The Global Ltd.
3271・Standard Market・Real Estate
Business
THE Global Co., Ltd. is a comprehensive real estate group (9 consolidated companies) with SBI Holdings as its parent company, operating primarily in the greater Tokyo metropolitan area across five businesses: condominium sales, income-producing properties, sales agency, building management, and hotels. The company's two core pillars are new condominium sales under its proprietary "Will Rose" brand series and the development and sale of income-producing properties such as rental apartments and offices, targeting affluent individuals, power couples, and institutional investors as its main customer base. In FY2025 (ending June 2025), net sales reached ¥61,747 million, up 128.4% year-on-year, with the income-producing properties business growing to become the core segment, accounting for 83.7% of total sales. Through a business and capital alliance with Asahi Kasei Homes (March 2025), the company is working to strengthen its development capabilities for high-grade properties in central urban areas.
Business Model
The Group adopts a development-and-sale model in which it acquires land using borrowings from financial institutions, outsources design and construction while planning and developing properties, and generates revenue by selling to end users and institutional investors (Daiwa Securities Realty, Asahi Kasei Homes, etc.). In the income-producing property business, the company also utilizes off-balance-sheet schemes to diversify its exit strategies. Sales agency and building management operate as a fee business that supplements stable revenue. The company also utilizes a revolving credit agreement (line of credit: ¥4,000 million) with SBI SECURITIES as a means of fundraising.
Company Strengths
In FY2025 (ended June 2025), the income property business achieved net sales of ¥51,736 million (up 242.9% year on year) and operating income of ¥5,773 million (up 237.4% year on year). The company delivered 32 properties, expanding transactions with major institutional investors, including net sales of ¥18,948 million (30.69% of total) to Daiwa Real Estate and ¥8,875 million (14.37%) to Asahi Kasei Homes.
The equity ratio at the end of FY2025 (ended June 2025) improved significantly to 26.8% (from 16.2% in the previous period). Interest-bearing debt decreased by ¥10,843 million year on year to ¥25,978 million, and operating cash flow turned to a net inflow of ¥18,696 million (compared to a net outflow of ¥11,866 million in the previous period). The interest coverage ratio reached 20.7x, and the cash flow to interest-bearing debt ratio improved to 1.4 years, reflecting rapid improvement in financial indicators.
In March 2025, the company entered into a business and capital alliance with Asahi Kasei Homes. Asahi Kasei Homes acquired 2,795,600 shares of the company's stock (9.88% of shares outstanding). The alliance is built around three pillars: joint development of large-scale condominium projects in the greater Tokyo metropolitan area, effective utilization of real estate development information, and consideration of cost synergies in condominium-related businesses, establishing a framework to strengthen development capabilities for prime, high-grade properties in central urban areas.
ENVALITH's Perspective
Performance Trend
Reflecting the pullback from FY2025 (ended June 2025), which had set record highs with net sales of ¥61,748 million and operating profit of ¥5,416 million, cumulative results for the nine months through Q3 of FY2026 (ending June 2026) showed sharp declines across all metrics: net sales of ¥18,146 million (down 38.4% year on year), operating profit of ¥1,400 million (down 27.4%), ordinary profit of ¥733 million (down 47.2%), and quarterly net profit attributable to owners of the parent of ¥736 million (down 34.7%). The condominium development business recorded extremely low sales of ¥116 million (down 98.6% year on year), with only two units delivered at "Will Rose Shinozaki". The income-producing property business delivered 19 properties, generating net sales of ¥17,110 million (down 14.9% year on year), though operating profit rose 48.2% year on year on improved profitability. The full-year forecast remains unchanged from the figures announced on August 8, 2025 (net sales of ¥51,426 million, operating profit of ¥4,538 million).
Growth Strategy
Premised on full subsidiarization by Daito Trust Construction, the company continues to advance income-producing property and condominium development
In the income-producing property business, 19 properties were delivered in the cumulative nine months of Q3 FY2026 (ending June 2026), achieving operating profit of ¥2,751 million (up 48.2% year on year). The buildup of real estate for sale under development (¥37,989 million) secures a pipeline of properties for delivery from Q4 onward.
The company is advancing joint development of high-grade properties in central urban areas through its alliance with Asahi Kasei Homes. It aims to horizontally deploy the land acquisition and planning capabilities cultivated in the condominium development business into the income-producing property business, thereby improving property quality and profitability.
On April 6, 2026, the company expressed its support for the tender offer bid by Daito Trust Construction Co., Ltd. Conditional on the success of the tender offer bid, the year-end dividend for FY2026 (ending June 2026) was revised to no dividend. The transition to a management structure premised on full subsidiarization and delisting is currently underway.
Last updated: July 17, 2026