August 13, 2020
For Immediate Release

Real Estate Investment Trust Securities Issuer
1-6-5 Marunouchi, Chiyoda-ku, Tokyo
Mitsubishi Estate Logistics REIT Investment Corporation
Representative: Masaki Sakagawa, Executive Director(Securities Code: 3481)
Asset Management Company
Mitsubishi Jisho Investment Advisors, Inc.
Representative: Haruhiko Araki, President & CEO
Contact:
Masaki Sakagawa, Executive Vice
President , General Manager, Logistics REITManagement Department
TEL: +81-3-3218-0030

Notice Concerning Acquisition of Domestic Real Estate Trust Beneficiary Interestsand Lease Contracts with New Tenants
Mitsubishi Jisho Investment Advisors, Inc. (the “Asset Management Company”), to which Mitsubishi Estate
Logistics REIT Investment Corporation (“MEL”) entrusts the management of its assets, announced today that it
will acquire five properties (the “Five New Properties”) in the form of trust beneficiary interests and,
subsequently, enter into lease contracts with new tenants, as described below.
Each of the sellers of LOGIPORT Osaka Taisho (17.5% additional co-beneficiary interest) and MJ Logipark Sendai
1 are considered interested-parties as set forth in the “Rules Regarding Related-party Transactions” included in
the internal rules of the Asset Management Company (the “Interested Party”). In light of this, the AssetManagement Company has undertaken the necessary deliberations and resolution procedures stipulated in theRules Regarding Related-party Transactions for executing transactions for the acquisition of the Five New
Properties. The details are described below.
1. Overview of acquisition
Category

Property Name
Logicross Osaka(60% co-beneficiaryinterest)

Location

AnticipatedAcquisition Price(Millions of yen)
(Note 1)

Appraisal Value(Millions of yen)
(Note 2)

Appraisal
NOI Yield(%) (Note 3)

Brokerage

Osaka,
Osaka

5,874

6,000

4.3

N/A

Nagoya,
Aichi

8,705

9,540

4.9

N/A

Osaka,
Osaka

4,802

5,267

4.7

N/A

1,637

1,710

5.0

N/A

7,388

7,410

5.2

N/A

(Note 4)

Logicross Nagoya
Kasadera(60% co-beneficiaryinterest)
Logistics
Facilities(Note 4)

LOGIPORT Osaka
Taisho(17.5% additional cobeneficiary interest)(Note 4) (Note 5)

MJ Logipark Kazo 2
MJ Logipark Sendai 1

Kazo,
Saitama
Tagajo,Miyagi

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 1 -(Note 1) “Anticipated Acquisition price” indicates the purchase price of the respective trust beneficiary interests of the Five New Properties
stated in the relevant sale and purchase agreement, rounded down to the nearest million yen and does not include national or local
consumption taxes or expenses which will be incurred in connection with the acquisition.
(Note 2) “Appraisal value” shows the appraisal value stated on each real estate appraisal report with the price as of June 30, 2020. The appraisalsof the Five New Properties were conducted by Tanizawa Sogo Appraisal Co., Ltd or Japan Real Estate Institute.
(Note 3) “Appraisal NOI Yield” is the ratio of appraisal NOI using the direct capitalization method to the anticipated acquisition price of each
property in each real estate appraisal report, rounded to the first decimal place.
(Note 4) The anticipated acquisition price and appraisal value for Logicross Osaka (60% co-beneficiary interest), Logicross Nagoya Kasadera(60% co-beneficiary interest) and LOGIPORT Osaka Taisho (17.5% additional co-beneficiary interest) are the figures corresponding to
the co-beneficiary interest ratio (60%, 60% and 17.5%, respectively.) of the trust beneficiary interest that MEL will acquire.
(Note 5) “LOGIPORT Osaka Taisho (17.5% additional co-beneficiary interest)” refers to the 17.5% additional co-beneficiary interest of LOGIPORTOsaka Taisho, which is one of the Five New Properties, and “LOGIPORT Osaka Taisho (20% initial co-beneficiary interest)” refers to the
20% initial co-beneficiary interest of LOGIPORT Osaka Taisho, which was acquired by MEL on Oct. 9, 2019. The same shall apply
throughout this document.

(1)
(2)
(3)
(4)

Date of Sale and Purchase Agreements:
Anticipated Acquisition Date:
Seller:Funds for Acquisition:(5)

Settlement Method:

Aug. 13, 2020
Sept. 1, 2020
Please refer to the below, “4. Seller Profile”
Proceeds from issuance of investment units (Note 1), theborrowings (Note 2) and cash on hand
To be paid in a lump sum on the acquisition date

(Note 1) For details of issuance of investment units, please refer to the press release titled “Notice Concerning Issuance of New Investment Unitsand Secondary Offering of Investment Units” dated today.
(Note 2) For details of the borrowings, additional press release will be announced as soon as they are determined.

