August 1, 2022
For Immediate Release
Real Estate Investment Trust Securities Issuer
Star Asia Investment Corporation
Representative: Atsushi Kato, Executive Director(Code: 3468)
Asset Management Company
Star Asia Investment Management Co., Ltd.
Representative: Atsushi Kato
President and CEO
Contact: Akiko Kanno
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning Acquisition of Real Estate Beneficiary Interests in Trustand entering into Lease Contracts
Star Asia Investment Management Co., Ltd. (the “Asset Manager”), to which Star Asia Investment Corporation(“SAR”) entrusts the management of its assets, announces today its decision to acquire and lease real estate
beneficiary interests in trust of the following three real estate properties (the “Assets to be Acquired”, and theentire transaction to acquire these beneficiary interests is referred to as the “Acquisitions”.)
1.

Overview of the Assets to be Acquired
Asset type

Property no.
(Note 1)

Property name

OfficeOFC-24

Urban Center Fujisawa (Note 2)

Retail

RTL-06abeno nini (Retail) (Note 3)

Hotel

HTL-09abeno nini (Hotel) (Note 3)
Total (3 properties)

Location
Fujisawa-shi,
Kanagawa
Osaka-shi,
Osaka
Osaka-shi,
OsakaPlannedacquisition price(million yen)
(Note 4)
2,054
9,500
3,600
15,154(Note 1) As for “Property no.”, please refer to “Reference Material 5 The terms used in the table of
Description of Asset to be Acquired” below.
(Note 2) The current name of the property is “GRAFARE FUJISAWA”. However, it is planned to change thename of the property to the above, on the date of acquisition of the Assets to be Acquired.
(Note 3) “abeno nini” is a sectional ownership building comprised of a retail facility, a hotel, andresidence. The part of retail facility portion and the hotel portion which SAR expects to acquire
have been described separately by usage each as a single property. The same applies below.
(Note 4) “Planned acquisition price” indicates the planned sale and purchase price stated in the sale andpurchase agreement with the seller for the Assets to be Acquired, rounded to the nearest million
yen. The planned sale and purchase price does not include consumption tax, local consumption
tax and various expenses required for the acquisition.
(1) Contract date(2) Planned acquisition date(3) Sellers(4) Acquisition financing: August 1, 2022
: August 18, 2022 (delivery and settlement date): Please refer to “4. Seller Profile” below: Proceeds from the issuance of new investment units
through public offering (Primary offering) (Note 5) for which

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

1resolution was made at the Board of Directors meeting of
SAR held on today, planned new borrowings (Note 6) andmoney on hand to be planned etc.
(5) Settlement method: Payment of entire amount on planned acquisition date
(6) Presence or absence of: Presence
brokerPlease refer to “6.Overview of Broker” below.
(Note 5) For further details, please refer to “Notice Concerning Issuance of New Investment Units andSecondary Offering of Investment Units” announced today.
(Note 6) For further details, please refer to “Notice Concerning Debt Financing (Green Loan)” announced
today.
2.

Reason for the Acquisitions and Leasing
The Acquisitions are to be made to acquire properties which are anticipated to provide stable mid- to longterm income and which have potential for internal growth, in order to realize promotion of the continual
external growth strategy aiming to achieve the target of “Asset Size of JPY 300 billion by 2026” established in
SAR’s Mid-term Business Plan (announced in March 2021).
Furthermore, the Assets to be Acquired are properties to be acquired under bilaterally negotiatedtransactions using the Asset Manager’s own unique network. Also going forward, SAR will continue to aim toachieve the asset size target of the Mid-term Business plan by utilizing the Asset Manager’s own unique
network, in addition to utilizing Sponsor support.
The main reasons behind the decisions to acquire and lease each of the Assets to be Acquired are described
below.
The tenants of the Assets to be Acquired satisfy the tenant selection standards described in the “Report on
the Management Structure and System of the Issuer of Real Estate Investment Trust Units and Related Parties”
dated April 27, 2022.
【Urban Center Fujisawa】
Urban Center Fujisawa is a multi-tenant mid-sized office building located close to a station at an approximate
7-minute walk from “Fujisawa” Station on the JR Tokaido Main Line, offering direct access to “Tokyo” Station
and “Yokohama” Station. The property is located in an area where there are many office buildings and multifamily residential apartment buildings etc., and given this background area, the building is capable of meetingthe needs of community-based tenants in the trade area surrounding Fujisawa city. Furthermore, the property
is located along the main road connecting “Fujisawa” Station and “Tsujido” Station on the JR Tokaido MainLine and has convenient traffic access for automobile users, and so has strong location competitiveness.
As to property features, the building is 8 floors high and has 1 basement floor, with an open atmosphere
floor that takes in light from 2 sides (south and east sides), with a view of Enoshima Island and Miura peninsulafrom the upper floors. In addition to being located in a highly convenient location close to a train station as
described above, also given that Fujisawa-shi is the largest population area in the Shonan area (see Note) anda community-based area, the current tenants consist of an administrative office, an employment support
facility , and a call center of a large company, which match the location characteristics, and SAR believes thatstable income can be anticipated in the mid- to long-term and there is also potential demand for satellite
offices which is expected to continue even after the convergence of COVID-19 pandemic.
Furthermore, due to the convenience of the property's location near “Fujisawa” Station and the presence of
convenient living facilities in front of the station, as well as its excellent living environment, SAR believes that
repositioning the property into a multi-family residential apartment building is also conceivable.
The acquisition was decided, given that as a result of comprehensively considering the location features andproperty features described above, it has been determined that it is possible to earn stable mid- to long-term
income from the property and that it will contribute to increase income stability of the portfolio.
(Note) “Shonan area” is the name of a district defined by Kanagawa Prefecture, and includes Hiratsuka-shi,
Fujisawa-shi, Chigasaki-shi, Hadano-shi, Isehara-shi, Samukawa-machi, Oiso-machi and Ninomiya-machi. The
same applies below.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

2

【abeno nini (Retail)/ abeno nini (Hotel)】abeno nini (Retail) and abeno nini (Hotel) are large multi-use facilities complex with retail facilities, hotel,
and residences directly connected by underground passageway to “Tennoji” Station, one of Osaka’s largest
terminal stations, on the JR Osaka Loop Line, Osaka Metro Midosuji Line, and Tanimachi Line and “Osaka
Abenobashi” Station on the Kintetsu Minami Osaka Line. The lower 2nd basement to 4th floors have retailfacilities, the middle 3rd to 11th floors are the hotel floors, and the upper 13th to 24th floors are residences. The
targets of the acquisition this time are a part of retail facilities portion and the whole of the hotel portion.
<Retail>In the neighborhood, there are some various retail facilities including “Abeno HARUKAS (English notation :Osaka Harukas)”, and it is a highly prosperous commercial area developed under the Abeno-chiku Type II urban
redevelopment project completed in 2018. Furthermore, as the property is located on the traffic flow line ofthe pedestrian deck which connects “Tennoji” Station and adjacent retail facilities, the property is pedestrianfriendly and highly migratory.
The tenants are mainly comprised of visit-type shops which require the highly convenient traffic locations ofbeing directly connected to a terminal where many people pass by, such as banks, an international school, andrestaurants etc.
<Hotel>As the property is located along a major road, it is highly visible and competitively located suitable for hotels.
Furthermore, it has good access to “Kansai International Airport” and “Shin-Osaka” Station which are accesspoints to places abroad and in Japan, respectively, and to the sightseeing resource of “Universal Studios Japan”
and “Kyocera Dome Osaka” where many events are held, and it is possible to attract both business demandand sightseeing demand. Additionally, stable income has been secured by fixed rents under a fixed-termbuilding lease agreement with Resorttrust, Inc. SAR believes that the financial status of the hotel will improve
due to the recovery of domestic accommodation demand following the convergence of COVID-19 pandemic
as well as recovery of inbound demand envisioned to occur in the future, and internal growth is expected going
forward by changing the rent structure at latest after the end of the lease contract term.
The acquisition was decided, given that as a result of comprehensively considering the location features andproperty features described above, it has been determined that it is possible to earn stable mid- to long-term
income from the properties and that it will contribute to improve income stability of the portfolio.
In the Asset Manager’s Management Guidelines which prescribe the basic rules for investment
management, SAR has established the Tokyo Area (see Note) as the main target investment area, andprescribed that for the time being the investment ratio in the same area should be at least 70% (onacquisition price basis). After the Acquisitions, the Tokyo Area ratio of the entire portfolio will become
66.7%. Although the investment ratio in the Tokyo Area will be estimated to become lower than 70%, if the 3
suburban retail facilities, “La Park Kishiwada”, “Suroy Mall Chikushino”, and “Seiyu Minakuchi”, which havebeen considered to be sold are excluded, the calculated Tokyo Area ratio is 72.4%.
“abeno nini (Retail)” and “abeno nini (Hotel)” both comprise a part of a single large building, their usage
differ and are conceived to have differing risk-return characteristics from the perspectives of risks related tobusiness cycles, and leaving of tenants and rent reductions of each property. Also, “abeno nini” is a sectional
ownership building and it is possible to sell and purchase each of “abeno nini (Retail)” and “abeno nini
(Hotel)” independently, so SAR views the two properties as separate transaction targets.
Taking into account such circumstances, the Management Guidelines has been partially amended today,
and the definition of mid-sized assets has been revised. For further details, please refer to “NoticeConcerning Partial Amendment to the Management Guidelines of the Asset Manager” announced today.
As SAR will continue to uphold the investment policy of maintaining at least 70% (on acquisition pricebasis) of investments in the Tokyo Area going forward as the main investment target area, there are nochanges made to the investment ratios set by area prescribed in the Management Guidelines.
Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

