{"id":617,"date":"2020-05-01T21:48:31","date_gmt":"2020-05-01T12:48:31","guid":{"rendered":"https:\/\/fudousangyo.com\/?p=617"},"modified":"2020-08-31T16:36:29","modified_gmt":"2020-08-31T07:36:29","slug":"%e4%b8%8d%e5%8b%95%e7%94%a3%e9%96%a2%e9%80%a3%e8%8b%b1%e8%aa%9e%e3%80%90%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89%e3%80%81am%e6%a5%ad%e7%95%8c%e7%b7%a8%e3%80%91","status":"publish","type":"post","link":"https:\/\/fudousangyo.com\/?p=617","title":{"rendered":"\u4e0d\u52d5\u7523\u95a2\u9023\u82f1\u8a9e\u3010Real Estate Fund\u3011"},"content":{"rendered":"<h4>Acquisition<\/h4>\n<p>\u30a2\u30af\u30a4\u30b8\u30b7\u30e7\u30f3\u3002\u7269\u4ef6\u53d6\u5f97\u306e\u3053\u3068\u3002\u8ffd\u52a0\u6295\u8cc7\u578b\u306e\u30d5\u30a1\u30f3\u30c9\u3067\u306f\u3001\u4e0d\u52d5\u7523\u904b\u7528\u80fd\u529b\u3082\u3055\u308b\u3053\u3068\u306a\u304c\u3089\u3001\u30a2\u30af\u30a4\u30b8\u30b7\u30e7\u30f3\u80fd\u529b\u306e\u9ad8\u3055\u304cAM\u4f1a\u793e\u306e\u80fd\u529b\u306e\u4e00\u90e8\u3068\u306a\u308b\u3002\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u8a55\u4fa1\u306e\u3046\u3061\u3001\u3053\u306e\u30a2\u30af\u30a4\u30b8\u30b7\u30e7\u30f3\u80fd\u529b\u306f\u975e\u5e38\u306b\u91cd\u8996\u3055\u308c\u308b\u50be\u5411\u304c\u3042\u308b\u3002REIT\u306e\u5834\u5408\u306f\u3001\u30b9\u30dd\u30f3\u30b5\u30fc\u304b\u3089\u306e\u53d6\u5f97\u3082\u30a2\u30af\u30a4\u30b8\u30b7\u30e7\u30f3\u80fd\u529b\u306e\u4e00\u3064\u3067\u3042\u308a\u3001\u30b9\u30dd\u30f3\u30b5\u30fc\u304b\u3089\u306e\u7269\u4ef6\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u306e\u539a\u3055\u304cAM\u4f1a\u793e\u306e\u8a55\u4fa1\u3092\u5de6\u53f3\u3059\u308b\u3002<\/p>\n<h4>Arranger<\/h4>\n<p>\u30a2\u30ec\u30f3\u30b8\u30e3\u30fc\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u30b9\u30ad\u30fc\u30e0\u5168\u4f53\u3092\u30a2\u30ec\u30f3\u30b8\u30e1\u30f3\u30c8\u3059\u308b\u8005\u3002\u4e0d\u52d5\u7523\u30d5\u30a1\u30f3\u30c9\u306e\u7acb\u3061\u4e0a\u3052\u304b\u3089\u30b9\u30ad\u30fc\u30e0\u306e\u69cb\u7bc9\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u5168\u4f53\u306e\u30a2\u30ec\u30f3\u30b8\u3092\u884c\u3046\u3002\u901a\u5e38\u3001\u4e0d\u52d5\u7523\u30d5\u30a1\u30f3\u30c9\u696d\u754c\u3067\u306fAM\u4f1a\u793e\u304c\u884c\u3046\u3053\u3068\u306b\u306a\u308b\u304c\u3001\u5927\u578b\u4e0d\u52d5\u7523\u306e\u8a3c\u5238\u5316\u5546\u54c1\u306e\u30a2\u30ec\u30f3\u30b8\u30e1\u30f3\u30c8\u306b\u3064\u3044\u3066\u306f\u3001\u8a3c\u5238\u4f1a\u793e\u3084\u6295\u8cc7\u9280\u884c\u304c\u62c5\u3046\u30b1\u30fc\u30b9\u3082\u3042\u308a\u3001<\/p>\n<h4>CA  Confidential Agreement<\/h4>\n<p>\u79d8\u5bc6\u4fdd\u6301\u5951\u7d04\u3002\u5927\u578b\u306e\u4e0d\u52d5\u7523\u58f2\u8cb7\u306e\u73fe\u5834\u3067\u306f\u3001\u60c5\u5831\u958b\u793a\u3092\u614e\u91cd\u306b\u884c\u3046\u50be\u5411\u304c\u5f37\u304f\u3001\u7269\u4ef6\u6982\u8981\u66f8\u306b\u3066\u5927\u307e\u304b\u306a\u4e0d\u52d5\u7523\u60c5\u5831\u3092\u958b\u793a\u3055\u308c\u305f\u5f8c\u306b\u3001\u8a73\u7d30\u306a\u7269\u4ef6\u8cc7\u6599\u306e\u958b\u793a\u3092\u53d7\u3051\u308b\u3068\u3044\u3046\u30b9\u30c6\u30c3\u30d7\u3092\u8e0f\u3080\u3002\u3053\u306e\u969b\u306b\u5fc5\u8981\u306a\u306e\u304cCA\u306e\u5dee\u3057\u5165\u308c\u3002<\/p>\n<h4>Closing<\/h4>\n<p>\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u3002\u6848\u4ef6\u306e\u5b8c\u4e86\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u696d\u52d9\u3067\u306f\u3001AM\u4f1a\u793e\u306e\u7269\u4ef6\u53d6\u5f97\u62c5\u5f53\u8005\u304c\u4e2d\u5fc3\u7684\u5f79\u5272\u3092\u679c\u305f\u3057\u3001\u7269\u4ef6\u306e\u58f2\u8cb7\u3092\u6210\u7acb\u3055\u305b\u3066\u3044\u304f\u3002\u6700\u7d42\u7684\u306a\u4e0d\u52d5\u7523\u306e\u767b\u8a18\u79fb\u8ee2\u3068\u8cc7\u91d1\u6c7a\u6e08\u3092\u884c\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u3053\u308c\u3092\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u65e5\u306b\u4e00\u6c17\u306b\u884c\u3046\u306e\u304c\u901a\u5e38\u3067\u3042\u308b\u3002\u305f\u3060\u3057\u3001\u58f2\u4e3b\u8cb7\u4e3b\u3067\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u306b\u9593\u306b\u5408\u308f\u306a\u3044\u7455\u75b5\u306e\u6cbb\u7652\uff08\u4f8b\uff1a\u96a3\u5730\u3068\u306e\u5883\u754c\u78ba\u5b9a\uff09\u306a\u3069\u306e\u5fc5\u8981\