2. Rationale for Acquisition and Lease Contracts
MEL is sponsored by Mitsubishi Estate Co., Ltd. (“Mitsubishi Estate”) and entrusts the management of its
assets to the Asset Management Company. MEL believes that utilizing both Mitsubishi Estate’s competitive
advantage as a developer as well as the Asset Management Company’s competitive advantage as a real estate
asset management company (the “Hybrid Model”) characterizes its competitive strength. Making use of such
Hybrid Model, MEL aims to realize steady growth of its portfolio and stable management of its assets(including the total (Anticipated) acquisition price; the same shall apply throughout this document) byadjusting to fluctuating market conditions and business cycles and maximizing unitholder value.
Acquisition of the Five New Properties, which is based on the Hybrid Model of MEL, is an investment in“Logicross” and “LOGIPORT”, which are state-of-the-art logistics facilities developed by Mitsubishi Estate, and“MJ Logipark”, which are properties that are externally sourced by the Asset Management Company. MEL
believes that, through the acquisition of the Five New Properties, its asset size will reach approximately 140
billion yen, which will contribute to the continued steady expansion of its portfolio since its listing and growthof its unitholder value.
MEL selected the tenants of the Five New Properties based on MEL’s tenant selection criteria guidelines,
which all tenants have satisfied. For more details of the guideline, please refer to MEL’s “Report on theManagement Structure and System of the Issuer of Real Estate Investment Trust Units and Related Parties(Japanese Only)” dated May 29, 2020.
In deciding the acquisition of Five New Properties, the points described in “3. Details of the Five New
Properties, (4) The characteristics of the respective Five New Properties” below were evaluated.
3. Details of the Five New Properties
The table below shows a summary of the Five New Properties individually (the “Individual asset table”).
Description of the information provided in each column and the terms used in the Individual asset table are as
follows; when referring to the Individual asset table, please refer to the following explanation regarding theterms used therein.
In principle, unless otherwise noted, all information included in the individual asset table is current as of
May 31, 2020.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 2 -(1) Explanation concerning classification
・“Category” represents the purpose of each the Five New Properties in accordance with the classificationprescribed in MEL’s investment policy.
(2) Explanation concerning summary of specified assets
・“Type of specified assets” is the type of real estate and other assets as specified assets.
・“Anticipated acquisition date” indicates the anticipated acquisition date of the Five New Properties statedin the relevant sale and purchase agreement.
・“Anticipated acquisition price” indicates the purchase price of the respective trust beneficiary interests of
the Five New Properties stated in the relevant sale and purchase agreement, rounded down to thenearest million yen and does not include national or local consumption taxes or expenses which will be
incurred in connection with the acquisition.
・“Overview of trust beneficiary interest” includes the name of the trustee, the entrustment date and thetrust maturity date for each of the Five New Properties, as of the acquisition date for each of the Five
New Properties.
・“Location” of “Land” is based on the register (one parcel of land, if more than one address was assigned).
・“Land area” of “Land" is the lot area recorded in the register.
・“Zoning” of “Land” indicates the type of zoning as set forth in Article 8-1-1 of the City Planning Act (ActNo. 100 of 1968, including all subsequent amendments).
・“Floor-area ratio” of “Land” is the ratio of the total floor area of the building to the Land area, as
stipulated in Article 52 of the Building Standards Act (Act No. 201 of 1950, including all subsequent
amendments) (the “Building Standards Act”), and indicates the upper limit of the floor area ratio
determined by city planning in accordance with zoning and other factors (designated floor-area ratio) (allof the ratios if there is more than one). Designated floor-area ratios may be relaxed or restricted due tothe width of roads adjacent to the land or some other reason, and designated floor-area ratios may bedifferent from the actual applied floor-area ratio.
・“Building coverage ratio” of “Land” is the ratio of the building area of buildings to the Land area, as
stipulated in Article 53 of the Building Standards Act, and is the upper limit of the building coverage ratio
determined by city planning in accordance with the zoning and other factors (designated building
coverage ratio). Designated building coverage ratios may be relaxed or restricted due to being a fireresistant building in a fire control area or some other reason, and designated building coverage ratios may
be different from the actual applied building coverage ratios.
・“Ownership form” of “Land” and “Building” indicates the type of rights owned by the trustee.
・“Construction date” of “Building” is the date of construction of the building in the register. If there is morethan one main building, the construction completed is the oldest date shown in the register.
・“Total floor area” of “Building” is based on the record in the register. “Total floor area” is the total floorarea of the main building and annex. If there is more than one main building, the total floor area is thesum of the total floor area for each main building.
・“Structure / No. of stories” and “Property type” of “Building” refer to the structure and other features ofthe building recorded in the register. If there is more than one main building, the structure / No. of stories
and type are those recorded in the register with respect to the main building that has the largest total
floor area.
・“Collateral” outlines a summary description of collateral, if applicable.
・“Appraisal value” shows the appraisal value stated on each real estate appraisal report with the appraisal
value as of June 30, 2020.
・“Property Management Company” is the property management company (“PM Company”), which
entered into or is scheduled to enter into a property management agreement (“PM Agreement”), foreach of the Five New Properties.
・“Number of tenants“ in “Description of tenancy“ is the total number of lease agreements indicated ineach lease agreement for the building of each Five New Properties as of May 31, 2020. If a master leaseagreement has been or is scheduled to be entered into for each of the Five New Properties, the total
number of end-tenants will be indicated. However, if one lessee enters into multiple lease agreements forthe same building for each of the Five New Properties, the total number of tenants will be calculated on
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 3 -the assumption that such lessee is one party. Lease agreements for shops, vending machines,
photovoltaic power generation facilities and parking lots are not included in the calculations of the“Number of tenants”.
・“Name of major tenant“ in “Description of tenancy” is the name of the tenant with the largest leased
floor area in the relevant lease agreement for buildings of each of the Five New Properties.
・“Annual rent” in “Description of tenancy” represents the annualized amount of rent (the sum ofannualized amounts of rent if multiple lease agreements have been executed), which is 12 multiplied bymonthly rent (including common area expenses), rounded down to the nearest million yen, indicated in
the relevant lease agreement for buildings of each of the Five New Properties as of May 31, 2020.
However, if there are different provisions for monthly rent, (including common area expenses) dependingon the term in each lease agreement for the building of each of the Five New Properties, the annualized
amount of rent will be calculated based on the monthly rent (including common area expenses) for May
2020 shown in the relevant lease agreement. The rent-free periods and annual rent holiday periods (i.e.,
rent payments for specific months that are waived) as of May 31, 2020 shall not be included.
・“Tenant leasehold/security deposits“ in “Description of tenancy“ represent the sum of the outstanding
amounts of leasehold/security deposits (the sum of the outstanding amounts of leasehold/security
deposits if multiple lease agreements have been executed), rounded down to the nearest million yen,
indicated in the relevant lease agreement as of May 31, 2020. However, if there are different provisions
for the sum of outstanding leasehold/security deposits, depending on the term in each lease agreement
for the building of each of the Five New Properties, the amount of tenant leasehold/security deposits for
May 2020 shown in the relevant lease agreement is indicated.
・“Total leased area“ in “Description of tenancy“ is the total leased area shown in each lease agreement forthe building of each of the Five New Properties (the sum total of leased area if a multiple number of leaseagreements have been executed) (the figures corresponding to the co-ownership interest ratio of thetrust beneficiary interest if any of the Five New Properties is the co-ownership interest.) (excluding thelease agreements for shops, vending machines, photovoltaic power generation facilities and parking lots).
・“Total leasable area” in “Description of tenancy” is the total floor area that is deemed to be leasable
based on each lease agreement for the building of each of the Five New Properties or floor plan, etc. as of
May 31, 2020, and does not include the leasable area indicated in the lease agreements concerning
shops, vending machines, photovoltaic power generation facilities and parking lots.
・“Occupancy rate” in “Description of tenancy” is the ratio of leased area of each of the Five New
Properties to leasable area of each of the Five New Properties, rounded to the first decimal place, as of
May 31, 2020.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 4 -(3) Special Notes
・“Special notes” are matters that are deemed to be material considering the potential impact on theentitlements, usage, safety, etc. of the Five New Properties as well as the appraisal value, profitability or
disposability thereof as of the date hereof.
(4) The characteristics of the respective Five New Properties
The characteristics of the respective Five New Properties are as follows:
1 Logicross Osaka○・A logistics facility with good access to the two major consumption areas in the Kansai region, located
7.5 km from the center of Osaka (Umeda Station) and 24 km from Kobe City (Sannomiya Station).
Easy access to the Port of Hanshin (Port of Osaka and Port of Kobe), a major logistics infrastructure in
the Kansai region, and to a wide area via the Hanshin Expressway No. 3 Kobe Line and No. 5 WanganLine, and proximity to National Route 43 lead to high location potential.
・As the Property is located in a cluster of small-medium-sized factories and distribution warehouses, it
is possible to operate 24 hours a day, 365 days a year.
・A four-story box-type logistics facility with truck berths on the east and west sides, equipped withluggage elevators and four vertical conveyors (each with four elevators), making it easy to rent thefacility in sections.
・Each floor has an effective ceiling height of 5.5 m and a floor load of 1.5 t / m2, making it a highly
versatile, easy-to-use logistics facility.
・Located within 12 minutes walking distance from “Dekijima Station” on the Hanshin Namba Line, and14 minutes walking distance from “Chibune Station” on the Hanshin Main Line.
・In addition to being located in close proximity to a densely populated area, the location is withinwalking distance of “Dekijima Station” on the Hanshin Namba Line and “Chibune Station” on the
Hanshin Main Line, and accessible by bus from “Osaka Station”, making it relatively easy to secure
employment.
・Located approximately 1.5 km from “Amagasaki Higashi IC” on the Hanshin Expressway No. 3 Kobe
Line, and approximately 4 km from “Nakajima IC” on the Hanshin Expressway No. 5 Wangan Line.
・Located 200 m from National Route 43.
・Vacancy rates in the Kansai coastal area where the Property is located are on a downward trend, andeven in a downturn of the Japanese economy due to the effects of the novel coronavirus infection(“COVID-19”) and logistics needs decline, the supply-demand balance in the market for logistics
facilities will only ease slightly, making it unlikely that the rental market will deteriorate rapidly.

2 Logicross Nagoya Kasadera○

・Located near “Kasadera IC” on the Nagoya Highway No. 3 Odaka Line, allows easy access to the
Nagoya Highway No. 4 Tokai Line and the Isewangan Expressway, and close to National Route 23,
which crosses the Nagoya Port area, and National Route 247, which crosses from Nagoya City to Tokai
City, making it a convenient location for transportation.
・Located in a unique location for logistics facilities within 10 km of the center of Nagoya, it has
excellent access to the city of Nagoya, as well as easy access to the Tokyo and Kansai regions via the
Isewangan Expressway.
・Easy access to the Nagoya Port, Japan's largest port in terms of total cargo handled, and the Chubu
Centrair International Airport can be reached in 35 minutes, making it possible to use the major
logistics infrastructure of Aichi Prefecture.
・It is a multi-tenant logistics facility with access to each floor from a ramp way, and each floor has afloor load of 1.5 t / m2, an effective ceiling height of 5.5 m or more, a pillar span of 10 m or more, andLED compatibility throughout the building, which are the latest logistics equipment. The facility isequipped with functions to support business continuity planning (BCP), such as the installation of
emergency generators and emergency storage for employees, as well as a parking lot and truck
waiting area. The facility has been designated as a tsunami evacuation building that can be used as atemporary shelter for local residents and others in the event of a major tsunami warning.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 5 -・Located within 7-minute walking distance from “Kasadera Station” on the JR Tokaido Main Line, and14-minutes from “Oe Station” on the Nagoya Railway Tokoname Line.
・The facility is located in Nagoya City, a city with a large residential population, and is within walking
distance of “Kasadera Station” on the JR Tokaido Main Line and “Oe Station” on the Nagoya Railroad
Tokoname Line, making it a competitive location in terms of securing part-time and other
employment opportunities.
・Ample car and bicycle parking, making it convenient for commuters other than the train.
・Located 1.2 km from “Kasadera IC” on Nagoya Expressway No. 3 Otaka Line, 3.0 km from “Kiba IC” on
Nagoya Expressway No. 4 Tokai Line, and 6 km from “Tokai IC” on the Isewangan Expressway.
・Located 0.5 km from National Route 23, 1.5 km from National Route 247, and 0.5 km from National
Route 1.
・Vacancy rates in Chubu area, where the Property is located, are generally balanced in terms of supply
and demand, and even in a downturn of the Japanese economy due to the effects of COVID-19 andlogistics needs decline due to the impact of COVID-19, there will be little new supply between 2020
and 2021, making a rapid worsening of the rental market unlikely. Especially in Nagoya City, where
the Property is located, there are few large-scale rental logistics facilities, and the supply-demandbalance is unlikely to ease in the future.
3 LOGIPORT Osaka Taisho○