3

(Note) SAR has classified investment target areas into “Tokyo Area”, “Greater Tokyo Area”, “Osaka Area”,“Nagoya Area”, “Fukuoka Area”, “Sapporo Area” and other ordinance-designated cities, and has designatedinvestment areas within each classification by asset type (usage). With respect to offices and retail facilities,
the 23 wards of Tokyo, Kawasaki-shi, and Yokohama-shi which SAR believes have high demand for suchproperties are defined as “Tokyo Area”, and for residences, logistic facilities, hotels, and student residences,
given their feature that demand is expected from areas other than the above, Tokyo, Kanagawa, Saitama, andChiba prefectures are defined as the “Tokyo Area”. The same applies below.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

4

3.

Summary of Assets to be Acquired
Overview of Assets to be Acquired is shown in the tables (1)-(3) below. For a glossary of the terms used in thetables, please refer to “Reference Material 5 The terms used in the table of Description of Assets to be

Acquired” below.
(1) Urban Center Fujisawa
Property
Property
OFC-24
No.
nameOverview of specified asset
Type of specified asset

Urban Center Fujisawa

Beneficiary interest in trust

TrusteePlanned acquisition price 2,054 million yen
Appraised value
Location
Indication of residential
address
Nearest station
Type ofLand
ownership
Site area
Building
coverage
ratioType of
Building
ownership
Total floor
area

Type

OfficeSumitomo Mitsui Trust Bank, Limited

Planned acquisition date

2,200 million yen
Seller987-12 Fujisawa aza naka yokosuka, Fujisawa-shi, Kanagawa

August 18, 2022
Not disclosed (Note)

1031 Fujisawa, Fujisawa-shi, Kanagawa
Approx. 7-minute walk from “Fujisawa” Station of JR Tokaido Main Line
Proprietary ownership
1,005.52㎡

Use district

Commercial district

80%

Floor area ratio

400%

Use

Office/Residence/Parking

Structure and floors

Steel-framed reinforced concrete
Structure with 1 basement / 8 floors
above ground

Proprietary ownership
4,392.71㎡

Construction
April 9, 1991
completion
Property managementcompany

CBRE K.K.

Master lease company

SAR

Type of master lease

Pass-throughSecurity

Unsecured

Trust expiration dateAugust 31, 2032

Status of leasing (as of the end of April 2022)
Total leasable are

3,396.17㎡

Total leased area

3,298.18㎡

Total number of tenants

6

Monthly rent (includingcommon area
maintenance fee)
Security and guarantee
deposits

12,034 thousand yen
84,390,960 yen

Occupancy rate
December 2021

January 2022

100.0%
Special notation

100.0%

February 2022
100.0%March 2022
100.0%

April 2022
97.1%

Not applicable.

(Note) Not disclosed, because approval for disclosure has not been obtained from the Seller.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

5

Property Description and Acquisition Highlight based on the investigation by the Asset Manager(1) Property Descriptioni) A multi-tenant type mid-sized office building located at an approximate 7-minute walk from “Fujisawa” Station on the JR
Tokaido Main Line.
ii) Located along the main road connecting “Fujisawa” Station on the JR Tokaido Main Line and “Tsujido” Station on the JR
Tokaido Main Line, and is also conveniently located for automobile users.
iii) The floors have an open atmosphere taking in lights from two sides (south and east sides), and the upper floors have aview of Enoshima Island and Miura peninsula.
iv) Potential demand can be expected for community-based offices as well as satellite offices even after the convergence of
COVID-19 pandemic.
(2) Acquisition Highlight
The property is expected to be acquired under a bilaterally negotiated transaction, based on property information obtainedusing the Asset Manager’s own unique network.

Market analysis and independent analysis by the Asset Manager(1) Demographic analysis of Fujisawa-shi
Given the favorable natural environment and residential environment, population and number of households of Fujisawa-shi
have continued to show an increasing trend, and given the recent trend of proximity between workplace and home and teleworkneeds, the Asset Manager believes that the population and number of households of the area will remain stable going forward.
<Fujisawa City Fujisawa area (Note) population and households>

Source: Prepared by the Asset Manager, based on data by Fujisawa City “Trend in population and households (estimation based onnational censuses)” (as of October 1st for each year)(Note) “Fujisawa City, Fujisawa area” refers to one of the13 districts of Fujisawa City designated by the municipal
government. The area consists of Asahi-cho, Fujisawa (south), Fujisawa 1-5, Hon-cho 1-4, a part of Kugenuma,
Kugenumashinmei 1-5, Nishitomi, Nishitomi 1-2, Daigiri, Daigiri 1-3and Fujigaoka 1-3.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

6(2) Transition of Daily Average Number of Passengers using JR Tokaido Main Line “Fujisawa” Station.
Daily Average Number of Passengers using “Fujisawa” Station has remained above 200,000 persons, and the trend of increase
has continued from 2012 to 2019.
The Asset Manager is of the view that the number of passengers will continue to be stable given an increase in the population.

<Transition of the Number of Passengers using JR Tokaido Main Line “Fujisawa” Station>(The number of passengers )225,000
220,000
215,000
210,000
205,000
200,000
195,000
2011

2012

2013

2014

2015

2016

2017

2018

2019

Source: Prepared by the Asset Manager based on “Digital national land information 2019 (data on number of passengers bystation)”, published by Ministry of Land, Infrastructure, Transport and Tourism.

Comprehensive Evaluation by SAR: High Prospect for Stability of Income
Due to the reasons stated below, SAR believes that the property will be able to obtain stable income in the mid-to long-term.
(1) The population and the number of households in Fujisawa-shi is showing an increasing trend.
(2) The property is a multi-tenant type mid-sized office building located at an approximate 7-minute walk from “Fujisawa”
Station on the JR Tokaido Main Line, and the current tenants consist of an administrative office, a labor support facility, anda call center of a large company, and stable income is anticipated in the mid- to long-term given compatibility with location
characteristics of being conveniently located close to a train station, being the largest population area in the Shonan area,and being a community-based area.
(3) The surrounding area has convenient living facilities and also the area excels as a living environment, usage throughrepositioning by rebuilding into a multi-family residence is also conceivable.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

7

(Unit: Yen)
Summary of Real Estate Appraisal Report
Property nameUrban Center Fujisawa

Appraisal value

2,200,000,000

Appraisal firm

Japan Real Estate Institute

Date of value

July 1, 2022
Item

Indicated value by income approach
Indicated value of direct
capitalization approach

Details

Description, etc.

2,200,000,000

Estimated by correlation of the indicated value by direct capitalization method and theindicated value by DCF method.

2,220,000,000(1) Operating revenue ((a)−(b))

153,508,000(a) Gross potential income

160,519,000(b) Vacancy loss, etc.

7,011,000(2) Operating expenses

38,017,000

Maintenance andmanagement Fee

6,700,000

Utilities expenses

14,550,000

Repair expenses

3,970,000

Property management fee

2,931,000

Tenant leasing cost, etc.

1,095,000

Property taxes

8,367,000

Recorded based on an appraisal of the rent that can be received stably over the
medium to long term, based on the current rent.
Recorded by taking into account the occupancy status of similar properties, supply anddemand trends, and the status of the subject property, etc.
Recorded by taking into account the individual characteristics of the subject real estate,etc. based on the actual data and the level of similar real estate.
Recorded by the actual data taking into consideration the occupancy rate, etc. of theleased portion
Recorded by taking into account the actual data, with reference to the repair expenses
on the ER and the expenses of the level of similar real estateAppraised based on the conditions of agreement and the level of similar real estateAppraised based on the anticipated turnover period of the tenant.
Recorded by taking into account the actual data and the details of burden adjustment
measures, etc.