u6027\u304c\u751f\u3058\u305f\u969b\u306f\u3001\u3053\u308c\u3092\u6848\u4ef6\u306e\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u5f8c\u306b\u51e6\u7406\u3059\u308b\u3053\u3068\u3082\u3042\u308b\u3002\u3053\u308c\u3092Post-Closing\uff08\u30dd\u30b9\u30af\u30ed\uff09\u3068\u3044\u3046\u3002<\/p>\n<h4>Comps<\/h4>\n<p>\u30b3\u30f3\u30d7\u30b9\u3002Comparables\u3068\u3044\u3046\u82f1\u8a9e\u304b\u3089\u6d3e\u751f\u3057\u305f\u7528\u8a9e\u3067\u3042\u308a\u3001\u3044\u308f\u3070\u53d6\u5f15\u4e8b\u4f8b\u306e\u3053\u3068\u3002\u53ce\u76ca\u7269\u4ef6\u306e\u4fa1\u683c\u67fb\u5b9a\u306e\u5834\u5408\u3001CapRate\u3001\u8cc3\u6599\u30c7\u30fc\u30bf\u7b49\u306e\u53d6\u5f15\u30fb\u6210\u7d04\u4e8b\u4f8b\u3092\u53ce\u96c6\u3057\u3066\u5bfe\u8c61\u4e0d\u52d5\u7523\u306e\u53ce\u76ca\u4fa1\u683c\u3092\u67fb\u5b9a\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u3002AM\u696d\u754c\u3067\u306f\u3001JAPAN-REIT.COM\u304c\u63d0\u4f9b\u3059\u308bJ-REIT\u306e\u53d6\u5f15\u30c7\u30fc\u30bf\u306f\u696d\u754c\u6a19\u6e96\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<h4>Core Fund<\/h4>\n<p>\u30b3\u30a2\u30d5\u30a1\u30f3\u30c9\u3002\u6700\u3082\u5b89\u5b9a\u3057\u305f\u4e0d\u52d5\u7523\u306e\u904b\u7528\u3092\u884c\u3046\u30d5\u30a1\u30f3\u30c9\u3002\u4f8b\u3048\u3070\u3001A\u30af\u30e9\u30b9\u3001\u30aa\u30d5\u30a3\u30b9\u30d3\u30eb\u8cc3\u8cb8\u53ce\u76ca\u3092<br \/>\n\u4e00\u822c\u7684\u306b\u30ea\u30b9\u30af\u3082\u5c0f\u3055\u3044\u304c\u30ea\u30bf\u30fc\u30f3\u3082\u4f4e\u3044\u3068\u3044\u3046\u7279\u5fb4\u3042\u308a\u3002<\/p>\n<h4>Core\uff0b\u3000Fund<\/h4>\n<p>\u30b3\u30a2\u30d7\u30e9\u30b9\u30d5\u30a1\u30f3\u30c9\u3002\u30b3\u30a2\u30d5\u30a1\u30f3\u30c9\u3088\u308a\u4e00\u6b69\u8e0f\u307f\u8fbc\u3093\u3060\u30ea\u30b9\u30af\u3092\u53d6\u308b\u3053\u3068\u3092\u904b\u7528\u65b9\u91dd\u3068\u3057\u3066\u63b2\u3052\u3066\u3044\u308b\u30d5\u30a1\u30f3\u30c9\u3002\u671f\u4e2d\u306e\u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\u4ee5\u5916\u306b\u6700\u7d42\u306e\u51fa\u53e3\uff08\u8ee2\u58f2\uff09\u6642\u306b\u304a\u3044\u3066\u3001\u6bd4\u8f03\u7684\u30de\u30a4\u30eb\u30c9\u306a\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3092\u4eab\u53d7\u3059\u308b\u3053\u3068\u3092\u76ee\u6a19\u3068\u3057\u3066\u3044\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3002\u4f8b\u3048\u3070\u3001\u7269\u4ef6\u306e\u5171\u7528\u90e8\u306e\u30ea\u30cb\u30e5\u30fc\u30a2\u30eb\u5de5\u4e8b\u3001\u8cc3\u8cb8\u6226\u7565\u306e\u4e00\u90e8\u898b\u76f4\u3057\u306b\u3088\u308a\u904b\u7528\u671f\u9593\u4e2d\u306eNOI\u3092\u5411\u4e0a\u3055\u305b\u3001\u305d\u306e\u7d50\u679c\u3001\u6700\u7d42\u306e\u58f2\u5374\u4fa1\u683c\u3067\u3042\u308b\u53ce\u76ca\u4fa1\u683c\u3092\u9ad8\u3081\u308b\u3068\u3044\u3046\u904b\u7528\u65b9\u91dd\u3092\u53d6\u3063\u3066\u3044\u308b\u30d5\u30a1\u30f3\u30c9\u306e\u30a4\u30e1\u30fc\u30b8\u3002<\/p>\n<h4>DD\u3000 Due Diligence<\/h4>\n<p>\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3002\u5143\u3005\u306f\u3001\u4f01\u696d\u8cb7\u53ce(M&#038;A)\u5206\u91ce\u306e\u5c02\u9580\u7528\u8a9e\u3067\u3042\u308a\u3001\u58f2\u8cb7\u306e\u524d\u63d0\u3068\u3057\u3066\u3001\u8cb7\u4e3b\u304c\u884c\u3046\u5404\u7a2e\u8abf\u67fb\u306e\u3053\u3068\u3002\u4e0d\u52d5\u7523\u58f2\u8cb7\u306e\u524d\u63d0\u3068\u3057\u3066\u8cb7\u4e3b\u306f\u3001\u571f\u5730\u3001\u5efa\u7269\u306b\u7455\u75b5\u304c\u306a\u3044\u304b\uff08\u7269\u4ef6DD\uff09\u3001\u8cc3\u8cb8\u501f\u5951\u7d04\u7b49\u306b\u554f\u984c\u304c\u306a\u3044\u304b\uff08\u6cd5\u52d9DD\uff09\u3092\u884c\u3044\u307e\u3059\u3002\u7279\u306b\u3001\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u30b9\u30ad\u30fc\u30e0\u3067\u306f\u30a2\u30ec\u30f3\u30b8\u30e3\u30fc\u305f\u308bAM\u4f1a\u793e\u304c\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u53d7\u8a17\u8cac\u4efb\u3092\u5168\u3046\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u3001\u5404\u7a2eDD\u3092\u5fb9\u5e95\u7684\u306b\u884c\u3046\u3053\u3068\u306b\u3088\u308a\u5584\u7ba1\u6ce8\u610f\u7fa9\u52d9\u3092\u679c\u305f\u3059\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<h4>Documentation<\/h4>\n<p>\u30c9\u30ad\u30e5\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u3002\u7565\u79f0\u3001\u30c9\u30ad\u30e5\u30e1\u30f3\