Develop Co., Ltd. Cuts Stake in Storage-Oh (2997) to 0% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Develop Co., Ltd. has reduced its stake in Storage-Oh (2997) to 0%. Develop, which operates hotels, solar maintenance, and real estate businesses, has completely exited its position in Storage-Oh, which engages in the planning, development, operation, and management of self-storage trunk room facilities. On August 27, 2026, the company transferred 182,700 shares at ¥1,340 per share to Area Link Corporation, generating proceeds of ¥240 million.

Develop's reduction was not a sudden move but rather the final stage of a gradual pullback. The company held 33.96% of Storage-Oh when it first disclosed in July 2025, and through four subsequent filings has eliminated a 33.96 percentage point position by this latest sale. Over roughly 13 months from July last year, it has unwound its status as a principal investor entirely.

Area Link Corporation, the buyer, is now Storage-Oh's largest shareholder with a reported stake of 84.15%. Develop's exit strengthens Area Link's control over the company. Other filers show Rakuten Securities holding 1.11% and KLI Corporation at 0%, putting Develop's former shareholding in historical perspective as a dominant position within the shareholder base.

At ¥1,323 per share on August 27, 2026, Storage-Oh's market price sat below the transfer price of ¥1,340. The company posted a PER of 20.9 times and a PBR of 1.98 times, positioning it at the 97th percentile within its 52-week range, indicating the stock was near all-time highs during this period's sale.

*Speculation: Develop, with its core focus on hotels and real estate operations, may be reducing its commitment to the trunk room business and reallocating capital toward alternative business segments.