For Translation Purposes Only
December 26, 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 the following property.

Property
Number
R-15

Property NameUse

Type of Asset

Cosmos Nishiojima Grand StageResidential Property

Trust Beneficiary Right

Scheduled Sale Price(Million Yen)
710（*）
The scheduled sale price does not include selling costs, fixed asset taxes, city planning taxes or consumption taxes and is rounded off to the nearest million yen.
Hereinafter the same shall apply.

1. Details of Sale
(1) Property name: Cosmos Nishiojima Grand Stage(2) Use: Residential property(3) Scheduled sale price: 710 million yen(4) Sale agreement date: December 26, 2008
(5) Scheduled sale date: January 20, 2009(6) Scheduled buyer (*): Star Mica Co., Ltd.
(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 25, 2006(11) Book value: 934 million yen (as of the end of August, 2008)(12) Balance between the Scheduled sale price and Book value: ▲ 224 million yen（*）Please refer to the following column of “4. Profile of Scheduled Buyer”.

2． Rationale
Given the severe financial and J-REIT market environment, the Investment Corporation needs to improve its financial status byreviewing its portfolio structure and portfolio policy and reducing interest-bearing debts through fund raising by selling properties
etc. in order to maintain and reinforce its financial structure which contributes to the future stability of asset management.

In terms of the property sale, the Investment Corporation made negotiations with a number of possible buyers and chose thecompany which presented an appropriate sale price. Although the Scheduled sale price is not higher than the latest book value orinvestigation price, the property sale does not have a significant negative impact on the portfolio and income of the Investment
Corporation.
3．

Details of Property Scheduled to be Sold
Please refer to “[Exhibit 1] Details of Property Scheduled to be Sold”.

4．

Profile of Scheduled Buyer
Company nameLocation
Representative
CapitalShareholders (*)

Main business
Relationship with the Investment
Corporation or the asset
management company

Star Mica Co., Ltd.
2-17-22, Akasaka, Minato-ku, Tokyo
President and CEO Masashi Mizunaga
2,923 million yen
Office Ogi Co., Ltd.
Morgan Stanley and Company Inc.
Jupitor Investment Ltd.
Liquidation business of condominiums
Investment business
Advisory businessNot applicable（*） The information is based on the semiannual report of Star Mica Co., Ltd. disclosed on May 31, 2008.

5． Brokerage
As a broker of the above property, Tozai Asset Management Co., Ltd. brokers transactions between the Investment
Corporation and the Scheduled buyer. Tozai Asset Management Co., Ltd. does not fall under the category of a sponsor-related
party under the self-regulation set by the asset management company, which is a measure to avoid conflicts of interest concerning
asset management of the Investment Corporation. The brokerage fee concerning the property sale is not disclosed since thebroker has not allowed the Investment Corporation to release the information.
6. Terms of Payment
A lump-sum payment is scheduled to be made on the aforementioned Scheduled sale date.
7． Future Outlook
In terms of the impact on the business results for the period ending February, 2009 (from September 1, 2008 to February 28,2009) caused by the above property sale, please refer to the press release titled “Notice concerning Revised Forecast ofFinancial Results for Fiscal Period Ending February 28, 2009 (6th Fiscal Period)” to be disclosed today.

* This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to the press club for the Ministry of Land,Infrastructure and Transport and to the press club for specialty construction newspapers at the Ministry of Land, 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 for the convenience ofand reference by, overseas investors. LCP Investment Corporation makes no warranties as to its accuracy or completeness.

[Exhibit 1] Details of Property Scheduled to be Sold
Property Number:

R-15

Property Name:（as of August 31, 2008）
Cosmos Nishiojima Grand Stage
Property Feature

The property is a condominium located at 8 minutes walk south east from Nishiojima st. on Toei Subway Shinjuku Line. (The Investment Corporation owns and leases 37 units of theproperty.) Residences can easily get to city center by using Toei Subway Shinjuku Line from Nishiojima st., the nearest station. The surrounding area is fairly quiet as the property is situatedone street away from bustling Meiji st. and faces a canal (Onagi-gawa) on the north side.
Location

Address

3-5-20, 21, Kitasuna, Koto-ku, Tokyo

Land number

3-1, Kitasuna, Koto-ku, Tokyo

Type of ownership

LandOwnership rightUse

Semi-industrial area

Area

6,777.7 square meters

Type of ownership

Sectional ownership

Use
Building

Residence

Total floor area

20,663.9 square meters

Floor area ratio

300 ％Structure

Bldg to land ratio

70 ％Year of construction

Existing owner
PM company

Hacchobori Investment Ltd.

Unit type

Number of units

Total Housing, Inc.

Compact－－－

Leasing Performance (thousand yen)

Spacious

37

100％100％－－－Date of investigation

August 31, 2008

OthersTotal number of tenants

1

Rentable units

37

Investigator

Rent units

33

Date of investigation

Rentable area

2,455.8 square meters

Rent area

2,197.8 square meters

Monthly rent

5,556

Deposit / bond

9,221

Type of master lease

Total Housing, Inc.

