ICHIGO OFFICE REIT INVESTMENT CORPORATION Creating peace of mind through honest and committed management.
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
August 31, 2015
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Statutory Executive Officer, Head of Administration
Tel: 03-3502-4891
Asset AcquisitionIchigo Real Estate Investment Advisors Co., Ltd. ("IRE"), the asset management company of Ichigo Real Estate Investment Corporation ("Ichigo REIT"), has decided to acquire the Ichigo Kawasaki Building.
I. Acquisition Summary
Asset Name1 | Ichigo Kawasaki Building |
Asset Type | Office (O-71) |
Date Built | September 1990 |
Legal Form of Asset | Trust beneficiary interest in real estate (juekiken) |
Appraisal Value2 | 1,910,000,000 yen |
Acquisition Price3 | 1,750,000,000 yen |
Seller | Kawasaki Holdings GK |
Contract Date | August 31, 2015 |
Closing Date (expected) | September 30, 2015 |
Financing Method | Cash-on-hand and borrowing (Expected) |
Settlement Method | Lump-sum payment |
1 The building's current name is NKF Kawasaki Building, but the building's name will be changed to Ichigo Kawasaki Building at acquisition.
2 Appraisal value is as of August 1, 2015.
3 Acquisition price excludes incidental expenses such as property, city planning, and consumption taxes.
II. Acquisition Rationale
In the current Stage IV Increase Size & Scale (November 2014 - October 2015) of its
multi-year growth strategy, Ichigo REIT is increasing dividends and growing its geographically diversified portfolio of mid-size offices, an asset class that offers both stability of returns and upside potential.
Today's acquisition follows Ichigo REIT's July 28, 2015 acquisitions in being earnings accretive for Ichigo REIT shareholders, and will further drive shareholder value by making full
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. This document is an English translation of a press release for public announcement regarding the asset acquisition by Ichigo Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.
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use of Ichigo REIT's strengths in managing and adding value to office assets.
Ichigo REIT is acquiring a high-quality asset from its sponsor Ichigo Inc. ("Ichigo"), taking advantage of Ichigo's asset sourcing and warehousing capability. The acquisition will be financed by bank borrowings and cash-on-hand, and is expected to generate rental income of 92 million yen per annum.1 Once the details of the bank financing has been determined, Ichigo will announce both those details and the full earnings per share contribution from the acquisition.
1 Rental income is the net income calculated via the direct capitalization method by Daiwa Real
Estate Appraisal Co., Ltd in its August 1, 2015 appraisal report.
III. Asset Summary
The NOI yield of the Ichigo Kawasaki Building is 6.5%, and the occupancy rate is 100% as of
July 31, 2015.
A. Location
The building is located in the city of Kawasaki, just south of Tokyo and north of Yokohama. With a population of 1.4 million people, Kawasaki is one of the National Strategic Economic Zones in Kanagawa Prefecture.
Kawasaki's busiest commercial zone is centered on Kawasaki Station of the JR Line and Keikyu Kawasaki Station of the Keikyu Honsen Line. It is heavily populated in both day and night, with large numbers of commercial and business venues such as shopping malls, banks and financial institutions, and mid-sized retail and restaurants.
B. Features
This mid-size office building is a 9-minute walk from Kawasaki Station of the JR Line and
Keikyu Kawasaki Station of the Keikyu Honsen Line. Companies operating nationwide are actively seeking to establish offices in the area due to its convenient access to local businesses operating in the area and to central Tokyo.
Restaurants and a beauty salon occupy the basement and first floors. The office floors are occupied by business and professional services tenants such as telecommunications firms and law offices.
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. This document is an English translation of a press release for the public announcement regarding the asset acquisition by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo REIT's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.
