List Development Revitalizes Kyoto Machiya in Shimabara Area, Kyoto

LIST DEVELOPMENT Co., Ltd. (President and CEO: Hiroyuki Kiuchi, Headquarters: Yokohama City, Kanagawa Prefecture), a consolidated subsidiary of LIST Co., Ltd., a comprehensive real estate company (President and CEO: Hisashi Kitami, Headquarters: Yokohama City, Kanagawa Prefecture), is pleased to announce that it has acquired a Kyoto Machiya (hereinafter referred to as "the property") located in Shimogyo-ku, Kyoto City, and has completed renovation development to a specification that allows its use as an entire rental accommodation facility.

Kyoto Prefecture is highly popular both domestically and internationally as a tourist destination where visitors can experience Japan's history, culture, and traditions. In 2024, the total number of tourists recovered to 84.25 million (※1), 113% compared to pre-COVID-19 levels in 2019, and tourism consumption expanded to 2.0581 trillion yen (155% compared to 2019). In recent years, the opening of luxury hotels such as "Capella Kyoto" and "Imperial Hotel Kyoto" has continued, and further growth in accommodation demand is expected.

The property is located a 6-minute walk from JR San'in Main Line "Tanbaguchi" Station and offers excellent access, being just two stations from Kyoto Station. The surrounding area belongs to the Shimabara district, which flourished as a red-light district from the Edo period to the Meiji era, and boasts high popularity as a tourist destination with historical buildings remaining.

Against the backdrop of these locational characteristics and the growing tourism demand, LD has promoted this project with the aim of inheriting regional culture and creating new accommodation value through the revitalization of vacant Kyoto Machiya.

※1 Refer to "2024 Kyoto Prefecture Tourism Influx Survey Report" by Kyoto Prefecture Department of Commerce, Labor and Tourism.

Main Features ### Preservation and Regeneration of Kyoto Machiya The property is a wooden two-story Kyoto Machiya, believed to have been built in the Taisho era (already constructed by Taisho 5th year, 1916), and is a historical building symbolizing Kyoto's townscape and living culture. Kyoto Machiya are traditional residences adapted to Japan's climate and environment, characterized by a unique narrow frontage and deep depth layout known as "unagi no nedoko" (eel's bedding), which ensures lighting and ventilation through tōri-niwa (alley gardens), tsubo-niwa (courtyard gardens), and hibukuro (atrium). Furthermore, exterior elements such as latticework, earthen walls, and eaves form the continuity of the townscape, creating the distinctive scenery of Kyoto.

On the other hand, due to aging and difficulties in maintenance, many Machiya have become vacant or been demolished, and their preservation and utilization have become one of the regional challenges. In this project, to preserve and regenerate such historically valuable Kyoto Machiya, a full renovation was carried out while utilizing existing structures such as the roof and pillars. By respecting traditional designs and spatial configurations while adding functions that meet modern accommodation needs, a new utilization model for Kyoto Machiya is being created.

### Both Traditional Design Reproduction and Modern Comfort The building extensively incorporates traditional elements that constitute a Kyoto Machiya.

- Eaves tiles, Shoki (guardian demon tiles), plaster walls, sliding doors - Cypress bark roofing, tōri-hisashi (passage eaves), noren (traditional Japanese fabric dividers) - Shimiya-gōshi (latticework), tōri-niwa (alley garden), hako-kaidan (box stairs) - Washitsu (Japanese-style rooms), saobuchi-tenjō (coffered ceiling), hibukuro (atrium), tsubo-niwa (courtyard garden)

While reproducing these elements, the facilities ensure the functionality and comfort of a modern accommodation, realizing a fusion of tradition and modernity.

The property is planned to be operated as a whole-house rental hotel in the future. It will create an experiential value of "staying as if living in Kyoto," leveraging the Machiya's unique deep spatial configuration, courtyard garden, and Japanese-style rooms, providing a highly private accommodation experience.

Property Overview Location: 1-19 Osakacho, Shimogyo-ku, Kyoto City, Kyoto Prefecture Access: 6-minute walk from JR San'in Main Line "Tanbaguchi" Station Scale/Structure: Wooden, tiled roof, 2 stories Land Area: 85.59 ㎡ (25.89 tsubo) Building Area: 88.59 ㎡ (26.79 tsubo) Floor Plan: 4 bedrooms

LIST DEVELOPMENT Co., Ltd. Location: 4-47 Onoecho, Naka-ku, Yokohama City, Kanagawa Prefecture Representative: Hiroyuki Kiuchi, President and CEO Established: May 10, 1991 Business Overview: Planning, development, and sale of condominiums, office buildings, hotels, and resorts; buying, selling, and brokerage of income-generating real estate and consulting on asset management; property management services. URL: https://listdevelopment.jp/

LIST Co., Ltd. Location: 3-35 LIST EAST BLD., Onoecho, Naka-ku, Yokohama City, Kanagawa Prefecture Representative: Hisashi Kitami, President and CEO Founded: May 10, 1991 Established: May 20, 2016 Consolidated Sales: 59.7 billion yen (FY2025/12) Business Overview: Holding company, group management business URL: http://www.list.co.jp/