To unitholders in the United States:

This exchange offer or business combination is made for the securities of a foreign investment
corporation. The offer is subject to disclosure requirements of a foreign country that are
different from those of the United States. Financial statements included in the document, if
any, have been prepared in accordance with foreign accounting standards that may not becomparable to the financial statements of United States companies.

It may be difficult for you to enforce your rights and any claim you may have arising under
the federal securities laws, since the issuer is located in a foreign country, and some or all of
its officers may be residents of a foreign country. You may not be able to sue a foreign
investment corporation or its officers in a foreign court for violations of the U.S. securities
laws. It may be difficult to compel a foreign investment corporation and its affiliates tosubject themselves to a U.S. court’s judgment.

You should be aware that the issuer may purchase securities otherwise than under theexchange offer, such as in open market or privately negotiated purchases.

-1-[For Translation Purposes Only]
May 27, 2015

For Immediate Release
To Whom It May Concern

Nomura Real Estate Master Fund, Inc.
Securities Code: 3285
Satoshi Yanagita, Executive Director
Nomura Real Estate Office Fund, Inc.
Securities Code: 8959
Yoshiyuki Ito, Executive Director
Nomura Real Estate Residential Fund, Inc.
Securities Code: 3240
Shozo Matsumura, Executive Director
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President & Chief Executive Officer
Inquiries:
Motomi Uki
General Manager, NMF Investment Management
Director
TEL. +81-3-3365-8767 nmf3285@nomura-re.co.jp
Shoji Yoshihara
General Manager, NOF Investment Management
Director
TEL. +81-3-3365-0507 nreof8959@nomura-re.co.jp
Tetsuya Ohira
General Manager, NRF Investment Management
TEL. +81-3-3365-7729 nrf3240@nomura-re.co.jp

Notice Concerning Acquisition of Assets
Nomura Real Estate Asset Management Co., Ltd., an asset manager to provide asset management services entrusted by
Nomura Real Estate Master Fund, Inc. (“NMF”), Nomura Real Estate Office Fund, Inc. (“NOF”) and Nomura Real
Estate Residential Fund, Inc. (“NRF”) (NMF, NOF and NRF are individually referred to as the “Consolidated Investment
Corporation” hereinafter) (“the “Asset Management Company”) hereby announces that the Asset Management Company
has determined to enter into the acquisition of the assets (the “Assets to be Acquired”) as stated below, and the eachrelevant sale and purchase agreements have been executed by each Consolidated Investment Corporation, respectively,-2-

today.
As stated in our announcement, “Notice Concerning Execution of Merger Agreement by and among Nomura Real
Estate Master Fund, Inc., Nomura Real Estate Office Fund, Inc. and Nomura Real Estate Residential Fund, Inc.”, as oftoday, each Consolidated Investment Corporation entered into a merger agreement (the “the Merger Agreement”), as oftoday, concerning a consolidation-type merger (the “Merger”) whereby October 1, 2015 is set as the date ofincorporation of corporation (the “New Investment Corporation) incorporated through the consolidation-type merger.
The acquisition of the Assets to be Acquired is scheduled to be implemented by the New Investment Corporation towhom the status, and the rights and obligations of, the purchaser under the sale and purchase agreements with respect toeach of the Assets to be Acquired will be transferred.

1.

Summary of the Assets to be Acquired(1) Overview of the Assets to be AcquiredNo

Property name

Use

Location

Type of asset

Date ofacquisition(Scheduled):

Acquisition price(Scheduled)(Note)(million yen)

1

NRE Kichijoji
Building

RetailMusashino City,
Tokyo

Trust beneficiaryinterest in realestateOctober 30,
2015

5,310

2

GEMS Ichigaya

RetailChiyoda Ward,
Tokyo

Real estate

October 30,
2015

2,080

3

PMO Tamachi

OfficeMinato Ward,
Tokyo

Real estate

March 1, 2016

6,210

4

PMO Ginza
Hatchome

OfficeChuo Ward, Tokyo

Real estate

March 1, 2016

3,970

5

PMO Shibakoen

OfficeMinato Ward,
Tokyo

Real estate

March 1, 2016

3,900

6

PROUD FLAT
Hatchobori

Residence

Chuo Ward, Tokyo

Real estate

October 30,
2015

920

7

PROUD FLAT
Itabashi Honcho

Residence

Itabashi Ward,
Tokyo

Real estate

October 30,
2015

720

Total

23,110(2) Date of agreement: May 27, 2015(3) Seller: Nomura Real Estate Development, Co., Ltd.

(4) Financing: Scheduled to finance from borrowings in New Investment Corporation, however, New
Investment Corporation will make a prompt announcement as soon as determined(5) Form of Payment: Entire amount paid at the time of transfer(Note) Excluding acquisition expenses, property taxes, urban planning taxes, consumption taxes and local consumption taxes

-3-

2.

Grounds

Each Consolidated Investment Corporation considers the acceleration of mutual growth with Nomura Real EstateGroup by establishing “Leasing Business Value Chain” as one of the concepts of the Merger. To fully leverageenhancement of future growth capability of the New Investment Corporation, the Asset Management Company enteredinto a basic agreement with respect to leasing value chain with Nomura Real Estate Development Co., Ltd., Nomura
Real Estate Partners Co., Ltd. and GEO-AKAMATSU Co., LTD. today.

Pursuant to such agreement, in addition to theexisting support for external growth through “property pipeline” by way of provision of real estate related informationfrom Nomura Real Estate Group companies, the parties above will establish an interactive “management pipeline”
among Nomura Real Estate Group companies.

Through such “management pipeline”, we can mutually share

information and know-hows on leasing properties, collaborate in addressing and implementing necessary measures tocreate and promote value such as enhancement of brand value and profitability of managing assets both in hardware
and software aspects, aiming to strengthen the brands for sponsor developed properties such as “PMO”, “PROUD
FLAT”, “GEMS” and “Landport”(Note) and improve the value of properties owned by the New Investment Corporation.
We believe these measures will create an amicable cycle of mutual growth between the New Investment Corporation
and Nomura Real Estate Group companies and thereby contribute to the growth of unitholders’ value.
As the first step to implement the above-mentioned “Leasing Business Value Chain”, the Asset Management Company
has determined to acquire a total of seven properties consisting of retail facilities, office buildings and residential
facilities from Nomura Real Estate Development Co., Ltd. on the condition, including other relevant conditions, that
the Merger Agreement has become effective, and respectively entered into the sale and purchase agreements according
to each sector in which each Consolidated Investment Corporation made its investment, i.e., with respect to NMF, NRE
Kichijoji Building, and GEMS Ichigaya, with respect to NOF, PMO Tamachi, PMO Ginza Hatchome and PMO
Shibakoen, and with respect to NRF, PROUD FLAT Hatchobori and PROUD FLAT Itabashi Honcho.

The matters tobe evaluated prior to the acquisition are as follows.
(Note) “PMO (Premium Midsize Office)” are new category of office buildings that accommodate to businesses
styles diversifying with time, as well as featuring the same functions and design standards as large-scalebuildings despite being medium-scaled. “PROUD FLAT” are rental apartments that stand on location
selected utilizing information network/know-how of the development and sales business of Nomura Real
Estate Group to suit urban rental apartments, and are controlled excellently and operated/managed
appropriately through Nomura Real Estate’s unique “design standard for housing complex (rental
apartments),” “outline for quality control inspection,” etc. “GEMS” are commercial facilities developed
centering on urban areas. They are mainly comprised of various restaurants with original tastes, andbrighten and enrich office workers and residents in the area as well as presenting them with ideas for new
lifestyle. “Landport” are logistic facilities with advanced high functions realized through designs for
optimization and efficiency, responding to recent changes in logistics environment and various tenant needs.
(1) NRE Kichijoji Building
・ The Kichijoji area, where the Property stands, offers access to JR Chuo Line/Sobu Line, the Keio InokashiraLine and Tokyo Metro Tozai Line (direct train operation of JR Chuo Line) and is directly connected to
Shinjuku, Shibuya, Otemachi, etc. boasting excellent transportation. It also has ample underlying population.
・ The Kichijoji Station vicinity, where the Property is located, is a bustling area with a concentration of retailfacilities such as shopping streets, department stores and hotels, and also a high volume of pedestrian flow. In
addition, as the Property is a highly visible building located a three-minute walk from Kichijoji Station, itboasts a location that can be anticipated to attract a stable flow of customers.