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C. Property Photos and Location
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Asset Overview | ||
Asset Name | Ichigo Kawasaki Building | |
Legal Form of Asset | Trust beneficiary interest in real estate (juekiken) | |
Trustee | Mizuho Trust & Banking Co., Ltd. | |
Period of Trust Contract | May 29, 2012 - September 30, 2025 (Expected) | |
Location | 1-2 Higashi Tamachi, Kawasaki-ku, Kawasaki City, Kanagawa Prefecture | |
Land | Property Right | Freehold |
Land | Size | 670.96 m2 |
Land | Zoning | Commercial |
Land | Coverage Ratio/Floor Area Ratio | 80%/800% |
Building | Property Right | Freehold |
Building | Zoning | Parking, Office |
Building | Structure | Steel B2F/9F |
Building | Total Floor Area | 5,620.96 m2 |
Building | Construction Date | September 27, 1990 |
Appraiser | Daiwa Real Estate Appraisal Co., Ltd. | |
Appraisal Value | 1,910,000,000 yen | |
Appraisal Date | August 1, 2015 | |
Value by Direct Capitalization Method | 1,970,000,000 yen | |
Architect1 | Takenaka Corporation | |
Builder1 | Takenaka Corporation | |
Structural Strength Assessor1 | Takenaka Corporation | |
Inspection Agency1 | City of Kawasaki | |
PML (Assessor) | 3.85% (Sompo Japan Nipponkoa Risk Management Inc.) | |
Collateral | TBD | |
Rent Overview (as of July 31, 2015) | ||
Number of Tenants | 15 | |
Monthly Rental Income | 11,938 thousand yen | |
Deposit | 98,903 thousand yen | |
Leasable Space | 3,665.34 m2 | |
Leased Space | 3,665.34 m2 | |
Occupancy | 100% | |
Property Management Company | TBD | |
Master Lease Company | TBD | |
Assumed NOI (NOI yield)2 | 114 million yen (6.5%) | |
Special Items | ||
1. Part of a steel door, a fence, and an exterior board encroach the western neighbor. A memorandum of understanding exists with the neighbor for the two parties to cooperate when these require maintenance and to allow the owner to enter the land owned by the neighbor for such purpose. |
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. This document is an English translation of a press release for the public announcement regarding the asset acquisition by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo REIT's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.
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2. A tenant signboard of a tenant of the building has not been approved of outdoor advertising, but the tenant has been notified to submit an application for approval.
1 The names of the architect, builder, structural strength assessor, and inspection agency are those of when the building was built.
2 NOI is the net operating income used by the appraiser in determining direct capitalization. NOI yield is calculated by dividing NOI by Acquisition Price. Amounts less than a million are rounded off.
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. This document is an English translation of a press release for the public announcement regarding the asset acquisition by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo REIT's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.
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Appraisal Overview Name Ichigo Kawasaki Building Appraisal Value 1,910,000,000 yen
Appraiser Daiwa Real Estate Appraisal Co., Ltd. Appraisal Date August 1, 2015
Amount Note
Appraisal Value 1,910,000,000 yen Valuation determined via both a direct capitalization valuation and DCF valuation
Value by Direct Capitalization
Method
1,970,000,000 yen
Income 179,862,199 yen
Maximum Obtainable
Rental Income
189,485,128 yen Based on rental income, common area service income, parking lot income, and other income
Vacancy Loss 9,622,929 yen Based on mid- to long-term vacancy rate
Expenses | 65,847,439 yen | |
Administrative and Maintenance Expenses | 16,631,600 yen | Based on current contract rent and similar assets |
Utility Expenses | 25,945,218 yen | Based on similar assets and past actual amounts |
Repair Expenses | 3,358,416 yen | Based on engineering reports and similar assets |
PM Fee 2,976,691 yen Based on expected PM fee taking past actual amounts of similar assets
Leasing Brokerage
Fees 1,111,598 yen
Based on the expected turnover rate, past actual amount, and tenant acquisition costs for similar assets
Taxes 14,449,353 yen Based on FY2015 actual amounts
Insurance Premiums 295,390 yen Based on the estimated amount
Other Expenses 1,079,173 yen Consumable goods, etc.
Net Operating Income
(NOI)
Income on Investment of Deposits Received
114,014,760 yen
2,151,195 yen Based on 2.0% investment yield
Capital Expenditure 23,515,500 yen Based on engineering reports and similar assets
Net Profit 92,650,455 yen
Cap Rate 4.7% Value via DCF Method 1,880,000,000 yen
Discount Rate 4.5%
Based on transactions of similar assets and comprehensive assessment of the asset's location, its individual characteristics, etc.
Based on transactions of similar assets and the yields of financial assets with the asset's individual characteristics taken into account
Terminal Cap Rate 4.9% Based upon risk-adjusted NOI as of the appraisal date
Value via Cost Approach 1,730,000,000 yen Land 71.8% Building 28.2%
None
Notes
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. This document is an English translation of a press release for the public announcement regarding the asset acquisition by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo REIT's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.
