April 7, 2008

For Immediate Release
LCP Investment Corporation
Nihon-bashi Nishikawa Bldg.
1-5-3 Nihon-bashi, Chuo-ku, Tokyo
Masayoshi Takahashi: Executive Officer(Securities Code: 8980)
The LCP REIT Advisors Co., Ltd.
Shunji Miyazaki: President and CEO
Inquiries:
Yuji Kubo
Director and CFO
TEL: +81-3-3272-7311

Notice concerning Property SaleLCP Investment Corporation (the “Investment Corporation”) today announced its decision to sell thefollowing property.

Property
NumberO-2

Property NameUeno Fujita Estate 1UseOthers(Office Building)Type of AssetTrust Beneficiary Right

Scheduled Sale Price (*)¥2,180 million（*）The scheduled sale price does not include the selling costs, fixed asset tax, city planning tax or consumption tax and is rounded off tothe nearest million yen. Hereinafter the same shall apply.

1. Details of Sale
(1) Property Name: Ueno Fujita Estate 1(2) Use: Others (office building)(3) Scheduled Sale Price: ¥ 2,180 million(4) Sale Agreement Date: April 9, 2008
(5) Scheduled Sale Date: April 9, 2008(6) Scheduled Buyer (*): Plum (limited liability company)(7) Type of Asset: Trust Beneficiary Right(8) Trustee: Mitsubishi UFJ Trust and Banking Corporation(9) Trust Expiration Date: January 31, 2026
(10) Acquisition Date of the property: May 23, 2006(11) Book Value: ¥1,924 million (as of the end of August, 2007)(12) Balance between the Scheduled Sale Price and Book Value: ¥256 million（*）Please refer to the following column of “4. Profile of the Scheduled Buyer”.

2. Rationale for the Sale
The Investment Corporation planned the rebalance of its portfolio with the aim to improve its asset quality andmanagement efficiency in the mid-and-long term, following the Corporation’s “Asset management target andpolicy”. As a result, the Corporation concluded that it should be the best option for it to sell the property at theprovided price and determined its sale.
3. Details of the Property
Please refer to the following exhibit 1 titled “Details of the Property”.

4. Profile of the Scheduled Buyer
Name
Headquarter’sLocation
Representative
CapitalSponsor

Plum (limited liability company)
Gracchus & Associates, Inc., Mitomi Building New Annex, 1-20-18, Ebisu,
Shibuya-ku, Tokyo
Limited liability company Suzuran (service representative: Tetsuya Kimura）¥1 million- (*）
1. Acquisition, sale and management of trust beneficiary rights concerning realMajor Business
Activity
Relationship withthe Investment
Corporation orLCPRA

estate trust business2. Property acquisition, sale and management
3. Other related business activities
No relationship（*）The sponsor name is not disclosed because of its request.

5．Details of Brokerage
TOWA REAL ESTATE BROKERAGE CO.,LTD., as a broker of the aforementioned property, facilitates thetransaction between the Investment Corporation and Scheduled Buyer. TOWA REAL ESTATEBROKERAGE CO.,LTD. does not fall under the category of the sponsor-related companies defined byLCPRA for the prevention of conflict of interest resulting from asset management activities. Concerning thesale of the said property, the Investment Corporation will pay the broker the commission of ¥65.4 million in
total (excluding taxes.)
6. Terms of Payment
A lump-sum payment is scheduled to be made on the aforementioned Scheduled Sale Date.
7. Future Outlook
Any changes with the financial results for the period ending August 2008 (from March 1, 2008 to March 31,2008) resulting from the aforementioned sale will be reported on the financial report for the period ending
February, 2008.

* This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to the press club for theMinistry of Land, Infrastructure and Transport and to the press club for specialty construction newspapers at the Ministry ofLand, Infrastructure and Transport.
* Website of the Investment Corporation: http://www.lcp-reit.co.jp* This English language notice is a translation of the Japanese language notice issued on the same day and was prepared solely forthe convenience of and reference by, overseas investors. LCP Investment Corporation makes no warranties as to its accuracy orcompleteness.