Insurance premium

304,000

Appraised based on the insurance agreement and the level of similar real estate.

Other expenses

100,000

Recorded by the actual data.

(3) Net operating income(NOI=(1)−(2))(4) Financial interests on deposits(5) Capital expenditures(6) Net cash flow
(NCF=(3)+(4)−(5))(7) Capitalization rate
Indicated value of DCF method

115,491,000
746,000

Appraised based on the repair expenses on the ER and the level of similar real estate.

106,717,000
Appraised by comprehensively taking into account the competitiveness of the subject
real estate, etc.

4.8%
2,180,000,000

Discount Rate

4.6%

Terminal capitalization rate

5.0％

Indicated value by cost approachAppraised investment return as 1.0%.

9,520,000

Appraised by comprehensively taking into account the individual characteristics of thesubject real estate, etc.
Appraised by comprehensively taking into account future trends, riskiness of thesubject property, market risk, and other factors.etc
Estimated by multiplying the total of the land price and the building price bymarketability correction rate.

1,990,000,000

Ratio of land

78.9%

Ratio of building

21.1%

Matters considered in reconciliation of indicated values anddetermination of appraisal values

Determined using the indicated value by income approach as standard and by reference
to the indicated value by cost approach.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

8(2) abeno nini (Retail)
Property
Property
RTL-06
no.
nameOverview of specified asset
Type of specified asset

abeno nini (Retail)Type

Beneficiary interest in trust

TrusteePlanned acquisition price 9,500 million yen
Appraisal value
Location
Indication of residential
address
Nearest station
Land

Building

Type ofownership
Site area
Building
coverage
ratioType ofownership
Total floor
area

Planned acquisition date

9,800 million yen
Seller1-4000 Abeno suji, Abeno-ku, Osaka-shi, Osaka

RetailMitsubishi UFJ Trust and Banking
Corporation
August 18, 2022
Not disclosed (Note 1)

1-5-10 Abeno suji, Abeno-ku, Osaka-shi, Osaka
Directly connected to “Tennoji” Station on the JR Osaka Loop Line, Osaka Metro Midosuji Line,
Tanimachi Line, as well as “Osaka Abenobashi” Station on the Kintetsu Minami Osaka Line.
Proprietary ownership (site right approximately 23.3%)
633.90㎡ (Note 2)

Use district

Commercial district

80%

Floor area ratio

800%

Proprietary ownership (Compartmentalized ownership)
4,866.82㎡ (Note 3)

Construction
January 31, 2012
completion

Use

Bank/Retail/Office

Structure and floors

Reinforced concrete structure 2 floors
below ground / 24 floors above ground(Note 4)

Property managementcompany

JLL Mall Management

Master lease company

SAR

Type of master lease

Pass-throughSecurity

Unsecured

Trust expiration dateAugust 31, 2032

Status of leasing (as of the end of April 2022)
Total leasable area

3,481.03㎡

Total leased area

3,481.03㎡

Total number of tenants

5

Monthly rent (includingcommon area
maintenance fee)
Security and guarantee
deposits

36,680 thousand yen
148,168,190 yen

Occupancy rate
December 2021

January 2022

100.0%
Spetial notation

February 2022

100.0%March 2022

100.0%

April 2022

100.0%

100.0%

Not applicable(Note 1) Not disclosed, as approval for disclosure has not been obtained from the Seller.
(Note 2) The property is a sectional ownership building. The figure is calculated by multiplying the right of site ratio (233,199,448/1,000,000,000) of theretail facility portion of the sectional ownership building expected to be acquired by SAR, by the registered area of the land on which thebuilding is located (2,718.29㎡), and rounded to the second decimal point.
(Note 3) The property is a sectional ownership building. The figure is calculated by multiplying the exclusive ownership area ratio of 19.6% as prescribedin the management bylaws of the retail facility portion expected to be acquired by SAR, by the gross floor area of the entire building (24,827.45㎡(the gross floor area of the entire building as stated in the register)), and rounded to the second decimal point.
(Note 4) The property is a sectional ownership building. The building structure and number of stories of the entire building including the property to beacquired is stated. The exclusive ownership portion of the retail facility expected to be acquired by SAR is comprised of 5 floors, the 2nd
basement floor and 1st to 4th floors (however, only a portion of the 2nd basement floor and 1st and 2nd floors).

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

9

Property Description and Acquisition Highlight based on the investigation by the Asset Manager(1) Property Descriptioni) A large multi-use facility complex directly connected to “Tennoji” Station on the JR Osaka Loop Line, Osaka Metro Midosuji
Line, Tanimachi Line, as well as “Osaka Abenobashi” Station on the Kintetsu Minami Osaka Line.
ii) Construction was completed in 2012 as a part of the Abeno-chiku Type II Urban Redevelopment Project which wascompleted in 2018.
iii) The redevelopment project has been completed, and the surrounding areas have many retail facilities and is a highly busy
commercial area.
iv) It is located on the traffic flow line of the adjacent retail facilities connected by a pedestrian deck to “Tennoji” Station, andis highly migratory.
(2) Acquisition Highlight
The property is expected to be acquired under a bilaterally negotiated transaction, based on property information obtainedusing the Asset Manager’s own unique network.

Market analysis and independent analysis by the Asset Manager(1) Demographics Analysis of Abeno-ku, Osaka-shi
In Abeno-ku, Osaka-shi, the population increase ratio against the preceding year has continued to be positive since 2014, andhas turned to a rising trend from 2018 to 2020, and in 2020 the increase ratio against the preceding year exceeded 1%.
Although in 2021 the population increase ratio was less than 0.5%, while the national increase ratio continued to be negative,
the Asset Manager believes that the ratio at Abeno-ku will continue to be stable going forward, also given the background ofcompletion of the Abeno-ku Type II Urban Redevelopment Project.
<Abeno-ku, Osaka-shi, Osaka and National - Population increase ratio against preceding year>
2.00%
1.50%
1.00%
0.50%
0.00%
-0.50%-1.00%
2014

2015

2016

2017

2018

2019

2020

National Population

Abeno-ku Population

National Households

Abeno-ku Households

2021

Source: Prepared by the Asset Manager based on data on population and households by municipality based on the basic resident
register, published by the Ministry of Internal Affairs and Communications.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

10

<Abeno-ku, Osaka-shi, Osaka – Transition of Population and Number of Households>

Source: Prepared by the Asset Manager based on Population Census published by the Statistics Bureau, Ministry of Internal Affairs
and Communications(2) Daily Average Number of Passengers using “Tennoji” Station
The nearest “Tennoji” Station has one of the most passenger usage within Osaka for each train line, and given the increase in
the population of Abeno-ku, the Asset Manager believes that this trend will continue going forward.
<Daily Average Number of Passengers, etc. using “Tennoji” Station and “Osaka Abenobashi” Station>

Comprehensive Evaluation by SAR: High Prospect for Growth of Income
Due to the reasons stated below, SAR believes that the property will be able to obtain stable income in the mid-to long-term.
(1) JR and Osaka Metro Midosuji Line “Tennoji” Station is one of the leading stations in terms of number of passengers in Osaka
area.
(2) As the property is connected on the B2 floor by underground passageway and on the 2nd floor by pedestrian deck, it isexpected to have high potential as a roadside store on multiple floors (B2F, 1F, 2F), and internal growth can be expected at
the timing of replacement of tenants.
Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

11

(Unit: yen)
Summary of real estate appraisal report
Property nameabeno nini (Retail)Appraisal value

9,800,000,000

Appraisal firm

Japan Real Estate Institute

Date of value

July 1, 2022
Item

Indicated value by income approach

Details

Details

9,800,000,000

Indicated value by direct capitalization
method10,000,000,000(1) Operating revenue ((a)−(b))

443,224,000(a) Gross potential income

452,269,000(b) Vacancy loss, etc.

9,045,000(2) Operating expenses

50,420,000

Maintenance and managementfee

100,000

Estimated by correlation of the indicated value by direct capitalization method and theindicated value by DCF method.

Recorded the rent amount assessed to be stably receivable in the mid- to long-term,
based on the current rent and new rent assuming new leases will be entered into.
Recorded taking into account the occupancy status of similar real etate, supply anddemand trends, and the status of the subject real estate property, etc.

Recorded consumable supplies expense etc.

Utilities expenses

0

Not recorded, as utility expense for the exclusive-use area is borne by the lessee, andthat of the common-use area is managed from the administrative maintenance fees
paid to the management association.

