group continues to advance the development.」
The company sells projects to SPCs during development and remains involved after the sale as investor and construction manager, prioritizing capital efficiency.