-4-(2) GEMS Ichigaya
・ The Property boasts excellent transportation access as it is located a three-minute walk from Ichigaya Station
on JR Sobu Line, Tokyo Metro Yurakucho Line/Namboku Line and the Toei Subway Shinjuku Line, and afive-minute walk from Kojimachi Station on Tokyo Metro Yurakucho Line. It also has high visibility standing
on a corner lot along Nippon Television Dori.
・ The Ichigaya/Kojimachi area, where the Property is located, is not only a commercial district with mid- tohigh-rising office buildings, apartments with shops, etc., but also has established a position as a high-end
residential district in urban area. Thus strong demand from office workers and residents in the area can be
anticipated.
(3) PMO Tamachi
・ The Property is located within a three-minute walk from Tamachi Station on the JR Yamanote Line and JR
Keihin-Tohoku Line and the Mita Station on the Toei Subway Asakusa Line/Mita Line and offers easy accessto major business areas such as Shinagawa, Otemachi and Shinjuku using these lines as well as to Haneda
Airport.
・ The Tamachi/Mita area, where the Property stands, has been favored as a location for headquarters or Tokyo
office by a wide range of industries and businesses against the backdrop of its excellent transportation accessto Haneda Airport and Shinkansen lines. In addition, it is an area which can anticipate solid demand frommajor companies based in Tamachi, etc.

(4) PMO Ginza Hatchome
・ The Property offers use of multiple lines and stations including Shiodome Station on the Toei Subway Oedo
Line, Shimbashi Station on the Tokyo Metro Ginza Line and JR Yamanote Line and Higashi-ginza Station on
the Toei Asakusa Line, boasting excellent access to major business areas.
・ The Property stands close to Ginza, Shiodome and Shimbashi areas, which are business hubs in central Tokyo.
Since headquarters of major media companies and advertising agencies are located in these areas, a wide
range of demand from such companies as well as their related companies and business operators who favorhaving Ginza addresses can be anticipated.

(5) PMO Shibakoen
・ The Property is located a two-minute walk from Onarimon Station on the Toei Subway Mita Line and has
Daimon Station on the Toei Subway Oedo Line/Asakusa Line and Hamamatsucho Station on JR Yamanote
Line, JR Keihin-Tohoku Line and Tokyo Monorail within walking distance. Availability of multiple lines
provides excellent access to major business areas and Haneda Airport.
・ The Hamamatsucho/Shiba-Koen area, where the Property is located, boasts high transportation convenienceand excellent surrounding environment. Therefore, it can expect a wide range of demand mainly from airline
companies which appreciate good access to Haneda Airport and to the area where logistics facilities areconcentrated such as Hinode and Takebashi, as well as from companies with headquarters in provincial areas,
logistics-related companies, etc.

-5-

(6) PROUD FLAT Hatchobori
・ The Property is located a three-minute walk from Hatchobori Station on Tokyo Metro Hibiya Line and a fiveminute walk from Hatchobori Station on JR Keiyo Line/Musashino Line, and use of two lines from the
nearby stations allows direct access to Tokyo, Ginza, Kasumigaseki Stations, etc., thus access to businessareas in central Tokyo is considered excellent.
・ The Hatchobori area, where the Property stands, is an area that offers living convenience as convenience
stores, small supermarkets operating around-the-clock, restaurants for singles and such are also located.
Therefore, a wide range of demand mainly from single office workers commuting to central Tokyo, who are
the targeted tenant, can be anticipated.
(7) PROUD FLAT Itabashi Honcho
・ The Property is located a four-minute walk from Itabashi Honcho Station on the Toei Subway Mita Line andallowing access to business areas such as Otemachi and Hibiya in around twenty minutes. In addition,business/commercial areas such as Shinjuku and Shibuya are accessible by transferring to JR Yamanote Lineat Sugamo Station on the Toei Subway Mita Line.
・ In addition to the Honcho shopping street along the Kyu-Nakasendo in the vicinity of the Property,
supermarkets and drugstores are scattered throughout the area, providing high living convenience. The area
enjoys favorable living environment away from the hustle and bustle of the major roads, and thus stabledemand from those working at nearby universities or single office workers commuting to central Tokyo canbe anticipated.

-6-

3.

Property Summary(1) NRE Kichijoji Building
Property name
Type of asset
Trustee
Trust term
Registry
Location(Note 1)StreetAccessCompletion date (Note 1)
Use (Note 1)
Structure (Note 1)
Seismic risk (PML)(Note 2)
Architect
Constructor
Building inspection agency
Area (Note 1)
Type ofownershipLand
Building
Land

Building
Building coverage ratio
Floor area ratio
Collateral
Property managementcompany

NRE Kichijoji Building
Trust beneficiary interest in real estate
Mitsubishi UFJ Trust and Banking Corporation
March 10, 2005 to March 10, 2025 (scheduled)
2-2017-216 Kichijoji Honcho, Musashino City, Tokyo and other 10 lots
2-2-17 Kichijoji Honcho, Musashino City, Tokyo
3-minute walk from Kichijoji Station on the JR and Keio Inokashira Line
July 10, 2014
Retail, parking
S/RC B2/7F
3.06%(Sompo Japan Nipponkoa Risk Management Inc.’s Earthquake PML Appraisal Report
as of May, 2015)
Obayashi Corporation
Obayashi Corporation
UHEC
923.73m2 (279.42 tsubo) (Note 3)
5,550.35 m2 (1,678.98 tsubo) (Note 3)
Ownership (51.0%) (Note 4)
Ownership (51.0%) (Note 4)
100% (Note 5)
600%
None
GEO-AKAMATSU Co., Ltd. (Note 6)
・With the acquisition of the Property by the New Investment Corporation, theNotes

Acquisition price (scheduled)

New Investment Corporation and Nomura Real Estate Development Co.,
Ltd. will quasi co-own the trust beneficiary interest with the ratio of 51.0%
and 49.0% respectively. Under the purchase and sale agreement of beneficial
interest in real estate trust, it is agreed that a preferential negotiation right tobe given to the other quasi co-owner when a party is to transfer its quasi coownership.
・The property management company, GEO-AKAMATSU Co., Ltd. is considereda Related Party under the Law Concerning Investment Trust and Investment
Corporation (“Investment Trust Law”).
¥5,310 million¥5,330 million (Based on the capitalization approach as of May 1, 2015)(Appraiser: Daiwa Real Estate Appraisal Corporation)
Appraisal NOI (Note 7)¥232.7 million
Leasing Status (as of May 27, 2015) (Note 8)
Total number of tenants
1
Appraisal value and method

Total rental income

Undisclosed

Security deposits

Undisclosed

Occupancy rate

100.0%

Total leased floor space

2,042.08 m2 (617.73 tsubo)

Total leasable floor space

2,042.08 m2 (617.73 tsubo)

Occupancy rates in the past
(Note 9)February 28,
2011－

February 29,
2012－

February 28,
2013－

February 28,
2014－

February 28,
2015
100.0%(Note 1) Location (registry) and Several Other Items“Location (registry)”, “Completion Date”, “Use”, “Structure” and “Area” are based on the information in the real estate registry.
(Note 2) PML (Probable Maximum Loss)-7-

PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to the replacement cost.
PML is calculated based on the statistical assumption that within next 475 years there is a 0.211% annual chance (10% probability ofonce every 50 years, i.e., average life time of buildings) of major earthquake occurring(Note 3) Area for land and building indicates area for the entire land and building of the Property.
(Note 4) The ratio of ownership is indicated as 51%, which is the ratio of quasi co-ownership of trust beneficiary interest in real estate planned
to be acquired by the New Investment Corporation.
(Note 5) Building Coverage Ratio
The Property is located in a commercial district where the building coverage ratio is 80% in principle. As the building is fire resistantin a fire zone, however, an increased ratio of 100% applies.
(Note 6) Property Management Company
Refers to the Property Management Company that is scheduled to be appointed.
(Note 7) Appraisal NOI“Appraisal NOI” indicates a figure obtained by multiplying the annual NOI (operating income-operating expenses) described in thereal estate appraisal report with May 1, 2015 as the appraisal date by 0.51 (51%), which is the ratio of quasi co-ownership of trust
beneficiary interest in real estate planned to be acquired by the New Investment Corporation.
(Note 8) Leasing Status
The number of end tenants for the entire building of the Property is 1.
“Total Rental Income” and “Security Deposits” are undisclosed as consent has not been obtained from the tenant.
“Total leased floor space” and “Total leasable floor space” indicated are figures obtained by multiplying the total leased floor space(the leased floor space to the end tenant as of today) and total leasable floor space of the entire building by 0.51 (51%), which is theratio of quasi co-ownership of trust beneficiary interest in real estate planned to be acquired by the New Investment Corporation.
(Note 9) Occupancy Rates in the Past
Based on the information from the seller.