Repair expenses

1,300,000

Appraised based on the repair expenses on the ER and the level of similar real estate.

Property management fee

2,400,000

Appraised based on the conditions of agreement and the level of similar real estate

Tenant leasing cost, etc.

1,718,000

Appraised based on the anticipated turnover period of the tenant.

Property taxes

16,508,000

Recorded taking into account actual amounts paid and the contents of burden
adjustment measures etc.

Insurance premium

251,000

Appraised based on the insurance agreement and the level of similar real estate.

Other expenses

28,143,000

Booked administrative maintenance fees payable to the management associsation.

(3) Net operating income(NOI=(1)−(2))

392,804,000(4) Financial interests on deposits

1,512,000

Appraised investment return as 1.0%.

(5) Capital expenditures

3,190,000

Appraised based on the capital expenditures on the ER and the level of similar realestate.

(6) Net cash flow (NCF=(3)+(4)−(5))(7) Capitalization rate
Indicated value by DCF method

391,126,000
3.9%9,600,000,000

Discount rate

3.7%

Terminal capitalization rate

4.1%

Indicated value by cost approachAppraised by comprehensively taking into account the competitiveness of the subject
real estate, etc.

9,620,000,000

Ratio of land

86.2%

Ratio of building

13.8%

Matters considered in reconciliation of indicated values anddetermination of appraisal value

Appraised by comprehensively taking into account the individuality of the subject realestate, etc.
Assessed by comprehensively taking into account future trends, risks of the subject realestate, and market condition risks, etc.
Estimated by multiplying the total of the land price and the building price bymarketability correction rate.

Determined using the indicated value by income approach as standard and byreference to the indicated value by cost approach.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

12(3) abeno nini (Hotel)
Property
HTL-09no.
Status of master leasing

Property
nameType of specified asset

Beneficiary interest in trust

TrusteePlanned sales price3,600 million yen

Planned transfer date

Appraisal value

3,670 million yen
Seller1-4000 Abeno suji, Abeno-ku, Osaka-shi, Osaka

Location
Indication of residential
address
Nearest station
Land

Building

Type ofownership
Site area
Building
coverage
ratioType ofownership
Total floorareaabeno nini (Hotel)

Type

Hotel

Mitsubishi UFJ Trust and Banking
Corporation
August 18, 2022
Not disclosed (Note 1)

1-5-10 Abeno suji, Abeno-ku, Osaka-shi, Osaka
Directly connected to “Tennoji” Station on the JR Osaka Loop Line, Osaka Metro Midosuji Line,
Tanimachi Line, as well as “Osaka Abenobashi” Station on the Kintetsu Minami Osaka Line.
Proprietary ownership (site right 21.6%)
586.44㎡ (Note 2)

Use district

Commercial district

80%

Floor area ratio

800%

Proprietary ownership (Compartmentalized ownership)
7,764.81㎡ (Note 3)

Construction
January 31, 2012
completion

Use

Hotel

Structure and floors

Reinforced concrete structure 2 floors
below ground / 24 floors above ground(Note 4)

Property managementcompany

JLL Mall Management

Master lease company

SAR

Type of master lease

Pass-throughSecurity

Unsecured

Trust expiration dateAugust 31, 2032

Status of leasing (as of the end of April 2022)
Total leasable area

5,553.84㎡

Total leased area

Not disclosed (Note 5)

Total number of tenants

1Monthly rent (includingcommon area
maintenance fee)
Security and guarantee
deposits

Not disclosed (Note 5)
Not disclosed (Note 5)

Occupancy rate
December 2021

January 2022

100.0%
Special notation

February 2022

100.0%March 2022

100.0%

April 2022

100.0%

100.0%

Not applicable.

(Note 1) Not disclosed, because approval for disclosure has not been obtained from the Seller.
(Note 2) The property is a sectional ownership building. The figure is calculated by multiplying the right of site ratio (215,739,820/1,000,000,000) of thehotel portion of the sectional ownership building expected to be acquired by SAR, by the registered area of the land on which the building islocated (2,718.29㎡), and rounded to the second decimal point.
(Note 3) The property is a sectional ownership building. The figure is calculated by multiplying the exclusive ownership area ratio of 31.3% as prescribedin the management bylaws of the hotel portion expected to be acquired by SAR, by the gross floor area of the entire building (24,827.45㎡(thegross floor area of the entire building as stated in the register)), and rounded to the second decimal point.
(Note 4) The property is a sectional ownership building. The building structure and number of stories of the entire building including the property to be

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

13

acquired is stated. The exclusive ownership portion of the hotel portion expected to be acquired by SAR is comprised of 10 floors, the 1st floor
and the 3rd to 11th floors (however, only a portion of the 1st floor).
(Note 5) Not disclosed, as consent has not been obtained from the end tenant.

Property Description and Acquisition Highlight based on the investigation by the Asset Manager(1) Property Descriptioni)A large muiti-use facility complex directly connected to “Tennoji” Station on the JR Osaka Loop Line, Osaka Metro Midosuji
Line, Tanimachi Line, as well as “Osaka Abenobashi” Station on the Kintetsu Minami Osaka Line.
ii) Construction was completed in 2012 as a part of the Abeno-chiku Type II Urban Redevelopment Project which wascompleted in 2018.
iii) The property is highly visible given that it is located along a major road, and the location is advantageous and suitable forhotels.
iv) It has good access to sightseeing areas and main areas of Osaka, and is expected to take in recovery of accommodation
demand going forward.
(2) Acquisition Highlight
The property is expected to be acquired under a bilaterally negotiated transaction, based on property information obtainedusing the Asset Manager’s own unique network.

Market analysis and independent analysis by the Asset Manager(1) Transition of Average Number of Passengers per Day at “Tennoji” Station
Same as abeno nini (Retail).
(2) Transition of Number of Travelers
The number of foreign travelers visiting Japan has increased rapidly from 2011 to 2019; however, due to the effects of COVID19 pandemic, the number drastically decreased in 2020 and 2021. However, in surveys on the foreign country or region where
people wish to travel to next, Japan has ranked at the top among people living in Asia as well as in Europe, the U.S., andAustralia. Furthermore, according to the “inbound heat map (2019/customers/all purposes)” prepared by Japan Hotel Appraisal
Co., Ltd., Osaka ranks 2nd next to Tokyo in terms of visit ratio, so the Asset Manager believes that sightseeing demand is
expected to recover after the convergence of the COVID-19 pandemic.
<Transition of Domestic Travelers, Foreign Tourists and Overseas Travelers>

Source: A market report prepared by Japan Hotel Appraisal Co., Ltd. based on request from the Asset Manager based on (1)regarding the number of domestic and overseas travelers, figures disclosed in JTB News Release (Forecast of Travelling
Trends) and (2) regarding INB (inbound) number, figures announced by the Japan National Tourism Organization (JNTO)
Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

14

＜Countries/regions you would like to travel abroad next＞(Residents of Asia)＜Countries/regions you would like to travel abroad next＞(Residents of Europe, the United States and Australia)※Prepared based on “Survey of Foreign Travelers from Asia, Europe, the United States and Australia Travelling in Japan” publishedby Development Bank of Japan (DBJ)/ Japan Travel Bureau Foundation (JTBF).
※Responses were obtained from all persons surveyed, other than those who answered “No” regarding traveling abroad forsightseeing after the convergence of the COVID-19 pandemic, and those who answered “No intention to consider travelling abroad
again given the current circumstances” on the timing of reconsidering travelling abroad for sightseeing.
※When the “country or region the respondent wants to travel to” and the “respondent’s country/region” or “nearby country” arethe same, response for such country or region are excluded from the number of samples.
Source: A market report prepared by Japan Hotel Appraisal Co., Ltd. based on request from the Asset Manager. (First survey: June,
2020 / Second Survey: December, 2020 / Third Survey: October, 2021)

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

15

<Inbound heat map by visit rate by prefectures (2019/customers/all purposes)>

Source: A market report prepared by Japan Hotel Appraisal Co., Ltd. on request from the Asset Manager based on figures in“Accommodation Travel Statistics Survey (Japan Tourism Agency)”.
(3) Independent analysis by the Asset Manager
The property has good access to “Kansai International Airport” and “Shin-Osaka” Station, which are main access points forJapan and abroad, as well as to sightseeing spots such as “Universal Studios Japan” and “Kyocera Dome Osaka” where many
events are held, and the Asset Manager believes that the property can attract both business demand and sightseeing demand.
<Access to Major Areas>

Source:Prepared by the Asset Manager based on various publicized data.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

16

Comprehensive Evaluation by SAR: High Prospect for Stability of Income
Due to the reasons stated below, SAR believes that the property will be able to obtain stable income in the mid-to long-term.
(1) JR and Osaka Metro Midosuji Line “Tennoji” Station is one of the largest number of passengers in Osaka.
(2) The property has good access to “Kansai International Airport” and “Shin-Osaka” Station, which are main access points forJapan and abroad, as well as to sightseeing spots such as “Universal Studios Japan” and “Kyocera Dome Osaka” where many
events are held, and the Asset Manager believes that the property can attract both business demand and sightseeing
demand.
(3) A fixed-term building lease agreement has been signed, and stability of income can be secured.
(4) There is possibility for internal growth going forward by recovery of accommodation demand.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

17

(Unit: yen)
Summary of real estate appraisal report
Property nameabeno nini (Hotel)

Appraisal value

3,670,000,000

Appraisal firm

Japan Real Estate Institute

Date of value

July 1, 2022
Item

Indicated value by income approach

Details

Description, etc.