Investment days
Leasing income
Rent income
Other income

Ratio based on the area

Takenaka Corporation

Maintenance fee

January, 2006
Urgent－Within a year

100

Average costs for twelve years

Earthquake PMLSummary of Real Estate Appraisal Report (million yen）
Tanizawa Sogo Appraisal Co.,Ltd

Pass-through master lease

Date of appraisal

August 31, 2008

Profit and Loss（thousand yen）

Appraisal value

FromMarch 1, 2008

To

August 31, 2008

26,047
14.2％

Appraiser

5th fiscal period
Investment period

Ratio based on the number of units

Summary of Property Investigation Report (thousand yen）

89.5％

Occupancy rate (area basis)

Master lease company

SRC, 13F
February, 1996

908
Capitalized value

908

Value in direct capitalization method
Gross income

184 days

Rent income
37,475

Other income900
71
683

35,807Gross expenses

1754

1,668

Net income (NOI)

16,376

Net income (NCF)

PM outsourcing

4,904

Cap rate

5.9％

Taxes

2,140

Value in DCF method

912

Utilities－

Discount rate

6.1％

Trust compensation

600

Terminal cap rate

6.2％

Maintenance

1,901

Insurance

78

Land leasing fee－

Leasing expenses

Others7

Depreciation

6,744

Leasing profit/loss

21,098NOI

27,842

Capital expenditure
NCF

Acquisition price (million yen)200
27,642Note

The planted zone along the east parking lot of the property is used as a motorcycle parking lot with a roof. Although the status is different from statements on “Notice on construction
verification” or “certification of inspection”, the building to land ratio and floor area ratio are in a range designated by legislations and do not cause any legal problem.
（＊）Although the Investment Corporation owns less than 50% of the property, the above “area” refers to a total land area of the property and “total floor area” refers to a total floor areaof the building. The ratio of the common space is 245,576／1,876,503 and the ratio of the total floor area owned by the Investment Corporation is 2,327.7 square maters (37units / 274 units).

53909

[Exhibit 2] Portfolio After Acquisition of Aforementioned Property
UseProperty No.

OFFICE

O-1
O-2
O-3
O-4

RESIDENTIALOTHERS

RetailRetailHotel
SeniorSeniorSeniorSeniorSeniorSeniorSenior

R-1
R-3
R-4
R-5
R-6
R-7
R-9
R-10
R-11
R-12
R-13
R-14
R-16
R-17
R-18
R-19
R-20
R-21
R-22
R-23
R-24
R-25
R-26
R-27
R-28
R-29
R-30
R-31
R-32
T-1
T-2
T-3
T-4
T-5
T-6
T-7
T-8
T-9
T-10

Property NameNew Edobashi Building
Shuwa Nishi Gotanda Building
Cross Square NAKANO
Ohki Aoba Building
Sub-total
City House Tokyo Shinbashi
Winbell Kagurazaka
Nishiwaseda Cresent Mansion
Lexington Square Akebonobashi
Montserrat Yotsuya
Casa Eremitaggio
Lexington Square Shimokitazawa
Homest Ikejiri
Towa City Coop Shin-otsukaⅡTowa City Coop Asukayama-Koen
Bichsel Musashiseki
Lexel Mansion Ueno Matsugaya
Towa City Coop Sengencho
Royal Park Omachi
Lexington Square Haginomachi
Visconti Kakuozan
Lexington Square Kitahorie
Lexington Square ShinmachiLuna Court Tsukamoto
Lexington Square Fushimi
Lexington Square Daitabashi
Lexington Square Honjo-Azumabashi
AMS TOWER Minami 6-Jo
Lexington Square Shirokane Takanawa
Spacia Ebisu
The Palms Yoyogi Uehara Cosmo Terrace
Sun Terrace Yoyogi Uehara
Lexington Square Shinjuku Gyoen
BIG TOWER Minami 3-Jo
Sub-total
Lexington Plaza Hachiman
Loc Town Sukagawa
Lexington Plaza Hiroshima Otemachi
Bon Sejour Chitose Funabashi
Bon Sejour Yotsugi
Bon Sejour Hino
Bon Sejour Musashi-Shinjo
Bon Sejour Komaki
Bon Sejour Hadano Shibusawa
Bon Sejour Itami
Sub-totalTotal

Area
Greater Tokyo
Greater Tokyo
Greater Tokyo
TohokuGreater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
TohokuTohokuChubu
KansaiKansaiKansai
Chubu
Greater Tokyo
Greater Tokyo
Hokkaido
Greater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
Hokkaido
TohokuTohokuChubu Shikoku
Greater Tokyo
Greater Tokyo
Greater Tokyo
Greater Tokyo
Chubu
Greater Tokyo
KansaiAcquisition Price

Investment Ratio(million yen)
8,770
7,160
1,038
847
17,815
2,790
3,690
2,190
1,600
557
1,240
2,700
806
937
5297031,130
1,240
564
411
397
596
421
632
2,990
1,019
525
1,400
7,660
9,140
1,780
1,570
1,390
2,870
53,477
4,760
2,563
2,450
791
765
699
610
1,940
962
748
16,28887,580

(%)
10.0%
8.2%
1.2%
1.0%
20.3%
3.2%
4.2%
2.5%
1.8%
0.6%
1.4%
3.1%
0.9%
1.1%
0.6%
0.8%
1.3%
1.4%
0.6%
0.5%
0.5%
0.7%
0.5%
0.7%
3.4%
1.2%
0.6%
1.6%
8.7%
10.4%
2.0%
1.8%
1.6%
3.3%
61.1%
5.4%
2.9%
2.8%
0.9%0.9%
0.8%
0.7%
2.2%
1.1%
0.9%
18.6%
100.0%(*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 the nearest tenth.