(2) GEMS Ichigaya
Property name
Type of asset
Registry
Location(Note 1)StreetAccessCompletion date (Note 1)
Use (Note 1)
Structure (Note 1)
Seismic risk (PML)(Note 3)
Architect
Constructor
Building inspection agency
Area (Note 1)
Type ofownership

GEMS Ichigaya
Real estate
4-3 Rokubancho, Chiyoda Ward, Tokyo
4-3 Rokubancho, Chiyoda Ward, Tokyo (Note 2)
3-minute walk from Ichigaya Station on the Tokyo Metro Yurakucho and Namboku
Lines and Toei Subway Shinjuku Line and JR Line
5-minute walk from Kojimachi Station on the Tokyo Metro Yurakucho Line
October 31, 2014
RetailS/SRC B1/9F
2.61%(Sompo Japan Nipponkoa Risk Management Inc.’s Earthquake PML Appraisal Report
as of May, 2015)
Nomura Real Estate Development, Co., Ltd.
ICHIKEN Co., Ltd.
UHEC

Land

236.59 m2 (71.56 tsubo)

Building

1,477.10 m2 (446.82 tsubo)
OwnershipLand

Building
Building coverage ratio
Floor area ratio
Collateral
Property managementcompany

Notes

Acquisition price (scheduled)

Ownership
100% (Note 4)
600%
None
GEO-AKAMATSU Co., Ltd. (Note 5)・Construction of the city planning roads has been decided for the roads on eastern andnorthern sides of the Property. The timing of execution and such has not beenscheduled yet, but site area will be reduced (27.46 m2) due to corner cutoff on thenortheastern side of the Property if the plan is executed.
・The property management company and master lease company, GEO-AKAMATSU
Co., Ltd. is considered a Related Party under the Law Concerning Investment Trust
Law.
¥2,080 million-8-Appraisal value and method
Appraisal NOI (Note 6)¥2,090 million (Based on the capitalization approach as of May 1, 2015)(Appraiser: Daiwa Real Estate Appraisal Corporation)¥87.4 million

Leasing status (as of May 27, 2015) (Note 7)
Total number of tenants
10
Total rental income¥118 million

Security deposits¥93 million

Occupancy rate

100.0%

Total leased floor space

1,277.06 m2 (386.31 tsubo)

Total leasable floor space

1,277.06 m2 (386.31 tsubo)

Occupancy rates in the past
(Note 8)February 28,
2011－

February 29,
2012－

February 28,
2013－

February 28,
2014－

February 28,
2015
100.0%(Note 1) Location (registry) and Several Other Items“Location (registry)”, “Completion Date”, “Use”, “Structure” and “Area” are based on the information in the real estate registry.
(Note 2) Concerning location of the Property, Street has not been officially indicated.
(Note 3) PML (Probable Maximum Loss)PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to the replacement cost.
PML is calculated based on the statistical assumption that within next 475 years there is a 0.211% annual chance (10% probability ofonce every 50 years, i.e., average life time of buildings) of major earthquake occurring.
(Note 4) Building Coverage Ratio
The Property is located in a commercial district where the building coverage ratio is 80% in principle. As the building is fire resistantin a fire zone, however, an increased ratio of 100% applies.
(Note 5) Property Management Company
Refers to the Property Management Company that is scheduled to be appointed.
(Note 6) Appraisal NOI“Appraisal NOI” indicates the annual NOI (operating income-operating expenses) described in the real estate appraisal report with
May 1, 2015 as the appraisal date.
(Note 7) Leasing Status
The New Investment Corporation plans to conclude, simultaneously with the acquisition of the Property, a master lease agreement,
under which the building of the Property will be collectively leased for the purpose of subleasing, with GEO AKAMATSU Co., Ltd.
The master lease agreement is “pass-through scheme” where GEO AKAMATSU Co., Ltd., the master lease company, pays the sameamount as the total sum of the rent based on the lease agreement which the master lease company has concluded with each end tenant
to the New Investment Corporation. The items in the above chart are indicated based on the following assumptions.
“Total Number of Tenants” is the total number of end tenants actually leasing the building of the Property as of today.
“Total Rent Income” is the amount obtained by multiplying the monthly rent stated the lease agreement with end tenants actuallyleasing the building of the Property as of today by 12 (rounded down to the nearest million yen).
“Security Deposits” indicates the amount of security deposits, etc. stated in the aforementioned lease agreement (rounded down thenearest million yen).
“Total Leased Floor Space” indicates the floor space that is being leased to end tenants as of today.
(Note 8) Occupancy Rates in the Past
Based on the information from the seller.

(3) PMO Tamachi
Property name
Type of asset
Registry
Location(Note 1)StreetAccessCompletion date (Note 1)
Use (Note 1)
Structure (Note 1)
Seismic risk (PML)(Note 2)
Architect
Constructor

PMO Tamachi
Real estate
5-202-1 Shiba, Minato Ward, Tokyo and other 2 lots
5-31-17 Shiba, Minato Ward, Tokyo
2-minute walk from Tamachi Station on the JR Line
1-minute walk from Mita Station on the Toei Subway Asakusa Line
1-minute walk from Mita Station on the Toei Subway Mita Line
February 7, 2014
Office, parking
S/SRC B1/12F
9%(Shimizu Corporation’s Earthquake PML Appraisal Report as of May, 2015)
Nomura Real Estate Development, Co., Ltd.
Sato Kogyo Co., Ltd.

-9-

Building inspection agency
Area (Note 1)
Type ofownershipLand
Building
Land

Building
Building coverage ratio
Floor area ratio
Collateral
Property managementcompany

Notes

Acquisition price (scheduled)
Appraisal value and method
Appraisal NOI (Note 5)

UHEC
709.50 m2 (214.62 tsubo)
5,171.17 m2 (1,564.27 tsubo)
Ownership
Ownership
100% (Note 3)
700%
None
Nomura Real Estate Development, Co., Ltd.(Note 4)・Construction of the city planning road has been decided on southern side of theProperty. The timing of execution and such have not been scheduled yet, but theboundary line of the Property will be backed by 3.2 m to 3.4 m from the current
boundary line with the road on the southern side, and the site area will be reduced byabout 81.53 m2 if the plan is executed.
・The property management company and master lease company, Nomura Real Estate
Development, Co., Ltd. is considered a Related Party under the Law Concerning
Investment Trust Law.
¥6,210 million¥6,400 million (Based on the capitalization approach as of May 1, 2015)(Appraiser: Japan Real Estate Institute)¥254.1 million

Leasing status (as of May 27, 2015) (Note 6)
Total number of tenants
11
Total rental income¥291 million

Security deposits¥291 million

Occupancy rate

100.0%

Total leased floor space

4,019.84 m2 (1,216.00 tsubo)

Total leasable floor space

4,019.84 m2 (1,216.00 tsubo)

Occupancy rates in the past
(Note 7)

February 28,
2011－

February 29,
2012－

February 28,
2013－

February 28,
2014
18.2%

February 28,
2015
90.9%

(Note 1) Location (registry) and Several Other Items“Location (registry)”, “Completion Date”, “Use”, “Structure” and “Area” are based on the information in the real estate registry.
(Note 2) PML (Probable Maximum Loss)PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to the replacement cost.
PML is calculated based on the statistical assumption that within next 475 years there is a 0.211% annual chance (10% probability ofonce every 50 years, i.e., average life time of buildings) of major earthquake occurring.
(Note 3) Building Coverage Ratio
The Property is located in a commercial district where the building coverage ratio is 80% in principle. As the building is fire resistantin a fire zone, however, an increased ratio of 100% applies.
(Note 4) Property Management Company
Refers to the Property Management Company that is scheduled to be appointed.
(Note 5) Appraisal NOI“Appraisal NOI” indicates the annual NOI (operating income-operating expenses) described in the real estate appraisal report with
May 1, 2015 as the appraisal date.
(Note 6) Leasing Status
The New Investment Corporation plans to conclude, simultaneously with the acquisition of the Property, a master lease agreement,
under which the building of the Property will be collectively leased for the purpose of subleasing, with Nomura Real Estate
Development Co., Ltd. The master lease agreement is “pass-through scheme” where Nomura Real Estate Development Co., Ltd., themaster lease company, pays the same amount as the total sum of the rent based on the lease agreement which the master lease
company has concluded with each end tenant to the New Investment Corporation. The items in the above chart are indicated based on
the following assumptions.
“Total Number of Tenants” is the total number of end tenants actually leasing the building of the Property as of today.
“Total Rent Income” is the amount obtained by multiplying the monthly rent stated the lease agreement with end tenants actuallyleasing the building of the Property as of today by 12 (rounded down to the nearest million yen).
“Security Deposits” indicates the amount of security deposits, etc. stated in the aforementioned lease agreement (rounded down thenearest million yen).

- 10 -

“Total Leased Floor Space” indicates the floor space that is being leased end tenants as of today.
(Note 7) Occupancy Rates in the Past
Based on the information from the seller.