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u95a2\u9023\u696d\u52d9\u306b\u306f\u5f53\u4e8b\u8005\u304c\u8907\u6570\u95a2\u4e0e\u3057\u81a8\u5927\u306a\u91cf\u306e\u5951\u7d04\u66f8\u3084\u899a\u66f8\u304c\u7de0\u7d50\u3055\u308c\u308b\u3002\u4f8b\u3048\u3070\u3001\u58f2\u8cb7\u5951\u7d04\u3001\u4fe1\u8a17\u5951\u7d04\u3001\u7ba1\u7406\u5951\u7d04\u3001\u30de\u30b9\u30bf\u30fc\u30ea\u30fc\u30b9\u5951\u7d04\u3001\u30ed\u30fc\u30f3\u5951\u7d04\u3001\u533f\u540d\u7d44\u5408\u51fa\u8cc7\u5951\u7d04\u306a\u3069\u306e\u5951\u7d04\u3092\u30b3\u30f3\u30c8\u30ed\u30fc\u30e9\u30fc\u3068\u306a\u308bAM\u4f1a\u793e\u306e\u62c5\u5f53\u8005\u304c\u5916\u90e8\u5c02\u9580\u5bb6\u3068\u9023\u643a\u3057\u306a\u304c\u3089\u53d6\u5f15\uff08\u30c7\u30a3\u30fc\u30eb\uff09\u3092\u9032\u3081\u3066\u3044\u304f\u3002AM\u62c5\u5f53\u8005\u306b\u306f\u3001\u76f8\u5f53\u306e\u6cd5\u7684\u77e5\u8b58\u3001\u7269\u7684\u77e5\u8b58\u306e\u307f\u306a\u3089\u305a\u3001\u6848\u4ef6\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u524d\u306b\u306f\u3001\u5fb9\u591c\u3092\u53ad\u308f\u306a\u3044\u30bf\u30d5\u30cd\u30b9\u3055\u304c\u5fc5\u8981\u3068\u3055\u308c\u308b\u3002<\/p>\n<h4>End-Tenant<\/h4>\n<p>\u30a8\u30f3\u30c9\u30c6\u30ca\u30f3\u30c8\u3002\u6700\u7d42\u7684\u306b\u4e0d\u52d5\u7523\u3092\u4f7f\u7528\u3057\uff08\u8ee2\u8cb8\uff09\u8cc3\u6599\u3092\u652f\u6255\u3046\u8cc3\u501f\u4eba\u306e\u3053\u3068\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u30b9\u30ad\u30fc\u30e0\u306b\u304a\u3044\u3066\u306f\u3001\u4e0d\u52d5\u7523\u306e\u539f\u6240\u6709\u8005\uff08\u58f2\u4e3b\uff09\u304c\u539f\u8cc3\u501f\u4eba\u3068\u306e\u8cc3\u8cb8\u501f\u5951\u7d04\u3092\u7dad\u6301\u3057\u3064\u3064\u3001\u4e0d\u52d5\u7523\u3092SPC\u7b49\u306b\u58f2\u5374\u5f8c\u306b\u304a\u3044\u3066\u3082\u3001\u65b0\u6240\u6709\u8005\u3068\u5efa\u7269\u4e00\u62ec\u306e\u8cc3\u8cb8\u501f\u5951\u7d04\uff08\u30de\u30b9\u30bf\u30fc\u30ea\u30fc\u30b9\uff09\u3092\u7de0\u7d50\u3059\u308b\u6240\u8b02\u30bb\u30eb\uff06\u30ea\u30fc\u30b9\u30d0\u30c3\u30af\u5f62\u5f0f\u3092\u3068\u308b\u3053\u3068\u304c\u591a\u3044\u3002\u3053\u306e\u3088\u3046\u306a\u58f2\u8cb7\u5f62\u5f0f\u3092\u63a1\u7528\u3059\u308b\u30e1\u30ea\u30c3\u30c8\u306f\u69d8\u3005\u3042\u308a\u3001\u73fe\u72b6\u306e\u8cc3\u8cb8\u501f\u5951\u7d04\u95a2\u4fc2\u3092\u7dad\u6301\u3059\u308b\u6a5f\u80fd\u3001SPC\uff08\u53c8\u306f\u4fe1\u8a17\u9280\u884c\uff09\u304c\u76f4\u63a5\u30a8\u30f3\u30c9\u30c6\u30ca\u30f3\u30c8\u3068\u306e\u8cc3\u8cb8\u501f\u5951\u7d04\u306e\u8cc3\u8cb8\u4eba\u306b\u306a\u3089\u306a\u3044\u305f\u3081\u8cc3\u8cb8\u7ba1\u7406\u5b9f\u52d9\u4e0a\u6709\u76ca\u3067\u3042\u308b\u3053\u3068\u7b49\u304c\u6319\u3052\u3089\u308c\u308b\u3002\u3053\u306e\u3088\u3046\u306b\u30de\u30b9\u30bf\u30fc\u30ea\u30fc\u30b9\u65b9\u5f0f\u304c\u63a1\u7528\u3055\u308c\u308b\u5834\u5408\u306e\u6c11\u6cd5\u3001\u501f\u5730\u501f\u5bb6\u6cd5\u4e0a\u306e\u8cc3\u8cb8\u501f\u95a2\u4fc2\u306f\u3001\u65b0\u6240\u6709\u8005\uff08SPC\u53c8\u306f\u4fe1\u8a17\uff09\u304c\u8cc3\u8cb8\u4eba\u3001\u30de\u30b9\u30bf\u30fc\u30ea\u30fc\u30b9\u4f1a\u793e\u304c\u8cc3\u501f\u4eba\u517c\u8ee2\u8cb8\u4eba\u3001\u30a8\u30f3\u30c9\u30c6\u30ca\u30f3\u30c8\u304c\u8ee2\u501f\u4eba\u306e\u95a2\u4fc2\u306b\u7acb\u3064\u3002<br \/>\n\u306a\u304a\u30012020\u5e744\u6708\u65bd\u884c\u306e\u6c11\u6cd5\u6539\u6b63\u306b\u3088\u3063\u3066\u3001\u3053\u306e\u30b9\u30ad\u30fc\u30e0\u304c\u516c\u5f0f\u306b\u6c11\u6cd5\u3067\u8a8d\u3081\u3089\u308c\u3066\u3044\u308b\u3002<\/p>\n<h4>Exposure\u3000<\/h4>\n<p>\u30a8\u30af\u30b9\u30dd\u2015\u30b8\u30e3\u30fc\u3002\u6295\u8cc7\u5bfe\u8c61\u306e\u4e0d\u52d5\u7523\u3001\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304c\u30ea\u30b9\u30af\u306b\u3069\u306e\u7a0b\u5ea6\u3055\u3089\u3055\u308c\u3066\u3044\u308b\u304b\u3092\u8868\u3059\u3002\u4f8b\u3048\u3070\u3001\u300c\u30ea\u30b9\u30af\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u304c\u9ad8\u3044\u300d\u3068\u306f\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u5909\u52d5\u7b49\u306e\u5916\u90e8\u8981\u56e0\u306b\u3088\u308a\u8cc7\u7523\u4fa1\u683c\u304c\u5909\u52d5\u3059\u308b\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3002\u30ea\u30b9\u30af\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u6975\u5c0f\u5316\u3059\u308b\u306e\u304c\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u8155\u306e\u898b\u305b\u6240\u3067\u3042\u308b\u3002<\/p>\n<h4>Forward