August 7, 2023
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

Notice Concerning Signing of Preferential Negotiation Rights Agreement for the Acquisition of Assets
Star Asia Investment Corporation (“SAR”) announces today that it has entered into preferential negotiationrights agreements for 12 hotel properties managed by Star Asia Group with each of the relevant Star Asia Group
companies.
Details are as follows.
1.

Reason for Signing of the Preferential Negotiation Rights Agreements
SAR has continued to expand its asset size through external growth founded on strong sponsor support
from Star Asia Group. Today, SAR has decided to acquire 7 hotel properties managed by Star Asia Group, as
we are steadily realizing external growth in order to achieve the target asset size of 300 billion yen which
was an objective established within the mid-term business plan.
This time, in order to further expand the foundation of external growth, SAR has signed preferential
negotiation rights agreements for 12 hotel properties managed by Star Asia Group. All of the hotels subject
to the preferential negotiation rights agreements (hereinafter referred to as “Properties for which
preferential negotiation rights have been obtained”) are located in good locations, and by entering into
preferential negotiation rights agreements, SAR will be able to promote its external growth strategy andalso expand alternatives for active management which is one of SAR’s strengths, such as by grasping thereal estate property market cycle and conducting asset replacements.
Furthermore, in addition to the Properties for which preferential negotiation rights have been obtained
this time, SAR has secured preferential negotiation rights for 2 student residence properties. By leveraging
on the preferential negotiation rights for these 14 properties, SAR will continue to aim for further external
growth in close cooperation with Star Asia Group going forward.

Note： This press release does not in any way constitute any part of an offering of securities for investment. This press release ha s
been prepared for the purpose of announcing to the public certain matters relating to the decision of Signing ofPreferential Negotiation Rights Agreement for the Acquisition of Assets of SAR, 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. SAR’s securities have not been, andwill not be registered under 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 Securiti es Act. No
offering or sale of securities in the United States will be made in connection with the above -mentioned transactions. Thispress release is not for publication, distribution, or release, directly or indirectly in or into the United States of Ame rica.

1Summary of the Properties for which preferential negotiation rights have been obtained and thePreferential Negotiation Rights Agreements(1) Properties for which preferential negotiation rights have been obtained.
Asset
No.
Name of the Property
LocationPrice etc.
Type
1
KOKO HOTEL Residence Asakusa Tawaramachi Hotel
Taito-ku, Tokyo
2
KOKO HOTEL Residence Asakusa Kappabashi
Hotel
Taito-ku, Tokyo
3
KOKO HOTEL Premier Kanazawa Korinbo
Hotel
Kanazawa-shi, Ishikawa
4
KOKO HOTEL Nagoya Sakae
Hotel
Nagoya-shi, Aichi
Total
5
KOKO HOTEL Osaka Shinsaibashi
Hotel
Osaka-shi, Osaka
Appraisal
6
KOKO HOTEL Premier Kumamoto
Hotel
Kumamoto-shi, Kumamoto
Value(Note)
7
MIMARU Tokyo Ginza East
Hotel
Chuo-ku, Tokyo
57,6008
MIMARU Tokyo Ueno East
Hotel
Taito-ku, Tokyo
million yen
9
GATE STAY Premium Nihonbashi
Hotel
Chuo-ku, Tokyo
10
11
12

GATE STAY Premium Ginza Shintomicho
MONday Apart Premium Ueno
KOKO HOTEL Tsukiji Ginza

Hotel
Hotel
Hotel

Chuo-ku, Tokyo
Taito-ku, Tokyo
Chuo-ku, Tokyo(Note) The Total Appraisal Value is the amount calculated as the total of the appraisal values stated in the appraisal
reports obtained by Star Asia Group.