(4) PMO Ginza Hatchome
Property name
Type of asset
Registry
Location(Note 1)StreetCompletion date (Note 1)
Use (Note 1)
Structure (Note 1)
Seismic risk (PML)(Note 2)
Architect
Constructor

PMO Ginza Hatchome
Real estate8-204-8 Ginza, Chuo Ward, Tokyo and other 4 lots
8-12-8 Ginza, Chuo Ward, Tokyo
4-minute walk from Shiodome Station on the Toei Subway Oedo Line
5-minute walk from Shimbashi Station on the Tokyo Metro Ginza Line
6-minute walk from Shimbashi Station on the JR Line
April 25, 2014
OfficeS 10F
9%(Shimizu Corporation’s Earthquake PML Appraisal Report as of May, 2015)
Nomura Real Estate Development, Co., Ltd.
The Zenidaka Corporation

Building inspection agency

UHEC

AccessArea (Note 1)
Type ofownershipLand

321.39 m2 (97.22 tsubo)

Building

2,487.63 m2 (752.50 tsubo)
OwnershipLand

Building
Building coverage ratio
Floor area ratio
Collateral
Property managementcompany
Notes

Acquisition price (scheduled)
Appraisal value and method
Appraisal NOI (Note 6)

Ownership
100% (Note 3)
700%・800% (Note 4)
None
Nomura Real Estate Development, Co., Ltd. (Note 5)
The property management company and master lease company, Nomura Real Estate
Development, Co., Ltd. is considered a Related Party under the Law Concerning
Investment Trust Law.
¥3,970 million¥4,130 million(Based on the capitalization approach as of May 1, 2015)(Appraiser: Japan Real Estate Institute)¥158.8 million

Leasing status (as of May 27, 2015) (Note 7)
Total number of tenants
7
Total rental income¥200 million

Security deposits¥185 million

Occupancy rate

100.0%

Total leased floor space

2,055.53 m2 (621.79 tsubo)

Total leasable floor space

2,055.53 m2 (621.79 tsubo)

Occupancy rates in the past
(Note 8)February 28,
2011－

February 29,
2012－

February 28,
2013－

February 28,
2014－

February 28,
2015
100.0%(Note 1) Location (registry) and Several Other Items“Location (registry)”, “Completion Date”, “Use”, “Structure” and “Area” are based on the information in the real estate registry.
(Note 2) PML (Probable Maximum Loss)PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to the replacement cost.
PML is calculated based on the statistical assumption that within next 475 years there is a 0.211% annual chance (10% probability ofonce every 50 years, i.e., average life time of buildings) of major earthquake occurring.
(Note 3) Building Coverage Ratio
The Property is located in a commercial district where the building coverage ratio is 80% in principle. As the building is fire resistantin a fire zone, however, an increased ratio of 100% applies.

- 11 -

(Note 4) Floor Area Ratio
The Property is located in a commercial district where the floor area ratio is 800% for areas within for the area within 20 m from theboundary line of the road on the southeastern front side and 700% for the area farther than 20 m. For the whole area, the weightedaverage percentage is applied in accordance with the space of the respective areas.
(Note 5) Property Management Company
Refers to the Property Management Company that is scheduled to be appointed.
(Note 6) Appraisal NOI“Appraisal NOI” indicates the annual NOI (operating income-operating expenses) described in the real estate appraisal report with
May 1, 2015 as the appraisal date.
(Note 7) Leasing Status
The New Investment Corporation plans to conclude, simultaneously with the acquisition of the Property, a master lease agreement,
under which the building of the Property will be collectively leased for the purpose of subleasing, with Nomura Real Estate
Development Co., Ltd. The master lease agreement is “pass-through scheme” where Nomura Real Estate Development Co., Ltd., themaster lease company, pays the same amount as the total sum of the rent based on the lease agreement which the master lease
company has concluded with each end tenant to the New Investment Corporation. The items in the above chart are indicated based on
the following assumptions.
“Total Number of Tenants” is the total number of end tenants actually leasing the building of the Property as of today.
“Total Rent Income” is the amount obtained by multiplying the monthly rent stated the lease agreement with end tenants actuallyleasing the building of the Property as of today by 12 (rounded down to the nearest million yen).
“Security Deposits” indicates the amount of security deposits, etc. stated in the aforementioned lease agreement (rounded down thenearest million yen).
“Total Leased Floor Space” indicates the floor space that is being leased to end tenants as of today.
(Note 8) Occupancy Rates in the Past
Based on the information from the seller.

(5) PMO Shibakoen
Property name
Type of asset
Registry
Location(Note 1)StreetCompletion date (Note 1)
Use (Note 1)
Structure (Note 1)
Seismic risk (PML)(Note 2)
Architect
Constructor

PMO Shibakoen
Real estate
1-13-8 Shibakoen, Minato Ward, Tokyo
1-2-1 Shibakoen, Minato Ward, Tokyo
2-minute walk from Onarimon Station on the Toei Subway Mita Line
6-minute walk from Daimon Station on the Toei Subway Oedo Line, Asakusa Line
10-minute walk from Hamamatsucho Station on the JR Line
July 31, 2014
Office, parking
S 8F
10%(Shimizu Corporation’s Earthquake PML Appraisal Report as of May, 2015)
Nomura Real Estate Development, Co., Ltd.
Tokyu Construction Co., Ltd.

Building inspection agency

UHEC

AccessArea (Note 1)
Type ofownershipLand
Building
Land

Building
Building coverage ratio
Floor area ratio
Collateral
Property managementcompany
Notes

Acquisition price (Scheduled)
Appraisal value and method
Appraisal NOI (Note 5)

547.05 m2 (165.48 tsubo)
3,362.95 m2 (1,017.29 tsubo)
Ownership
Ownership
100% (Note 3)
600%
None
Nomura Real Estate Development, Co., Ltd.(Note 4)
The property management company and master lease company, Nomura Real Estate
Development, Co., Ltd. is considered a Related Party under the Law Concerning
Investment Trust Law.
¥3,900 million¥3,950 million (Based on the capitalization approach as of May 1, 2015)(Appraiser: Japan Real Estate Institute)¥164.2 million

Leasing status (as of May 27, 2015) (Note 6)- 12 -

Total number of tenants

1

Total rental income

Undisclosed

Security deposits

Undisclosed

Occupancy rate

100.0%

Total leased floor space

2,667.77 m2 (807.00 tsubo)

Total leasable floor space

2,667.77 m2 (807.00 tsubo)

Occupancy rates in the past
(Note 7)

February 28,
2011－

February 29,
2012－

February 28,
2013－

February 28,
2014－

February 28,
2015
100.0%(Note 1) Location (registry) and Several Other Items“Location (registry)”, “Completion Date”, “Use”, “Structure” and “Area” are based on the information in the real estate registry.
(Note 2) PML (Probable Maximum Loss)PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to the replacement cost.
PML is calculated based on the statistical assumption that within next 475 years there is a 0.211% annual chance (10% probability ofonce every 50 years, i.e., average life time of buildings) of major earthquake occurring.
(Note 3) Building Coverage Ratio
The Property is located in a commercial district where the building coverage ratio is 80% in principle. As the building is fire resistantin a fire zone, however, an increased ratio of 100% applies.
(Note 4) Property Management Company
Refers to the Property Management Company that is scheduled to be appointed.
(Note 5) Appraisal NOI“Appraisal NOI” indicates the annual NOI (operating income-operating expenses) described in the real estate appraisal report with
May 1, 2015 as the appraisal date.
(Note 6) Leasing Status
The New Investment Corporation plans to conclude, simultaneously with the acquisition of the Property, a master lease agreement,
under which the building of the Property will be collectively leased for the purpose of subleasing, with Nomura Real Estate
Development Co., Ltd. The master lease agreement is “pass-through scheme” where Nomura Real Estate Development Co., Ltd., themaster lease company, pays the same amount as the total sum of the rent based on the lease agreement which the master lease
company has concluded with each end tenant to the New Investment Corporation. The items in the above chart are indicated based on
the following assumptions.
“Total Number of Tenants” is the total number of end tenants actually leasing the building of the Property as of today.
“Total Rent Income” and “Security Deposits” are undisclosed as consent has not been obtained from the tenant.
“Total Leased Floor Space” indicates the floor space that is being leased to end tenants as of today.
(Note 7) Occupancy Rates in the Past
Based on the information from the seller.

(6) PROUD FLAT Hatchobori
Property name
Type of asset
Registry
Location(Note 1)StreetAccessCompletion date (Note 1)
Use (Note 1)
Structure (Note 1)
Seismic risk (PML)(Note 2)
Architect
Constructor
Building inspection agency
Area (Note 1)
Type ofownership

PROUD FLAT Hatchobori
Real estate
1-107-7 Hatchobori, Chuo Ward, Tokyo
1-8-5 Hatchobori, Chuo Ward, Tokyo
3-minuites walk from Hatchobori Station on the Tokyo Metro Hibiya Line
5-minuites walk from Hatchobori Station on the JR LineMay 27, 2014
Apartment
RC 12F
4.37%(Sompo Japan Nipponkoa Risk Management Inc.’s Earthquake PML Appraisal Report
as of May 2015)
Yanagi Gaku Architects
Koshin Kensetsu Co., Ltd.
The Tokyo Metropolitan Town Creation Center for Disaster Prevention and Construction

Land

179.90 m2 (54.41 tsubo)

Building

1,163.30 m2 (351.89 tsubo)
OwnershipLand

Building
Building coverage ratio

Ownership
100% (Note 3)- 13 -

Floor area ratio
Collateral
Property managementcompany
Notes
Acquisition price (scheduled)

600%
None
Nomura Real Estate Partners, Co., Ltd.(Note 4)
The property management company and master lease company, Nomura Real Estate
Partners, Co., Ltd. is considered a Related Party under the Law Concerning Investment
Trust Law.
￥920 million￥923 million(Based on the capitalization approach as of May 1, 2015)(Appraiser: Japan Real Estate Institute)
Appraisal NOI (Note 5)￥41.9 million
Leasing status (as of May 27, 2015) (Note 6)
Total number of tenants
1
Appraisal value and method

