ENVALITH
ククレブ・アドバイザーズ株式会社 logo

CCReB Advisors Inc.

276A・Growth Market・Real Estate

ククレブ・アドバイザーズ株式会社 logo
CCReB Advisors Inc.276A

Business

CLEBEL Advisers Inc. is a real estate tech company founded in July 2019 under the corporate philosophy of "contributing to Japan's economy and industry through solutions for all corporate real estate." The company specializes in compact-sized commercial real estate (book value of ¥2 billion or less), such as factories, logistics warehouses, and laboratories, which major real estate companies do not handle. Leveraging its proprietary AI system, the company provides end-to-end solutions ranging from identifying CRE (corporate real estate) needs to advisory services, fund formation, real estate sales, and leasing. Its main clients are listed and unlisted operating companies as well as real estate players (real estate companies, financial institutions, asset management companies, etc.). The target market is the compact CRE market, estimated at approximately ¥60 trillion in size. The company listed on the TSE Growth Market in November 2024.

Business Model

In the CRE Solution Business, which accounts for approximately 93% of revenue, the company uncovers latent needs using its proprietary AI engine "CCReB AI" and structures deals through its matching system "CCReB CREMa." It generates diverse revenue streams including advisory fees, brokerage commissions, real estate sale income and rental income utilizing its balance sheet, and fund AM/PM fees. In the Real Estate Tech Business, which accounts for the remaining approximately 7%, the company externally sells "CCReB AI," "CCReB CREMa," and other tools as subscription services, accumulating fixed monthly income. The company has set a financial target of maintaining an operating margin range of 25-30%.

Company Strengths

Holds two patents: "CCReB AI" (Patent No. 6908308), which automatically analyzes securities reports and medium-term management plans to score CRE (Corporate Real Estate) needs, and the BtoB portal "CCReB GATEWAY" (Patent No. 7432980). By automating the selection of proposal targets through AI, the company significantly reduces workload compared to conventional real estate sales operations, achieving a high operating margin (24.0% in FY2025 (ended August 2025)) with a small, elite workforce.

The number of users of the commercial real estate matching system "CCReB CREMa" expanded rapidly to 502 as of the end of FY2025 (ended August 2025), up 54.5% year on year, while the number of registered listings grew 25.4% year on year to 6,867. As of the end of February 2026, registered listings had reached 8,180, up 19.1% from the end of the previous fiscal year, with cumulative registered real estate information exceeding approximately 50,000 listings. The majority of deal origination is now conducted through the matching system, resulting in a continuously accumulating pipeline of potential deals.

Since the Tokyo Stock Exchange's request in March 2023 for "management conscious of cost of capital and stock price," the proportion of listed companies referencing "improvement of capital and asset efficiency" in their medium-term management plans has surged from approximately 40% before the request to approximately 85% most recently. Combined with an increase in shareholder proposals from activist investors, corporate demand for CRE (Corporate Real Estate) strategies is structurally rising, providing a tailwind for the company's business domain.

ENVALITH's Perspective

For the cumulative nine months of FY2026 (ending August 2026), net sales maintained high growth at ¥3,135 million (up 59.2% year-on-year), while operating profit reached only ¥609 million (up 13.2% year-on-year), with the operating margin declining from 27.3% in the same period last year to 19.4%. The cost of sales ratio rose from 53.9% to 64.8%, making clear a structure in which the expansion of B/S-leveraged real estate sales transactions boosts sales scale while diluting profit margins. Continued attention to changes in the deal mix is warranted.

Long-term borrowings surged to ¥2,332 million as of end-May 2026 (versus zero at the previous fiscal year-end), causing interest expense to expand sharply from less than ¥1 million in the same period last year to ¥32 million. Combined with ¥33 million in stock issuance costs, total non-operating expenses reached ¥83 million. As an external factor, future interest rate trends pose a risk of directly affecting financial expenses. Ordinary profit came to ¥530 million (up 1.7% year-on-year), falling well short of the growth in operating profit, warranting scrutiny of the sustainability of the borrowing-dependent asset expansion strategy.

For the cumulative nine months, the progress rate against the full-year plan stood at only 44.8% for net sales (¥3,135 million against ¥7,000 million) and 55.4% for operating profit (¥609 million against ¥1,100 million), meaning the fourth quarter alone would need to post net sales of ¥3,865 million and operating profit of ¥491 million to achieve the full-year targets. Management has stated it "expects results to come in as planned" and has revised its dividend forecast upward to ¥30 per share (an increase of ¥3 from the previous forecast); however, given the high dependence on the timing of recognition of real estate sales transactions, the risk of results being concentrated in the fourth quarter remains a point investors should continue to monitor.

Growth Strategy

Aiming to achieve sales of ¥12.0 billion in FY2028 under the mid-term management plan "A Tech-Driven Platform Strategy"

Under the mid-term management plan "A Tech-Driven Platform Strategy" formulated in October 2025, the company has set a target of achieving sales of ¥12.0 billion in FY2028. The three-year period is positioned as one in which the company will firmly establish its position as a platformer in the CRE market, and it explains that investment opportunities (pipeline) driven by CRE needs such as improved capital efficiency and facility reorganization are steadily increasing.

Utilizing the financial base strengthened through the public offering, the company is expanding the cycle of acquiring and selling real estate for sale. As of the end of May 2026, the balance of real estate for sale reached ¥3,827 million (up 159.5% from the end of the previous fiscal year), significantly expanding the funding source for recognized sales. In parallel, the company is also building a stable earnings base through the accumulation of real estate for lease (total property, plant and equipment of ¥2,524 million).

As a subsequent event, following a board of directors resolution on July 14, 2026, the company decided to make a preferred equity contribution (total preferred contribution of ¥1,000 million, contribution ratio of 60%) to CCF No. 3 Tokutei Mokuteki Kaisha (Development TMK). The contribution is scheduled to be completed on July 24, 2026. Under this scheme, the company will be entrusted with project management services, launching a new expansion into the real estate securitization business utilizing TMK.

Through sales activities centered on financial institutions such as regional banks, the number of registered listings on the matching system reached 8,488 as of the end of May 2026 (up 23.6% from the end of the previous fiscal year). New subscription service orders also continued, with Real Estate Tech Business sales of ¥146 million (up 20.1% year on year). The company continues to implement measures to improve user convenience.

Last updated: July 17, 2026