<For translation purposes only>
June 13, 2007
For Immediate Release
REIT Issuer
Hankyu REIT, Inc. (Securities Code: 8977)
19-19 Chaya-machi, Kita-ku, Osaka
Mineo Yamakawa, Executive Director
Asset Management Company
Hankyu REIT Asset Management, Inc.
Mineo Yamakawa, President & Representative Director
Contact:
Hideo Natsuaki,
General Manager, Investor Relations Dept.
Email: ir@hankyu-rt.jp

Notice Concerning the Decision on Pricing and Related Matters for the Issuance and Offeringof New Investment Units

Hankyu REIT, Inc. (hereafter “Hankyu REIT”) hereby notifies that the issuance and offering for sale of investment units
was decided by resolution of the board of directors of Hankyu REIT at its meeting held May 30, 2007. Hankyu REIT at theboard or directors’ meeting held today decided the price and related matters for this issue and sale of investment units
and announces these details below.

1.

Issuance of New Investment Units and Public Offering(1)

Number of units

16,000 units(2)

Issue price(3)

Total value of offering

per unit

1,338,600 yen(4)

Amount to be paid

(5)

Total amount to be paid (issue value)(6)

Offering period

June 14, 2007 (Thr.) to June 18, 2007 (Mon.)(7)

Payment dateJune 21, 2007 (Thr.)

21,417,600,000 yen
per unit

1,290,300 yen
20,644,800,000 yen

Note: The underwriter purchases the unit for the amount due stated above and conducts the public offering at the statedissue price.

2.

Over-Allotment Unit Sales(1)

Number of units for sale(2)

Unit sale price(3)

Offering period(4)Delivery date

1,000 units
per unit

1,338,600 yen

June 14, 2007 (Thr.) to June 18, 2007 (Mon.)
June 22, 2007 (Fri.)This press release is not an offer of securities for sale in the Unites States or elsewhere. This press release provides information concerning the decision byHankyu REIT for its issue and sale of new investment units to the public in Japan, and is not intended to, nor constitutes a part of, and should not beconstrued as an offer to sell or a solicitation of an offer to buy any units of Hankyu REIT. Investments are made at the discretion and responsibility of theinvestor. Please be certain to review Hankyu REIT’s investment prospectus (and any relevant revised items) before undertaking any investment.

13.

Issuance of New Investment Units by Private Placement(1)

Number of units

1,000 units(2)

Amount to be paid

(3)

Total amount to be paid (issue value)

1,290,300,000 yen(4)Offering period (offer date)July 19, 2007 (Thr.)(5)

Payment date(6)

Subscriber and number of allocated units

per unit

1,290,300 yen

July 20, 2007 (Fri.)
Nomura Securities Co., Ltd.

1,000 units

Note: The number of investment units that Nomura Securities Co., Ltd. plans to obtain by the private placement is the difference
derived by deducting the number of units that were obtained by stabilizing transactions or the syndicate cover transactions forthe purpose of returning borrowed investment units from the number of units of the over-allotment. For this reason, Nomura
Securities Co., Ltd. may not apply for all, or part of the number of units issued by the private placement and the result of thisforfeit of rights would either be a reduction of the final number of issued units by the private placement or the issuance itself
would cancelled.

Reference1.

Calculation of Issue Price and Sale Price(1)

Calculation date and price(2)

Discount rate

June 13, 2007 (Wed.)

1,380,000 yen

3.00％

2.

Syndicate Cover Transaction Period: June 19, 2007 (Tue.) to July 12, 2007 (Thr.)3.

Use of Raised Capital
The total proceeds from the public offering (20,644,800,000 yen), together with the proceeds from the issuance of
new investment units by private placement (maximum 1,290,300,000 yen) will be used to repay short-termborrowings, including a short-term borrowing of 20,000,000,000 yen borrowed on March 14, 2007, to acquire the NU
chayamachi.

•The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (Kabuto Club), Osaka
Securities Exchange, Ministry of Land, Infrastructure and Transport, and to the press club of the construction trade newspaperof the Ministry of Land, Infrastructure and Transport.

•Hankyu REIT website: http://www.hankyu-reit.jp/

This press release is not an offer of securities for sale in the Unites States or elsewhere. This press release provides information concerning the decision byHankyu REIT for its issue and sale of new investment units to the public in Japan, and is not intended to, nor constitutes a part of, and should not be
construed as an offer to sell or a solicitation of an offer to buy any units of Hankyu REIT. Investments are made at the discretion and responsibility of theinvestor. Please be certain to review Hankyu REIT’s investment prospectus (and any relevant revised items) before undertaking any investment.

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