3,670,000,000

Indicated value by direct capitalization
method3,720,000,000(1) Operating revenue ((a)−(b))

231,862,000(a) Gross potential income

231,862,000(b) Vacancy loss, etc.

0(2) Operating expenses

56,280,000

Maintenance and managementfee

100,000
0

Utilities expenses
Repair expenses
Property management fee

2,293,000
1,200,000
0

Tenant leasing cost, etc.
Property taxes
Insurance premium
Other expenses(3) Net operating income(NOI=(1)−(2))

27,588,000
609,000
24,490,000

Estimated by correlation of the indicated value by direct capitalization method and theindicated value by DCF method

Appraised and recorded rent based on the bearable rent determined from a mediumto long-term perspective, judging that the current rent is at a slightly low level
Not recorded, given that as the lease is a bulk lease under a long-term fixed-term leaseagreement, it is determined appropriate to consider vacancy risk within thecapitalization rate.

Recorded consumable supplies expense etc.
The exclusive area is borne by the lessee, and the common area is not accounted for as
it is paid out of the management fee to the management association.
Recorded by taking actual data into account, with reference to the repair expenses on
the ER and the expenses the level of similar real estateAppraised based on the conditions of agreement and the level of similar real estate
The cap rate was used in consideration of the hotel business and the content of thelease contract.
Recorded by taking into account the actual data and the details of burden adjustment
measures, etc.
Appraised based on the insurance agreement and the level of similar real estate.
Recorded by management fees to the management association and fees for the use of
the terrace

175,582,000(4) Financial interests on deposits

1,159,000

Appraised investment return as 1.0%.

(5) Capital expenditures

5,620,000

Appraised based on the repair expenses on the ER and the level of similar real estate.

(6) Net cash flow (NCF=(3)+(4)−(5))

171,121,000(7) Capitalization rate
Indicated value by DCF method

4.6%
3,620,000,000

Discount rate

3.9%

Terminal capitalization rate

4.3%

Indicated value by cost approachAppraised by omprehensively taking into account the competitiveness of the subject
real estate, etc.

3,660,000,000

Ratio of land

86.2%

Ratio of building

13.8%

Matters considered in reconciliation of indicated values anddetermination of appraisal value

Appraised by comprehensively taking into account the individual characteristics of thesubject real estate, etc.
Appraised by comprehensively taking into account future trends, riskiness of thesubject property, market risk, and other factors.etc.
Estimated by multiplying the total of the land price and the building price bymarketability correction rate.
Appraised by comprehensively taking into account the individual characteristics of thesubject real estate, etc.
Appraised by comprehensively taking into account future trends, riskiness of thesubject property, market risk, and other factors.etc.
Determined using the indicated value by income approach as standard and byreference to the indicated value by cost approach.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

18

4. Seller Profile(1) Urban Center Fujisawa
The Seller, which is a domestic operating company, is not disclosed, as consent for such disclosure has not beenobtained. The Seller and SAR/the Asset Manager have no capital relationship, personnel relationship, or business
relationship worthy of note. The Seller does not fall under a related party to SAR or the Asset Manager or aninterested party etc. under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951;
including any subsequent amendments) (hereinafter referred to as the “Investment Trusts Act”).
(2) abeno nini (Retail), abeno nini (Hotel)
The Seller is a Godo Kaisha (G.K.; limited liability company) in Japan. However, it cannot be disclosed, asconsent for such disclosure has not been obtained from the Seller. The Seller and SAR/the Asset Manager haveno capital relationship, personnel relationship, or business relationship worthy of note. The Seller does not fallunder a related party to SAR or the Asset Manager or an interested party etc. under the Investment Trusts Act.
5. Status of Parties Related to the Acquisition of the Property
There are no acquisitions from persons who have special interest relationships with SAR or the Asset Manager.
6. Overview of Broker(1) Urban Center Fujisawa(i) Overview of broker
Name
Location
Representative
Main business description

Jones Lang LaSalle, Inc.
2-13-10, Nagata-cho, Chiyoda-ku, Tokyo
Representative Director, Toshinobu Kasai
1. Consultant and research of real estate investment
2. Sales, trading, leasing, management of real estate; and agent and brokerage of such
3. Appraisal and consultant of real estate
4. through 24. (Omitted)
25. All business incidental to the above
Capital
195 million yen
Established
April 23, 1985
Relationship with SAR or the Asset Manager
Capital relationship
There is no capital relationship to report.
Personnel relationship There is no personnel relationship to report.
Business relationship
SAR and the Asset Manager entrust property management services to the relevant company (thebroker). Also, there are no business relationship to note between interested parties or affiliatecompanies of SAR and the Asset Manager and interested parties or affiliate companies of therelevant company.
Related party or not
The aforementioned company does not fall under the category of related party of SAR/theAsset Manager.

(ii) Breakdown and value of the brokerage commission
Not disclosed due to inevitable reasons, as consent for disclosure has not been obtained from the broker.
(2) abeno nini (Retail), abeno nini (Hotel)(i) Overview of broker
Name
Location
Representative
Main business description

Star Asia Asset Advisors Co., Ltd.
Atago Green Hills MORI Tower, 18th Floor, 2-5-1 Atago, Minato-ku, Tokyo
CEO Keiji Watanabe
1. Investment management business prescribed in the Financial Instruments and Exchange Act.
2. Type II financial instruments business prescribed in the Financial Instruments and Exchange Act.
3. Investment advisory and agency business prescribed in the Financial Instruments and ExchangeAct.
4. Comprehensive real estate investment advisory business.
5. Business based on the Real Estate Specified Joint Enterprise Act.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

19

6. Building lots and buildings transaction business.
7. The business of leasing, management, and operation of real estate.
8. -11. Omitted
12. All business incidental to the above
Capital50 million yen
EstablishedMay 2, 2008
Relationship with SAR or the Asset Manager
Capital relationship
There is no capital tie to be noted between SAR / the Asset Manager and the abovementioned
company, however the aforementioned company falls under the category of interested party
prescribed in the “Rules on Transactions with Interested Parties”, which is the voluntary rules set
forth by the Asset Manager for preventing conflict of interests regarding its management of SAR’s
assets. Upon determination of retention as broker, the Asset Manager has performed
deliberation and approval in accordance with laws and regulations and the relevant rules.
Personnel relationship As of today, the auditor of the Asset Management Company concurrently serves as the auditor of
the relevant company.
Business relationshipIn the fiscal period ended January 31, 2022 (12th fiscal period), SAR engaged in asset acquisition
with the aforementioned company, which acted as an intermediary.
Related party or not
The aforementioned company falls under the category of interested party, etc. as provided in theInvestment Trusts Act, and falls under the category of interested party prescribed in the “Rules
on Transactions with Interested Parties”, which is the voluntary rules set forth by the AssetManager for preventing conflict of interests regarding its management of SAR’s assets. Upon
determination of the retention as broker, the Asset Manager has performed deliberation andapproval in accordance with laws and regulations and the relevant rules.

