August 21, 2018
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:
Toru Sugihara
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning Determination of the Planned Acquisition Date and Change of the Funds for Acquisition
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 determination of the planned acquisition
date and change of the funds for acquisition, with regard to the acquisition of domestic real estate beneficiaryinterests in trust of the “Hotel WBF Fukuoka Tenjin Minami” (hereinafter referred to as the "Asset to beAcquired" ) described in ”Notice Concerning Acquisition and Transfer (Asset Replacement) of Real Estate
Beneficiary Interests in Trust” announced on July 23, 2018.

1． The planned acquisition date and the funds for acquisition of the Asset to be Acquired(1) Determination of the planned acquisition date
As of July 23, 2018：The date to be separately agreed by the seller and the purchaser on the business
day by the end of December 2018
The planned acquisition date determined today：September 6, 2018
(2) Change of the funds for acquisition
As of July 23, 2018：Cash on hand and the proceeds of the sale of Hakata-eki Higashi 113 Building
After the change：Net proceeds from the issuance of new investment units through public offering(Primary offering) (Note 1) resolved at the Board of Directors meeting of SAR held today, proceeds fromnew anticipated borrowings (Note 2) and cash on hand(Note 1)

For details, please refer to "Notice Concerning Issuance of New Investment Units and Secondary
Offering of Investment Units” announced today.

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 de termination of planned
acquisition date and change of the funds for acquisition, 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 securitie sreferred to herein have not been, and will not be registered under the United S tates 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 fromregistration under the Securities Act. No offering or sale of securities in the United States will be made in connection withthe above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly inor into the United States of America.

1(Note 2)

For details, please refer to "Notice Concerning Debt Financing” announced today.

2. Reason for this determination and change(1) Determination of the planned acquisition date
The planned acquisition date, which was provided as “the date to be separately agreed by the seller
and the purchaser on the business day by the end of December 2018” in the Trust Beneficiary Interest
Sales and Purchase Agreement dated July 23, 2018, was changed and set forth as “September 6, 2018”
today, as a result of an agreement on execution of the transfer between the seller and SAR.
(2) Change of the funds for acquisition
The funds for acquisition of the Asset to be Acquired was planned to be cash on hand and theproceeds of the sale of “Hakata-eki Higashi 113 Building” described in “Notice Concerning Acquisitionand Transfer (Asset Replacement) of Real Estate Beneficiary Interests in Trust” announced on July 23,
2018. However, SAR has decided issuance of new investment units and debt financing at the Board ofDirectors meeting of SAR held today and has decided to use these proceeds and cash on hand as thefunds for acquisition.
For details, please refer to “Notice Concerning Issuance of New Investment Units and Secondary
Offering of Investment Units” and “Notice Concerning Debt Financing” announced today.
3. Overview of Asset to be Acquired (Underlining the contents which are decided and changed as of today)
Asset to be Acquired

Beneficiary interest in trust whose main asset is domestic real estate

Property name

Hotel WBF Fukuoka Tenjin Minami

Asset type

Hotel

Date of execution of purchaseagreement

July 23, 2018

Planned acquisition date

September 6, 2018

Seller

Godo-Kaisha Topcat

Planned acquisition price(Note 1)
The funds for Acquisition

1,970 million yen
Net proceeds from the issuance of new investment units through publicoffering (primary offering) which has been resolved at the SAR’s Board ofDirectors meeting held today, proceeds from new debt financing, and cash on
hand

Appraisal value (Note 2)

1,990 million yen

Special notation

SAR is planning to make the settlement of the acquisition on September 6,
2018, which date is after more than one month from the date of the purchaseagreement executed on July 23, 2018, and thus the sales and purchaseagreement fall under the forward commitment, etc. In case where the SAR orNote： This press release does not in any way constitute any part of an offering of securities for investment. This press release hasbeen prepared for the purpose of announcing to the public certain matters relating to the de termination of planned
acquisition date and change of the funds for acquisition, 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 securitie sreferred to herein have not been, and will not be registered under the United S tates 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 fromregistration under the Securities Act. No offering or sale of securities in the United States will be made in connection withthe above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in
or into the United States of America.