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IV. Seller Profile
Name | Kawasaki Holdings GK |
Address | 1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo |
Representative | Managing Member: Ippan Shadan Hojin Star Holding Manager: Daisuke Hagiwara |
Principal Businesses | 1. The acquisition, holding, and sale of trust beneficiary interest (juekiken) 2. The holding, management, and sale of real estate 3. Other businesses relating to the aforementioned businesses |
Capital | 100,000 yen |
Establishment Date | June 3, 2015 |
Net Assets | The seller did not consent to disclosure. |
Total Assets | The seller did not consent to disclosure. |
Equity Holder | Ippan Shadan Hojin Star Holding |
Relationship with the Ichigo REIT or Asset Manager | The Seller has no capital, personnel, or business relationship and is not a related party as defined in the Enforcement Ordinance of the Investment Trust and Investment Corporation Law.1 |
1 While Kawasaki Holdings GK is not a related party as defined in the Enforcement Ordinance of the Investment Trust and Investment Corporation Law, the acquisition process has followed the internal rules of IRE vis-à-vis related party transactions for the following reasons: First, Ichigo Inc., the 100% owner of IRE, is a related party according to the internal rules of IRE, and Ichigo Inc. own more than half of the equity of Kawasaki Holdings GK. Second, Ichigo Estate Co., Ltd., a related party as defined in the Enforcement Ordinance of the Investment Trust and Investment Corporation Law, has provided asset management advisory services to IRE.
V. Ownership History
Overview | Current Owner | Previous Owner |
Name | Kawasaki Holdings GK | Unrelated Party |
Relationship to Ichigo REIT | Related Party as defined in the internal rules of IRE. Please see "Seller Profile" in IV. | ― |
Acquisition Rationale | Investment | ― |
Acquisition Price | 1,670,500,000 yen | ― |
Acquisition Date | August 31, 2015 | ― |
VI. Broker Profile
N/A
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. This document is an English translation of a press release for the public announcement regarding the asset acquisition by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo REIT's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.
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VII. Acquisition Schedule
Contract Date | August 31, 2015 |
Settlement and Acquisition Date | September 30, 2015 |
VIII. Future Outlook
The acquisition's earnings impact in the current fiscal period (May 1, 2015 - October 31,
2015) is minimal. Therefore, there is no revision to the forecast for the period that was announced on June 16, 2015.
Website of Ichigo REIT: www.ichigo-reit.co.jp/english
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. This document is an English translation of a press release for the public announcement regarding the asset acquisition by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo REIT's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.
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Reference: Post-Acquisition Portfolio Summary
Before acquisition (A) | After Acquisition (B) | |
Occupancy (As of July 31, 2015) | 96.1% | 96.1% |
Average Building Age1 (As of August 31, 2015) | 21.8 years | 21.8 years |
Location (Tokyo/Other) 2 | 85.4% /14.6% | 85.5% /14.5% |
1 The average building age is the weighted average based upon acquisition price.
2 "Tokyo" refers to "Central Tokyo" and "Tokyo Metropolitan Area." "Other" refers to "Four Major Regional Cities" and "Other Regional Cities." The percentage is based upon acquisition price.