・Located in Funamachi, Taisho-ku, Osaka City, where large-scale factories are concentrated, andlocated within 10 km from the center of Osaka (Umeda Station), it is a suburban logistics location. In
addition, it is located in the area between Hanshin Expressway No. 15 Sakai Line and No. 4 WanganLine, where both expressways are easily accessible.
・Although it is close to the city area, it is located in an industrial area, and as such can be operated 24
hours a day, 365 days a year.
・A multi-tenant logistics facility equipped with a double ramp way. There are central lanes on the 1st
to 3rd floors; luggage elevators and vertical conveyors (6 each) support hauling to the 4th floor.
・Each floor can be divided into 6 sections with a minimum section of over 1,200 tsubo (3,967 m2) tomeet various rental demands. The floor load is 1.5 t / m2 and the effective ceiling height is 5.5 m,
considering versatility. It also has a seismic control structure and is equipped with a disasterprevention center and a stockpile that operates 24 hours a day, 365 days a year, and is superior interms of BCP (Business Continuity Plan) measures.
・Highly-functional logistics facilities with abundant amenities such as break rooms and shops.
・Located approximately 4.1 km from the nearest station, “Taisho Station” of the JR Osaka Loop Lineand Osaka Metro Nagahori Tsurumi Ryokuchi Line.
・In addition to being close to densely populated areas, “Taisho Station” of JR Osaka Loop Line andOsaka Metro Nagahori Tsurumi Ryokuchi Line has frequent bus operations to the nearest bus stop of
this property, which provides excellent accessibility, making it relatively easy to secure employment.
・There are plenty of parking lots and bicycle parking lots, taking into account the convenience ofcommuting other than by local bus.
・Located approximately 4 km from “Tamade IC” of Hanshin Expressway No. 15 Sakai Line, and locatedapproximately 3.8 km from “Taisho Nishi IC”, and approximately 3.3 km from “Taisho Higashi IC” of
Hanshin Expressway No. 17 Nishi Osaka Line.
・Located approximately 3 km from National Route 43.
・Vacancy rates in the Kansai coastal area where the Property is located are on a downward trend, andeven in a downturn of the Japanese economy due to the effects of COVID-19 and logistics needs fall,
the supply-demand balance in the market for logistics facilities will only ease slightly, making it
unlikely that the rental market will deteriorate rapidly.

4 MJ Logipark Kazo 2○

・The site is located in the Kazo Distribution Business Complex in close proximity to “Kazo IC” on the
Tohoku Expressway and National Route 125, which crosses Saitama Prefecture, making it an ideal
location for logistics with excellent transportation access to cover a wide area.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 6 -・Located in a cluster of factories and logistics facilities, the site can be operated 24 hours a day, 365
days a year.
・It is a two-story, low-rise logistics center with a building area of 5,017 m2 on a site of 11,454 m2,
which is a spacious building layout. In addition, there is a truck waiting area (4 cars) and a parking lot(61 cars).
・A low-rise, user-friendly distribution center with truck berths on the east side of the first floor, acargo elevator and a vertical conveyor,
・Located approximately 2.4 km from “Hanasaki Station” on the Tobu Isesaki Line.
・As Kazo area is an area with many commuters who travel by car, the facility has installed 61 parking
lots to ensure enough spaces.
・Located approximately 1.4 km from “Kazo IC” on the Tohoku Expressway.
・Located 250m from National Route 125, 4km from Prefectural Route 3, and 7km from National Route
122.
・The property is located in the Ken-Odo area, where the vacancy rate was low as of April 2020, andpre-leasing of development projects is progressing relatively smoothly. Therefore, even in a
downturn of the Japanese economy due to the effects of COVID-19 and logistics needs decline, thesupply-demand balance will merely shift from a tight supply-demand balance to an equilibriumphase, and it is unlikely that the rental market will deteriorate rapidly.
5 MJ Logipark Sendai 1○・Located near the Sendai Shiogama Port, 12 km from the center of Sendai, approximately 3 km from
“Sendai Kohoku IC” on Sendai Tobu Road and Sanriku Expressway, and on Prefectural Route 23, whichconnects to National Route 4, making it an ideal location for distribution with excellent
transportation convenience.
・Located in a cluster of factories and logistics facilities, the site can be operated 24 hours a day, 365
days a year.
・It is a four-story, large-scale logistics facility with a total floor area of approximately 36,000 m2 and is
one of the few multi-tenant logistics facilities in Miyagi Prefecture.
・Truck berths are located on the 1st and 3rd floors and a ramp provides direct access to the upper
floors. The floor load is 1.5 t / m2, the effective ceiling height is 5.5 m, and the pillar span is morethan 10m, making it versatile.
・Located within 20-minute (1.5 km) walking distance from “Tagajo Station” on the JR Senseki Line.
・The location makes it relatively easy to secure employment because it can attract employees fromthe densely populated city of Sendai and because the facility is located in a residential area nearby.
・As Sendai area is an area with many commuters who travel by car, the facility has installed 125
parking lots to provide ample space.
・Located approximately 3 km from “Sendai Kohoku IC” on Sendai-Tobu Road and Sanriku Expressway.
・Located 1 km from National Route 45.
・There are few vacancies in large-scale logistics facilities in the Tohoku area, where the Property is
located, and even in a downturn of the Japanese economy due to the effects of COVID-19 andlogistics needs decline, the rental market for logistics facilities will merely shift from a slightly tightsupply-demand balance to an equilibrium phase, making it unlikely that the rental market will
deteriorate rapidly.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 7 -Logicross Osaka (60% co-beneficiary interest)
Property name

Logicross Osaka

Category

Logistics facilities

Type of specified assets

60% of co-ownership interest of real estate trust beneficiary interests

Anticipated acquisition date

Sept. 1, 2020

Anticipated acquisition price

5,874 million yen

Seller (Note1)

Domestic business company

Overview oftrust beneficiary

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment dateJan. 15, 2020

interest

Trust maturity date

Sept. 30, 2030

Ownership form

Proprietary ownership

Location

6-200-1, Tsukuda, Nishiyodogawa-ku, Osaka-shi, OsakaLand area

18,176.07 m2

ZoningIndustrial districts

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction date

Sept. 28, 2018

Total floor area

36,619.48 m2

Land

Building

Structure/No. of stories
Property type

Steel-frame building with alloy-plated steel sheet roof /4 story building
Warehouse

Collateral

Not applicable

Appraisal value

6,000 million yen (as of June 30, 2020)

Real estate appraiser

Japan Real Estate InstituteProbable maximum loss (PML)

8.4 % (obtained from the earthquake risk assessment report preparedby Tokio Marine & Nichido Risk Consulting Co., Ltd.)

Property Management Company

Mitsubishi Estate Co., Ltd.

Description oftenancySpecial notes

Number of tenants

2

Name of major tenante-LogiT co., ltd.

Annual rentNot disclosed (Note 2)

Tenant leasehold/security
deposits

Not disclosed (Note 2)

Total leased area

21,369.94m2 (Note 3)

Total leasable area

21,369.94m2 (Note 3)

Occupancy rate

100.0%
・ Regarding the acquisition of this property (co-ownership ratio(60%) of trust beneficiary interests with the real estate property
as trust property), MEL will conclude a Co-ownership Beneficiary
Rights Agreement (referred to as the “Agreement” in thisSpecial notes) with the transferor. The key provisions of thisAgreement are as follows:

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 8 -

(1)