Total rental income¥49 million

Security deposits¥5 million

Occupancy rate

89.4%

Total leased floor space

887.61 m2 (268.50 tsubo)

Total leasable floor space

992.75 m2 (330.30 tsubo)

Occupancy rates in the past
(Note 7)

February 28,
2011－

February 29,
2012－

February 28,
2013－

February 28,
2014－

February 28,
2015
87.9%

(Note 1) Location (registry) and Several Other Items“Location (registry)”, “Completion Date”, “Use”, “Structure” and “Area” are based on the information in the real estate registry.
(Note 2) PML (Probable Maximum Loss)PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to the replacement cost.
PML is calculated based on the statistical assumption that within next 475 years there is a 0.211% annual chance (10% probability ofonce every 50 years, i.e., average life time of buildings) of major earthquake occurring.
(Note 3) Building coverage ratio
The Property is located in a commercial district where the building coverage ratio is 80% in principle. As the building is fire resistantin a fire zone, however, an increased ratio of 100% applies.
(Note 4) Property Management Company
Refers to the Property Management Company that is scheduled to be appointed.
(Note 5) Appraisal NOI“Appraisal NOI” indicates the annual NOI (operating income-operating expenses) described in the real estate appraisal report with
May 1, 2015 as the appraisal date.
(Note 6) Leasing Status
The New Investment Corporation plans to conclude, simultaneously with the acquisition of the Property, a master lease agreement,
under which the building of the Property will be collectively leased for the purpose of subleasing, with Nomura Real Estate Partners,
Co., Ltd. The master lease agreement is “pass-through scheme” where Nomura Real Estate Partners, Co., Ltd., the master lease
company, pays the same amount as the total sum of the rent based on the lease agreement which the master lease company has
concluded with each end tenant to the New Investment Corporation. The items in the above chart are indicated based on the following
assumptions.
“Total Number of Tenants” is counted as one since all of a rental room is collectively leased for the purpose of subleasing and thelessee in the lease agreement (master lease agreement) has concluded an agreement with the end tenant for subleasing the rental room.
“Total Rent Income” is the amount obtained by multiplying the monthly rent stated the lease agreement with end tenants actuallyleasing the building of the Property as of today by 12 (rounded down to the nearest million yen).
“Security Deposits” indicates the amount of security deposits, etc. stated in the aforementioned lease agreement (rounded down thenearest million yen).
“Total Leased Floor Space” indicates the floor space that is being leased to end tenants as of today.
(Note 7) Occupancy Rates in the Past
Based on the information from the seller.

(7) PROUD FLAT Itabashi Honcho
Property name
Type of asset
Registry
Location(Note 1)StreetAccessPROUD FLAT Itabashi Honcho
Real estate32-46 Honcho, Itabashi Ward, Tokyo
32-9 Honcho, Itabashi Ward, Tokyo
4-minute walk from Itabashi Honcho Station on the Toei Metro Mita Line

- 14 -

Completion date (Note 1)
Use (Note 1)
Structure (Note 1)
Seismic risk (PML)(Note 2)
Architect
Constructor
Building inspection agency
Area (Note 1)
Type ofownershipLand
Building
Land

Building
Building coverage ratio
Floor area ratio
Collateral
Property managementcompany
Notes

Acquisition price (scheduled)
Appraisal value and method
Appraisal NOI (Note 6)

July 8, 2014
Apartment
RC 10F
4.32%(Sompo Japan Nipponkoa Risk Management Inc.’s Earthquake PML Appraisal Report
as of May 2015)
Form Architect Planning Co., Ltd.
Goda Komuten Co., Ltd.
Housing Loan Progress Association
326.02 m2 (98.62 tsubo) (Note 3)
1,401.32 m2 (423.89 tsubo)
Ownership
Ownership
100% (Note 4)
400%
None
Nomura Real Estate Partners, Co., Ltd. (Note 5)
The property management company and master lease company, Nomura Real Estate
Partners, Co., Ltd. is considered a Related Party under the Law Concerning Investment
Trust Law.
¥720 million¥723 million (Based on the capitalization approach as of May 1, 2015)(Appraiser: Japan Real Estate Institute)¥35.1 million

Leasing status (as of May 27, 2015) (Note 7)
Total number of tenants
1
Total rental income¥47 million

Security deposits¥6 million

Occupancy rate

100.0%

Total leased floor space

1,192.07 m2 (360.60 tsubo)

Total leasable floor space

1,192.07 m2 (360.60 tsubo)

Occupancy rates in the past
(Note 8)February 28,
2011－

February 29,
2012－

February 28,
2013－

February 28,
2014－

February 28,
2015
100.0%(Note 1) Location (registry) and Several Other Items“Location (registry)”, “Completion Date”, “Use”, “Structure” and “Area” are based on the information in the real estate registry.
(Note 2) PML (Probable Maximum Loss)PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to the replacement cost.
PML is calculated based on the statistical assumption that within next 475 years there is a 0.211% annual chance (10% probability ofonce every 50 years, i.e., average life time of buildings) of major earthquake occurring.
(Note 3) Site area
The site area includes a portion of approximately 1.8 m2 deemed as a road under Article 42-2 of the Building Standards Act.
(Note 4) Building coverage ratio
The Property is located in a commercial district where the building coverage ratio is 80% in principle. As the building is fire resistantin a fire zone, however, an increased ratio of 100% applies.
(Note 5) Property Management Company
Refers to the Property Management Company that is scheduled to be appointed.
(Note 6) Appraisal NOI“Appraisal NOI” indicates the annual NOI (operating income-operating expenses) described in the real estate appraisal report with
May 1, 2015 as the appraisal date.
(Note 7) Leasing Status
The New Investment Corporation plans to conclude, simultaneously with the acquisition of the Property, a master lease agreement,
under which the building of the Property will be collectively leased for the purpose of subleasing, with Nomura Real Estate Partners,
Co., Ltd. The master lease agreement is “pass-through scheme” where Nomura Real Estate Partners, Co., Ltd., the master lease
company, pays the same amount as the total sum of the rent based on the lease agreement which the master lease company has
concluded with each end tenant to the New Investment Corporation. The items in the above chart are indicated based on the following
assumptions.

- 15 -

“Total Number of Tenants” is counted as one since all of a rental room is collectively leased for the purpose of subleasing and thelessee in the lease agreement (master lease agreement) has concluded an agreement with the end tenant for subleasing the rental room.
“Total Rent Income” is the amount obtained by multiplying the monthly rent stated the lease agreement with end tenants actuallyleasing the building of the Property as of today by 12 (rounded down to the nearest million yen).
“Security Deposits” indicates the amount of security deposits, etc. stated in the aforementioned lease agreement (rounded down thenearest million yen).
“Total Leased Floor Space” indicates the floor space that is being leased to end tenants as of today.
(Note 8) Occupancy Rates in the Past
Based on the information from the seller.

4.

Seller Profile
Company name

Nomura Real Estate Development, Co., Ltd.

Head office

1-26-2 Nishi-Shinjuku, Shinjuku Ward, Tokyo

Representative

Seiichi Miyajima, President & CEO

Principal business

Real Estate Business

CapitalEstablished

2,000,000 thousand yen (as of April 1, 2014)
April 15, 1957

Relationship with the absorbed investment corporations and/or NREAM

CapitalThe seller holds investment units of the absorbed investment corporations.
NMF:5.27% (as of February 28, 2015)
NOF:4.10% (as of April 30, 2015)
NRF:9.48% (as of November 31, 2014)
The said company is a wholly owned subsidiary of NREHD, which holds 100%
ownership of NREAM, and falls under the definition of a related party as defined in
the Investment Trusts Act
The Asset Management Company’s employees and officers are dispatched from the

Personnel

Transaction

Status of relatedparties5.

said company.
The seller is the property management company of the absorbed investment
corporations and the lessee, etc. of real estate owned by the absorbed investment
corporations. Moreover, the Asset Management Company concluded an agreementon provision of information and a basic agreement on leasing value chain with thesaid company.
The said company does not fall under the definition of a related party of theabsorbed investment corporations. However, as stated above, the said company is arelated party of the Asset Management Company as it is a fellow subsidiary

Status of Owners (Same for all of Assets to be Acquired )Status of owners
Company nameCurrent owner and trustee
Nomura Real Estate Development, Co.,

Previous owner and trustee－

Ltd.
Relationship with parties
with special interest
Backgrounds/reasons ofacquisition, etc.

Please refer to “4. Seller Profile” above－

Development purpose

－

－

－

－

－

Acquisition price(including otherexpenses)Acquisition date

- 16 -

6.

Brokerage ProfileNo brokers were involved in the transaction for the Assets to be Acquired.

7.