(ii)

Breakdown and value of the brokerage commissions

Breakdown of brokerage commission
Amount of brokerage commission(Excluding consumption tax and local
consumption tax)

Brokerage commissions for the sale and purchase of trust beneficial interests.
abeno nini (Retail)1,000,000 yen
abeno nini (Hotel)
1,000,000 yen
Total
2,000,000 yen

7．Interested-Party Transactions
The intermediary of the acquisitions of “abeno nini (Retail)” and “abeno nini (Hotel)” falls under aninterested party defined under Article 201 of the Investment Trusts Act and Article 123 of the Enforcement
Order of the Investment Trusts Act.
Upon deciding on the acquisition of assets or intermediation, the Asset Manager conducts deliberations andresolutions in accordance with laws and regulations and relevant rules.
8．Schedule for the Acquisition
August 1, 2022
August 18, 2022
(planned)

Acquisition decided
Sign the Trust Beneficial Interest Sale and Purchase Agreement
Acquisition of beneficiary interest in trust (planned)
Payment of acquisition price (planned)
Conclusion of a master lease agreement and a property management agreement(planned)

9．Settlement method
The settlement for the Asset to be Acquired is expected to take place by making lump-sum payment of theacquisition price on the scheduled acquisition date.
10．Future outlook
As a result of the Acquisition of Real Estate Beneficiary Interests in Trust and entering into Lease Contracts,
there will be certain changes made to the assumptions for the forecasts for operating results described in“(REIT) Financial Report for Fiscal Period Ended January 31, 2022” announced on March 16, 2022. For further
Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

20

details, please refer to “Notice Concerning Revision to Forecasts for Operating Results for the 14th Fiscal
Period Ending January 31, 2023 and Forecasts for Operating Results and Distribution for the 15th Fiscal
Period Ending July 31, 2023” announced today.

<Appendix>
・Reference Material 1
・Reference Material 2・Reference Material 3
・Reference Material 4・Reference Material 5

Summary of portfolio after the Acquisition
Portfolio list after the Acquisition
Summary of earthquake risk analysis
Location maps / photos of exterior of Assets to be Acquired
The terms used in the table of Description of Assets to be Acquired<Reference>
Other press releases announced today
・Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units
・Notice Concerning Revision to Forecasts for Operating Results for the 14th Fiscal Period Ending
January 31, 2023 and Forecasts for Operating Results and Distribution for the 15th Fiscal PeriodEnding July 31, 2023
・Notice Concerning Debt Financing (Green Loan)・Notice Concerning Partial Amendment to the Management Guidelines of the Asset Manager
・Notice Concerning Acquisition of Assessment Certification in CASBEE for Real Estate・Notice Concerning Change of Name of Properties*SAR HP URL: http://starasia-reit.com/en/

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

21

Reference Material 1

Summary of portfolio after the Acquisition＜Asset type (use)＞
Asset type (use)Number of Property

OfficeRetailResidence
Logistics
Hotel
Total

21
5
19
9
9
63

(Planned) Acquisition
Price (million yen)
74,78727,754
37,77930,36524,144
194,829

Investment ratio (%)(Note 1)
38.4
14.2
19.4
15.6
12.4
100.0

＜Investment Areas＞
Area(Planned) Acquisition
Price (million yen)
56,248Investment ratio (%)(Note 1)
28.9

Five central wards ofTokyo (Note 2)
Tokyo Area
66.7
Other areas in Greater
73,72037.8
TokyoOutside the Tokyo Area
64,861
33.3
Total
194,829100.0(Note 1) Ratios have been calculated based on the total (planned) acquisition price, and stated by rounding to the 1st decimal
point. Therefore, ratios may not add up to 100%.
(Note 2) The five central wards of Tokyo are Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, and Shibuya-ku.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

22

Reference Material 2

Property
No.

Portfolio list after the Acquisition

Location(Note 1)

Property Name

(Planned)
AcquisitionPrice(millionyen)(Note 2)
2,973

Real estateappraisalvalue(million yen)
(Note 3)

Investment
ratio
(%)
(Note 4)

3,010

1.5

OFC-01

Minami-Azabu Shibuya Building

Minato-ku, Tokyo

OFC-03

Honmachibashi Tower

Chuo-ku, Osaka-Shi, Osaka

6,065

6,840

3.1

OFC-04

Nishi-Shinjuku Matsuya Building

Shibuya-ku, Tokyo

1,763

2,600

0.9

OFC-06

Shibuya MK Building

2,042

3,240

1.0

OFC-08Asahi Building

6,320

8,200

3.2

OFC-09Hakata-eki East Place

2,286

2,910

1.2

OFC-10Nihonbashi Hamacho Park Building

Shibuya-ku, Tokyo
Kanagawa-ku, YokohamaShi, Kanagawa
Hakata-ku, Fukuoka-Shi,
Fukuoka
Chuo-ku, Tokyo

1,450

1,500

0.7

OFC-11

Amusement Media Gakuin Honkan

2,580

2,710

1.3

OFC-12

Higashi Kobe Center Building

7,440

7,390

3.8

OFC-13

Amusement Media Gakuin Shinkan

Shibuya-ku, Tokyo
Higashinada-ku,
Kobe-Shi, Hyogo
Shibuya-ku, Tokyo

1,020

1,190

0.5

OFC-14

Seishin BLDG.

Shinjuku-ku, Tokyo

11,20011,5005.7

OFC-15

Urban Center Kanda Suda-cho

Chiyoda-ku, Tokyo

5,350

5,370

2.7

OFC-16

Urban Center Kanda Tsukasamachi

Chiyoda-ku, Tokyo

4,590

4,570

2.4

OFC-17

Takadanobaba AccessShinjuku-ku, Tokyo

3,990

3,990

2.0

OFC-18

Azabu Amerex BLDG.

Minato-ku, Tokyo

2,780

2,890

1.4

OFC-19Hiei-Kudan BLDG.

Chiyoda-ku, Tokyo

2,400

2,380

1.2

OFC-20Urban Center Shin-Yokohama

Yokohama-Shi, Kanagawa

2,300

2,500

1.2

OFC-21The Portal Akihabara

Chiyoda-ku, Tokyo

1,510

1,490

0.8

OFC-22

Urban Center Tachikawa

1,804

1,930

0.9

OFC-23

Urban Center Hakata

2,870

3,030

1.5

OFC-24

Urban Center Fujisawa

Tachikawa-Shi, Tokyo
Hakata-ku, Fukuoka-shi,
FukuokaFujisawa-Shi, Kanagawa
Office Subtotal

2,054

2,200

1.1

74,78781,440

38.4

RTL-01

La Park Kishiwada

Kishiwada-Shi, Osaka

5,400

5,210

2.8

RTL-02

Suroy Mall Chikushino

Chikushino-Shi, Fukuoka

6,550

6,540

3.4

RTL-03

Seiyu Minakuchi

Koka- hi, Shiga

3,320

3,310

1.7

RTL-05

BAGUS Ikebukuro West

Toshima-ku, Tokyo

2,984

3,240

1.5

RTL-06abeno nini (Retail)Abeno-ku, Osaka-Shi, Osaka

9,500

9,800

4.9

Retail Subtotal

27,75427,990

14.2

RSC-01

Urban Park Azabujuban

Minato-ku, Tokyo

2,045

2,500

1.0

RSC-02

Urban Park Daikanyama

6,315

8,450

3.2

RSC-05

Urban Park Namba

1,490

1,630

0.8

RSC-06

Urban Park Gokokuji

Shibuya-ku, Tokyo
Naniwa-ku, Osaka-Shi,
Osaka
Toshima-ku, Tokyo

1,460

1,510

0.7

RSC-07

Urban Park Kashiwa

Kashiwa-Shi, Chiba

1,186

1,190

0.6

RSC-08

Urban Park Ryokuchi Koen

Suita-Shi, Osaka

1,550

1,640

0.8

RSC-09Urban Park Koenji

1,167

1,180

0.6

RSC-10Urban Park Ichigao

Suginami-ku, Tokyo
Aoba-ku, Yokohama-Shi,
Kanagawa

1,810

1,890

0.9

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

23

RSC-11

Urban Park Gyotoku

Ichikawa-Shi, Chiba

1,430

1,530

0.7

RSC-12

Shiroi Logiman

Shiroi-Shi , Chiba

2,470

2,460

1.3

RSC-13

Urban Park Sekime

Osaka-Shi, Osaka

2,150

2,210

1.1

RSC-14

Urban Park Imazato

Osaka-Shi, Osaka

993

990

0.5

RSC-15

Urban Park Yoyogi

1,740

1,760

0.9

RSC-16

Urban Park Tokiwadai Koen

3,506

3,770

1.8

RSC-17

Urban Park Mitsuike Koen

3,160

3,330

1.6

RSC-18

Urban Park Ryogoku

1,115

1,190

0.6

RSC-19Urban Park Mizonokuchi

2,019

2,100

1.0

RSC-20Urban Park Miyamaedaira

1,060

1,150

0.5

RSC-21

Urban Park Tsurumi

1,113

1,190

0.6

37,77943,230

19.4

6,942

7,660

3.9

3,560

4,330

2.0

LGC-01

Iwatsuki Logistics

LGC-02

Yokohama Logistics

LGC-03

Funabashi Logistics

Shibuya-ku, Tokyo
Hodogaya-ku, YokohamaShi, Kanagawa
Tsurumi-ku, Yokohama-Shi,
Kanagawa
Sumida-ku, Tokyo
Takatsu-ku, Kawasaki-Shi
Kanagawa
Miyamae-ku, Kawasaki-Shi
Kanagawa
Tsurumi-ku, Yokohama-Shi
Kanagawa
Residence Subtotal
Iwatsuki-ku, Saitama-Shi,
Saitama
Kanagawa-ku, YokohamaShi, Kanagawa
Funabashi-Shi, Chiba