・

・

Covenants prohibiting partition of the trust beneficiaryinterests (5 years from September 1, 2020, and will berenewed unless there is an intention to refuse renewal
thereafter)(2) Each co-owner may not transfer, provide as collateral, orotherwise dispose of its co-ownership interest without
other the co-owners’ consent.
(3) Even if each co-owner assigns a part of its own coownership to the person stipulated in the Agreement, theco-owner may not transfer part of the co-ownership by
subdividing it into 1/10 of the trust beneficiary. When eachco-owner transfers its co-ownership to a third party otherthan those stipulated in this Agreement, the co-owner shallnot transfer part of the co-ownership separately.
(4) The restrictions on the transfer of co-ownership interests
described in (2) to (3) above are not applicable whencollateral has been pledged and execution of co-ownershipinterests held by each co-owner and the forced sale bycollateral holders who have received the collateral setting.
The consent of other co-owners to exercise the power tosell the shared interests in the trust property led by eachshareholder lender or MEL’s creditor of the Investment
Corporation Bonds according to the shareholding ratio of
the shareholders is not required.
The logo of Logicross used in this property, are registeredtrademarks (Trademark registration number 5674165,
hereinafter, the “Trademark”). In order to use the Trademark as
a property display etc., MEL has concluded license agreement
for use of such Trademark with Mitsubishi Estate, which has alicense to use the Trademark. Outline of the agreement is asfollows;(1) Term：5 years from July 5, 2017. Provided, however, that
if the parties do not give written notice of their desire toterminate this Agreement by six months prior to the
expiration date of the term of the agreement, theagreement shall be renewed for another two years withthe same contents, and the same shall apply thereafter.
(2) Licensed service：Management of Real Estate Investment,
etc.
(3) Licensed Territory：Japan(4) License fee：Free of charge
MEL has concluded a rooftop lease agreement with SymEnergy,
Inc. for installing photovoltaic power generation facilities.
(1) Lessee：SymEnergy, Inc.
(2) Term：From Oct. 1, 2018 to Sept. 30, 2038
(3) Annual rent fee (100% equity equivalent)：1,500,000 yen(Note 1) Not disclosed as the seller’s consent has not been obtained.
(Note 2) Not disclosed as the tenant’s consent has not been obtained.
(Note 3) “Total leased area” and “Total leasable area” indicate figures equivalent to MEL’s anticipated acquisition of co-ownership interest ratio(60%) of trust beneficiary right of this property.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 9 -(Thousands of yen)
Summary of appraisal report

Property name

Logicross Osaka

Appraiser

Japan Real Estate Institute

Appraisal value

6,000,000

Valuation dateas of June 30, 2020

Items
Appraisal value based on income
methodAppraisal value based on direct
capitalization method(1) Operating Revenue(Effective Gross income①+②+③+④-⑤-⑥)①Gross Potential Income
Rental revenue,
Common service charges②Utility income

Details
6,000,000

OutlineAppraisal was assessed by using the direct capitalization
method and the DCF method.

6,120,000
310,401
306,4455,400③Parking lot income

950④Other income

733⑤Losses due to vacancies

3,127⑥Bad debt loss

0(2) Operational Expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)⑦Building maintenancecosts⑧Utility expenses

58,123
11,7886,243⑨Repair expenses

1,017⑩Property tax⑪Property management
fees⑫Tenant soliciting fees etc.

34,501 Assessed based on actual property tax amount.
1,620
2,535

⑬Insurance premiums

405⑭Other expenses(3) Net operating income(NOI: (1)－(2))(4) Earnings from temporary
deposits

11
252,277
1,195 Assessed by assuming the investment yield is 1.0%.
Assessed based on the medium and long term repair and2,435 maintenance costs in the engineering report.

(5) Capital expenditure(6) Net cash flow
(NCF: (3)＋(4)－(5))

251,038(7) Capitalization rate

4.1%

Appraisal value based on
discounted cash flow method
Discount rate
Terminal capitalization rate
Integrated value based on cost
methodProportion of land
Proportion of building

Assessed based on a comprehensive consideration of suchfactors as the marketability of target real estate and real estate
investment market trend and others.

5,922,000
3.9%
4.3%
5,844,000

Other matters for consideration by the appraiser

53.7%
46.3%

The appraisal value of this property was assessed using theincome approach, and the cost approach was used as areference, on the basis that the income approach could moreaccurately reproduce the price formation process.

(Note) Indicates figures equivalent to MEL’s anticipated acquisition of co-ownership interest ratio (60%) of trust beneficiary interests of thisproperty.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 10 -

Logicross Nagoya Kasadera (60% co-beneficiary interest)
Property name

Logicross Nagoya Kasadera

Category

Logistics facilities

Type of specified assets

60% of co-ownership interest of real estate trust beneficiary interests

Anticipated acquisition date

Sept. 1, 2020

Anticipated acquisition price

8,705 million yen

Seller (Note 1)

Domestic business company

Overview oftrust beneficiary

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment date

Apr. 14, 2020

interest

Trust maturity date

Apr. 14, 2030

Ownership form

Proprietary ownership

Location

1-57-2, Higashimatabeecho, Minami-ku, Nagoya-shi, Aichi

Land area

33,224.00 m2

ZoningIndustrial districts

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction dateJan. 8, 2019

Total floor area

72,376.03 m2

Land

Building

Structure/No. of stories
Property type

Steel-frame building with alloy-plated steel sheet roof /4 story building
Warehouse

Collateral

Not applicable

Appraisal value

9,540 million yen (as of June 30, 2020)

Real estate appraiser

Japan Real Estate InstituteProbable maximum loss (PML)

1.7% (obtained from the earthquake risk assessment report preparedby Tokio Marine & Nichido Risk Consulting Co., Ltd.)

Property Management Company

Mitsubishi Estate Co., Ltd.

Description oftenancySpecial notes

Number of tenants

10

Name of major tenant

YAGAMI Co., LTD.

Annual rent

563 million yen (Note 2)

Tenant leasehold/security
deposits

240 million yen (Note 2)

Total leased area

37,353.43m2 (Note 2)

Total leasable area

37,353.43m2 (Note 2)

Occupancy rate

100.0%
・ Regarding the acquisition of this property (co-ownership ratio(60%) of trust beneficiary interests with the real estate property
as trust property), MEL will conclude a Co-ownership Beneficiary
Rights Agreement (referred to as the “Agreement” in thisSpecial notes) with the co-owner. The key provisions of thisAgreement are as follows:

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 11 -

(1)Covenants prohibiting partition of the trust beneficiaryinterests (5 years from September 1, 2020, and will berenewed unless there is an intention to refuse renewal
thereafter)(2) Each co-owner may not transfer, provide as collateral, orotherwise dispose of its co-ownership interest without
other the co-owners’ consent.
(3) Even if each co-owner assigns a part of its own coownership to the person stipulated in the Agreement, theco-owner may not transfer part of the co-ownership by
subdividing it into 1/10 of the trust beneficiary. When eachco-owner transfers its co-ownership to a third party otherthan those stipulated in this Agreement, the co-owner shallnot transfer part of the co-ownership separately.
(4) The restrictions on the transfer of co-ownership interests
described in (2) to (3) above are not applicable whencollateral has been pledged and execution of co-ownershipinterests held by each co-owner and the forced sale bycollateral holders who have received the collateral setting.
The consent of other co-owners to exercise the power tosell the shared interests in the trust property led by eachshareholder lender or MEL’s creditor of the Investment
Corporation Bonds according to the shareholding ratio of
the shareholders is not required.
・ The logo of Logicross used in this property, are registeredtrademarks (Trademark registration number 5674165,
hereinafter, the “Trademark”). In order to use the Trademark as
a property display etc., MEL has concluded license agreement
for use of such Trademark with Mitsubishi Estate, which has alicense to use the Trademark. Outline of the agreement is asfollows;(1) Term：5 years from July 5, 2017. Provided, however, that
if the parties do not give written notice of their desire toterminate this Agreement by six months prior to the
expiration date of the term of the agreement, theagreement shall be renewed for another two years withthe same contents, and the same shall apply thereafter.
(2) Licensed service：Management of Real Estate Investment,
etc.
(3) Licensed Territory：Japan(4) License fee：Free of charge･MEL has concluded a rooftop lease agreement with Taisei Co., Ltd.
for installing photovoltaic power generation facilities.
(1) Lessee：Taisei Co., Ltd.
(2) Term：From Sept. 4, 2018 to Jan. 31, 2039
(3) Monthly rent fee (100% equity equivalent)：500,000 yen(Note 1) Not disclosed as the seller’s consent has not been obtained.
(Note 2) “Annual rent”, “Tenant leasehold/security deposits”, “Total leased area” and “Total leasable area” indicate figures equivalent to MEL’s
anticipated acquisition of co-ownership interest ratio (60%) of trust beneficiary right of this property.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 12 -

(Thousands of yen)
Summary of appraisal report

Property name

Logicross Nagoya Kasadera

Appraiser

Japan Real Estate Institute

Appraisal value

9,540,000

Valuation dateas of June 30, 2020

Items
Appraisal value based on income
methodAppraisal value based on direct
capitalization method(1) Operating Revenue(Effective Gross income①+②+③+④-⑤-⑥)①Gross Potential Income
Rental revenue,
Common service charges②Utility income③Parking lot income④Other income⑤Losses due to vacancies⑥Bad debt loss

Details
9,540,000
9,600,000
592,587
570,489
24,0008,395
2,851
13,1490(2) Operational Expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)⑦Building maintenancecosts⑧Utility expenses⑨Repair expenses⑩Property tax⑪Property management
fees⑫Tenant soliciting fees etc.
⑬Insurance premiums⑭Other expenses(3) Net operating income(NOI: (1)－(2))(4) Earnings from temporary
deposits

168,115
42,00031,545
1,540
75,689 Assessed based on actual property tax amount.
3,600
4,656
804
8,280
424,4712,389 Assessed by assuming the investment yield is 1.0%.
based on the medium and long term repair and3,696 Assessed
maintenance costs in the engineering report.