Transaction with Related Parties(1)

Transaction concerning Assets to be Acquired (Scheduled)

The transaction concerning the Assets to be Acquired is transaction with related parties under the Investment Trust
Law as mentioned above. The Asset Management Company determined the acquisition of the Property, acquisition
price and other terms and conditions of the transaction pursuant to the restrictions and formalities concerning thetransactions with related party as set forth in the Investment Trust Law and the Asset Management Company’s
bylaws and duly authorized by the Compliance Committee and Investment Committee in the Asset Management
Company.
(2) Transaction concerning Property Management Services for NRE Kichijoji Building
The property management company of the NRE Kichijoji Building, GEO-AKAMATSU Co., Ltd. is Related Party
under the Investment Trust Law. Nomura Master Fund and the Asset Management Company determined theconsignment and the terms and conditions of the transaction, including the fees, etc., pursuant to the restrictions andformalities concerning the transactions with related party as set forth in the Investment Trust Law and the AssetManagement Company’s bylaws and duly authorized by the Compliance Committee and Investment Committee in
the Asset Management Company.
(3) Transaction concerning Property Management Services and Master Lease for GEMS Ichigaya
The property management company and master lease company of the GEMS Ichigaya, GEO-AKAMATSU Co.,
Ltd. is Related Party under the Investment Trust Law. Nomura Master Fund and the Asset Management Company
determined the consignment and the terms and conditions of the transaction, including the fees, etc., pursuant to therestrictions and formalities concerning the transactions with related party as set forth in the Investment Trust Law
and the Asset Management Company’s bylaws and duly authorized by the Compliance Committee and Investment
Committee in the Asset Management Company.

(4)

Transaction concerning Property Management Services and Master Lease for PMO Tamachi, PMO Ginza
Hatchome and PMO Shibakoen

The property management company and master lease company of the PMO Tamachi, PMO Ginza Hatchome and
PMO Shibakoen, Nomura Real Estate Development Co., Ltd. is Related Party under the Investment Trust Law.
Nomura Master Fund and the Asset Management Company determined the consignment and the terms andconditions of the transaction, including the fees, etc., pursuant to the restrictions and formalities concerning thetransactions with related party as set forth in the Investment Trust Law and the Asset Management Company’s
bylaws and duly authorized by the Compliance Committee and Investment Committee in the Asset Management
Company.

- 17 -

(5)Transaction concerning Property Management Services and Master Lease for PROUD FLAT Hatchobori and
PROUD FLAT Itabashi Honcho

The property management company and master lease company of the PROUD FLAT Hatchobori and POURD
FLAT Itabashi Honcho, Nomura Real Estate Partners Co., Ltd. is Related Party under the Investment Trust Law.
Nomura Master Fund and the Asset Management Company determined the consignment and the terms andconditions of the transaction, including the fees, etc., pursuant to the restrictions and formalities concerning thetransactions with related party as set forth in the Investment Trust Law and the Asset Management Company’s
bylaws and duly authorized by the Compliance Committee and Investment Committee in the Asset Management
Company.

8.

Form of Payment, etc.
(1)Form of Payment
At the time of the settlement of the Assets to be Acquired, the New Investment Corporation plans a package
payment of the whole acquisition price through borrowings.

(2)

Impact on the New Investment Corporation’s Financial Status in Case of Failure of the Forward
Commitment, etc.
The agreement on purchase and sale of real estate concerning the Assets to be Acquired and the agreementon purchase and sale of trust beneficiary interest in real estate (collectively, the “Agreement”) falls into the
Forward Commitment, etc., (Note) as set forth in the Comprehensive Guideline for Supervision of Financial
Instruments Business Operators set by the Financial Services Agency. Scheduled details of the cancellation
clauses are as follows. The Agreement carries suspensive conditional clauses stating that the transaction be
executed only when procurement of required funds through borrowings by the buyer is reasonably expected.
Please refer to “(3) Suspensive conditional clauses” below for suspensive conditional clauses for the
Agreement

1)

In case there are any significant violations concerning the provisions of the agreement on purchaseand sale of the Assets to be Acquired by the seller or the purchaser (the party hereto, the “defaulting
party”), the other party can urge the defaulting party to fulfill the obligation fixing a period of time.
When the defaulting party does not correct the violations within that time limit, the other party may
cancel the agreement on purchase and sale of the Assets to be Acquired.

2)

In case of the cancellation of the Agreement, the other party may make a claim for the penalty
equivalent to 20% of the sales price to the defaulting party.

3)

However, the preceding item shall preclude the claim for damages exceeding the penalty of 20% of
the sales price.

(Note) The forward commitment, etc., refers to postdated sale agreements where the conclusion and delivery of the property isscheduled over one month ahead of the contract date, and other similar agreements.

- 18 -

(3) Suspensive conditional clauses
Under each sale and purchase agreement, the sale and purchase transaction shall be executed on the condition
that the raising of funds necessary for the acquisition of the Assets to be Acquired are reasonably estimated to
be fulfilled through loans by the purchaser (meaning the New Investment Corporation to whom the status andthe rights and obligations of each Consolidated Investment Corporation under the relevant sale and purchaseagreement are transferred; the same shall apply hereinafter).

In the event that the transaction fails due to theabove-mentioned conditions precedent not being met, the sale and purchase agreement will automaticallyterminate and the seller may not claim compensation from the purchaser for any damage, loss or cost arisingin relation to the execution or lapse of the agreement.

In addition, since the acquisition of each of the Assets to be Acquired is subject to the Merger coming into
effect, if the Merger fails to come into effect, the relevant sale and purchase agreement automaticallyterminates and the Assets to be Acquired will not be acquired by each Consolidated Investment Corporation.
In such occasion, the seller and the purchaser may not claim compensation for any damage, loss or cost(including legal fees) arising in relation to the execution or lapse of the sale and purchase agreement.

9.

Forecasts of Financial Results
For the details of forecasts of financial results for the fiscal period ending February 29, 2016 (October 1, 2015 toFebruary 29, 2016) and the fiscal period ending August 31, 2016 (March 1, 2016 to August 31, 2016) with theacquisition of Assets to be Acquired factored in, please refer to “Notice Concerning Forecasts of Financial Results
for the Fiscal Period Ending February 29, 2016 and the Fiscal Period Ending August 31, 2016 following the Merger
between Nomura Real Estate Master Fund, Inc., Nomura Real Estate Office Fund, Inc. and Nomura Real Estate
Residential Fund, Inc.” announced today.

- 19 -

10. Appraisal Summary
Property Name

NRE Kichijoji Building

Appraisal Value¥5,330,000,000

Appraiser

Daiwa Real Estate Appraisal Corporation

Appraisal Date

May 1, 2015
(Yen)
Item

Capitalization approach pricePrice calculated by the direct capitalization
approach(1) Operating income (a)-(b)(a) Gross rental income(b) Losses due to vacancies, etc.
(2) Operating expenses
MaintenanceUtilities costs
Repair costs
Property Management fees
Advertisement for leasing, etc.
Taxes
Insurance premium
Other expenses(3) Net operating income from leasing
business(NOI=(1)-(2))(4) Profit through management of
temporary deposits, etc.
(5) Capital Expenditure Reserve(6) Net Cash Flow
(NCF=(3)＋(4)－(5))(7) Capitalization rate
Price calculated by the Discounted Cash
Flow Approach

Amount orpercentage
5,330,000,000

In calculating, both the discount cash flow approach and the
direct capitalization approach are taken into account.

5,410,000,000

Calculated by capitalization rate based on a net revenue ofthe stable mid-to-long term

Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed(Note)

Undisclosed
232,746,941
Undisclosed(Note)

Undisclosed
233,105,052
4.3％

Assumed based on the Property’s geographical and building
conditions comprehensively

5,300,000,000

Discount rate

4.1％

Terminal capitalization rate

4.5％

Cost Approach Price
Ratio of land
Ratio of building

Grounds

Assumed based on the yield on investment of similar buildings
etc., and characteristics of the Property
Assumed based on the yield on investment of similar buildings,
the future movement of the yield on investment, risks of theProperty as a preferred investment, general forecasts ofeconomic growth rate, and price trends of the real estate andrents

4,420,000,000
80.0％
20.0％

Matters noted in
By judging that the same supply-demand zone of the subject property is mainly the commercial district
reconciliation ofaround Kichijoji Station as well as other commercially active areas in Tokyo including Omotesando,
indicated value andShinjuku, Shibuya, Ikebukuro, Shimokitazawa and Jiyugaoka, the most effective use of the Property wasdetermination ofdetermined, taking into account the competitiveness of the subject property in the leasing market and theappraisal valuetransaction market, to be continuing the current use as a retail building.
(Note) The Property is occupied only by a tenant who is a third party not having a special interest relationship with the Fund or the
Asset Management Company. Thus information on these items have not been disclosed since the lease conditions may be
assumed by such and negatively affect the Fund’s competitiveness and possibly undermining the interests of the unitholders.
Furthermore, the information is not disclosed as consent has not been obtained from the tenant.

- 20 -

Property NameGEMS Ichigaya

Appraisal Value¥2,090,000,000

Appraiser

Daiwa Real Estate Appraisal Corporation

Appraisal Date

May 1, 2015
(Yen)
Amount orpercentage

Item
Capitalization approach pricePrice calculated by thecapitalization approach(1) Operating income (a)-(b)(a) Gross rental income

direct(b) Losses due to vacancies, etc.
(2) Operating expenses

2,090,000,000

In calculating, both the discount cash flow approach and the
direct capitalization approach are taken into account.