Commitment<\/h4>\n<p>\u30d5\u30a9\u30fc\u30ef\u30fc\u30c9\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3002\u672a\u7ae3\u5de5\u7269\u4ef6\u306a\u3069\u306e\u5b8c\u6210\u3092\u505c\u6b62\u6761\u4ef6\u3068\u3057\u3066\u3001\u73fe\u5728\u6642\u70b9\u306b\u3066\u4fa1\u683c\u7b49\u306e\u5927\u307e\u304b\u306a\u6761\u4ef6\u3092\u7d04\u675f(\u30b3\u30df\u30c3\u30c8)\u3059\u308b\u3053\u3068\u3002\u5c06\u6765\u6642\u70b9\u306b\u304a\u3051\u308b\u58f2\u8cb7\u3092\u7d04\u675f\u3059\u308b\u3082\u306e\u3067\u3042\u308b\u3053\u3068\u304b\u3089\u3001\u305d\u306e\u9593\u306e\u4fa1\u683c\u5909\u52d5\u7b49\u306e\u30ea\u30b9\u30af\u3092\u5dee\u3057\u5165\u308c\u8005\u304c\u80cc\u8ca0\u3046\u3053\u3068\u306b\u306a\u308b\u3002REIT\u3067\u306f\u3001\u30d5\u30a9\u30fc\u30ef\u30fc\u30c9\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3092\u305d\u3082\u305d\u3082\u7981\u6b62\u3055\u308c\u3066\u3044\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u3001\u4e8b\u5b9f\u4e0a\u306e\u30d5\u30a9\u30fc\u30ef\u30fc\u30c9\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3092\u884c\u3046\u5834\u5408\u306b\u306f\u6cd5\u7684\u7fa9\u52d9\u3092\u8ca0\u308f\u306a\u3044\u3088\u3046\u306b\u3059\u308b\u306a\u3069\u306e\u624b\u5f53\u3092\u3057\u306a\u304c\u3089\u3001\u7269\u4ef6\u53d6\u5f97\u6d3b\u52d5\u3092\u884c\u3046\u30b1\u30fc\u30b9\u3082\u591a\u3044\u3002<\/p>\n<h4>GK-TK<\/h4>\n<p>\u5408\u540c\u4f1a\u793e\u3001\u533f\u540d\u7d44\u5408\u306e\u982d\u6587\u5b57\u3092\u53d6\u3063\u305f\u3082\u306e\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u30b9\u30ad\u30fc\u30e0\u306e\u4e00\u3064\u3002\u4f1a\u793e\u6cd5\u306e\u6539\u6b63\u306b\u3088\u308a\u5408\u540c\u4f1a\u793e\u304c\u5236\u5ea6\u3068\u3057\u3066\u5c0e\u5165\u3055\u308c\u308b\u3053\u3068\u3068\u306a\u308a\u3001\u7c21\u4fbf\u6027\u3001\u9075\u6cd5\u6027\u3001\u7a0e\u306e\u5c0e\u7ba1\u6027\u8981\u4ef6\u7b49\u3092\u6e80\u305f\u3059GK-TK\u65b9\u5f0f\u304c\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u30b9\u30ad\u30fc\u30e0\u3067\u591a\u7528\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3002GK-TK\u30b9\u30ad\u30fc\u30e0\u3067\u306f\u3001\u4e0d\u52d5\u7523\u7279\u5b9a\u4e8b\u696d\u6cd5\u306e\u5236\u7d04\u304b\u3089\u73fe\u7269\u4e0d\u52d5\u7523\u306e\u904b\u7528\u304c\u3067\u304d\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u304c\u3042\u308a\u3001\u4fe1\u8a17\u53d7\u76ca\u6a29\u306b\u5316\u4f53\u3055\u308c\u305f\u4e0d\u52d5\u7523\u3092\u53d6\u308a\u6271\u3046\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n<h4>IPO\u3000 Initial Public Offering<\/h4>\n<p>\u65b0\u898f\u4e0a\u5834\u3002\u5143\u3005\u306f\u8a3c\u5238\u7528\u8a9e\u3067\u3042\u308b\u304c\u3001J-REIT\u306e\u767b\u5834\u306b\u3088\u3063\u3066\u3001\u65b0\u898f\u306bJ-REIT\u3092\u7acb\u3061\u4e0a\u3052\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u4e0a\u5834\u3055\u305b\u308b\u5834\u5408\u3082IPO\u3068\u8a00\u308f\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3002IPO\u306b\u5bfe\u3057\u3066\u3001\u904b\u7528\u671f\u9593\u4e2d\u306e\u5897\u8cc7\u306f\u4fd7\u79f0PO\uff08Public Offering\uff09\u3068\u547c\u3070\u308c\u3066\u3044\u308b\u3002\u306a\u304a\u3001\u79c1\u52df\u30ea\u30fc\u30c8\u306e\u5897\u8cc7\u306f\u6b63\u5f0f\u306b\u306f\u516c\u958b\u682a\u3067\u306a\u3044\u3053\u3068\u304b\u3089\u3001\u30d1\u30d6\u30ea\u30c3\u30af\u306a\u3082\u306e\u3067\u306a\u3044\u304c\u3001\u5358\u306b\u5897\u8cc7\u3092PO\u3068\u3044\u3046\u3053\u3068\u304c\u6163\u884c\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<h4>Launch<\/h4>\n<p>\u30ed\u30fc\u30f3\u30c1\u3002\u6848\u4ef6\u306e\u7acb\u3061\u4e0a\u3052\u306e\u610f\u5473\u3002\u4f8b\u3048\u3070\u3001\u3042\u308b\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306e\u904b\u7528\u3092\u958b\u59cb\u3057\u305f\u308a\u3001\u5f53\u8a72\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304c\u7269\u4ef6\u3092\u53d6\u5f97\u3057\u3066\u904b\u7528\u3092\u958b\u59cb\u3057\u305f\u308a\u3059\u308b\u969b\u306b\u300c\u30ed\u30fc\u30f3\u30c1\u3059\u308b\u300d\u3068\u8a00\u3046\u8868\u73fe\u3067\u4f7f\u7528\u3059\u308b\u3002<\/p>\n<h4>ML\u3000 