TOP 10 Golf Courses

The table below summarises certain key information in relation to the Initial Portfolio. In relation to the appraisal value of the golf courses, each of the golf courses is valued by only one Independent Real Estate Appraiser, being either by CBRE or Tanizawa. Accordingly, the appraisal value of each golf course in the tables below reflects the valuation of CBRE or, as the case may be, Tanizawa: (as at 31 December 2018)

Golf course Region Inaugural year1 Number of holes Appraised value2
(JPY million)
Daiatsugi Country Club Hon Course Greater Tokyo 1970 27 8,000
Otsu Country Club Greater Osaka 1969 45 7,480
Daiatsugi Country Club Sakura Course Greater Tokyo 1981 18 6,530
Izumisano Country Club Greater Osaka 1972 27 4,610
Kisaichi Country Club Greater Osaka 1968 27 4,400
Kamo Country Club Greater Osaka 1974 36 4,340
Tokyowan Country Club Greater Tokyo 1979 27 3,780
Tsuchiura Country Club Greater Tokyo 1962 27 3,600
Atagohara Golf Club Greater Osaka 1960 27 3,190
Mishima Country Club Other Region 1988 18 2,970

1 "Inaugural year" means the year in which the golf course first commenced operations after the completion of its development and construction.
2 Based on real estate appraisals as at 31 December 2018 conducted by the Independent Real Estate Appraisers.