(2) Summary of the Preferential Negotiation Rights Agreement
Description ofDuring the Subject Period (as defined below), in the case of commencing disposition
major rights
activities for the Properties for which preferential negotiation rights have beenobtained, the counterparty shall first notify SAR of the fact that it will commence suchactivities in writing in preference to third parties. When SAR receives such notice, it
may consider whether or not it desires to acquire the Properties for which
preferential negotiation rights have been obtained, and if it desires to acquire it, thecounterparty must negotiate in good faith with SAR regarding basic terms andconditions of the sale.
Signing Date
August 7, 2023
Subject Period
From August 7, 2023 to the anniversary date 12 months later (Provided, however,that in the case where either the contract counterparty or SAR does not notify
otherwise, this agreement will be automatically extended one year, and the same
applies thereafter.)✓ SAR has no obligation to acquire the Properties for which preferential negotiation rights have beenobtained. Upon deciding whether or not to purchase, it will be necessary for SAR to take necessaryinternal procedures such as conducting necessary due diligence including obtaining real estateappraisals.
✓ Upon signing the preferential negotiation rights agreement, SAR will not pay any consideration to thecounterparty.

Note： This press release does not in any way constitute any part of an offering of securities for investment. This press release ha s
been prepared for the purpose of announcing to the public certain matters relating to the decision of Signing ofPreferential Negotiation Rights Agreement for the Acquisition of Assets of SAR, 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. SAR’s securities have not been, andwill not be registered under 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 Securiti es Act. No
offering or sale of securities in the United States will be made in connection with the above -mentioned transactions. Thispress release is not for publication, distribution, or release, directly or indirectly in or into the United States of Ame rica.

22.

General Description of the Property(1) KOKO HOTEL Residence Asakusa Tawaramachi
Name of the Property KOKO HOTEL Residence Asakusa Tawaramachi
Location
2-8-12, Kotobuki, Taito-ku, Tokyo
Nearest station
Approximate 2-minute walk from “Tawaramachi” station on the Tokyo Metro GinzaLine
Approximate 7-minute walk from “Asakusa” station on the Toei Subway Asakusa Line.
Number of rooms
47
Dates of completion
November 22, 2021
Operator
FINO HOTELS CO.,LTD
Features
The hotel is located in a town where there are various
sightseeing spots such as the historic Sensoji temple and themodern symbolic Tokyo Sky Tree. It is equipped with kitchen
facilities and laundry machines, and has guest rooms which canaccommodate up to 6 guests, and is a hotel which can acquiregroup travel and family travel guests enjoying the traditional
culture and a variety of shopping and gourmet spots.
(2) KOKO HOTEL Residence Asakusa Kappabashi
Name of the Property KOKO HOTEL Residence Asakusa Kappabashi
Location
3-24-2, Nishiasakusa, Taito-ku, Tokyo
Nearest station
Approximate 4-minute walk from “Asakusa” station on the Tsukuba Express Line
Approximate 10-minute walk from “Tawaramachi” station on the Tokyo Metro GinzaLine.
Approximate 10-minute walk from “Iriya” station on the Tokyo Metro Hibiya Line.
Number of rooms
42
Dates of completion
November 27, 2020
Operator
FINO HOTELS CO.,LTD
Features
The hotel is located in a town where there are various
sightseeing spots such as the historic Sensoji temple and themodern symbolic Tokyo Sky Tree. It is equipped with kitchen
facilities and laundry machines, and has guest rooms which canaccommodate up to 6 guests, and is a hotel which can acquiregroup travel and family travel guests enjoying the traditional
culture and a variety of shopping and gourmet spots.
(3) KOKO HOTEL Premier Kanazawa Korinbo
Name of the Property KOKO HOTEL Premier Kanazawa Korinbo
Location
1-12-16, Korinbo, Kanazawa-shi, Ishikawa
Nearest station
Approximate 1-minute walk from “Korinbo” bus stop on the Kanazawa Loop bus from
“Kanazawa” station.

Note： This press release does not in any way constitute any part of an offering of securities for investment. This press release ha s
been prepared for the purpose of announcing to the public certain matters relating to the decision of Signing ofPreferential Negotiation Rights Agreement for the Acquisition of Assets of SAR, 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. SAR’s securities have not been, andwill not be registered under 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 Securiti es Act. No
offering or sale of securities in the United States will be made in connection with the above -mentioned transactions. Thispress release is not for publication, distribution, or release, directly or indirectly in or into the United States of Ame rica.

