Real estate funds (private funds) and listed real estate investment trusts (Japanese Real Estate Investment Trust or J-REIT) are special parties in real estate transactions, and numerous legal issues are involved in these transactions. These terms may be used to mean one of the funding techniques in real estate finance (please see the Item titled "Real Estate Finance") which is a transaction scheme and/or structure backed by funding from a small or large number of related parties. However, after they are structured, there are many cases in which they also mean the main entity which continues to exist as a business entity for a certain period of time, and they become involved in real estate sales transaction as a seller or a buyer. Accordingly, the real estate funds, J-REIT and other parties who plan to enter into transaction with these entities require legal advices relating to such transaction. In particular, J-REIT, as a listed legal entity, has legal issues concerning the disclosures required under the Financial Instruments and Exchange Law and legal issues relating to the Law Concerning Investment Trusts and Investment Corporations which governs J-REIT.

City-Yuwa Partners has extensive experience not only in approaching the legal issues relating to real estate funds and J-REIT, but also in providing legal advices to the parties involved in the transactions from the practical viewpoint. Furthermore, with respect to J-REIT, City-Yuwa offers advices to the real estate companies sponsoring the structuring of J-REIT (e.g., purchase of assets, funding, structuring before/after listing, sales activities to investors and refinance) and the securities companies underwriting for the listing of hotel-related J-REIT, and also serves as a supervisory director of investment corporation and an external member of compliance committee of asset management company.