7,875

8,870

4.4

LGC-04

Baraki Logistics

Ichikawa-Shi, Chiba

4,700

4,980

2.6

LGC-05Tokorozawa Logistics

Tokorozawa-Shi, Saitama

1,300

1,520

0.7

LGC-07

Funabashi Nishiura Logistics Ⅱ

Funabashi-Shi, Chiba

821

890

0.4

LGC-08

Matsubushi Logistics

Kitakatsushika, Saitama

2,755

2,970

1.4

LGC-09Funabashi Hi-Tech Park Factory Ⅰ

Funabashi-Shi, Chiba

1,710

1,710

0.9

LGC-10

Funabashi Hi-Tech Park Factory Ⅱ

Funabashi-Shi, Chiba

702

704

0.4

30,36533,634

15.6

Kita-ku, Osaka-Shi, Osaka
Naniwa-ku, Osaka-Shi,
Osaka

2,069

2,270

1.1

1,750

1,410

0.9

Edogawa-ku, Tokyo

3,827

3,530

2.0

3,248

3,200

1.7

1,970

1,920

1.0

2,500

2,440

1.3

3,180

3,130

1.6

2,000

1,410

1.0

Logistics facility Subtotal
HTL-01R&B Hotel Umeda East

HTL-02

Smile Hotel Namba

HTL-03REMBRANDT STYLE Tokyo
Nishikasai

HTL-04

BEST WESTERN Yokohama

HTL-05
HTL-06
HTL-07The BREAKFAST HOTEL FUKUOKATENJIN
GLANSIT AKIHABARAREMBRANDT STYLE Tokyo
Nishikasai Grande

HTL-08

KOKO HOTEL Osaka Namba

HTL-09abeno nini (Hotel)

Tsurumi-ku, Yokohama-Shi,
Kanagawa
Chuo-ku, Fukuoka-Shi ,FukuokaChiyoda-ku, Tokyo
Edogawa-ku, Tokyo
Naniwa-ku,Osaka-Shi,
Osaka
Abeno-ku, Osaka-Shi, Osaka
Hotel Subtotal

Total(Note 1)

3,600

3,670

1.8

24,14422,98012.4

194,829

209,274

100.0“Location” states the minimum individual administrative division in the region where the assets held by SAR as of today (hereinafter“Already Acquired Assets (Real Estate Etc.)”) and the Asset to be Acquired are located.

(Note 2)“Acquisition price” means the sale and purchase proceeds described in the sale and purchase agreement related to each acquired
asset (real estate properties etc.), and “Planned Acquisition Price” means the planned sale and purchase proceeds as stated in theagreement signed with the Seller in relation to the Asset to be Acquired, and each price is stated by rounding the amounts of less than 1

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

24

million yen to the nearest 1 million yen. The Acquisition Price and the Planned Acquisition Price do not include consumption tax, local
consumption tax, or expenses required for acquisition. However, with respect to “Minami-Azabu Shibuya Building”, as it is based on a saleand purchase agreement for multiple properties where no price is established for each individual property, the amount derived byprorating the total sales price of the multiple properties based on the ratio of the appraisal values of each individual property as of thetime of their acquisition is stated as the “Acquisition Price”.
(Note 3)

“Real estate appraisal value” states the appraisal values stated in the real estate appraisal reports based on the price which is rounded
to the nearest 1 million yen as the end of January, 2022, for already acquired properties, and the appraisal value stated in the real estateappraisal report based on the price which is rounded to the nearest 1 million yen as of July 1, 2022 with respect to the Asset to be Acquired.

(Note 4) “Investment ratio” shows the ratio of the (planned) acquisition price of each of acquired assets or Asset to be Acquired against the sumof the (planned) acquisition price for acquired assets and Asset to be Acquired rounded to the first decimal point.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

25

Reference Material 3

Summary of earthquake risk analysis

Propertyno.

Property name

Type

OfficeRetailResidence

PML(%)

OFC-01

Minami-Azabu Shibuya Building

11.6

OFC-03

Honmachibashi Tower

5.5

OFC-04

Nishi-Shinjuku Matsuya Building

5.5

OFC-06

Shibuya MK Building

7.2

OFC-08Asahi Building

6.2

OFC-09Hakata-eki East Place

4.7

OFC-10Nihonbashi Hamacho Park Building

7.4

OFC-11

Amusement Media Gakuin Honkan

7.6

OFC-12

Higashi-Kobe Center Building

8.6

OFC-13

Amusement Media Gakuin Shinkan

9.6

OFC-14

Seishin BLDG.

5.5

OFC-15

Urban Center Kanda Suda-cho

8.4

OFC-16

Urban Center Kanda Tsukasamachi

9.4

OFC-17

Takadanobaba Access

3.5

OFC-18

Azabu Amerex BLDG.

10.2

OFC-19Hiei-Kudan BLDG.

3.6

OFC-20Urban Center Shin-Yokohama

4.4

OFC-21The Portal Akihabara

8.2

OFC-22

Urban Center Tachikawa

4.5

OFC-23

Urban Center Hakata

3.6

OFC-24

Urban Center Fujisawa

9.7

RTL-01

La Park Kishiwada

14.8

RTL-02

Suroy Mall Chikushino

2.2

RTL-03

Seiyu Minakuchi

4.2

RTL-05

BAGUS Ikebukuro West

4.6

RTL-06abeno nini (Retail)

6.2

RSC-01

Urban Park Azabujuban

7.5

RSC-02

Urban Park Daikanyama

8.1

RSC-05

Urban Park Namba

8.1

RSC-06

Urban Park Gokokuji

5.1

RSC-07

Urban Park Kashiwa

4.9

RSC-08

Urban Park Ryokuchi Koen

6.4

RSC-09Urban Park Koenji

10.4

RSC-10Urban Park Ichigao

9.8

RSC-11

Urban Park Gyotoku

5.1

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

26

Logistics

Hotel

RSC-12

Shiroi Logiman

3.5

RSC-13

Urban Park Sekime

11.5

RSC-14

Urban Park Imazato

12.0

RSC-15

Urban Park Yoyogi

7.7

RSC-16

Urban Park Tokiwadai Koen

9.6

RSC-17

Urban Park Mitsuike Koen

9.7

RSC-18

Urban Park Ryogoku

6.0

RSC-19Urban Park Mizonokuchi

10.4

RSC-20Urban Park Miyamaedairai

4.5

RSC-21

Urban Park Tsurumi

9.9

LGC-01

Iwatsuki Logistics

3.9

LGC-02

Yokohama Logistics

13.0

LGC-03

Funabashi Logistics

5.7

LGC-04

Baraki Logistics

3.8

LGC-05Tokorozawa Logistics

9.5

LGC-07

Funabashi Nishiura Logistics II

2.9

LGC-08

Matsubushi Logistics

2.2

LGC-09Funabashi Hi-Tech Park Factory Ⅰ

5.7

LGC-10

Funabashi Hi-Tech Park Factory Ⅱ

5.6

HTL-01R&B Hotel Umeda East

9.0

HTL-02

Smile Hotel Namba

9.2

HTL-03REMBRANT STYLE Tokyo Nishikasai

9.0

HTL-04

BEST WESTERN Yokohama

11.1

HTL-05The BREAKFAST HOTEL FUKUOKA TENJIN

5.0

HTL-06

GLANSIT AKIHABARA

3.7

HTL-07REMBRANT STYLETokyo Nishikasai Grande

6.1

HTL-08

KOKO HOTEL Osaka Namba

6.7

HTL-09abeno nini (Hotel)

6.2

Entire portfolio (63 properties) (Note)

2.5(Note)The figure in the entire portfolio column is the PML for the entire portfolio of the Existing Assets / Assets to be Acquired(portfolio PML) based on “portfolio earthquake risk evaluation report” prepared by Tokio Marine DR Co., Ltd. dated July2022.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

27

Reference Material 4

Location maps / photos of exterior of Assets to be Acquired

OFC-24 Urban Center Fujisawa

RTL-06 abeno nini (Retail) / HTL-09 abeno nini (Hotel)

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

28

Reference Material 5(a)

The terms used in the table of Description of Assets to be Acquired

Explanation on “Property no.” and “Type”

Property Number column and Type column: Each of Assets to be Acquired by SAR is categorized by use of OFC (office), RTL (commercial /retail), RSC (residence), LGC (logistics), or HTL (hotel). Then, for each category, serial numbers are given to the assets in the category. In case ofa property which could straddle two or more categories, it shall fall under the category from which the property generates the largest sum ofassumed rent income.
(b)

Explanation on “Overview of specified asset”

a.“Planned Acquisition price” column: Herein is shown the planned acquisition price of the Assets to be Acquired as described in the purchaseagreement of the Assets to be Acquired (excluding consumption taxes, local consumption taxes, and expenses necessary for the acquisition),after rounded to the nearest million yen.
b.“Planned Acquisition Date” column: Herein is shown the planned MMDDYY of acquisition by SAR.
c.“Location” column: Herein is shown the certified address in registry. “Indication of residential address” column: Herein is shown the postal
address. If postal address is not available, registered address of the property (if there are two or more of them, one is selected) is shown.
d.“Land” column:i.