Master Lease<\/h4>\n<p>\u30de\u30b9\u30bf\u30fc\u30ea\u30fc\u30b9\u3002\u4e0d\u52d5\u7523\u6240\u6709\u8005\u304b\u3089\u4e00\u62ec\u3057\u3066\u4e0d\u52d5\u7523\u3092\u501f\u308a\u4e0a\u3052\u3001\u8ee2\u8cb8\u4e8b\u696d\u3092\u884c\u3046\u8cc3\u501f\u4eba\u3002\u8a3c\u5238\u5316\u30b9\u30ad\u30fc\u30e0\u3067\u306f\u591a\u7528\u3055\u308c\u308b\u65b9\u5f0f\u3002\u73fe\u6240\u6709\u8005\uff08\u58f2\u4e3b\uff09\u304c\u8cc3\u8cb8\u501f\u5951\u7d04\u3092\u8907\u6570\u306e\u30c6\u30ca\u30f3\u30c8\u3068\u5951\u7d04\u3057\u3066\u3044\u308b\u5834\u5408\u306b\u304a\u3044\u3066\u306f\u30011\u4ef61\u4ef6\u306e\u30c6\u30ca\u30f3\u30c8\u5951\u7d04\u3092\u65b0\u6240\u6709\u8005\u306b\u79fb\u7ba1\u3059\u308b\u3053\u3068\u306f\u7169\u96d1\u3067\u3042\u308b\u3053\u3068\u3082\u3042\u308a\u3001\u58f2\u8cb7\u5f8c\u306b\u304a\u3044\u3066\u3082\u73fe\u6240\u6709\u8005\u3068\u65b0\u6240\u6709\u8005\u306e\u9593\u3067\u30bb\u30eb\uff06\u30ea\u30fc\u30b9\u30d0\u30c3\u30af\u3092\u884c\u3046\u3053\u3068\u306b\u3088\u308a\u73fe\u8cc3\u501f\u4eba\uff08\u65b0\u8ee2\u501f\u4eba\uff09\u3068\u306e\u95a2\u4fc2\u3092\u7dad\u6301\u3057\u3088\u3046\u3068\u3059\u308b\u5b9f\u52d9\u306e\u8981\u8acb\u304c\u3042\u308b\u3002\u307e\u305f\u3001\u4fe1\u8a17\u30b9\u30ad\u30fc\u30e0\u306e\u5834\u5408\u3001\u4fe1\u8a17\u9280\u884c\u306f\u5358\u306b\u6240\u6709\u306e\u7bb1\u3092\u63d0\u4f9b\u3059\u308b\u3060\u3051\u3067\u3042\u308a\u3001\u4fe1\u8a17\u9280\u884c\u306e\u53d7\u8a17\u306b\u5f53\u305f\u3063\u3066ML\u65b9\u5f0f\u3092\u63a1\u7528\u3059\u308b\u3053\u3068\u304c\u6761\u4ef6\u3068\u306a\u308b\u30b1\u30fc\u30b9\u3082\u591a\u3044\u3002<br \/>\n\u306a\u304a\u3001\u30b5\u30d6\u30ea\u30fc\u30b9\u3068\u540c\u3058\u610f\u5473\u5408\u3044\u3067\u3042\u308b\u304c\u3001\u30b5\u30d6\u30ea\u30fc\u30b9\u3068\u8a00\u3046\u7528\u8a9e\u306f\u3001\u4f55\u6545\u304b\u8a3c\u5238\u5316\u696d\u754c\u3067\u4f7f\u308f\u308c\u308b\u3053\u3068\u306f\u5c11\u306a\u304f\u3001\u73fe\u7269\u4e0d\u52d5\u7523\u306e\u5834\u5408\u306b\u4f7f\u308f\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u50be\u5411\u304c\u3042\u308b\u3002<\/p>\n<h4>Master Lessee<\/h4>\n<p>\u30de\u30b9\u30bf\u30fc\u30ec\u30c3\u30b7\u2015\u3002\u30de\u30b9\u30bf\u30fc\u30ea\u30fc\u30b9\u5951\u7d04\u306b\u304a\u3051\u308b\u8cc3\u501f\u4eba\u3002\u30de\u30b9\u30bf\u30fc\u30ea\u30fc\u30b9\u5951\u7d04\u3067\u306f\u3001\u30aa\u30fc\u30ca\u30fc\u304b\u3089\u5bfe\u8c61\u4e0d\u52d5\u7523\u3092\u4e00\u62ec\u3057\u3066\u30de\u30b9\u30bf\u30fc\u30ec\u30c3\u30b7\u2015\u306b\u8cc3\u8cb8\u3059\u308b\u3053\u3068\u304b\u3089\u3001\u30de\u30b9\u30bf\u30fc\u30ec\u30c3\u30b7\u30fc\u306e\u7acb\u5834\u306f\u8cc3\u501f\u4eba\u517c\u8ee2\u8cb8\u4eba\u3068\u306a\u308b\u3002<\/p>\n<h4>Master Lesser<\/h4>\n<p>\u30de\u30b9\u30bf\u30fc\u30ec\u30c3\u30b5\u30fc\u3002\u30de\u30b9\u30bf\u30fc\u30ea\u30fc\u30b9\u5951\u7d04\u306b\u304a\u3051\u308b\u8cc3\u8cb8\u4eba\u3002\u4e0d\u52d5\u7523\u6240\u6709\u8005\u3001\u30aa\u30fc\u30ca\u30fc\u306e\u3053\u3068\u3002<\/p>\n<h4>Operator<\/h4>\n<p>\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u3002\u7269\u4ef6\u306e\u904b\u7528\u8005\u3002\u4f8b\u3048\u3070\u3001\u6295\u8cc7\u5bfe\u8c61\u304c\u30db\u30c6\u30eb\u306e\u5834\u5408\u3001\u4e0d\u52d5\u7523\u4fdd\u6709\u4e3b\u4f53\u306eSPC\u306f\u3001\u76f4\u63a5\u30db\u30c6\u30eb\u306e\u904b\u7528\u80fd\u529b\u3092\u6301\u3063\u3066\u3044\u306a\u3044\u3053\u3068\u304b\u3089\u30db\u30c6\u30eb\u904b\u55b6\u696d\u8005\u306b\u4e00\u62ec\u3057\u3066\u696d\u52d9\u59d4\u8a17\u3092\u884c\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u3053\u306e\u696d\u52d9\u53d7\u8a17\u8005\u3092\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u3068\u3044\u3046\u3002\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u306b\u904b\u55b6\u696d\u52d9\u53d7\u8a17\u3060\u3051\u3092\u59d4\u8a17\u696d\u52d9\u59d4\u8a17\u65b9\u5f0f\u3068\u3001\u30aa\u30da\u30ec\u30fc\u30bf\u30fc\u304c\u4e0d\u52d5\u7523\u3092\u4e00\u62ec\u8cc3\u501f\u3059\u308b\u8cc3\u8cb8\u501f\u65b9\u5f0f\u306e2\u901a\u308a\u304c\u3042\u308b\u3002<\/p>\n<h4>Opportunity