Sapporo will transfer Sapporo Real Estate Development, including Yebisu Garden Place, in stages to SPARK, jointly funded by US-based KKR and PAG, and remove it from its consolidated subsidiaries. The ¥477.0 billion transfer will initially be executed in June 2026, followed by reductions in the transferred stake in 2028 and 2029.
Sapporo Holdings announced that it would transfer all shares of Sapporo Real Estate Development (SRE), its real estate subsidiary that includes Yebisu Garden Place. The initial transfer was executed in June 2026, removing the company from the consolidated group. The transferee is SPARK GK, jointly funded by US-based KKR and Asia-based PAG, and the total consideration is ¥477.0 billion. The remaining shares are scheduled to be transferred in stages by June 2029.
The separation of the real estate business progressed against the backdrop of a shift away from the model of “supporting the core business with real estate,” improved capital efficiency and shareholder proposals. For the fiscal year ended December 2024, consolidated revenue was approximately ¥530.8 billion, of which real estate accounted for approximately ¥24.6 billion, or less than 5%, while real estate generated approximately 35% of business profit.