December 22, 2003
To whom it may concern:
Name of Real Estate Investment Corporation
Japan Real Estate Investment Corporation
Yoneichiro Baba, Executive Director(TSE code: 8952)
Contact: (Asset Management Contractor)
Japan Real Estate Asset Management Co., Ltd.
Takuro Yamanaka, General Manager of Planning Department
Phone: +81-3-3211-7921

Notice of Asset Acquisition
Announcement is hereby made that on December 22, 2003, Japan Real Estate
Investment Corporation (the “Corporation”) decided to acquire the following realestate property:

1. Outline of the acquisition(1) Asset to be acquired: real property
Land: Fee simple (interests in co-ownership)
Building: Ownership and co-ownership ofcompartmentalized building units(2) Name of property: Fukusuke Sakaisuji-honmachi Building*(3) Acquisition price: 1,900 million yen(4) Scheduled date of acquisition: December 26, 2003
(5) Seller: Fukusuke Corporation(6) Acquisition funds: own funds* As of December 22, 2003, the Corporation is an owner of a trust beneficiary right
representing ownership interest of 46.17% in the above property.
Uponacquisition of the property, the trust agreement for the said trust beneficiary rightis intended to be terminated. As a result, the Corporation shall, upon acquisition,
become an owner of 100 % of ownership of the property.

2. Reason for the acquisition
The Corporation will acquire the property based on the basic policy and investment
attitude for asset management under the articles of incorporation of the Corporation.
In particular, the following points have been highly evaluated in the determinationof the acquisition:(1) Expected efficiency improvements in building operations and management
By acquiring the rest of the whole ownership in the building, asset value andefficiency of operations and management of the building can be enhanced.
(2) Highly competitive property as an office building for lease
Built in 1992, it is a relatively new building with a landmark value because of its
prominent design, both inside and outside the building. The building boasts highquality standards in terms of architectural design and facilities, including its highceiling of 2,750mm and 10 separate air-conditioning systems per floor (i.e., 10 zones
on each floor). It is located in Chuo Ward in Osaka, where office buildings areconcentrated. Located within just a minute’s walk from Sakaisuji-honmachi subway
station, its superior location boosts the competitiveness of the building.
3. Details of the acquired property
The relevant information is as set out below; provided that the information on"areas” , “structure” and “completion date” derives from the land registry and theinformation on “usage” described below is among the main usages listed in the landregistry.
(1) Details of the acquired property

Location

Address shown inland registryLand

1-50 Minamihonmachi, Chuo-ku, OsakaCity, Osaka Prefecture and others
1-8-14 Minami-honmachi, Chuo-ku, Osaka City,
Osaka Prefecture
OfficeBuilding

Address
Usage

1-50 Minami-honmachi,
Chuo-ku, Osaka City, Osaka
Prefecture and 8 other lots

AreasLand
Building
Structure
Completion
dateType ofownership*

2,036.22 m2 (Total land area for the building site)2
17,145.59 m (Total floor space for the entirebuilding)
Steel-framed reinforced concrete structure, flat roof
Above ground: 13 floors Below ground: 2 floors
October 1992

Fee simple (Co-ownership in 6 lots among the totalof 9 lots /Percentage interest in land: 53.83%)
Ownership and co-ownership of compartmentalized
Buildingbuilding units (Percentage interest in the building:53.83%)*Upon acquisition of the property, the ownership of the Corporation shallbe 100% for both land and building.
Acquisition
1,900 million yen
priceAppraisal
1,990 million yen
value(appraisal(Discounted cash flow method: as of November 1,method)
2003)(appraisalinstitution)(Japan Real Estate Institute)Mortgage
The mortgage to be released prior to the acquisition.
Land(2) Details of tenants (Applicable for the portion of the property to be acquiredat this time)
Total number oftenants
Total revenues
from the leasingof the portion

6*
265 million yen /yearTotal rent space
Total rentable
space

24,412 m

26,237 m

March 31, 2002
94.1%
March 31, 2003
94.1%
Occupancy rates
On the scheduled
70.8%
acquisition date
- Total number of tenants, total rent space, total rentable area andoccupancy rate on, which tenant is scheduled acquisition date areprojections as of December 31, 2003.
- The above total revenues from leasing are estimated based on
the occupancy rates and terms and conditions of leaseagreements on the scheduled acquisition date.