Fund<\/h4>\n<p>\u30aa\u30dd\u30d5\u30a1\u30f3\u30c9\u3002\u6a5f\u4f1a\u3092\u6c42\u3081\u308b\u30d5\u30a1\u30f3\u30c9\u3068\u8a00\u3046\u610f\u5473\u3067\u3001\u6700\u3082\u30a2\u30b0\u30ec\u30c3\u30b7\u30d6\u306a\u30ea\u30b9\u30af\u3092\u53d6\u308a\u306b\u884c\u304f\u30d5\u30a1\u30f3\u30c9\u3002\u305d\u306e\u4ed6\u30b3\u30a2\u30d5\u30a1\u30f3\u30c9\u3001\u30b3\u30a2\u30d7\u30e9\u30b9\u30d5\u30a1\u30f3\u30c9\u3001\u30d0\u30ea\u30e5\u30fc\u30a2\u30c3\u30c9\u3068\u306e\u6bd4\u8f03\u3067\u306f\u3001\u6700\u3082\u9ad8\u3044\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3092\u76ee\u6307\u3059\u904b\u7528\u30b9\u30bf\u30a4\u30eb\u3092\u884c\u3046\u30d5\u30a1\u30f3\u30c9\u3067\u3042\u308b\u3002\u30a8\u30af\u30a4\u30c6\u30a3IRR\u306f\u6700\u4f4e\u3067\u308210\uff05\u4ee5\u4e0a\u3001\u9ad8\u3044\u3082\u306e\u3067\u306f20\uff05\uff5e30\uff05\u3092\u76ee\u6307\u3059\u30d5\u30a1\u30f3\u30c9\u3067\u3042\u308b\u3002\u7269\u4ef6\u3092\u5358\u306b\u6240\u6709\u3059\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u4e0d\u52d5\u7523\u306e\u958b\u767a\u307e\u3067\u624b\u639b\u3051\u308b\u3053\u3068\u304c\u591a\u3044\u3002\u6b27\u7c73\u306e\u5916\u8cc7\u7cfb\u306b\u591a\u3044\u304c\u3001\u65e5\u672c\u306e\u30c7\u3079\u3082\u5e83\u7fa9\u306e\u30aa\u30dd\u7cfb\u6295\u8cc7\u5bb6\u3068\u8a00\u3048\u308b\u3002<\/p>\n<h4>PSA\u3000  Purchase and Sales Agreement<\/h4>\n<p>\u58f2\u8cb7\u5951\u7d04\u66f8\u306e\u3053\u3068\u3002<\/p>\n<h4>Sourcing<\/h4>\n<p>\u30bd\u30fc\u30b7\u30f3\u30b0\u3002\u5143\u3005\u306f\u300c\u8abf\u9054\u300d\u3068\u8a00\u3046\u610f\u5473\u304c\u8ee2\u3058\u3066AM\u696d\u754c\u306b\u304a\u3051\u308b\u7269\u4ef6\u53d6\u5f97\u6d3b\u52d5\u3092\u6307\u3059\u3088\u3046\u306b\u306a\u3063\u305f\u3002\u30bd\u30fc\u30b7\u30f3\u30b0\u62c5\u5f53\u8005\u306f\u3001\u3044\u308f\u3070AM\u4f1a\u793e\u306e\u55b6\u696d\u30de\u30f3\u3067\u3042\u308a\u3001\u5e45\u5e83\u3044\u4eba\u8108\u306a\u3069\u3092\u6709\u3059\u308b\u4e0d\u52d5\u7523\u4ef2\u4ecb\u696d\u306e\u51fa\u8eab\u8005\u304c\u62c5\u5f53\u3059\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3002\u30a2\u30af\u30a4\u30b8\u30b7\u30e7\u30f3\uff08Acquisition\uff09\u6d3b\u52d5\u3068\u3082\u3044\u3046\u3002<\/p>\n<h4>SPC\u3000\u3000Special Purpose Company<\/h4>\n<p>\u7279\u5225\u76ee\u7684\u4f1a\u793e\u3002\u8a3c\u5238\u5316\u30b9\u30ad\u30fc\u30e0\u306e\u5834\u5408\u3001\u539f\u8cc7\u7523\u4fdd\u6709\u8005\uff08\u30aa\u30ea\u30b8\u30cd\u30fc\u30bf\u30fc\uff09\u304b\u3089\u306e\u5012\u7523\u9694\u96e2\u306e\u5fc5\u8981\u6027\u3001\u7a0e\u306e\u5c0e\u7ba1\u4f53\u8981\u4ef6\u3092\u6e80\u305f\u3059\u5fc5\u8981\u6027\u304b\u3089\u3001\u901a\u5e38\u306e\u682a\u5f0f\u4f1a\u793e\u306b\u3088\u308b\u4e0d\u52d5\u7523\u6240\u6709\u3067\u306a\u304f\u3001\u7279\u5225\u76ee\u7684\u4f1a\u793e\u306b\u8cc7\u7523\u3092\u4fdd\u6709\u3055\u305b\u308b\u30b9\u30ad\u30fc\u30e0\u3092\u69cb\u7bc9\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3042\u308b\u3002SPC\u306e\u4f8b\u3068\u3057\u3066\u306f\u3001GK-TK\u30b9\u30ad\u30fc\u30e0\u306b\u3088\u308b\u5408\u540c\u4f1a\u793e\u3001\u8cc7\u7523\u6d41\u52d5\u5316\u6cd5\u306b\u57fa\u3065\u304f\u7279\u5b9a\u76ee\u7684\u4f1a\u793e\uff08TMK\uff09\u306a\u3069\u306e\u4f1a\u793e\u5f62\u5f0f\u306e\u3082\u306e\u304c\u4ee3\u8868\u7684\u3002\u4f3c\u305f\u8a00\u8449\u3068\u3057\u3066SPV \uff08Special Purpose Vehicle\uff09\u304c\u3042\u308b\u304c\u3001SPC\u306f\u4f1a\u793e\u5f62\u5f0f\u3067\u3042\u308b\u304c\u3001SPV\u306b\u306f\u6295\u8cc7\u7d44\u5408\u3084\u6295\u8cc7\u6cd5\u4eba\u6cd5\u306e\u6295\u8cc7\u6cd5\u4eba\u306a\u3069\u3092\u542b\u3080\u3053\u3068\u304b\u3089\u66f4\u306b\u5e83\u7fa9\u306e\u6982\u5ff5\u3068\u306a\u308b\u3002<br \/>\n\u306a\u304a\u3001\u8cc7\u7523\u6d41\u52d5\u5316\u6cd5\uff08SPC\u6cd5\uff09\u4e0a\u306eSPC\u306f\u3001\u7279\u5b9a\u76ee\u7684\u4f1a\u793e\uff08TMK\uff09\u3068\u547c\u3070\u308c\u3066\u3044\u308b\u3053\u3068\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3002<\/p>\n<h4>SPV\u3000\u3000Special Purpose