3

Number of rooms
Dates of completion
Operator
Features

207
April 30, 2013
KOKO HOTELS Co., Ltd.
The hotel is located in Korinbo, the center of Kanazawa which is
the largest city in the Hokuriku region where “tradition” and“innovation” co-exists.
The hotel is within walking distance from historical sightseeing
spots such as Kenrokuen garden, the 21st Century Museum ofContemporary Art Kanazawa, and the Nagamachi Bukeyashiki(Samurai residence) district, and it is possible to acquire travelers
enjoying history and culture.

(4) KOKO HOTEL Nagoya Sakae
Name of the Property KOKO HOTEL Nagoya Sakae
Location
3-15-21, Nishiki, Naka-ku, Nagoya-shi, Aichi
Nearest station
Approximate 1-minute walk from “Sakae” station on the Subway Higashiyama Lineand Subway Meijyo Line.
Approximate 1-minute walk from “Sakae” station on the Meitetsu Seto Line.
Number of rooms
204
Dates of completion
February 28, 2003
Operator
KOKO HOTELS Co., Ltd.
Features
The hotel is located in Sakae, Nagoya’s main downtown area.
The hotel is within walking distance from Mirai Tower which is
Nagoya’s landmark as well as Hisaya-Odori Park, and can acquire
guest for business use and sightseeing use.

(5) KOKO HOTEL Osaka Shinsaibashi
Name of the Property KOKO HOTEL Osaka Shinsaibashi
Location
3-3-17, Minami Senba, Chuo-ku, Osaka-shi, Osaka
Nearest station
Approximate 8-minute walk from “Shinsaibashi” station on the Osaka Metro Midosuji
Line.
Number of rooms
211
Dates of completion
April 19, 2005
Operator
KOKO HOTELS Co., Ltd.
Features
The hotel is located in Shinsaibashi which is Osaka’s
representative downtown area. In addition to acquiring guests
for sightseeing use, as the hotel has good access to Shin-Osakaand Umeda, it is also possible to acquire guests for business use.
A sister store of a 1-Michelin-starred restaurant which has
simultaneously acquired a Green Star is a tenant, and is
Note： This press release does not in any way constitute any part of an offering of securities for investment. This press release ha s
been prepared for the purpose of announcing to the public certain matters relating to the decision of Signing ofPreferential Negotiation Rights Agreement for the Acquisition of Assets of SAR, 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. SAR’s securities have not been, andwill not be registered under 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 Securiti es Act. No
offering or sale of securities in the United States will be made in connection with the above -mentioned transactions. Thispress release is not for publication, distribution, or release, directly or indirectly in or into the United States of Ame rica.

4

supporting the hotel’s revenues.
(6) KOKO HOTEL Premier Kumamoto
Name of the Property KOKO HOTEL Premier Kumamoto
Location
3-20, Sakuramachi, Chuo-ku, Kumamoto-shi, Kumamoto
Nearest station
Directly connected to Sakura Machi Kumamoto Bus Terminal
Approximate 5-minute walk from “Karashimacho” station on the Kumamoto City Line.
Number of rooms
205
Dates of completion
September 9, 2019
Operator
KOKO HOTELS Co., Ltd.
Features
The hotel is located at the “Sakuramachi Kumamoto” site which
is Kumamoto city’s landmark, and has good access to sightseeing
spots such as Kumamoto Castle which is one of Japan’s top 3
castles as well as Suizenji Jojuen Park which is a Momoyama-style
stroll garden which has been designated as a national scenic spotand historical site, as well as to business centers, and can acquire
guests for tourist use as well as business use. The building has
luxurious exterior made under the concept of the brilliant andbeautiful Kumamoto castle.
(7) MIMARU Tokyo Ginza EAST
Name of the Property MIMARU Tokyo Ginza EAST
Location
1-4-4, Shintomi, Chuo-ku, Tokyo
Nearest station
Approximate 3-minute walk from “Shintomi-cho” station on the Tokyo Metro
Yurakucho Line.
Approximate 5-minute walk from “Takaracho” station on the Toei Subway Asakusa
Line.
Number of rooms
37
Dates of completion
September 26, 2018
Operator
COSMOS HOTEL MANAGEMENT Co., Ltd.
Features
The hotel is a family apartment type hotel which is accessibleusing 5 train lines and 5 stations, and is located within walking
distance from Ginza which is one of the representative
commercial districts in Japan and the Tsukiji Outer Market where
one can enjoy Japanese food culture. A space design company
has produced the hotel under the concept of Modern Japanism
in a gorgeous traditional Japanese atmosphere.
The hotel rooms are equipped with a kitchen and dining space,and can accommodate up to 6 guests, and can acquire users formid- to long-term stay.

