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 2017)

Golf course Region Inaugural year1 Number of holes Appraised value2
(JPY million)
Daiatsugi Country Club Hon Course Greater Tokyo 1970 27 7,980
Otsu Country Club Greater Osaka 1969 45 7,410
Daiatsugi Country Club Sakura Course Greater Tokyo 1981 18 6,650
Izumisano Country Club Greater Osaka 1972 27 4,640
Northern Country Club Nishikigahara Golf Course Greater Tokyo 1963 43 4,610
Kisaichi Country Club Greater Osaka 1968 27 4,480
Kamo Country Club Greater Osaka 1974 36 4,310
Tokyowan Country Club Greater Tokyo 1979 27 3,770
Tsuchiura Country Club Greater Tokyo 1962 27 3,660
Atagohara Golf Club Greater Osaka 1960 27 3,180

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 2017 conducted by the Independent Real Estate Appraisers.