Vehicle<\/h4>\n<p>\u6295\u8cc7\u30f4\u30a3\u30fc\u30af\u30eb\u3002\u682a\u5f0f\u4f1a\u793e\uff08KK\uff09\u3001\u5408\u540c\u4f1a\u793e\uff08GK\uff09\u3001\u7279\u5b9a\u76ee\u7684\u4f1a\u793e\uff08TMK\uff09\u3001\u6295\u8cc7\u6cd5\u4eba\uff08REIT\uff09\u306a\u3069\u306e\u6295\u8cc7\u30f4\u30a3\u30fc\u30af\u30eb\u306e\u7dcf\u79f0\u3092SPV\u3068\u547c\u3076\u3002SPC\u306f\u4f1a\u793e\u5f62\u5f0f\u306eSPV\u3067\u3042\u308a\u3001SPV\u306e\u6982\u5ff5\u3068\u3057\u3066\u306f\u3001\u6295\u8cc7\u7d44\u5408\u306a\u3069\u306e\u4f1a\u793e\u5f62\u5f0f\u4ee5\u5916\u306e\u3082\u306e\u3092\u542b\u3080\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<h4>TMK\u3000<\/h4>\n<p>\u8cc7\u7523\u6d41\u52d5\u5316\u6cd5\uff08SPC\u6cd5\uff09\u306b\u3088\u308b\u300c\u7279\u5b9a\u76ee\u7684\u4f1a\u793e\u300d\u306e\u982d\u6587\u5b57\u3092\u53d6\u3063\u3066TMK\u3068\u3044\u3046\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u30b9\u30ad\u30fc\u30e0\u306b\u304a\u3044\u3066\u3001\u73fe\u7269\u4e0d\u52d5\u7523\u306e\u8a3c\u5238\u5316\u3001\u6d41\u52d5\u5316\u306b\u304a\u3044\u3066\u306f\u3001\u5b85\u5730\u5efa\u7269\u53d6\u5f15\u696d\u6cd5\u306e\u898f\u5236\u3092\u53d7\u3051\u308b\u305f\u3081\u3001\u5408\u540c\u4f1a\u793e\u30b9\u30ad\u30fc\u30e0\u306f\u4f7f\u3048\u306a\u3044\u305f\u3081\u6d88\u53bb\u6cd5\u7684\u9078\u629e\u3068\u3057\u3066\u3001TMK\u304c\u63a1\u7528\u3055\u308c\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3002<br \/>\n\u305f\u3060\u3057\u3001\u8cc7\u7523\u6d41\u52d5\u5316\u8a08\u753b\u3092\u5404\u5730\u57df\u306e\u8ca1\u52d9\u5c40\u306b\u5c4a\u3051\u308b\u5fc5\u8981\u304c\u3042\u308a\u7169\u96d1\u306a\u5b9f\u52d9\u304c\u5fc5\u8981\u3068\u3055\u308c\u656c\u9060\u3055\u308c\u308b\u5074\u9762\u3082\u3042\u308b\u3002<br \/>\nSPC\u6cd5\u4e0a\u306eSPC\u304cTMK\u3067\u3001SPC\u6cd5\u4e0a\u3067\u306a\u3044SPC\u3092\u5358\u306bSPC\u3068\u3044\u3046\u3053\u3068\u306b\u8a00\u8449\u306e\u3084\u3084\u3053\u3057\u3055\u304c\u3042\u308b\u3002<\/p>\n<h4>Value-Added Fund<\/h4>\n<p>\u30d0\u30ea\u30e5\u30fc\u30a2\u30c3\u30c9\u30d5\u30a1\u30f3\u30c9\u3002\u4e00\u822c\u7684\u306b\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306e\u904b\u7528\u65b9\u91dd\u3068\u3057\u3066\u3001\u30ea\u30b9\u30af\u306e\u5e8f\u5217\u306b\u3088\u308a\u30b3\u30a2\u3001\u30b3\u30a2\u30d7\u30e9\u30b9\u3001\u30d0\u30ea\u30e5\u30fc\u30a2\u30c3\u30c9\u3001\u30aa\u30dd\u306e\u9806\u756a\u306b\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u304c\u5897\u5927\u3057\u3066\u3044\u304f\u69cb\u9020\u306b\u3042\u308a\u3001\u305d\u306e\u3088\u3046\u306a\u610f\u5473\u306b\u304a\u3044\u3066\u3001\u30d0\u30ea\u30e5\u30fc\u30a2\u30c3\u30c9\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u30b3\u30a2\u3068\u30aa\u30dd\u306e\u4e2d\u9593\u7684\u30ea\u30b9\u30af\u3092\u53d6\u3063\u3066\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u306e\u4eab\u53d7\u3092\u76ee\u6307\u3059\u30d5\u30a1\u30f3\u30c9\u3068\u8a00\u3048\u308b\u3002\u3053\u306e\u30d5\u30a1\u30f3\u30c9\u306e\u7279\u5fb4\u3068\u3057\u3066\u306f\u3001\u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\u3068\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u53d6\u308a\u306a\u304c\u3089\u6700\u7d42\u7684\u306aIRR\u3092\u5411\u4e0a\u3055\u305b\u308b\u3068\u3044\u3046\u7279\u8272\u3092\u6301\u3063\u3066\u304a\u308a\u3001\u7269\u4ef6\u306e\u30ea\u30cb\u30e5\u30fc\u30a2\u30eb\u306b\u3088\u308b\u8cc3\u6599\u5358\u4fa1\u306e\u4e0a\u6607\u7b49\u3092\u7a4d\u6975\u7684\u306b\u884c\u3046\u904b\u7528\u65b9\u91dd\u3092\u63b2\u3052\u308b\u30d5\u30a1\u30f3\u30c9\u304c\u591a\u3044\u3002<\/p>\n<h4>Waterfall<\/h4>\n<p>\u30a6\u30a9\u30fc\u30bf\u30fc\u30d5\u30a9\u30fc\u30eb\u3002\u4e0d\u52d5\u7523\u304b\u3089\u751f\u3058\u308bCF\u306f\u3001\u512a\u5148\u5f01\u6e08\u6a29\u3092\u6301\u3064\u30ec\u30f3\u30c0\u30fc\u3078\u306e\u5143\u91d1\u8fd4\u6e08\u306b\u5145\u3066\u3089\u308c\u3001\u66f4\u306b\u3001\u7269\u4ef6\u306e\u8cbb\u7528\u3092\u63a7\u9664\u3057\u305f\u5f8c\u306b\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u5bb6\u306e\u914d\u5f53\u306b\u5145\u3066\u3089\u308c\u308b\u3002\u3053\u306e\u3088\u3046\u306b\u304a\u30ab\u30cd\u306e\u6d41\u308c\u304c\u3042\u305f\u304b\u3082\u3001\u4e0a\u304b\u3089\u843d\u3061\u3066\u304f\u308b\u6c34\u306e\u6d41\u308c\u306e\u3088\u3046\u306b\u5206\u914d\u3055\u308c\u3066\u3044\u304f\u3053\u3068\u304b\u3089\u3001\u30d5\u30a1\u30f3\u30c9\u5185\u3067\u306eCF\u306e\u6d41\u308c\u3092\u30a6\u30a9\u30fc\u30bf\u30fc\u30d5\u30a9\u30fc\u30eb\u3068\u547c\u3070\u308c\u3066\u3044\u308b\u3002<\/p>\n<h4>Warehousing<\/h4>\n<p>\u30a6\u30a7\u30a2\u30cf\u30a6\u30b8\u30f3\u30b0\u3002\u5143\u3005\u306f\u7269\u6d41\u7528\u8a9e\u3067\u3042\u308a\u3001\u5009\u5eab\u306b\u5165\u308c\u3066\u4fdd\u7ba1\u3