Note： This press release does not in any way constitute any part of an offering of securities for investment. This press release ha s
been prepared for the purpose of announcing to the public certain matters relating to the decision of Signing ofPreferential Negotiation Rights Agreement for the Acquisition of Assets of SAR, 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. SAR’s securities have not been, andwill not be registered under 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 Securiti es Act. No
offering or sale of securities in the United States will be made in connection with the above -mentioned transactions. Thispress release is not for publication, distribution, or release, directly or indirectly in or into the United States of Ame rica.

5(8) MIMARU Tokyo Ueno EAST
Name of the Property MIMARU Tokyo Ueno EAST
Location
4-26-3, Higashi Ueno, Taito-ku, Tokyo
Nearest station
Approximate 3-minute walk from “Ueno” station on the JR Line.
Number of rooms
56
Dates of completion
July 18, 2018
Operator
COSMOS HOTEL MANAGEMENT Co., Ltd.
Features
The hotel is a family apartment type hotel located at an
approximate 3-minute walk from “Ueno” station. It has various
types of rooms such as rooms with rooftop space,
Japanese-style rooms, rooms with bunk beds and rooms with 4
single beds. The hotel rooms are equipped with a kitchen anddining space, and can accommodate up to 6 guests, and canacquire users for mid- to long-term stay.
(9) GATE STAY Premium Nihonbashi
Name of the Property GATE STAY Premium Nihonbashi
Location
4-1-5, Nihonbashi Honcho, Chuo-ku, Tokyo
Nearest station
Approximate 2-minute walk from “Shin-Nihonbashi” station on the JR Line.
Approximate 5-minute walk from “Mitsukoshimae” station on the Tokyo Metro GinzaLine and Tokyo Metro Hanzomon Line.
Approximate 6-minute walk from “Kanda” station on the JR Line.
Number of rooms
56
Dates of completion
July 14, 2020
Operator
JHAT Co., Ltd.
Features
The hotel is located at an approximate 2-minute walk from
“Shin-Nihonbashi” station on the JR Line.
The hotel rooms are fully equipped with laundry machines withdryers and vacuum cleaners, in addition to cooking facilities such
as IH kitchens, microwave ovens, and rice cookers. Guests areable to use the hotel rooms as if they were at home immediately
after arrival.
(10) GATE STAY Premium Ginza Shintomicho
Name of the Property GATE STAY Premium Ginza Shintomicho
Location
3-4-1, Irifune, Chuo-ku, Tokyo
Nearest station
Approximate 1-minute walk from “Shintomicho” station on the Tokyo Metro
Yurakucho Line.
Approximate 5-minute walk from “Tsukiji” station on the Tokyo Metro Hibiya Line.
Approximate 6-minute walk from “Hatchobori” station on the JR Keiyo Line,Musashino Line and the Tokyo Metro Hibiya Line.
Note： This press release does not in any way constitute any part of an offering of securities for investment. This press release ha s
been prepared for the purpose of announcing to the public certain matters relating to the decision of Signing ofPreferential Negotiation Rights Agreement for the Acquisition of Assets of SAR, 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. SAR’s securities have not been, andwill not be registered under 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 Securiti es Act. No
offering or sale of securities in the United States will be made in connection with the above -mentioned transactions. Thispress release is not for publication, distribution, or release, directly or indirectly in or into the United States of Ame rica.

