August 31, 2016
To All Concerned Parties
REIT Securities Issuer
3-8-11 Kudan Minami, Chiyoda-ku, Tokyo
Sakura Sogo REIT Investment Corporation
Representative: Makoto Muranaka,
Executive Director:(Securities Code 3473)
Asset Management Company:
Sakura Real Estate Funds Management, Inc.
Representative: Makoto Muranaka,
Representative Director andPresident
Inquiries:
Mayumi Kobiki,
Chief Financial Officer
Tel:+81-3-6272-6608

Notice Concerning Pricing for the Issuance of New Investment Units and Secondary Offering
Sakura Sogo REIT (hereinafter the “Investment Corporation”) announces that it determined the issue
price and other details with regard to the issuance of new investment units and secondary offering ofinvestment units resolved at its Board of Officers meeting held on August 5, 2016, as described below.
1. Issuance of new investment units through public offering (primary offering)(1) Number of investment units
332,000 units
to be offered:
Out of which; the number of investment units for domestic
offering is 298,421 units and the number of investment units
for overseas sales (sales to overseas investors in overseas
markets (excluding the U.S. and Canada)) is 33,579 units(2) Amount to be paid in:¥87,815 per unit
(Issue amount)(3) Total amount to be paid in¥29,154,580,000(issue amount):(4) Issue price:¥91,000 per unit
(Offer price)(5) Total issue price¥30,212,000,000(offer price):(6) Subscription period:
September 1, 2016 (Thursday) through September 6, 2016
(Tuesday)(7) Payment date:
September 7, 2016 (Wednesday)(8) Delivery date:
September 8, 2016 (Thursday)(Note) The underwriters will underwrite and purchase the Investment Corporation’s investment units at the above
amount to be paid in (issue amount), and conduct public offering at the above issue price (offer price).

2. Basis for Calculating the Issue Price
Upon determining the issue price and other details, the Investment Corporation conducted book building
centering on institutional investors based on the provisional conditions for the issue price (91,000 yen
Disclaimer: This press release is for public announcement in regards to the issuance of new investment units of the Investment Corporation and thesecondary offering of investment units of the Investment Corporation, and has not been prepared for the purpose of solicitation of investment.
Investors shall always refer to the prospectus for issuance of new investment units and (for notification of) secondary offering of investment
units, and amendments thereto, prepared by the Investment Corporation, and undertake any investment in their own decision.
Furthermore, this press release does not constitute an offer of securities in the United States. The investment units have not been registeredunder the United States Securities Act of 1933. The securities may not be offered or sold in the United States absent registration or anexemption from registration under the United States Securities Act of 1933. In case securities are to be publicly offered in the United States,prospectus written in English prepared based on the United States Securities Act of 1933 shall be sued. In such a case, investors will be able
to obtain the English prospectus from the Investment Corporation or the selling agency, and detailed information on the Investment
Corporation and its executive team as well as the financial statements will be provided in the English prospectus. The securities referred to inthis press release will not be publicly offered or sold in the United States.

1

or more but not exceeding 92,000 yen).
As a result of the above book building, the issue price was determined as 91,000 yen, comprehensively
taking into account the market environment including the Real Estate Investment Trust Securities Market,
price fluctuation risks during the period leading up to the listing date and other factors.
Furthermore, amount to be paid-in (issue amount) for the issuance of new investment units throughpublic offering was determined as 87,815 yen.
3. Secondary offering, etc. through over-allotment
It was stated that secondary offering (hereinafter “Secondary Offering through Over-Allotment”) of theInvestment Units may be implemented after giving consideration to the demand status, etc. for public
offering when implementing the offering and separately from the public offering, in which SMBC Nikko
Securities Inc. borrows the Investment Units with a maximum limit of up to 10,400 units from Galaxy
JREIT Pty Limited and Nippon Kanzai, Co., Ltd. (hereinafter the “Designated Parties”) (provided thatsuch borrowing shall be subject to the condition that the Investment Units subject to the public offering
will be sold to the Designated Parties; hereinafter the “Investment Units to be Borrowed”). However, asa result of giving consideration to the demand status, etc. of the book building, it was decided theSecondary Offering through Over-Allotment would not take place.
In relation to the Secondary Offering through Over-Allotment, in order for SMBC Nikko Securities Inc. toacquire the Investment Units required for return of the Investment Units to be Borrowed, the Investment
Corporation passed a resolution at its Board of Directors meeting held on Friday, August 5, 2016 ,indicating that issuance of new investment units through third-party allotment (hereinafter the “ThirdParty Allotment”) for 10,400 units of the Investment Units which sets SMBC Nikko Securities, Inc. as theallottee shall be implemented by setting October 12, 2016 (Wednesday) as the payment date. However,since the Secondary Offering through Over-Allotment was cancelled, the Investment Corporation
resolved at its Board of Directors meeting held today not to implement the Third-Party Allotment.
In addition, it was stated that during the period from September 8, 2016 (Thursday) to October 6, 2016(Thursday), SMBC Nikko Securities Inc. may purchase, on the TSE, the Investment Units up to thenumber of units for Secondary Offering through Over-Allotment for the purpose of returning theInvestment Units to be Borrowed (hereinafter the “Syndicate Cover Transaction”). However, in line withthe cancellation of the Secondary Offering through Over-Allotment, the Syndicate Cover Transaction will
not be implemented as well.
4. Designation of party to receive allocated investment units
The underwriter intends to sell, to each of Galaxy JREIT Pty Limited and Nippon Kanzai, Co., Ltd., asparties to purchase designated by the Investment Corporation, 8,200 units of the Investment Units
subject to the public offering.