Reference: Post-Acquisition Portfolio Assets
No. | Property | Area1 | Acquisition Price2 (mm yen) | % of Portfolio3 |
O-02 | Ichigo Nishisando Building | Central Tokyo | 3,254 | 2.0% |
O-03 | Ichigo Mita Building | Central Tokyo | 2,740 | 1.7% |
O-04 | Ichigo Nanpeidai Building | Central Tokyo | 1,920 | 1.2% |
O-05 | Ichigo Hanzomon Building | Central Tokyo | 1,550 | 0.9% |
O-06 | Ichigo Hijirizaka Building | Central Tokyo | 1,200 | 0.7% |
O-07 | Ichigo Shibuya Kamiyamacho Building | Central Tokyo | 1,505 | 0.9% |
O-08 | Ichigo Akasaka 5 Chome Building | Central Tokyo | 735 | 0.4% |
O-09 | Ichigo Shibakoen Building | Central Tokyo | 1,100 | 0.7% |
O-10 | Ichigo Ebisu Nishi Building | Central Tokyo | 1,917 | 1.2% |
O-11 | Ichigo Ginza 612 Building | Central Tokyo | 1,773 | 1.1% |
O-12 | Ichigo Uchikanda Building | Central Tokyo | 1,140 | 0.7% |
O-14 | Ichigo Yotsuya 4 Chome Building | Central Tokyo | 550 | 0.3% |
O-15 | Ichigo Tameike Building | Central Tokyo | 580 | 0.4% |
O-16 | Ichigo Jimbocho Building | Central Tokyo | 1,820 | 1.1% |
O-17 | Ichigo Hakozaki Building | Central Tokyo | 1,150 | 0.7% |
O-18 | Ichigo Kudan 2 Chome Building | Central Tokyo | 763 | 0.5% |
O-19 | Ichigo Kudan 3 Chome Building | Central Tokyo | 844 | 0.5% |
O-20 | Ichigo Gotanda Building | Central Tokyo | 5,060 | 3.1% |
O-21 | Ichigo Shin Yokohama Building | Tokyo Metropolitan Area | 1,816 | 1.1% |
O-22 | Ichigo Minami Ikebukuro Building | Tokyo Metropolitan Area | 1,460 | 0.9% |
O-23 | Ichigo Nakano North Building | Tokyo Metropolitan Area | 764 | 0.5% |
O-24 | Ichigo Eitai Building | Tokyo Metropolitan Area | 1,490 | 0.9% |
O-25 | Ichigo Yokosuka Building | Tokyo Metropolitan Area | 971 | 0.6% |
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. This document is an English translation of a press release for the public announcement regarding the asset acquisition by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo REIT's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.
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No. | Property | Area1 | Acquisition Price2 (mm yen) | % of Portfolio3 |
O-26 | Ichigo Ikejiri Building | Tokyo Metropolitan Area | 2,030 | 1.2% |
O-27 | Route Ikebukuro Building | Tokyo Metropolitan Area | 639 | 0.4% |
O-28 | Ichigo Nishi Gotanda Building | Central Tokyo | 765 | 0.5% |
O-29 | Ichigo Kichijoji Building | Tokyo Metropolitan Area | 2,160 | 1.3% |
O-33 | Ichigo Meieki Building | Four Major Regional Cities | 837 | 0.5% |
O-34 | Ichigo Sakae Building | Four Major Regional Cities | 4,705 | 2.8% |
O-37 | Ichigo Marunouchi Building | Four Major Regional Cities | 6,710 | 4.1% |
O-38 | Ichigo Toyamaeki Nishi Building | Other Regional Cities | 1,650 | 1.0% |
O-39 | Ichigo Mirai Shinkin Building | Other Regional Cities | 1,158 | 0.7% |
O-40 | Ichigo Saga Building | Other Regional Cities | 659 | 0.4% |
O-42 | Ichigo Takamatsu Building | Other Regional Cities | 3,010 | 1.8% |
O-44 | Akita Sanno 21 Building | Other Regional Cities | 560 | 0.3% |
O-46 | Ichigo Kanda Nishikicho Building | Central Tokyo | 2,130 | 1.3% |
O-47 | Ichigo Akiharaba North Building | Central Tokyo | 5,500 | 3.3% |
O-48 | Ichigo Sakaisuji Honmachi Building | Four Major Regional Cities | 1,940 | 1.2% |
O-49 | Ichigo Kanda Ogawamachi Building | Central Tokyo | 2,210 | 1.3% |
O-50 | Ichigo Hatchobori Building | Central Tokyo | 1,905 | 1.1% |
O-51 | Ebisu Green Glass | Central Tokyo | 5,900 | 3.6% |
O-52 | Ichigo Omori Building | Central Tokyo | 3,850 | 2.3% |
O-53 | Ichigo Takadanobaba Building | Central Tokyo | 1,580 | 1.0% |
O-54 | Ichigo Omiya Building | Tokyo Metropolitan Area | 3,430 | 2.1% |
O-55 | Ichigo Sagamihara Building | Tokyo Metropolitan Area | 1,174 | 0.7% |
O-56 | Ichigo Ofuna Building | Tokyo Metropolitan Area | 2,000 | 1.2% |
O-57 | Ichigo Sendai East Building | Other Regional Cities | 1,840 | 1.1% |
O-58 | Ichigo Kumamoto Building | Other Regional Cities | 1,450 | 0.9% |
O-59 | Ichigo Jingumae Building | Central Tokyo | 7,200 | 4.3% |
O-60 | Ichigo Shibuya Dogenzaka Building | Central Tokyo | 3,650 | 2.2% |
O-61 | Ichigo Hiroo Building | Central Tokyo | 3,960 | 2.4% |
O-62 | Ichigo Sasazuka Building | Central Tokyo | 4,780 | 2.9% |
O-63 | Ichigo Nihonbashi Building | Central Tokyo | 4,700 | 2.8% |
O-64 | Shuwa Dai 2 Building | Central Tokyo | 2,500 | 1.5% |
O-65 | Ichigo Shinkawa Building | Central Tokyo | 2,360 | 1.4% |
O-66 | Ichigo Kudan Building | Central Tokyo | 3,190 | 1.9% |
O-67 | Ichigo Higashi Gotanda Building | Central Tokyo | 3,660 | 2.2% |
O-68 | Axior Mita | Central Tokyo | 1,800 | 1.1% |
O-69 | Ichigo Higashi Ikebukuro Building | Tokyo Metropolitan Area | 4,570 | 2.8% |
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. This document is an English translation of a press release for the public announcement regarding the asset acquisition by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo REIT's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.
