August 13, 2019
For Immediate Release
Real Estate Investment Trust Securities Issuer
Star Asia Investment Corporation
Representative: Atsushi Kato, Executive Officer(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

Lion Partners Submits Large Volume Possession Reportof Sakura Sogo REIT Investment Units to Become the Largest Unitholder
Star Asia Investment Corporation (“SAR”) and Star Asia Investment Management Co., Ltd., the asset manager forSAR (the “Asset Manager”), received a notice today from Lion Partners GK (“LPGK”, Representative Director: ToruSugihara), an affiliate of Star Asia Group. LPGK is the largest unitholder of Sakura Sogo REIT Corporation (“SSR”)
holding approximately 5.1% of the total investment units of SSR. Details are as follows:

1.

LPGK Submits Large Volume Possession Report related to SSR Investment Units
As announced in the press release dated July 17, 2019 “Lion Partners to Acquire Additional Investment Unitsof Sakura Sogo REIT” and the press release dated July 19, 2019 “Lion Partners -Further Increases Amount ofAdditional Acquisition of Sakura Sogo REIT Units-”, LPGK acquired SSR investment units through open market
purchases at the Tokyo Stock Exchange (TSE), up to a maximum amount of JPY 500 million, throughdiscretionary transactions under a discretionary investment contract.
As of August 6, 2019, the number of SSR investment units held (on a contract basis) reached 16,896 units,
and the holdings has exceeded 5.0% of SSR’s total number of investment units issued, so pursuant to theFinancial Instruments and Exchange Act, a large volume possession report was submitted to the the DirectorGeneral of the Kanto Finance Bureau today.
The purpose of the holdings is as follows.
 LPGK, within its proposal for a merger between SSR and SAR, has advocated for “a merger of theunitholders, by the unitholders, for the unitholders”. By acquiring additional investment units of SSR,LPGK, as the now largest SSR unitholder, is powerfully aligned with all unitholders in the objective ofmaximizing unitholders’ value.
 At the same time, LPGK wants it to be abundantly clear to SSR unitholders that Star Asia Group is firmly
committed to supporting SSR.
 LPGK strongly believes that, by replacing the executive director (having Toru Sugihara become the newExecutive Director) and replacing the asset management company (having the Asset Manager enter into
a new asset management entrustment agreement with SSR), SAR’s active management strategy will be
implemented in SSR’s operations leading to the enhancement of unitholders’ value. The current trading
price of the SSR investment units has materially diverged from the potential value which LPGK believes1the SSR investment units have. This divergence is as a result of the misalignment and poor performanceof the current asset management company.

2.

Reference Information
Please also refer to the following press releases for further information.
May 10th, 2019
Notice Concerning Proposal for Merger between Sakura Sogo REIT
1Investment Corporation and Star Asia Investment Corporation
May 10th, 2019
Supplementary Explanatory Material Regarding Today’s Timely Disclosure (1)2~Proposal Material from the Star Asia Group to all unitholders of Sakura Sogo
REIT Investment Corporation~
May 10th, 2019
Supplementary Explanatory Material Regarding Today’s Timely Disclosure (2)3~Explanatory Material to all unitholders of Star Asia Investment Corporation~
May 16th, 2019
Notice Concerning Application for Permission of Holding Sakura Sogo REIT
4
Investment Corporation’s Unitholders’ Meeting by Star Asia Group
June 28th, 2019
Star Asia Group Receives Approval to Hold Unitholders’ Meeting of Sakura
5Sogo REIT Investment Corporation
July 1st, 2019
Notice Concerning Holding Unitholders' Meeting of Sakura Sogo REIT
6
Investment Corporation by Star Asia Group
July 4th, 2019
Lion Partners Files Petition with Tokyo District Court Seeking Injunction Given
Illegal Acts Conducted by the Executive Director of Sakura Sogo REIT (“SSR”).
7
Also Takes Other Further Actions to Protect and Defend the Best Interests ofSSR Unitholders
July 5th, 2019
Supplementary Explanatory Material Regarding Timely Disclosure announced
8on July 4th, 2019
9July 17th, 2019
Lion Partners to Acquire Additional Investment Units of Sakura Sogo REIT
July 19th, 2019
Lion Partners－Further Increases Amount of Additional Acquisition of Sakura
10Sogo REIT Units－
July 24th, 2019
Important Notice Regarding the Sakura Sogo REIT Unitholders’ Meeting to be
11
Convened by Lion Partners (Scheduled to begin from 10:00 am on Friday
August 30, 2019 )July 25th, 2019
Star Asia Group Supports Nippon Kanzai’s Views on Merger Star Asia Also
12
Strongly Believes Merger Between Star Asia REIT and Sakura Sogo REIT Is inthe Best Interest of All Unitholders
July 29th, 2019
(correction) Star Asia Group Supports Nippon Kanzai’s Views on Merger Star
13
Asia Also Strongly Believes Merger Between Star Asia REIT and Sakura Sogo
REIT Is in the Best Interest of All Unitholders
August 2, 2019
Notice Concerning Withdraw of Petition filed by LPGK for Injunction of Illegal
14
Acts Conducted by the Executive Director of Sakura Sogo REIT
August 6, 2019
Notice Concerning Obtainment of Preferential Negotiation Rights Pertaining
15to Acquisition of AssetsAugust 7, 2019
Star Asia Group Announces Detailed Proposal for Merger between Sakura
16Sogo REIT and Star Asia Investment Corporation
August 7, 2019
Supplementary Explanatory Material Regarding Today’s Timely Disclosure
Proposal for Merger between Sakura Sogo REIT Investment Corporation and17
Star Asia Investment Corporation Merger Ratio ~ Star Asia Group’s
Unitholder-Friendly Concept218

August 8, 2019

LPGK Withdraws Petition Filed Seeking Permission to Inspect and Take Copiesof the Meeting Minutes of the Board of Officers of Sakura Sogo REIT

3. Future Policy
If circumstances should arise which warrant further disclosures, such matters shall be disclosed as deemed
appropriate in a timely manner.
＊ SAR HP URL: http://starasia-reit.com＊ Star Asia Group HP URL: http://starasiamanagement.com/＊ SAR official YouTube channel URL: https://www.youtube.com/channel/UCYasJn4xrns2fhyZFKMAELw
This is an English translation of the announcement in Japanese dated August 13, 2019. However, no assurance or warranties are
given for the completeness or accuracy of this English translation.

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