* One of the tenants, N.I. TEIJIN SHOJI CO., LTD.(with total leased space of 5,636
2m of this building, which tenant is the third largest tenant of the Corporation as ofDecember 26, 2003), is to terminate its lease on May 31, 2004.
4. Outline of Seller
Corporate name
Address ofregistered head
officeRepresentative
Paid-in capital
Principal business

Fukusuke Corporation*
2-1-1 Minami-yasuicho, Sakai City,
Osaka Prefecture
Makoto Taga, President & Representative
Director
3,937 million yen (as of September 30, 2003)
Manufacturing and sales of textile products*Fukusuke Corporation, the seller of the property, is presently undergoing arehabilitation proceedings under the Civil Rehabilitation Law (Osaka District
Court on June 21, 2003 approved the commencement of such rehabilitation
proceedings of Fukusuke Corporation.) A consent is required from thecourt-appointed supervisor for the acquisition of assets owned by Fukusuke
Corporation. Such consent has already been obtained for the subject property.

5. Acquisition schedule
December 22, 2003
Acquisition of the property was determined.
December 26, 2003
Execution of an agreement for the acquisition of theproperty and closing of acquisition of such remaining portion of interest in theproperty.
Reference materials (attachments)- Photo: Outside view of Fukusuke Sakaisuji-honmachi Building- List of all the assets of the Corporation after the acquisition of this property

This notice is translation in English of the announcement in Japanese on December
22, 2003 in our website. However, no assurance or warranties are given for thecompleteness or accuracy of English translations.

Photo: Outside view of Fukusuke Sakaisuji-honmachi BuildingList of all the assets of the Corporation after the acquisition of this property

Type of asset

Acquisition dateor scheduledacquisition date

Acquisition price(MM yen)

Percentage ofportfolio

Real property

October 31, 2002

５，０００２．３％

Real property

May 31, 2002

９，５２０４．３％

Real property

August 15, 2002

４，８１０

２．２％

Mitsubishi Soken Building(Chiyoda-ku, Tokyo)

Real estate
investment trust
beneficial interest

September 25, 2001

２７，２６７

１２．４％

Yurakucho Denki Building(Chiyoda-ku, Tokyo)

Real property

August 1, 2003

７，２００３．３％

Real estate
investment trustbeneficial interest

September 25, 2001

３，１７３１．４％

Real property

July 22, 2002

５，２５０２．４％

Real property

March 14, 2003

７，６８０３．５％

September 10, 2001

４，８５９

２．２％

September 25, 2001

２，８０８

１．３％

September 25, 2001

２，７３８１．２％

September 10, 2001

１，３６２０．６％

September 10, 2001

５，１２３２．３％

Real property

April 1, 2004

８，７００４．０％

Real property

November 22, 2002

４，８８５２．２％

Real property

October 9, 2003

１２，２００５．６％

Real property

November 30, 2001

３４，６００

１５．８％

Real property

November 14, 2003

３，７４０

１．７％

September 25, 2001

３，５４１

１．６％

September 25, 2001

１，７２８

０．８％

１，２３２
１，３４２
２，５７４

１．２％

Name(Location)

Area

Genki Medical Plaza(Chiyoda-ku, Tokyo)
MD Kanda Building(Chiyoda-ku, Tokyo)
Kandabashi Park Building(Chiyoda-ku, Tokyo)

Kodenmacho Shin-Nihonbashi Building(Chuo-ku, Tokyo)
Burex Kyobashi Building(Chuo-ku, Tokyo)
Aoyama Crystal Building(Minato-ku, Tokyo)
Shiba 2-chome Daimon Building(Minato-ku, Tokyo)

Tokyo MetropolitanArea(23 wards)