6

Number of rooms
Dates of completion
Operator
Features40
October 23, 2020
JHAT Co., Ltd.
The hotel is located at an approximate 1-minute walk from
“Shintomicho” station on the Tokyo Metro Yurakucho Line.
The hotel is comprised of mainly guest rooms for 3 to 4 guests,
and the rooms are fully equipped with living facilities such as an
IH kitchen and cooking utensils and laundry machines.

(11) MONday Apart Premium Ueno
Name of the Property MONday Apart Premium Ueno
Location
1-7-6, Kita Ueno, Taito-ku, Tokyo
Nearest station
Approximate 6-minute walk from “Iriya” station on the Tokyo Metro Hibiya Line.
Approximate 10-minute walk from “Ueno” station on the JR Line.
Number of rooms
71
Dates of completion
March 12, 2021
Operator
JHAT Co., Ltd.
Features
The hotel is located at an approximate 6-minute walk from “Iriya”
station on the Tokyo Metro Hibiya Line.
The hotel is comprised of mainly guest rooms for 3-4 guests, andthe rooms are fully equipped with living facilities such as an IH
kitchen and cooking utensils and laundry machines. The
restaurant serves freshly baked bread for breakfast.
(12) KOKO HOTEL Tsukiji Ginza
Name of the Property KOKO HOTEL Tsukiji Ginza
Location
6-8-8, Tsukiji, Chuo-ku, Tokyo
Nearest station
Approximate 5-minute walk from “Tsukiji” station on the Tokyo Metro Hibiya Line.
Approximate 9-minute walk from “Higashi Ginza” station on the Tokyo Metro Hibiya
Line and Toei subway Asakusa Line.
Number of rooms
188
Dates of completion
December 15, 2020
Operator
KOKO HOTELS Co., Ltd.
Features
The hotel is an accommodation-specialized hotel located at an
approximate 5-minute walk from “Tsukiji” station.
It is close to traditional sightseeing spots such as the Tsukiji Outer
Market and the Tsukiji Hongwanji Temple, as well as Ginza area
which is one of Japan’s representative commercial districts.

Note： This press release does not in any way constitute any part of an offering of securities for investment. This press release ha s
been prepared for the purpose of announcing to the public certain matters relating to the decision of Signing ofPreferential Negotiation Rights Agreement for the Acquisition of Assets of SAR, 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. SAR’s securities have not been, andwill not be registered under 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 Securiti es Act. No
offering or sale of securities in the United States will be made in connection with the above -mentioned transactions. Thispress release is not for publication, distribution, or release, directly or indirectly in or into the United States of Ame rica.

7

<Reference>
Other press releases announced 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 the Decision on the Transfer Date of Urban Park Gokokuji (the Asset)
・Notice Concerning Revision to Forecasts for Operating Results and Distribution for the 16th Fiscal
Period Ending January 31, 2024 and Forecasts for Operating Results and Distribution for the 17th
Fiscal Period Ending July 31, 2024
・Notice Concerning Debt Financing*SAR HP URL: https://starasia-reit.com/en/

This is an English translation of the announcement in Japanese dated August 7, 2023. However, no assurance orwarranties 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 ha s
been prepared for the purpose of announcing to the public certain matters relating to the decision of Signing ofPreferential Negotiation Rights Agreement for the Acquisition of Assets of SAR, 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. SAR’s securities have not been, andwill not be registered under 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 Securiti es Act. No
offering or sale of securities in the United States will be made in connection with the above -mentioned transactions. Thispress release is not for publication, distribution, or release, directly or indirectly in or into the United States of Ame rica.

8