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No. | Property | Area1 | Acquisition Price2 (mm yen) | % of Portfolio3 |
O-70 | Koriyama Big-i (Office Section) | Other Regional Cities | 1,660 | 1.0% |
O-71 | Ichigo Kawasaki Building | Tokyo Metropolitan Area | 1,750 | 1.1% |
Subtotal - Office (61 Properties) | 141,674 | 85.5% | ||
R-04 | Bureau Takanawadai | Central Tokyo | 1,360 | 0.8% |
R-06 | B-SITE Hamamatsucho | Central Tokyo | 701 | 0.4% |
R-09 | Ichigo Serviced Apartments Ginza | Central Tokyo | 946 | 0.6% |
Z-02 | Fiesta Shibuya | Central Tokyo | 1,970 | 1.2% |
Z-03 | Burg Omori | Tokyo Metropolitan Area | 3,218 | 1.9% |
Z-04 | Pagoda Asakusa | Tokyo Metropolitan Area | 1,640 | 1.0% |
Z-05 | Regalo Building | Tokyo Metropolitan Area | 1,310 | 0.8% |
Z-06 | Ichigo Yokohama Nishiguchi Building | Tokyo Metropolitan Area | 903 | 0.5% |
Z-07 | El Centro Sapporo | Four Major Regional Cities | 558 | 0.3% |
Z-08 | Daimyo Balcony | Four Major Regional Cities | 638 | 0.4% |
Z-09 | Konami Sports Club Izumi Fuchu | Other Regional Cities | 1,210 | 0.7% |
Z-10 | Ichigo Shibuya Bunkamura Dori Building | Central Tokyo | 2,400 | 1.4% |
Z-11 | Twicere Yokohama Isogo (Retail Section) | Tokyo Metropolitan Area | 1,620 | 1.0% |
Z-12 | Lions Square Kawaguchi | Tokyo Metropolitan Area | 2,430 | 1.5% |
Z-13 | Ichigo Shin Yokohama Arena Dori Building | Tokyo Metropolitan Area | 1,700 | 1.0% |
Z-14 | Ichigo Kamata Building | Tokyo Metropolitan Area | 1,400 | 0.8% |
Subtotal - Others (16 Properties) | 24,004 | 14.5% | ||
Total (77 Properties) | 163,928 | 100.0% |
Investments in Securities | Motoazabu Holdings GK TK Equity Interest | 1,000 | － |
Investments in Securities | Ikenohata Holdings GK TK Equity Interest | 1,000 | － |
Investments in Securities | Total | 2,000 | － |
1 "Central Tokyo" refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa Wards. "Tokyo Metropolitan Area" refers to Tokyo (excluding the six wards above), Kanagawa, Chiba, and Saitama Prefectures. "Four Major Regional Cities" refers to Osaka, Nagoya, Fukuoka, and Sapporo.
2 Acquisition Price is the acquisition price (excluding consumption tax). For the 42 assets (O-02
to O-44 and Z-02 to Z-08) acquired via the REIT merger on November 1, 2011, the appraisal value as of October 31, 2011 is shown.
3 % of Portfolio is based upon acquisition price.
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. This document is an English translation of a press release for the public announcement regarding the asset acquisition by Ichigo Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo REIT's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.
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