We invested in BlackSand Capital Opportunity Fund II L.P, a closed-end private investment fund that targets real estate opportunistic investments within the State of Hawai'i sponsored by Black Sand Capital LLC, specialists in real estate investment development.

We invested in and joined a project to improve the value of the Waikiki Galleria Tower, a commercial and office complex in Honolulu, mainly led by the real estate investment advisory company Black Sand Capital, LLC.
We are also working on a project to acquire Waikiki Galleria Tower along Kalākaua Avenue, the main street of Honolulu's Waikiki resort area, and increase its value by replacing tenants and changing the use.

We concluded a four-party business partnership agreement for the development and sale of real estate in the State of Hawai'i with Seven Signatures International Co., Ltd., Black Sand Capital, LLC, and Kobayashi Group, LLC. As the first step under the partnership, we are conducting sales and marketing for the luxury condominium Ālia and have opened a gallery at our Tokyo office. Ālia has one of the largest site areas in the region (approx. 14,500 square meters) and is one of Oahu’s tallest residences at more than 120 meters.

We joined the 520 Project, a development project in Glendale, Los Angeles County, supervised by Adept Development, which conducts real estate development mainly in California.
This project carried out renovation work and floor expansion to convert an office building and multi-story parking garage in Glendale City, Los Angeles County, California, into for-sale condominiums.

We invested in Crow Holdings Realty Partners IX, L.P., a real estate investment fund managed by Crow Holdings Capital, which invests in real estate in the U.S.
The fund plans to invest in and develop properties across a diverse array of real estate fields, focusing on rental apartments and logistics facilities in the U.S. The fund also plans to conduct post-development/acquisition value enhancement for properties and sell them in stages after securing stable operation.
The fund is primarily engaged in investment in rental apartments and warehouses (e-commerce), focusing on regional population growth (market growth potential). In addition, it intends to conduct diversified and stable investment in numerous projects/properties across the U.S

We joined the KNIGHTSBRIDGE SUKHUMVIT THEPHARAK for-sale condominium development project in Samut Prakan Province, approximately 12 kilometers southwest of central Bangkok, through our subsidiary ESCON JAPAN (Thailand) Co. Ltd.
This project established a total of 474 residential units and one shop space at a location a 1-minute walk from Thipphawan Station on the Mass Rapid Transit (MRT), which later opened in 2023, in an area with commercial facilities, international schools, etc. that is expected to develop further with the construction of the MRT extending from central Bangkok.

We invested and are participating in “BRITANIA BANGNA KM.39,” a detached house development project located approximately 40 kilometers southeast of central Bangkok and promoted by Britannia Public Company Limited, through our subsidiary ESCON JAPAN (Thailand) Co., Ltd.
The project plans to develop 232 detached houses in the Bangna district, an area where further development is expected as a key transportation hub connected to central Bangkok under the Eastern Economic Corridor plan promoted by the Thai government.