I have recently stumbled upon a Business Trust with an interesting business model which is Accordia Golf Trust. This is the first Business Trust comprising of investments in golf course assets in Japan. Accordia Golf Trust is 49% held by Accordia Golf Co., Ltd. (the “Sponsor”) and 51% held by Daiwa Real Estate Asset Management Co., Ltd, a wholly-owned subsidiary of Daiwa Securities Group Inc. I am not a golf player and know nothing about golf. If you are a novice to golf like me, you probably will wonder where do Accordia Golf Trust derive its revenue from? Based on what I found from the prospectus, the operating revenue for Accordia Golf Trust comes from three areas which are golf courses, restaurants and memberships. The sponsor, Accordia Golf Co. Ltd. supports the operation of the golf courses. The business model is very unlike other Business Trusts and REITs whereby...