[Exhibit1]
Property Number: O-2

Property Name: Ueno Fujita Estate 1
Property Feature

Rental office building located at 1 minute walk east from Yeshiva sty. on Tokyo Metro Chiyoda Line and 4 minutes walk from Ueno-horology sty. onTokyo Metro Gina Line. Commercial areas consisting of mid-and-small sized office buildings, stores and apartment complexes are nearby. The building
with a comparatively large rentable area is well maintained and looks rather new compared with its age.
Location

Address

1-4-8, Ueno, Taito-ku, Tokyo

Land number

1-10-1-4, Ueno Taito-ku, Tokyo

Type of ownership

Ownership right, Leasehold rightLand

Type of ownershipCommercial area

Use

703.1 square meters Building

Area
Floor area ratio

OfficeTotal floor area

480%

Structure

100%

Year of construction

Bldg coverage ratio
Existing owner

New Excellent Asset Ltd.

PM company

Tozai Asset Management Co.Ltd.
Leasing Performance （thousand JPY）

September, 1986

Summary of Property Investigation Report （thousand JPY）
Takenaka Corporation

1 Investigation date

Total number of tenant
Rentable area

2,535.4 square meters

Rental area

2,535.4 square meters

Monthly rent
Deposit / Bond
Occupancy rate（based on area）

2,957.5 square metersRC, 6F - B1F

August 31, 2007 Investigator

Investigation date

Ownership rightUse

January, 2006

Urgent200

MaintenanceWithin a year
fee
Average costs for twelve years
10,111

15,926

69,290 Earthquake PML

14.9%

240

Type of agreement

100.0%
Summary of Real Estate Appraisal Report (million JPY)
Master-lease agreement with a fixed rent Appraiser
Morii Appraisal & Investment Consulting, Inc.

Master-lease company

Tozai Asset Management Co.Ltd.

Appraisal date

Major tenant

Hitachi, Ltd.

Appraisal value

Profit and Loss (thousand JPY)
The 3rd Period
Operationperiod

FromToTotal operation period
Leasing income
Rent income
Others
Leasing expenses

August 31, 2007
1,890

Capitalized value

1,890

Price calculated by direct reduction approach

1,920

Gross income

March 1, 2007

140

August 31, 2007

Rental income

129

184 days

Other income

1174,698

Gross expenses

3767,014

NOI103

7,684

NCF

31,440Capitalization rate

965.0%
1,860

PM outsourcing6,282 Price calculated by discounted cash flow approach

Taxes

4,344

Discount rate

4.7%

Utilities

5,048

Terminal cap rate

5.3%

Trust compensation

713 Estimated price

Building maintenance226

Land price

Insurance

132

Bldg price417

2,196 Acquisition price (million JPY)