(5) Capital expenditure(6) Net cash flow
(NCF: (3)＋(4)－(5))

423,163(7) Capitalization rate

4.4%

Appraisal value based on
discounted cash flow method
Discount rate
Terminal capitalization rate
Integrated value based on cost
methodProportion of land
Proportion of building

OutlineAppraisal was assessed by using the direct capitalization
method and the DCF method.

Assessed based on a comprehensive consideration of suchfactors as the marketability of target real estate and real estate
investment market trend and others.

9,480,000
4.2%
4.6%
9,540,000

Other matters for consideration by the appraiser

55.2%
44.8%

Demanders of real estate generally tend to focus on the
profitability of their transactions. In this case, however, thevalue indicated by the cost approach and the value indicated by
the market approach coincided with each other, so theappraisal value was assessed as above, based on the judgmentthat they are mutually validated.

(Note) Indicates figures equivalent to MEL’s anticipated acquisition of co-ownership interest ratio (60%) of trust beneficiary interests of thisproperty.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 13 -

LOGIPORT Osaka Taisho (17.5% additional co-beneficiary interest)
Property name

LOGIPORT Osaka Taisho

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests (17.5% of additional cobeneficiary interest)

Anticipated acquisition date

Sept. 1, 2020

Anticipated acquisition price

4,802 million yen

SellerOTL2 Godo Kaisha

Overview oftrust beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment date

Dec. 21, 2018

Trust maturity date

Dec. 21, 2028

Ownership form

Proprietary ownership

Location

1-5-4, Funamachi, Taisho-ku, Osaka-shi, OsakaLand area

55,929.57 m2

ZoningExclusive industrial districts

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction dateFeb. 16, 2018

Total floor area

117,045.04 m2

Structure/No. of stories

Reinforced concrete building with alloy-plated steel sheet roof /4-story building

Property type

Warehouse, Office

Collateral

Not applicable

Appraisal value

5,267 million yen (as of June 30, 2020)

Real estate appraiser

Japan Real Estate InstituteProbable maximum loss (PML)
Property Management Company

Description oftenancySpecial notes

9.5% (obtained from the earthquake risk assessment report preparedby Tokio Marine & Nichido Risk Consulting Co., Ltd.)XYMAX KANSAI Corporation

Number of tenants

11

Name of major tenant

Toshiba Logistics Corporation

Annual rent

271 million yen (Note)

Tenant leasehold/security
deposits

65 million yen (Note)

Total leased area

18,687.28 m2 (Note)

Total leasable area

18,704.73m2 (Note)

Occupancy rate

99.9%
・ Regarding the acquisition of this property (co-ownership ratio(17.5%) of trust beneficiary interests with the real estate
property as trust property), MEL will succeed to the status andrights and obligations (which are based on the Co-ownershipBeneficiary Rights Agreement (referred to as the “Agreement”
in this Special notes) signed with other co-owners of thisNote: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 14 -

・・

property) of the transferor of this property up to its coownership ratio. The key provisions of this Agreement are as
follows:(1) Covenants prohibiting partition of the trust beneficiaryinterests (5 years from December 21, 2018, and will berenewed unless there is an intention to refuse renewal
thereafter)(2) If each co-owner wishes to sell its co-ownership interest toa third party, the proposed sale price and other key
conditions for selling the co-ownership shall be conveyed
to other co-owners or other persons who have preferential
negotiating rights under this Agreement (referred to as the“Preferred Negotiator” in this Special Notes), and thePreferred Negotiator can purchase its co-ownershipinterest on the notified condition by notifying to the coowner.
(3) If each co-owner wishes to sell its co-ownership to a third
party other than the Preferred Negotiator, and the otherco-owners also wish to sell its co-ownership subject to thesame conditions as the sale to the third party, the coowner wishing to sell must have the third party alsoacquire the co-ownership interest owned by the other coowners.
(4) Even if each co-owner assigns a part of its own coownership to the person stipulated in the Agreement, theco-owner may not transfer part of the co-ownership by
subdividing it into 1/10 of the trust beneficiary. When eachco-owner transfers its co-ownership to a third party otherthan those stipulated in this Agreement, the co-owner shallnot transfer part of the co-ownership separately.
(5) The restrictions on the transfer of co-ownership interests
described in (2) to (4) above are not applicable whencollateral has been pledged and execution of co-ownershipinterests held by each co-owner and the forced sale bycollateral holders who have received the collateral setting.
The consent of other co-owners to exercise the power tosell the shared interests in the trust property led by eachshareholder lender or MEL’s creditor of the Investment
Corporation Bonds according to the shareholding ratio of
the shareholders is not required.
Osaka City, the former owner of the land, can repurchase theland if the land is used for activities that significantly threaten
the lives of local residents, activities for anti-social forces, etc.
“LOGIPORT” and “ロジポート” used as the name of thisproperty, are registered trademarks (Trademark registration
number 5515363 and 5515364, hereinafter, the “Trademark”).
In order to use the name as a property display etc., MEL has
concluded license agreement for use of such Trademark with
LaSalle Investment Management, which has a license to use theTrademark. Outline of the agreement is as follows;(1) Term：From the date of the conclusion of this contract tothe date when the Target Property no longer exists due toNote: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 15 -

・

the transfer or disposal of real estate or trust beneficiaryinterests by MEL, unless this license agreement isterminated before the transfer or disposal. The “Target
Property” means the property that MEL owns a ownership(including a co-ownership interest) or a trust beneficiaryinterests (including a co-ownership) of a property(including a co-ownership) among the logistics facilities inJapan with the name of the Trademark developed by aspecial purpose company for which LaSalle Investment
Management is entrusted with asset managementbusiness.
(2) Licensed service：Warehouse lending, etc.
(3) Licensed Territory：Japan(4) License fee：Free of charge
MEL has concluded a rooftop lease agreement with Ricoh
Leasing Company, Ltd. for installing photovoltaic power
generation facilities.
(1) Lessee：Ricoh Leasing Company, Ltd.
(2) Term：From July 31, 2018 to July 30, 2038
(3) Monthly rent fee (100% equity equivalent)：625,000 yen(Note) “Annual rent”, “Tenant leasehold/security deposits”, “Total leased area” and “Total leasable area” indicate figures equivalent to MEL’s
anticipated acquisition of co-ownership interest ratio (17.5%) of trust beneficiary right of this property.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 16 -

(Thousands of yen)
Summary of appraisal report

Property name

LOGIPORT Osaka Taisho

Appraiser

Japan Real Estate Institute

Appraisal value

5,267,500

Valuation dateas of June 30, 2020

Items
Appraisal value based on income
methodAppraisal value based on direct
capitalization method(1) Operating Revenue(Effective Gross income①+②+③+④-⑤-⑥)①Gross Potential Income
Rental revenue,
Common service charges②Utility income

Details
5,267,500

OutlineAppraisal was assessed by using the direct capitalization
method and the DCF method.

5,355,000
284,577
277,838
8,400③Parking lot income

2,583④Other income

1,742⑤Losses due to vacancies

5,986⑥Bad debt loss

0(2) Operational Expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)⑦Building maintenancecosts⑧Utility expenses

57,916
11,42911,482⑨Repair expenses

1,049⑩Property tax⑪Property management
fees⑫Tenant soliciting fees etc.

31,148 Assessed based on actual property tax amount.
315
2,114

⑬Insurance premiums

370⑭Other expenses(3) Net operating income(NOI: (1)－(2))(4) Earnings from temporary
deposits

7
226,660
649 Assessed by assuming the investment yield is 1.0%.
Assessed based on the medium and long term repair and
2,499 maintenance costs in the engineering report.

(5) Capital expenditure(6) Net cash flow
(NCF: (3)＋(4)－(5))

224,811(7) Capitalization rate

4.2%

Appraisal value based on
discounted cash flow method
Discount rate
Terminal capitalization rate
Integrated value based on cost
methodProportion of land
Proportion of building

Assessed based on a comprehensive consideration of suchfactors as the marketability of target real estate and real estate
investment market trend and others.

5,180,000
4.0%
4.4%
5,127,500

Other matters for consideration by the appraiser

55.1%
44.9%

The appraisal value of this property was assessed using theincome approach, and the cost approach was used as areference, on the basis that the income approach could moreaccurately reproduce the price formation process.