2,100,000,000

Calculated by capitalization rate based on a net revenue ofthe stable mid-to-long term

151,483,631
155,241,240
3,757,609
63,990,479

Maintenance

9,940,200

Utilities costs

34,768,000

Repair costs

500,520

Property management fees
Advertisement for leasing, etc.
Taxes

3,459,973
961,104
8,771,600

Insurance premium
Other expenses(3) Net operating income from leasing
business(NOI=(1)-(2))(4) Profit through management of
temporary deposits, etc.

Grounds

125,510
5,463,572

Assumed based on the rent standard, which is deemed stable for
mid-to-long term
Assumed based on the stable mid-to-long term occupancy rate

Assumed based on the scheduled maintenance costs and theestimated amount of a similar building of the Property
Assumed based on historical data of similar properties
taking into account the occupancy rate of leased space, etc.
Assumed based on average annual repair costs of theEngineering Report and the estimated amount of a similarbuilding of the Property
Assumed based on current fees and fees of similar
properties, etc.
Assumed based on the annual average of the perceived
turnover period of the lessee with reference to current PM
contract.
Allocated based on tax base amount in 2015 tax year.
Assumed based on the insurance premium and the estimatedamount, etc., of a similar building
Assumed merchandising expenses and other expenses basedon historical data.

87,493,152
1,918,492

Assume interest rate 2.0% p.a.

(5) Capital Expenditure Reserve

1,251,300

Assumed, with assumption that reserve will be accumulated
on average every period, considering capital expenditure
reserve levels of similar properties, building age and averageannual repair costs stated in the Engineering Report.

(6) Net Cash Flow
(NCF=(3)＋(4)－(5))

88,160,344(7) Capitalization rate
Price calculated by the Discounted Cash
Flow Approach

4.2％
2,080,000,000

Discount rate

4.0％

Terminal capitalization rate

4.4％

Cost Approach Price
Ratio of land
Ratio of building
Matters noted inreconciliation ofindicated value anddetermination ofappraisal value

Assumed based on the Property’s geographical and building
conditions comprehensively

Assumed based on the yield on investment of similar buildings
etc., and characteristics of the Property
Assumed based on the yield on investment of similar buildings,
the future movement of the yield on investment, risks of theProperty as a preferred investment, general forecasts ofeconomic growth rate, and price trends of the real estate andrents

2,160,000,000
78.6％
21.4％
By judging that the same supply-demand zone of the subject property are the commercial districts in
Chiyoda Ward, where the subject property is located, and other neighboring wards, the most effective useof the Property was determined, taking into account the competitiveness of the subject property in theleasing market and the transaction market, to be continuing the current use as a high-rise retail building.

- 21 -

Property NamePMO Tamachi

Appraisal Value¥6,400,000,000

Appraiser

Japan Real Estate Institute

Appraisal Date

May 1, 2015
(Yen)
Amount orpercentage

Item
Capitalization approach pricePrice calculated by thecapitalization approach(1) Operating income (a)-(b)(a) Gross rental income

Grounds

6,400,000,000
direct(b) Losses due to vacancies, etc.
(2) Operating expenses

6,510,000,000
340,271,000
354,781,000
14,510,000
86,121,000

Maintenance

21,254,000

Utilities costs

18,400,000

Repair costs

1,782,000

Property management fees

8,507,000

Advertisement for leasing, etc.

2,717,000

Taxes

33,201,000

Insurance premium
Other expenses(3) Net operating income from leasing
business(NOI=(1)-(2))(4) Profit through management of
temporary deposits, etc.
(5) Capital Expenditure Reserve(6) Net Cash Flow
(NCF=(3)＋(4)－(5))(7) Capitalization rate
Price calculated by the Discounted Cash
Flow Approach

260,000
0

Assumed based on the scheduled maintenance costs and theestimated amount of a similar building of the Property
Assumed based on historical data of similar properties
taking into account the occupancy rate of leased space, etc.
Assumed based on average annual repair costs of theEngineering Report and the estimated amount of a similarbuilding of the Property
Assumed based on planned fees and fees of similar
properties.
Assumed based on the annual average of the perceived
turnover period of the lessee
Allocated based on assessed value of property taxes, etc. in2015 tax year.
Assumed based on the insurance premium and the estimatedamount, etc., of a similar building
None4,256,000

Assume interest rate 2.0% p.a.

4,370,000

Assumed, with assumption that reserve will be accumulated
on average every period, considering capital expenditure
reserve levels of similar properties, building age and averageannual repair costs stated in the Engineering Report.

254,036,000
3.9％

Assumed based on the Property’s geographical and building
conditions comprehensively

6,280,000,000
3.7％

Terminal capitalization rate

4.1％

Matters noted inreconciliation ofindicated value anddetermination ofappraisal value

Assumed based on the rent standard, which is deemed stable for
mid-to-long term
Assumed based on the stable mid-to-long term occupancy rate

254,150,000

Discount rate

Cost Approach Price
Ratio of land
Ratio of building

Estimated by combining the appraisal values under the
direct capitalization method and the DCF method
Calculated by capitalization rate based on a net revenue ofthe stable mid-to-long term

Assumed based on the yield on investment of similar buildings
etc., and characteristics of the Property
Assumed based on the yield on investment of similar buildings,
the future movement of the yield on investment, risks of theProperty as a preferred investment, general forecasts ofeconomic growth rate, and price trends of the real estate andrents

5,890,000,000
77.0％
23.0％
The location of the subject property features rarity as it is close to the subway Mita Station as well as to JR
Tamachi Station, thus offering excellent transportation convenience. Other favorable location factors
include its location being along National Route 15 (Daiichi Keihin) and right in front of a pedestrian
bridge from the JR station, thus securing high visibility.
Furthermore, the subject property is designed as a high-value-added office building of recent construction
and has better building quality and a higher level of equipment compared to other same-scale officebuildings.
The appraisal value was determined taking into consideration the above factors.

- 22 -

Property NamePMO Ginza HatchomeAppraisal Value¥4,130,000,0000

Appraiser

Japan Real Estate Institute

Appraisal Date

May 1, 2015
(Yen)
Amount orpercentage

Item
Capitalization approach pricePrice calculated by thecapitalization approach(1) Operating income (a)-(b)(a) Gross rental income

4,130,000,000
direct(b) Losses due to vacancies, etc.
(2) Operating expenses

4,200,000,000

213,759,000
8,550,000
46,327,000
11,473,000

Utilities costs

9,500,000

Repair costs

1,109,000

Property management fees

5,130,000

Advertisement for leasing, etc.

1,636,000

Taxes

16,062,000

Other expenses(3) Net operating income from leasing
business(NOI=(1)-(2))(4) Profit through management of
temporary deposits, etc.
(5) Capital Expenditure Reserve(6) Net Cash Flow
(NCF=(3)＋(4)－(5))(7) Capitalization rate
Price calculated by the Discounted Cash
Flow Approach

157,000
1,260,000

Assumed based on the scheduled maintenance costs and theestimated amount of a similar building of the Property
Assumed based on historical data of similar properties
taking into account the occupancy rate of leased space, etc.
Assumed based on average annual repair costs of theEngineering Report and the estimated amount of a similarbuilding of the Property
Assumed based on planned fees and fees of similar
properties.
Assumed based on the annual average of the perceived
turnover period of the lessee
Allocated based on tax base amount in 2015 tax year.
Assumed based on the insurance premium and the estimatedamount, etc., of a similar building
Allocated remote place parking-lot expenses

3,271,000

Assume interest rate 2.0% p.a.

2,720,000

Assumed, with assumption that reserve will be accumulated
on average every period, considering capital expenditure
reserve levels of similar properties, building age and averageannual repair costs stated in the Engineering Report.

159,433,000
3.8％Assumed based on the Property’s geographical and building
conditions comprehensively

4,050,000,000
3.6％

Terminal capitalization rate

4.0％

Matters noted inreconciliation ofindicated value anddetermination ofappraisal value

Assumed based on the rent standard, which is deemed stable for
mid-to-long term
Assumed based on the stable mid-to-long term occupancy rate

158,882,000

Discount rate

Cost Approach Price
Ratio of land
Ratio of building

Estimated by combining the appraisal values under the
direct capitalization method and the DCF method
Calculated by capitalization rate based on a net revenue ofthe stable mid-to-long term

205,209,000

MaintenanceInsurance premium

Grounds

Assumed based on the yield on investment of similar buildings
etc., and characteristics of the Property
Assumed based on the yield on investment of similar buildings,
the future movement of the yield on investment, risks of theProperty as a preferred investment, general forecasts ofeconomic growth rate, and price trends of the real estate andrents

3,760,000,000
77.6％
22.4％
The Ginza area, where the subject property is located, is Japan’s representative commercial area. The area also
holds strong appeal as a for-office location due to its high name recognition. In addition, the area boasts excellent
transportation convenience having multiple lines and stations, such as JR Shimbashi Station, available for use.