1,840

Land leasing fee
OthersDepreciation

175
12,321

Leasing loss

43,257

NOI

55,579

Capital expenditure

2,134

NCF

53,444
Notes

1,120
703

[Exhibit 2] Portfolio after Acquisition of the Aforementioned Property

UseProperty
NumberR-1

Others

OfficeRetailOffice
RetailHotelOfficeOfficeAcquisition DateGreater Tokyo

May 25, 2006

Acquisition
Price(million JPY)
2,790

InvestmentRatio
(%)
3.2%

Winbell Kagurazaka

Greater Tokyo

May 23, 2006

3,690

4.2%

R-4

Nishiwaseda Cresent Mansion

Greater Tokyo

May 23, 2006

2,190

2.5%

R-5

Lexington Square Akebonobashi

Greater Tokyo

May 25, 2006

1,600

1.8%

R-6

Montserrat Yotsuya

Greater Tokyo

May 23, 2006

557

0.6%

R-7

Casa Eremitaggio

Greater Tokyo

May 25, 2006

1,240

1.4%

R-9

Lexington Square Shimokitazawa

Greater Tokyo

May 25, 2006

2,700

3.1%

R-10

Homest Ikejiri

Greater Tokyo

May 23, 2006

806

0.9%

May 25, 2006937

1.1%

R-12Towa City Coop Shin-otsukaⅡTowa City Coop Asukayama-Koen

Greater Tokyo
Greater Tokyo

May 25, 2006

529

0.6%

R-13Bichsel Musashiseki

Greater Tokyo

May 23, 2006

703

0.8%

R-14

Lexel Mansion Ueno Matsugaya

Greater Tokyo

May 23, 2006

1,130

1.3%

R-15

Cosmos Nishiojima Grand Stage

Greater Tokyo

May 25, 2006

909

1.0%

R-16Towa City Coop Sengencho

Greater Tokyo

May 25, 2006

1,240

1.4%

R-17

Royal Park Omachi

TohokuMay 25, 2006

564

0.6%

R-18

Lexington Square Hagino-machi

TohokuMay 23, 2006

411

0.5%

R-19

Visconti KakuozanChubu

May 23, 2006

397

0.4%

R-20

Lexington Square Kitahorie

Kansai

May 25, 2006

596

0.7%

R-21

Lexington Square Shinmachi

Kansai

May 25, 2006

421

0.5%

R-22

Luna Court Tsukamoto

Kansai

May 23, 2006

632

0.7%

R-23

Lexington Square Fushimi

Chubu

October 31, 2006

2,990

3.4%
1.2%

R-24

Lexington Square Daitabashi

Greater Tokyo

March 29, 2007

1,019

R-25

Lexington Square Honjo-Azumabashi

Greater Tokyo

March 29, 2007

525

0.6%

R-26

AMS TOWER Minami 6-Jo

Hokkaido

March 29, 2007

1,400

1.6%

R-27

Lexington Square Shirokane Takanawa

Greater Tokyo

March 30, 2007

7,660

8.7%

R-28

Greater Tokyo

March 30, 2007

9,140

10.3%

Greater Tokyo

March 30, 2007

1,780

2.0%

R-30

Spacia Ebisu
The Palms Yoyogi Uehara Cosmo
Terrace
Sun Terrace Yoyogi Uehara

Greater Tokyo

March 30, 2007

1,570

1.8%

R-31

Lexington Square Shinjuku Gyoen

Greater Tokyo

March 30, 2007

1,390

1.6%

R-32

BIG TOWER Minami 3-Jo

Hokkaido

October 26, 2007

2,870

3.2%

S-1
S-2

Sub-total
Bon Sejour Chitose Funabashi
Bon Sejour Yotsugi

Greater Tokyo
Greater Tokyo

May 25, 2006
May 25, 2006

54,38679176561.5%
0.9%
0.9%

S-3

Bon Sejour Hino

Greater Tokyo

May 25, 2006

699

0.8%

Greater Tokyo

November 24, 2006

610

0.7%

ChubuMay 22,2007

1,940

2.2%

R-29SeniorCity House Tokyo Shinbashi

Area

R-3

R-11

Residential

Property Name

S-4

Bon Sejour Musashi-Shinjo

S-5

Bon Sejour Komaki

S-6

Bon Sejour Hadano Shibusawa

S-7

Bon Sejour Itami

O-3
O-4
O-5
O-6
O-9
O-10
O-11

Sub-total
Cross Square NAKANO
Lexington Plaza Hachiman
Ohki Aoba Building
Loc Town Sukagawa
Lexington Plaza Hiroshima Otemachi
New Edobashi Building
Shuwa Nishi Gotanda Building
Sub-total
Total

Greater Tokyo

May 22,2007

962

1.1%

Kansai

May 22,2007

748

0.8%

6,515
1,038
4,760
847
2,563
2,450
8,770
7,160
27,58888,489

7.4%
1.2%
5.4%
1.0%
2.9%
2.8%
9.9%
8.1%
31.2%
100.0%

Greater Tokyo
TohokuTohokuTohokuChugoku/Shikoku
Greater Tokyo
Greater Tokyo

May 23, 2006
May 23, 2006
May 25, 2006
May 23, 2006
November 24, 2006
March 30, 2007
March 30, 2007

(*1) “Area” indicates six sub-areas consisting of prefectures shown below.
Hokkaido area: Hokkaido
Tohoku area: Aomori, Miyagi, Akita, Iwate, Yamagata, Fukushima
Greater Tokyo area: Tokyo, Kanagawa, Saitama, Chiba
Chubu area: Shizuoka, Nagano, Aichi, Niigata, Fukui, Ishikawa, Toyama, Mie, Gifu
Kansai area: Kyoto, Osaka, Hyogo, Shiga, Nara, Wakayama
Chugoku/Shikoku area: Hiroshima, Okayama, Yamaguchi, Tottori, Shimane, Ehime, Kagawa, Kochi, Tokushima(*2) “Acquisition Price” indicates the sale price provided in the Transfer Agreement with precedent condition (excluding consumption tax, etc.)
The amount is rounded off to the nearest million yen.
(*3) “Investment Ratio” indicates the ratio of respective acquisition prices in the acquisition price in total. The percentage is rounded off to thenearest tenth.