(Note) Indicates figures equivalent to MEL’s anticipated acquisition of co-ownership interest ratio (17.5%) of trust beneficiary interests of thisproperty.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 17 -

MJ Logipark Kazo 2
Property name

MJ Logipark Kazo 2

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests

Anticipated acquisition date

Sept. 1, 2020

Anticipated acquisition price

1,637 million yen

Seller (Note 1)

Domestic business company

TrusteeOverview oftrust beneficiary Entrustment dateinterest
Trust maturity date

Sumitomo Mitsui Trust Bank, Limited

Land

Building

Dec. 26, 2019
Sept. 30, 2030

Ownership from

Proprietary ownership

Location

1-4-1, Okuwa, Kazo-shi, Saitama

Land area

11,454.21 m2

ZoningExclusive industrial districts

Floor-area ratio

200%

Building coverage ratio

50%

Ownership form

Proprietary ownership

Construction date

Dec. 18, 1998

Total floor area

7,349.18 m2

Structure / No. of stories
Type

Steel-frame building with galvanized steel sheet roof /2 story building
Office, Warehouse

Collateral

Not applicable

Appraisal value

1,710 million yen (as of June 30, 2020)

Real estate appraiser

The Tanizawa Sogo Appraisal Co., Ltd.

Probable maximum loss (PML)

3.2% (obtained from the earthquake risk assessment report
prepared by Tokio Marine & Nichido Risk Consulting Co., Ltd.)

Property Management Company

Tokyo Ryutsu Center Inc.

Description oftenancySpecial Notes

Number of tenants

1

Name of major tenant

MS JAPAN Co., Ltd.

Annual rentNot disclosed (Note 2)

Tenant Leasehold /security deposits

Not disclosed (Note 2)

Total leased area

7,349.18m2

Total leasable area

7,349.18 m2

Occupancy rate

100.0%
・ When the property is transferred to a third party (including thetransfer of the trust beneficiary interest by the beneficiary of
the trust beneficiary interest ((referred to as the “Beneficiary”
in this Special Notes) in which the property is the trust property(referred to as the “Interest” in this Special Notes)), the trust
manager or the asset trustee of Interest or the Beneficiary ofInterest shall notify the tenant, MS-JAPAN Co., Ltd. (referred toNote: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 18 -

as the “Tenant” in this Special Notes), in advance. If the Tenant
desires to purchase the property or the trust beneficiaryinterest, the trustee or the Beneficiary is required to negotiatewith the Tenant on a preferential basis for 30 days from thereceipt of the notice above.
(Note 1) Not disclosed as the seller’s consent has not been obtained.
(Note 2) Not disclosed as the tenant’s consent has not been obtained.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 19 -

(Thousands of yen)
Summary of appraisal report

Property name

MJ Logipark Kazo 2

Appraiser

Appraisal value

1,710,000

Valuation Date

Items
Appraisal value based on income
methodAppraisal value based on direct
capitalization method(1) Operating Revenue(Effective Gross Income①+②+③+④-⑤-⑥)①Gross Potential Income
Rental revenue,
Common service charges②Utility income

Details

OutlineAppraisal
wasassessedby
1,710,000 method and the DCF method. using the direct capitalization
1,800,000
93,496
93,481
0③Parking lot income

0④Other income

15⑤Losses due to vacancies

0⑥Bad debt loss

0(2) Operational Expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)

The Tanizawa Sogo
Appraisal Co., Ltd.
as of June 30, 2020

11,601⑦Building maintenance costs

0⑧Utility expenses

0⑨Repair expenses

1,800⑩Property tax

7,134 Assessed based on actual property tax amount.

⑪Property management fees

1,560

⑫Tenant soliciting fees etc.

651

⑬Insurance premiums

175⑭Other expenses(3) Net operating income(NOI: (1)－(2))(4) Earnings from temporary
deposits(5) Capital expenditure(6) Net cash flow
(NCF: (3)＋(4)－(5))(7) Capitalization rate
Appraisal value based on
discounted cash flow method
Discount rate
Terminal capitalization rate
Integrated value based on cost method

280
81,894467 Assessed by assuming the investment yield is 1.0%.
based on the medium and long term repair and
4,950 Assessed
maintenance costs in the engineering report.
77,412
Assessed based on a comprehensive consideration of such
4.3% factors as the marketability of target real estate and realestate investment market trend and others.
1,670,000
4.4%
4.5%
1,630,000

Proportion of land

75.0%

Proportion of building

25.0%

Other matters for consideration by the appraiser

In calculating the appraisal value (normal price) of thisproperty, the appraiser used the income approach thatappropriately reflects investors’ investment profitability as astandard, after verifying the value indicated by the cost
approach. The appraiser chose this approach by taking into
account the following factors: 1) the fact that the real estate
investors tend to use income approach for real estate
valuation, 2) the reason for MEL as a real estate investor to
obtain the appraisal of this property, and 3) the fact that theproperty is classified as a rental asset for investment.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 20 -

MJ Logipark Sendai 1
Property name

MJ Logipark Sendai 1

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests

Anticipated acquisition date

Sept. 1, 2020

Anticipated acquisition price

7,388 million yen

SellerSD Logistic Fund 6 Godo Kaisha

TrusteeOverview oftrust beneficiary Entrustment dateinterest
Trust maturity date

Mitsubishi UFJ Trust and Banking Corporation

Land

Building

Mar. 30, 2012
Mar. 31, 2027

Ownership from

Proprietary ownership

Location

2-202-4, Sakae, Tagajo-shi, Miyagi

Land area

19,877.94 m2

ZoningExclusive industrial districts

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction dateMar. 30, 2009

Total floor area

36,854.27 m2

Structure / No. of stories

Steel-frame reinforced concrete building with alloy-plated steel
sheet roof / 4 story building

Type

Warehouse, Office

Collateral

Not applicable

Appraisal value

7,410 million yen (as of June 30, 2020)

Real estate appraiser

Japan Real Estate InstituteProbable maximum loss (PML)

2.6% (obtained from the earthquake risk assessment report
prepared by Tokio Marine & Nichido Risk Consulting Co., Ltd.)

Property Management Company

CBRE K.K.

Description oftenancySpecial Notes

Number of tenants

3

Name of major tenant

Toho Transportation and Warehouse Co., Ltd.

Annual rent

424 million yen

Tenant Leasehold /security deposits

188 million yen

Total leased area

39,098.87 m2

Total leasable area

39,098.87 m2

Occupancy rate

100.0%
Not applicable(Note) Photovoltaic power generation facilities are included in the trust property of the trust beneficiary interests of this Property, and theTrustee carries out the photovoltaic power generation business as of the date hereof. However, a lease of such photovoltaic power
generation facilities to any third party is scheduled after the acquisition of this Property and the required procedures are completed,and then such third party will carry out the photovoltaic power generation business.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 21 -

(Thousands of yen)
Summary of appraisal report

Property name

MJ Logipark Sendai 1

Appraiser

Japan Real Estate Institute

Appraisal value

7,410,000

Valuation dateas of June 30,2020

Items
Appraisal value based on income
methodAppraisal value based on direct
capitalization method(1) Operating Revenue(Effective Gross Income①+②+③+④-⑤-⑥)①Gross Potential Income
Rental revenue,
Common service charges②Utility income

Details

OutlineAppraisal was assessed by using the direct capitalization
7,410,000
method and the DCF method.
7,490,000
493,442
468,185
24,200③Parking lot income

4,500④Other income

11,689⑤Losses due to vacancies

15,132⑥Bad debt loss(2) Operational Expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)

0
108,816⑦Building maintenance costs

25,700⑧Utility expenses

24,400⑨Repair expenses

8,204⑩Property tax

42,130 Assessed based on actual property tax amount.

⑪Property management fees

4,200

⑫Tenant soliciting fees etc.