Disclaimer: This press release is for public announcement in regards to the issuance of new investment units of the Investment Corporation and thesecondary offering of investment units of the Investment Corporation, and has not been prepared for the purpose of solicitation of investment.
Investors shall always refer to the prospectus for issuance of new investment units and (for notification of) secondary offering of investment
units, and amendments thereto, prepared by the Investment Corporation, and undertake any investment in their own decision.
Furthermore, this press release does not constitute an offer of securities in the United States. The investment units have not been registeredunder the United States Securities Act of 1933. The securities may not be offered or sold in the United States absent registration or anexemption from registration under the United States Securities Act of 1933. In case securities are to be publicly offered in the United States,
prospectus written in English prepared based on the United States Securities Act of 1933 shall be sued. In such a case, investors will be able
to obtain the English prospectus from the Investment Corporation or the selling agency, and detailed information on the Investment
Corporation and its executive team as well as the financial statements will be provided in the English prospectus. The securities referred to inthis press release will not be publicly offered or sold in the United States.

2

<Reference>
1. Changes in the Number of Investment Units Issued and Outstanding
Current total number of investment units issued and outstanding
Number of investment units to be added through issuance of new
investment units through public offering
Total number of issued investment units after issuance of new investment
units through public offering

1,001 units
332,000 units
333,001 units

2. Amount, use, and scheduled expenditure timing of funds to be procured(1)(2)

Amount of funds to be procured (estimated net proceeds)¥29,154,580,000
Specific use and scheduled expenditure of funds to be procured
The proceeds from public offering will be allocated to part of the funds for acquiring the new
specified assets (the meaning for which is set forth in the Act on Investment Trusts andInvestment Corporations, Article 2, Paragraph 1;) to be acquired by the Investment
Corporation.

This material is to be distributed to the Kabuto Club, the Ministry of Land, Infrastructure, Transportand Tourism Press Club, and the Ministry of Land, Infrastructure, Transport and Tourism Press Clubfor Construction Purposes.
Sakura Sogo REIT website address: http://sakurasogoreit.com/en/

Disclaimer: This press release is for public announcement in regards to the issuance of new investment units of the Investment Corporation and thesecondary offering of investment units of the Investment Corporation, and has not been prepared for the purpose of solicitation of investment.
Investors shall always refer to the prospectus for issuance of new investment units and (for notification of) secondary offering of investment
units, and amendments thereto, prepared by the Investment Corporation, and undertake any investment in their own decision.
Furthermore, this press release does not constitute an offer of securities in the United States. The investment units have not been registeredunder the United States Securities Act of 1933. The securities may not be offered or sold in the United States absent registration or anexemption from registration under the United States Securities Act of 1933. In case securities are to be publicly offered in the United States,
prospectus written in English prepared based on the United States Securities Act of 1933 shall be sued. In such a case, investors will be ableto obtain the English prospectus from the Investment Corporation or the selling agency, and detailed information on the Investment
Corporation and its executive team as well as the financial statements will be provided in the English prospectus. The securities referred to inthis press release will not be publicly offered or sold in the United States.

3