Cosmo Kanasugibashi Building(Minato-ku, Tokyo)
Takanawadai Building(Shinagawa-ku, Tokyo)
JAL Travel Building(Meguro-ku, Tokyo)
Omori-Eki Higashiguchi Building(Ota-ku, Tokyo)(tentative name) Yoyogi 1-Chome Building*(Shibuya-ku, Tokyo)
da Vinci Harajuku(Shibuya-ku, Tokyo)
Jingumae Media Square Building(Shibuya-ku, Tokyo)
Shibuya Cross Tower(Shibuya-ku, Tokyo)
Ebisu Neonato(Shibuya-ku Tokyo)
Otsuka Higashi-Ikebukuro Building(Toshima-ku, Tokyo)
Ikebukuro 2-chome Building(Toshima-ku, Tokyo)

Tokyo MetropolitanArea(excluding 23 wards)

Real estate
investment trust
beneficial interestReal estate
investment trust
beneficial interest
Real estate
investment trust
beneficial interest
Real estate
investment trust
beneficial interest
Real estate
investment trust
beneficial interest

Real estate
investment trust
beneficial interest
Real estate
investment trust
beneficial interest

７１．３％

Saitama Urawa Building(Saitama City, Saitama Prefecture)

Real property

September 25, 2001
October 11, 2001
Total

Ericsson Shin-Yokohama Building(Yokohama City, Kanagawa Prefecture)

Real property

January 28, 2002

３，０００

１．４％

Kawasaki Isago Building(Kawasaki City, Kanagawa Prefecture)

Real estate
investment trust
beneficial interest

September 25, 2001

３，３７５

１．５％

１６５，１３３

７５．４％

７５．４％

September 25, 2001

２，９２４

１．３％

１．３％

September 25, 2001

１，０１０

０．５％

Total: Tokyo Metropolitan Area
Sendai Honcho Honma Building(Sendai City, Miyagi Prefecture)
Other Major cities

Percentage byarea

Niigata Ishizuecho Nishi-Bandaibashi Building(Niigata City, Niigata Prefecture)

Real estate
investment trust
beneficial interest
Real estate
investment trust
beneficial interest

Kanazawa Park Building(Kanazawa City, Ishikawa Prefecture)

Real property

February 28, 2002
March 3, 2003
Total２，８８０
１，７００
４，５８０

２．１％

Kanazawa Minamicho Building(Kanazawa City, Ishikawa Prefecture)

Real estate
investment trust
beneficial interest

September 25, 2001

１，３３１０．６％

Real property

September 10, 2001

１４，５３３

６．６％

Real property

August 8, 2003

１，８６５０．９％
１．２％

Nagoya Hirokoji Building(Nagoya City, Aichi Prefecture)
Nagoya Misono Building(Nagoya City, Aichi Prefecture)
Kyoto Shijo Kawaramachi Building(Kyoto City, Kyoto Prefecture)
Fukusuke Sakaisujihonmachi Building(Osaka City, Osaka Prefecture)
Midosuji Daiwa Building(Osaka City, Osaka Prefecture)
Kobe Itomachi Building(Kobe City, Hyogo Prefecture)

４．１％

３．２％

７．５％

Real property
Real property
Real estate
investment trust
beneficial interest
Real estate
investment trust
beneficial interest

December 20, 2001

２，６５０

September 25, 2001
December 26, 2003
Total
September 25, 2001
February 28, 2002
Total

２，２６４
１，９００
４，１６４
６，９３４
７，３８０
１４，３１４September 25, 2001

１，４３６

０．７％

１．９％
１０．３％
６．５％

Tosei Tenjin Building(Fukuoka City, Fukuoka Prefecture)

Real property

September 25, 2001

１，５５００．７％

Hinode Tenjin Building(Fukuoka City, Fukuoka Prefecture)

Real estate
investment trust
beneficial interest

September 10, 2001

３，６５７

１．７％

５４，０１４

２４．６％

２４．６％

２１９，１４７

１００．０％

１００．０％

２．４％

Total: Other Major cities
Total: Portfolio*(tentative name) Yoyogi 1-Chome Building is scheduled to be acquired on April 1, 2004.