“Type of ownership” column: Herein is shown the type of right(s) held by respective trustee of the Assets to be
Acquired .

ii.

“Site area” column: Herein is shown the land area as recorded in registry, unless otherwise noted. For this reason, it
possibly might not be equal to the actual.

iii.

“Use district” column: Herein is shown the type of use in accordance with Article 8, Paragraph 1 and Item 1 of the
Urban Planning Act (Act No.100 of 1968; including its amendments) (“Urban Planning Act”).

iv.

“Building coverage ratio” column and “Floor area ratio” column: Herein is shown the pertinent figure in each column inaccordance with the relevant laws and regulations (the Building Standards Act, the Urban Planning Act, etc.)

e. “Building” column:i.

“Type of ownership” column. Herein is shown the type of right(s) held by respective trustee of the Assets to be Acquired.

ii.

“Total floor area” column: Herein is shown the sum total of floor areas as recorded in registry, unless otherwise noted.
For this reason, it possibly might not be equal to the actual figure.

iii.

“Use” column: Herein is shown the registered use or, if multiple uses are registered the representative use from what arerecorded in registry, it possibly might not be equal to the actual representative use. As for the building withcompartmentalized ownership, the type of use for the exclusively owned space by SAR is shown.

iv.

“Construction completion” column: Herein is shown MMDDYY of the representative building first built as recorded inregistry.

v.

“Structure and floors” column: Herein is shown the structure and number of floors of the representative building, etc. as
recorded in registry. It possibly might not be equal to the actual structure and number of floors. As for the building withcompartmentalized ownership, the structure and the number of floors for the entire building are shown.

f. “Property management company” column: Herein is shown the name of property management company (“PM Company”), to which
property management operation is (planned to be) entrusted as of today
g. “Master lease company” column: Herein is shown the name of the master lease company, to which master lease operation is (planned to be)
entrusted, as of today.
(c)Explanation on “Status of leasing”

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

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a. “Total leasable area” column: Herein is shown the sum total of leasable floor areas of buildings of the Assets to be Acquired (in case common
space is also leased, area of that space is included in the total). The figure does not include the area of the land lots leasable for parking andother purposes. Leasable area is counted not from registry data but from area data as described in lease agreements or from area data as
calculated by using the architectural drawings of the buildings, so it possibly might not be equal to the total floor area as recorded in registry.
Please note that, unless noted otherwise, the source data for the column represent what were provided by the current owner(s) of the Assets
to be Acquired as of April 30, 2022.
b. “Total leased area” column: Herein is shown the sum total of the floor areas to be leased as described in lease agreement for each of theAssets to be Acquired as of April 30, 2022 out of the leasable area. The figure does not include the area of the land lots to be leased for parking
and other purposes. Please note that the source data for the column represent what were provided by the current owner(s) of the Assets to be
Acquired as of April 30, 2022.
c. “Occupancy rate” column: Herein is shown the percentage of total leased floor area over the total leasable floor area of the Assets to be
Acquired, after rounded to the first decimal point. Please note that the source data for the column represent what were provided by thecurrent owner(s) of the Assets to be Acquired as of April 30, 2022.
d. “Total number of tenants” column: Herein is shown the total number of tenants as confirmed with the lease agreements effective as of April
30, 2022 of the Assest to be Acquired. In case a specific tenant uses two or more rooms in one of the Assets to be Acquired, such tenant iscounted only once for the asset. Also, in case a specific tenant signs lease agreements for rooms in two or more assets, the tenant shall becounted for each of the assets separately. In case a pass-through type of master lease agreement (a lease agreement in which the master
lessee receives rent from end tenants and pay the same amount to the lessor) is executed for any of the Assets to be Acquired, total number of
the actual (end) tenants under the master lease agreement for the asset is shown herein.
e. “Monthly rent (including common area maintenance fee)” column: Herein is shown the total of rent amounts as described in leaseagreements with respective tenants as of April 30, 2022 (confined to room rents; excluding the charges for warehouses, sign boards andparking lots; but including the common service expenses; and free rent cases as of the same date are not considered), after rounded to thenearest thousand yen.
f. “Security and guarantee deposits” column: Herein is shown the sum total of refundable deposits as required in lease agreements effective asof April 30, 2022 (only for the tenants who actually were in respective rooms at the time) of the Assets to be Acquired. In case a pass-throughtype of master lease agreement is executed for any of the Assets to be Acquired, sum total of refundable deposits as described in the individual
lease agreements with respective (end) tenants is calculated to be shown in the column.
(d)Explanation on “Special notations”

Special notation column: Herein is shown a description not only on the items considered material in relation to the involved rights andassumed uses but also the other items considered material in relation to appraisal value of, profitability of, and disposability of the Assets to be
Acquired.
(e)

Explanation on “Summary of real estate appraisal report”

a. “Summary of real estate appraisal report” column: Herein is shown a summary of respective appraisal report, which was prepared either byJapan Real Estate Institute for the Assets to be Acquired. If there are multiple discount rate, the discount rate the appraiser adopted taking thecurrent operating status into consideration is stated.
b. “Appraisal value” column: Herein is shown only the opinions on the value of respective property as of the date of appraisal, expressed by theappraiser who did the appraisal of the property, in accordance with the Act on Real Estate Appraisal (Act No.152 of 1963; including its
amendments) and commonly accepted appraisal standards for real estate properties, etc.
c. In case appraisal is once again undertaken for the same property, its result could be different from the previous result because appraiser
Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

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and/ or appraisal method and/ or appraisal timing is different. Also, it is requested to note that any appraisal result for any property is not what
guarantees or promises the actual tradability of the property at the appraised value whether for right now or for any moment in the future.
d. None of Japan Real Estate Institute who conducted appraisal is an interested party of neither SAR nor the Asset Manager.
(f)

Explanation of the Section entitled “Property Description and Acquisition Highlight based on the investigation by the Asset Manager”

The Asset Manager has described, by making reference to real estate appraisal reports and market reports etc. and by taking into account theresults of individual investigations made on its own, the basic attributes and characteristics of the relevant properties, and has also described
the background leading to acquisition of the relevant properties (i.e. for those properties acquired from sponsor groups, the name of thesponsor group, and with respect to properties acquired based on sale information obtained by the Asset Manager individually and on its own,
the background to such acquisition). The “<Sponsor Fund>” means it has been acquired from a sponsor group, “<Outside Acquisition>” means
it has been obtained from a third party, “<Bilateral Negotiated Transaction>” means it has been acquired based on bilateral negotiations from athird party, and “<Warehousing>” means that it has been obtained by using the warehousing function of a sponsor group.
(g)

Explanation regarding the Section “Demographic Analysis etc., Market Analysis, and the Asset Manager’s Individual Analysis”

The Asset Manager has described its own individual market analysis made based on information from various real estate information
specialized firms and disclosed materials.
(h)Explanation regarding the Section “Comprehensive Evaluation by SAR”

SAR’s own individual assessments are stated taking into account paragraphs f. and g. above.

This is an English translation of the announcement in Japanese dated August 1, 2022. However, no assurance
or warranties are given for the completeness or accuracy of this English translation.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared
for the purpose of announcing to the public certain matters relating to the acquisition of real estate beneficiary interests in trust andentering into lease contracts, and not for the purpose of soliciting any investment, within or outside of Japan. Additionally, this press
release is not an offer of securities for sale in the United States. The securities referred to herein have not been, and will not be registeredunder the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act. No offering or sale of securities in the United States will bemade in connection with the above-mentioned acquisitions. This press release is not for publication, distribution or release, directly or
indirectly in or into the United States of America.

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