059\u308b\u3068\u3044\u3046\u610f\u5473\u3067\u3042\u308a\u3001\u6d3e\u751f\u3057\u3066\u4e0d\u52d5\u7523\u30d5\u30a1\u30f3\u30c9\u306b\u304a\u3051\u308b\u7269\u4ef6\u53d6\u5f97\u65b9\u6cd5\u306e\u4e00\u3064\u3068\u3057\u3066\u8a8d\u8b58\u3055\u308c\u3066\u3044\u308b\u3002\u4e0d\u52d5\u7523\u8a3c\u5238\u5316\u696d\u754c\u306b\u304a\u3051\u308b\u3001\u30a6\u30a7\u30a2\u30cf\u30a6\u30b8\u30f3\u30b0\u3068\u306f\u3001\u4f8b\u3048\u3070\u3001REIT\u304c\u6c7a\u7b97\u6642\uff08\u901a\u5e38\u5e742\u56de\uff09\u306b\u5408\u308f\u305b\u305f\u5897\u8cc7\u8cc7\u91d1\u3067\u7269\u4ef6\u3092\u53d6\u5f97\u3059\u308b\u5834\u5408\u3001\u58f2\u4e3b\u3068\u6700\u7d42\u7684\u306a\u8cb7\u4e3b\u3067\u3042\u308bREIT\u306e\u9593\u3067\u7269\u4ef6\u58f2\u5374\u306e\u5e0c\u671b\u6642\u671f\u304c\u305a\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u5f97\u308b\u3002\u3053\u306e\u969b\u3001\u30a6\u30a7\u30a2\u30cf\u30a6\u30b8\u30f3\u30b0\u4f1a\u793e\u304c\u3001\u4e00\u65e6\u7269\u4ef6\u3092\u4eee\u306b\u53d6\u5f97\u3057\u3066\u3001\u305d\u308c\u3092\u6700\u7d42\u7684\u306bREIT\u306b\u8ee2\u58f2\u3057\u3066\u6642\u9593\u7a3c\u304e\u3092\u884c\u3046\u30b1\u30fc\u30b9\u304c\u3088\u304f\u898b\u3089\u308c\u308b\u3002\u30a6\u30a7\u30a2\u30cf\u30a6\u30b8\u30f3\u30b0\u4f1a\u793e\u3068\u3057\u3066\u306f\u3001\u4e0d\u52d5\u7523\u4f1a\u793e\u3084\u30ea\u30fc\u30b9\u4f1a\u793e\u304c\u62c5\u3046\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3002\u30a8\u30a2\u30cf\u30a6\u30b8\u30f3\u30b0\u306e\u3082\u3046\u4e00\u3064\u306e\u6a5f\u80fd\u3068\u3057\u3066\u306f\u3001\u7269\u4ef6\u306e\u5efa\u7269\u30fb\u8a2d\u5099\u306e\u511f\u5374\u3092\u9032\u3081\u3066\u3001\u7c3f\u4fa1\u3092\u843d\u3068\u3057\u3066REIT\u306b\u7d44\u307f\u8fbc\u3080\u3068\u3044\u3046\u610f\u7fa9\u3082\u3042\u308b\u3002<\/p>\n<h2>\u4e0d\u52d5\u7523\u30d5\u30a1\u30f3\u30c9\u3001AM\u696d\u754c\u306b\u8fd1\u63a5\u3059\u308b\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u696d\u754c\u306e\u82f1\u8a9e\u96c6\u306f\u3053\u3061\u3089<\/h2>\n<blockquote class=\"wp-embedded-content\" data-secret=\"ggdjo6wSEj\"><p><a href=\"https:\/\/fudousangyo.com\/?p=613\">\u4e0d\u52d5\u7523\u95a2\u9023\u82f1\u8a9e\u3010Finance\u3011<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;\u4e0d\u52d5\u7523\u95a2\u9023\u82f1\u8a9e\u3010Finance\u3011&#8221; &#8212; \u4e0d\u52d5\u7523\u696d\u30c9\u30c3\u30c8\u30b3\u30e0\" src=\"https:\/\/fudousangyo.com\/?p=613&#038;embed=true#?secret=ggdjo6wSEj\" data-secret=\"ggdjo6wSEj\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Acquisition \u30a2\u30af\u30a4\u30b8\u30b7\u30e7\u30f3\u3002\u7269\u4ef6\u53d6\u5f97\u306e\u3053\u3068\u3002\u8ffd\u52a0\u6295\u8cc7\u578b\u306e\u30d5\u30a1\u30f3\u30c9\u3067\u306f\u3001\u4e0d\u52d5\u7523\u904b\u7528\u80fd\u529b\u3082\u3055\u308b\u3053\u3068\u306a\u304c\u3089\u3001\u30a2\u30af\u30a4\u30b8\u30b7\u30e7\u30f3\u80fd\u529b\u306e\u9ad8\u3055\u304cAM\u4f1a\u793e\u306e\u80fd\u529b\u306e\u4e00\u90e8\u3068\u306a\u308b\u3002\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u8a55\u4fa1\u306e\u3046\u3061\u3001\u3053\u306e\u30a2\u30af &#8230; <\/p>\n","protected":false},"author":1,"featured_media":2216,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[47,49],"tags":[21,42,48,22,20],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/fudousangyo.com\/index.php?rest_route=\/wp\/v2\/posts\/617"}],"collection":[{"href":"https:\/\/fudousangyo.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fudousangyo.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fudousangyo.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fudousangyo.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=617"}],"version-history":[{"count":5,"href":"https:\/\/fudousangyo.com\/index.php?rest_route=\/wp\/v2\/posts\/617\/revisions"}],"predecessor-version":[{"id":2653,"href":"https:\/\/fudousangyo.com\/index.php?rest_route=\/wp\/v2\/posts\/617\/revisions\/2653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fudousangyo.com\/index.php?rest_route=\/wp\/v2\/media\/2216"}],"wp:attachment":[{"href":"https:\/\/fudousangyo.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fudousangyo.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fudousangyo.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}