3,463

⑬Insurance premiums

694⑭Other expenses(3) Net operating income(NOI: (1)－(2))(4) Earnings from temporary
deposits(5) Capital expenditure

25(6) Net cash flow
(NCF: (3)＋(4)－(5))(7) Capitalization rate
Appraisal value based on
discounted cash flow method
Discount rate
Terminal capitalization rate
Integrated value based on cost method

384,626
2,054 Assessed by assuming the investment yield is 1.0%.
based on the medium and long term repair and
19,533 Assessed
maintenance costs in the engineering report.
367,147
Assessed based on a comprehensive consideration of such
4.9% factors as the marketability of target real estate and realestate investment market trend and others.
7,320,000
4.5%
4.9%
5,160,000

Proportion of land

50.6%

Proportion of building

49.4%

Other matters for consideration by the appraiser

The appraisal value of this property was assessed using theincome approach, and the cost approach was used as areference, on the basis that the income approach could moreaccurately reproduce the price formation process.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 22 -

4. Seller Profile
Logicross Osaka, Logicross Nagoya Kasadera and MJ Logipark Kazo 2
The company name has not been disclosed as the seller’s consent has not been obtained. MEL and theAsset Management Company have no capital, personnel, or business relationship with the seller that should
be noted. In addition, the seller is not interested parties, etc. stipulated in the Act on Investment Trusts andInvestment Corporations (Act No. 198 of 1951, as amended), or does not fall under the category of anInterested Party as set forth in the Rules Regarding Related-party Transactions of the Asset Management
Company.
LOGIPORT Osaka Taisho (17.5% additional co-beneficiary interest)
Company nameOTL2 Godo Kaisha
Address of head officeNihonbashi 1-Chome Building, 1-4-1, Nihonbashi, Chuo-ku, Tokyo
Representative
General Incorporated Association MJ Fund, Representative partner
Principle business
1. Acquisition, sale and management of trust beneficiary interests related
to real estate trust
2. Acquisition, sale, lease and management of real estate
3. All other work incidental or related to the preceding items
CapitalNot disclosed (Note)
Foundation dateNov. 16, 2018
Net assets
Not disclosed (Note)
Total assets
Not disclosed (Note)
Major shareholders
Not disclosed (Note)
Relationship with MEL and/or the Asset Management Company
Capital relationship
Mitsubishi Estate, the parent company of the Asset Management Company,
has invested in the company, which is a special purpose company.
Personnel relationship
There is no noteworthy personnel relationship to describe between MEL,
the Asset Management Company and the company concerned.
Business relationship
There is no noteworthy business relationship to describe between MEL, theAsset Management Company and the company concerned.
Status of classification as The company concerned is not a related party of MEL and the Asset
related party
Management Company. However, the Asset Management Company isentrusted with the company’s investment advisory services.
(Note) Not disclosed as the seller’s consent has not been obtained.

MJ Logipark Sendai 1
Company name
Address of head office
Representative
Principle business

CapitalFoundation date

SD Logistic Fund 6 Godo Kaisha
Nihonbashi 1-Chome Building, 1-4-1 Nihonbashi, Chuo-ku, Tokyo
General Incorporated Association MJ Fund, Representative partner
1. Acquisition, sale and management of trust beneficiary rights related toreal estate trust
2. Acquisition, sale, rental and management of real estate
3. Sale of renewable energy electricity to electric utilities under the Act on
Special Measures Concerning Procurement of Electricity from Renewable
Energy Sources (Act No. 108 of 2011) by Electricity Utilities, andimplementation of photovoltaic power generation business for such sale
4. Acquisition, possession, management and operation of power generation
facilities, etc., for the photovoltaic power generation business describedin the preceding item
5. Any other business incidental to the preceding items
Not disclosed (Note)Mar. 23, 2017

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 23 -

Net assets
Not disclosed (Note)
Total assets
Not disclosed (Note)
Major shareholders
Not disclosed (Note)
Relationship with MEL and/or the Asset Management Company
Capital relationship
Mitsubishi Estate, the parent company of the Asset Management Company,
has invested in the company, which is a special purpose company.
Personnel relationship
There is no noteworthy personnel relationship to describe between MEL,
the Asset Management Company and the company concerned.
Business relationship
There is no noteworthy business relationship to describe between MEL, theAsset Management Company and the company concerned.
Status of classification as The company concerned is not a related party of MEL and the Asset
related party
Management Company. However, the Asset Management Company isentrusted with the company’s investment advisory services.
(Note) Not disclosed as the seller’s consent has not been obtained.

5. Transactions with Related Parties, etc.
Each of the sellers of LOGIPORT Osaka Taisho (17.5% additional co-beneficiary interest) and MJ Logipark
Sendai 1 is considered an Interested Party as set forth in the Rules Regarding Related-party Transactions of theAsset Management Company, and in order to conclude an agreement for the sale and purchase, the AssetManagement Company has undertaken the necessary deliberations and resolution procedures stipulated in
the Rules Regarding Related-party Transactions.
6. Status of the Seller
Acquisition of the property from the Seller, which is a special interested party, is as outlined below. The
table includes details on the ① company name, ② relationship with the seller, a special interested party,
and ③ the background and reasons for the acquisition.
Property name
(Location)

Owner before the

Owner two before theprevious owner etc.

previous owner etc.

①, ②, ③①, ②, ③①, ②, ③Acquisition (transfer) price

Acquisition (transfer) price

Acquisition (transfer) price

Acquisition (transfer) period

Acquisition (transfer) period

Acquisition (transfer) period

Previous owner etc.

(Note)LOGIPORT Osaka①OTL2 Godo Kaisha

Taisho②Mitsubishi Estate, the(1-5-4, Funamachi,

parent company of the

Taisho-ku, Osaka-

Asset Managementshi, Osaka)Company, has invested

A party that does not havein OTL2 Godo Kaisha,

any special interest―

which is a special
purpose company.
③Acquired for investment
management purposes

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 24 -

Property name
(Location)

Previous owner etc.

(Note)

Owner before the

Owner two before theprevious owner etc.

previous owner etc.

―

―

―

―

Omitted as it has been
owned for more than one
year
Dec. 2018

MJ Logipark
Sendai 1(2-202-4, Sakae,
Tagajo-shi, Miyagi)①SD Logistic Fund 6 Godo
Kaisha②Mitsubishi Estate, theparent company of theAsset Management
Company, has invested

A party that does not havein SD Logistic Fund 6

any special interest―

Godo Kaisha, which is a
special purpose
company.
③Acquired for investment
management purposes
Omitted as it has been
owned for more than one

―

―

―

―

year
June 2017(Note) “Location” is the location of the building recorded in the register (one of the lot numbers, if more than one address was assigned).

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 25 -

7．Brokerage
Not applicable
8．Outlook
For more details on the business outlook of MEL, please refer to the “Notice Concerning Revisions to
Forecast for the Fiscal Period Ending February 28, 2021 and Forecast for the Fiscal Period Ending August 31,
2021”.
For more information about Mitsubishi Estate Logistics REIT Investment Corporation, please visit:https://mel-reit.co.jp/en/<Attachments>
1. Overview of the Investment Portfolio
2. Photographs of the Five New Properties
3. Outline of the building inspection reports and earthquake risk assessment reports

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 26 -

＜Attachments＞
1. Overview of the Investment Portfolio
Category

Property Name

Location(Anticipated) Investment
Ratio
Acquisition Price(Millions of yen)(%)
(Note 1)

Logicross Fukuoka Hisayama

Hisayama-machi
Kasuya-gun,
Fukuoka

5,770

4.1

6,150

5.2

Multi

Logicross Atsugi

Atsugi-shi,
Kanagawa

8,440

5.9

9,000

4.5

Multi

Logicross Kobe Sanda

Kobe-shi,
Hyogo

3,900

2.7

4,140

5.1

BTS

Logicross Osaka (Note 6)

Osaka-shi,
Osaka

5,874

4.1

6,000

4.3

Multi

Logicross Nagoya Kasadera(Note 6)

Nagoya-shi,
Aichi

8,705

6.1

9,540

4.9

Multi

LOGIPORT Sagamihara(Note 7)
LOGIPORT Hashimoto(Note 8)

Sagamihara-shi,
Kanagawa
Sagamihara-shi,
Kanagawa

21,36415.0

23,3004.6

Multi

18,20012.8

19,800

4.4

Multi

LOGIPORT Osaka Taisho(Note 9)Osaka-shi,
Osaka(a)5,682(b)4,802
Total: 10,484

7.4(a)6,020(b)5,267
Total: 11,287(a)4.6(b)4.7

Multi

Funabashi-shi,
Chiba

5,400

3.8

6,560

6.5

Multi

Atsugi-shi,
Kanagawa

6,653

4.7

7,020

4.5

Multi

1,272

0.9

1,400

5.7

Multi

6,090

4.3

6,830

5.0

Multi

6,130

4.3

6,440

5.3

Multi

3,133

2.2

3,420

5.3

BTS

2,483

1.7

2,640

5.7

BTS

13,6709.6

14,000

4.8

Multi

1,637

1.2

1,710

5.0

BTS

7,388

5.2

7,410

5.2

Multi

Sakai-shi, Osaka

5,600

3.9

5,780

3.8

Land

-

142,194

100.0

152,427

4.8
(4.9)

-

Logistics MJ Logipark Funabashi 1
Facilities

MJ Logipark Atsugi 1
MJ Logipark Kazo 1
MJ Logipark Osaka 1
MJ Logipark Fukuoka 1
MJ Logipark Tsuchiura 1
MJ Logipark Nishinomiya 1
MJ Logipark Kasugai 1
MJ Logipark Kazo 2
MJ Logipark Sendai 1

Others(Note 2)

Appraisal Type ofAppraisal ValueNOI Yield Assets(Millions of yen)(%) (Note 5)(Note 3)(Note 4)