2the seller is in breach of any agreement or any representations and warranties
provided in the Trust Beneficiary Interest Sales and Purchase Agreement andwhere such breach is so material that the purpose of the agreement cannot beachieved, the non-breaching party may cancel the agreement after giving
notice to the other party for a reasonable period of time, and may claim against
the other party the amount equivalent to 10% of the sales price as a penalty at
the same time as the exercise of the right of cancellation. Also, when SAR
cannot raise necessary funds for acquisition by the transfer execution date, SAR
is allowed to cancel the agreement on the condition that SAR will bear certain
costs for the seller.
(Note 1) Excluding transfer expenses, consumption tax and local consumption tax.
(Note 2) For details of the appraisal value, please refer to the “Notice Concerning Acquisition and Transfer (AssetReplacement) of Real Estate Beneficiary Interests in Trust” announced on July 23, 2018.

4.

Schedule for the Transaction
July 23, 2018
September 6, 2018

Acquisition decided
Conclusion of a sale and purchase agreement of trust beneficiary interest
Acquisition of beneficiary interest in trust (planned)
Payment of acquisition price (planned)
Conclusion of the property management contract (planned)

5.

Settlement method
The acquisition price is scheduled to be settled in lump sum payment on the planned acquisition date.

6.

Future outlook
Please refer to “Notice Concerning Revision to Forecasts for Operating Results for the 6th Fiscal PeriodEnding January 31, 2019 and Forecasts for Operating Results and Distribution for the 7th Fiscal PeriodEnding July 31, 2019” announced today.

7. Other
There are some revisions ,as below, in “Notice Concerning Acquisition and Transfer (Asset Replacement)of Real Estate Beneficiary Interests in Trust” and “Supplementary Material Concerning Acquisition andTransfer (Asset Replacement) of Real Estate Beneficiary Interests in Trust” announced on July 23, 2018.
(1) In “1. The reason of the asset replacement / ① Future revenue contribution of assets to bereplaced (strengthen SAR’s portfolio)” in “Notice Concerning Acquisition and Transfer (AssetReplacement) of Real Estate Beneficiary Interests in Trust” dated July 23, 2018, the contracted
average rent of Hakata-eki Higashi 113 Building as of the end of the first fiscal period (fiscal periodended July 2016) was stated as 9,585 yen per tsubo. However, it should have been 9,517 yen perNote： 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 de termination of planned
acquisition date and change of the funds for acquisition, 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 securitie sreferred to herein have not been, and will not be registered under the United S tates 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 fromregistration under the Securities Act. No offering or sale of securities in the United States will be made in connection withthe above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly in
or into the United States of America.

3tsubo. Also, the increase rate of contracted average rent from fiscal period ended July 2016 to theend of May 2018 was stated as 7.2%. However, it should have been 8.0%.
(2) In “Supplementary Material Concerning Acquisition and Transfer (Asset Replacement) of Real Estate
Beneficiary Interests in Trust” dated July 23, 2018, the appraisal NOI yield after depreciation of Hotel
WBF Fukuoka Tenjin Minami was stated as 3.9%. However, it should have been 3.8%.

<Reference>
Other press releases published today- Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units- Notice Concerning Acquisition and Lease Contract with New Tenants, and Transfer of Real Estate
Beneficiary Interests in Trust- Notice Concerning Revision to Forecasts for Operating Results for the 6th Fiscal Period Ending January 31,
2019 and Forecasts for Operating Results and Distribution for the 7th Fiscal Period Ending July 31, 2019- Notice Concerning Debt Financing- Notice Concerning Partial Amendment to the Management Guidelines of the Asset Manager- Notice Concerning Execution of Agreements on Preferential Negotiation Rights to secure Acquisition
Pipeline for Future Growth- Supplementary Material on Press Releases (Acquisition of Properties through Public Offering) Announced
as of Today* This material is distributed to the press club of the Tokyo Stock Exchange (Kabuto Club), the press club of theMinistry of Land, Infrastructure, Transport and Tourism, and the press club for construction trade
publications of the Ministry of Land, Infrastructure, Transport and Tourism.
* Star Asia Investment Corporation website address: 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 de termination of planned
acquisition date and change of the funds for acquisition, and not for the purpose of soliciting any investment, within oroutside of Japan. Additionally, this press release is not an offer of securities for sale in the United States. The securitie sreferred to herein have not been, and will not be registered under the United S tates 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 fromregistration under the Securities Act. No offering or sale of securities in the United States will be made in connection withthe above-mentioned transactions. This press release is not for publication, distribution or release, directly or indirectly inor into the United States of America.

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