MJ Industrial Park Sakai(Land)
Total / Average

Kazo-shi,
SaitamaOsaka-shi,Osaka
Umi-machi,
Kasuya-gun,
FukuokaTsuchiura-shi,
IbarakiNishinomiya-shi,
Hyogo
Kasugai-shi,
Aichi
Kazo-shi,
Saitama
Tagajo-shi,
Miyagi

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 27 -

(Note 1) “(Anticipated) Acquisition Price” indicates the purchase price of the respective trust beneficiary interest of the Properties held and theFive New Properties in the relevant sale and purchase agreement, rounded down to the nearest million yen and does not include
national or local consumption taxes or expenses, which have been incurred or will be incurred in connection with the acquisition.
(Note 2) “Investment Ratio” is the ratio of the (anticipated) acquisition price of each asset to the total (anticipated) acquisition price of Properties
held and the Five New Properties rounded to the first decimal place and the aggregated figures may differ from actual total figures.
(Note 3) “Appraisal Value” of Properties held shows the appraisal value stated on each real estate appraisal report as of Feb. 29, 2020. “Appraisal
Value” of the Five New Properties shows the appraisal value stated on each real estate appraisal report as of June 30, 2020. The
appraisals of the assets were conducted by Japan Real Estate Institute, The Tanizawa Sogo Appraisal Co., Ltd. and Daiwa Real EstateAppraisal Co., Ltd.
(Note 4) “Appraisal NOI Yield” is the ratio of appraisal NOI using the direct capitalization method to the (anticipated) acquisition price of each
property in each real estate appraisal report, rounded to the first decimal place. “Total / Average” of “Appraisal NOI Yield” is calculated
based upon weighted average by (anticipated) acquisition price. The figure in parentheses in the “Total / Average” column indicates thecalculated values including MJ Industrial Park Sakai (Land).
(Note 5) In “ Type of Assets“, “Multi” refers to multiple tenant type logistics facilities that were planned and designed for use by multiple tenantswith high versatility. “BTS” refers to build-to-suit type logistics facilities. “Land” refers to land properties.
(Note 6) “Anticipated Acquisition Price” and “Appraisal Value” of Logicross Osaka and Logicross Nagoya Kasadera are shown with the values
corresponding to the co-beneficiary interest ratio (60% and 60%, respectively.).
(Note 7) “Acquisition Price” and “Appraisal Value” of LOGIPORT Sagamihara are shown with the values corresponding to the co-beneficiaryinterest ratio (49%).
(Note 8) “Acquisition Price” and “Appraisal Value” of LOGIPORT Hashimoto are shown with the values corresponding to the co-beneficiaryinterest ratio (45%).
(Note 9) The total of “(Anticipated) Acquisition Price” and “Appraisal Value” of LOGIPORT Osaka Taisho indicate figures equivalent to MEL’s
anticipated acquisition of co-beneficiary interest ratio (37.5%) of this property after the acquisition of LOGIPORT Osaka Taisho (17.5%
additional co-beneficiary interest). “Acquisition Price”, “Appraisal NOI Yield” and “Appraisal Value” of LOGIPORT Osaka Taisho (20%initial co-beneficiary interest) are described in the upper half of the table, and “Anticipated Acquisition Price” and “Appraisal Value” of
LOGIPORT Osaka Taisho (17.5% additional co-beneficiary interest) are described in the lower half of the table.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 28 -

2. Photographs of the Five New Properties
Logicross Osaka

Logicross Nagoya Kasadera

LOGIPORT Osaka Taisho

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 29 -

MJ Logipark Kazo 2

MJ Logipark Sendai 1

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

- 30 -

3. Outline of the building inspection reports and earthquake risk assessment reports
Building Inspection Reports
Category

Property Name

Logicross Fukuoka
Hisayama
Logicross Atsugi
Logicross Kobe Sanda
Logicross Osaka(Note 3)
Logicross Nagoya
Kasadera (Note 3)
LOGIPORT Sagamihara(Note 4)
LOGIPORT Hashimoto(Note 5)

LOGIPORT Osaka Taisho(Note 6)

Logistics
Facilities

MJ Logipark Funabashi 1
MJ Logipark Atsugi 1
MJ Logipark Kazo 1
MJ Logipark Osaka 1
MJ Logipark Fukuoka 1
MJ Logipark Tsuchiura 1

MJ Logipark
Nishinomiya 1
MJ Logipark Kasugai 1
MJ Logipark Kazo 2
MJ Logipark Sendai 1

ER Inspection Company

Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
Consulting Co., Ltd.

Inspection
Date

Earthquake Risk Assessment Reports

Cost of Short- Cost of Longterm Repairs
term Repairs(thousands of (thousands ofyen) (Note 1) yen) (Note 2)

May 2017-

43,908July 2018-56,156

July 2018-

58,556

March 2020-

40,678March 2020-

61,614

May 2017-

130,947

May 2017-

48,432

March 2020-

89,932

July 2016-

505,253

May 2017-

84,914

May 2017-

17,483

May 2017-

210,511

May 2017-

258,479

July 2019-26,244

August 2019-

146,528

August 2019-91,931March 2020-

81,199March 2020-

328,134

Assessment
Company

Assessment
PML (%)
Date

Tokio Marine &Nichido Risk
April 2017
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
June 2018
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
June 2018
Consulting Co., Ltd.
Tokio Marine &February
Nichido Risk
2020
Consulting Co., Ltd.
Tokio Marine &February
Nichido Risk
2020
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
April 2017
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
April 2017
Consulting Co., Ltd.
Tokio Marine &February
Nichido Risk
2020
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
July 2016
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
April 2017
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
April 2017
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
April 2017
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
April 2017
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
August 2019
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
August 2019
Consulting Co., Ltd.
Tokio Marine &Nichido Risk
August 2019
Consulting Co., Ltd.
Tokio Marine &February
Nichido Risk
2020
Consulting Co., Ltd.
Tokio Marine &February
Nichido Risk
2020
Consulting Co., Ltd.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

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1.0
11.2
7.7
8.4
1.7
0.6
1.6
9.5
4.8
5.2
0.3
9.8
0.8
1.9
5.1
4.9
3.2
2.6

Building Inspection Reports
Category

Property Name

Others

MJ Industrial Park Sakai(Land)(Note 7)

Total / Portfolio PML

Earthquake Risk Assessment Reports

Cost of Short- Cost of Longterm Repairs
term Repairs(thousands of (thousands ofyen) (Note 1) yen) (Note 2)

ER Inspection Company

Inspection
Date

-

-

-

-

-

-

Assessment
Company

2,280,901

Assessment
PML (%)
Date

-

-

-

-

-

2.0
(Note 8)(Note 1) “Cost of Short-term Repairs” includes the cost of updating and repair work and urgent repairs generally required within one year
from the inspection date as shown on the building inspection report.
(Note 2) “Cost of Long-term Repairs” includes the cost of updating and repair work required within twelve years from the inspection date as
shown on the building inspection report.
(Note 3) Estimated “Cost of Short-term Repairs” and “Cost of Long-term Repairs” of Logicross Osaka and Logicross Nagoya Kasadera areshown with the cost corresponding to the co-beneficiary interest ratio (60% and 60%, respectively), rounded down to the nearest
thousand yen.
(Note 4) Estimated “Cost of Short-term Repairs” and “Cost of Long-term Repairs” of LOGIPORT Sagamihara are shown with the costcorresponding to the co-beneficiary interest ratio (49%), rounded down to the nearest thousand yen.
(Note 5) Estimated “Cost of Short-term Repairs” and “Cost of Long-term Repairs” of LOGIPORT Hashimoto are shown with the costcorresponding to the co-beneficiary interest ratio (45%), rounded down to the nearest thousand yen.
(Note 6) Estimated “Cost of Short-term Repairs” and “Cost of Long-term Repairs” of LOGIPORT Osaka Taisho are shown with the costcorresponding to the co-beneficiary interest ratio (37.5%) after the acquisition of LOGIPORT Osaka Taisho (17.5% additional cobeneficiary interest), rounded down to the nearest thousand yen.
(Note 7) “Cost of Short-term Repairs”, “Cost of Long-term Repairs” and “PML” of MJ Industrial Park Sakai (Land) are not calculated as MEL
does not hold the building on the land.
(Note 8) “Portfolio PML” is based on “Portfolio Seismic Risk Analysis Review Report of 18 Properties” prepared by Tokio Marine & Nichido Risk
Consulting Co., Ltd. as of Feb. 2020. “Portfolio PML” is the percentage obtained by calculating the PML for a collection of 18
properties (excluding MJ Industrial Park Sakai (Land)) in the same way as for individual properties.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic
real estate trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting
investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be registered under the United States Securities Act of 1933, as amended (hereinafter referred to as the “SecuritiesAct”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The securities referred to above will not be offered or sold, publicly or otherwise, in the United States.

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