Furthermore, the subject property is a relatively new office building designed as a high-value-added officebuilding and has better building quality and a higher level of equipment compared to other same-scale
office buildings.
The appraisal value was determined taking into consideration the above factors.

- 23 -

Property NamePMO Shibakoen

Appraisal Value¥3,950,000,000

Appraiser

Japan Real Estate Institute

Appraisal Date

May 1, 2015
(Yen)
Amount orpercentage

Item
Capitalization approach pricePrice calculated by thecapitalization approach(1) Operating income (a)-(b)(a) Gross rental income

Grounds

3,950,000,000
direct(b) Losses due to vacancies, etc.
(2) Operating expenses

3,990,000,000
218,638,000
227,928,000
9,290,000
54,377,000

Maintenance

13,809,000

Utilities costs

12,200,000

Repair costs

1,339,000

Property management fees

5,466,000

Advertisement for leasing, etc.

1,726,000

Taxes

19,645,000

Insurance premium
Other expenses(3) Net operating income from leasing
business(NOI=(1)-(2))(4) Profit through management of
temporary deposits, etc.
(5) Capital Expenditure Reserve(6) Net Cash Flow
(NCF=(3)＋(4)－(5))(7) Capitalization rate
Price calculated by the Discounted Cash
Flow Approach

192,000
0

Assumed based on the scheduled maintenance costs and theestimated amount of a similar building of the Property
Assumed based on historical data of similar properties
taking into account the occupancy rate of leased space, etc.
Assumed based on average annual repair costs of theEngineering Report and the estimated amount of a similarbuilding of the Property
Assumed based on planned fees and fees of similar
properties.
Assumed based on the annual average of the perceived
turnover period of the lessee
Allocated based on assessed value of property taxes, etc. in2015 tax year.
Assumed based on the insurance premium and the estimatedamount, etc., of a similar building
None2,740,000

Assume interest rate 2.0% p.a.

3,290,000

Assumed, with assumption that reserve will be accumulated
on average every period, considering capital expenditure
reserve levels of similar properties, building age and averageannual repair costs stated in the Engineering Report.

163,711,000
4.1％

Assumed based on the Property’s geographical and building
conditions comprehensively

3,910,000,000
3.9％

Terminal capitalization rate

4.3％

Matters noted inreconciliation ofindicated value anddetermination ofappraisal value

Assumed based on the rent standard, which is deemed stable for
mid-to-long term
Assumed based on the stable mid-to-long term occupancy rate

164,261,000

Discount rate

Cost Approach Price
Ratio of land
Ratio of building

Estimated by combining the appraisal values under the
direct capitalization method and the DCF method
Calculated by capitalization rate based on a net revenue ofthe stable mid-to-long term

Assumed based on the yield on investment of similar buildings
etc., and characteristics of the Property
Assumed based on the yield on investment of similar buildings,
the future movement of the yield on investment, risks of theProperty as a preferred investment, general forecasts ofeconomic growth rate, and price trends of the real estate andrents

3,820,000,000
72.9％
27.1％
The area, where the subject property stands, is located in the area surrounding the historic “Zojoji” and“Shibakoen,” having an excellent environment with abundant greenery for a place in central Tokyo. It also
boasts accessibility to the nearest station, Onarimon, with a one-minute walk, as well as satisfying
transportation convenience that is demanded by office buildings in central Tokyo with Daimon Station andHamamatsucho Station within walking distance.
Furthermore, the subject property is a relatively new office building designed as a high-value-added officebuilding and has better building quality and a higher level of equipment compared to other same-scale
office buildings.
The appraisal value was determined taking into consideration the above factors.

- 24 -

Property NamePROUD FLAT Hatchobori

Appraisal Value¥923,000,000

Appraiser

Japan Real Estate Institute

Appraisal Date

May 1, 2015
(Yen)
Amount orpercentage

Item
Capitalization approach pricePrice calculated by thecapitalization approach(1) Operating income (a)-(b)(a) Gross rental income

Grounds

923,000,000
direct(b) Losses due to vacancies, etc.
(2) Operating expenses

936,000,000
52,929,000
55,715,000
2,786,000
10,968,000

Maintenance

2,168,000

Utilities costs

500,000

Repair costs

751,000

Property management fees

1,523,000

Advertisement for leasing, etc.

2,713,000

Taxes

3,263,000

Insurance premium
Other expenses(3) Net operating income from leasing
business(NOI=(1)-(2))(4) Profit through management of
temporary deposits, etc.
(5) Capital Expenditure Reserve(6) Net Cash Flow
(NCF=(3)＋(4)－(5))(7) Capitalization rate
Price calculated by the Discounted Cash
Flow Approach

50,0000Assumed based on the scheduled maintenance costs and theestimated amount of a similar building of the Property
Assumed based on historical data of similar properties
taking into account the occupancy rate of leased space, etc.
Assumed based on average annual repair costs of theEngineering Report and the estimated amount of a similarbuilding of the Property
Assumed referring to fees based on current contract and feesof similar properties, etc.
Assumed based on the annual average of the perceived
turnover period of the lessee
Allocated based on tax base amount in 2015 tax year.
Assumed based on the insurance premium and the estimatedamount, etc., of a similar building
None118,000

Assume interest rate 2.0% p.a.

911,000

Assumed, with assumption that reserve will be accumulated
on average every period, considering capital expenditure
reserve levels of similar properties, building age and averageannual repair costs stated in the Engineering Report.

41,168,000
4.4％

Assumed based on the Property’s geographical and building
conditions comprehensively

910,000,000
4.2％

Terminal capitalization rate

4.6％

Matters noted inreconciliation ofindicated value anddetermination ofappraisal value

Assumed based on the rent standard, which is deemed stable for
mid-to-long term
Assumed based on the stable mid-to-long term occupancy rate

41,961,000

Discount rate

Cost Approach Price
Ratio of land
Ratio of building

Estimated by combining the appraisal values under the
direct capitalization method and the DCF method
Calculated by capitalization rate based on a net revenue ofthe stable mid-to-long term

Assumed based on the yield on investment of similar buildings
etc., and characteristics of the Property
Assumed based on the yield on investment of similar buildings,
the future movement of the yield on investment, risks of theProperty as a preferred investment, general forecasts ofeconomic growth rate, and price trends of the real estate andrents

960,000,000
72.4％
27.6％
The subject property stands in an area which is within a 5-minute walk from Hatchobori Station on theTokyo Metro Hibiya Line, JR Keiyo Line and from Kayabacho Station on the Tokyo Metro Hibiya
Line/Tozai Line, boasting excellent transportation convenience. The subject property is a property ofrecent construction designed as a rental apartment for singles, and its building quality and level ofequipment compare well with other same-scale rental apartments.
The appraisal value was determined taking into consideration the above factors.

- 25 -

Property Name

Proud Flat Itabashi Honcho

Appraisal Value¥723,000,000

Appraiser

Japan Real Estate Institute

Appraisal Date

May 1, 2015
(Yen)
Amount orpercentage

Item
Capitalization approach pricePrice calculated by thecapitalization approach(1) Operating income (a)-(b)(a) Gross rental income

Grounds

723,000,000
direct(b) Losses due to vacancies, etc.
(2) Operating expenses

726,000,000
45,522,000
48,350,000
2,828,000
10,412,000

Maintenance2,024,000

Utilities costs

750,000

Repair costs

958,000

Property management fees

1,290,000

Advertisement for leasing, etc.

1,864,000

Taxes

3,464,000

Insurance premium
Other expenses(3) Net operating income from leasing
business(NOI=(1)-(2))(4) Profit through management of
temporary deposits, etc.

62,0000108,000

1,094,000(6) Net Cash Flow
(NCF=(3)＋(4)－(5))

34,124,000

Price calculated by the Discounted Cash
Flow Approach

4.7％

4.5％

Terminal capitalization rate

4.9％

Matters noted inreconciliation ofindicated value anddetermination ofappraisal value

Assumed based on the scheduled maintenance costs and theestimated amount of a similar building of the Property
Assumed based on historical data of similar properties
taking into account the occupancy rate of leased space, etc.
Assumed based on average annual repair costs of theEngineering Report and the estimated amount of a similarbuilding of the Property
Assumed referring to fees based on current contract and feesof similar properties, etc.
Assumed based on the annual average of the perceived
turnover period of the lessee
Allocated based on tax base amount in 2015 tax year.
Assumed based on the insurance premium and the estimatedamount, etc., of a similar building
None

Assume interest rate 2.0% p.a.
Assumed, with assumption that reserve will be accumulated
on average every period, considering capital expenditure
reserve levels of similar properties, building age and averageannual repair costs stated in the Engineering Report.

Assumed based on the Property’s geographical and building
conditions comprehensively

720,000,000

Discount rate

Cost Approach Price
Ratio of land
Ratio of building

Assumed based on the rent standard, which is deemed stable for
mid-to-long term
Assumed based on the stable mid-to-long term occupancy rate

35,110,000(5) Capital Expenditure Reserve(7) Capitalization rate

Estimated by combining the appraisal values under the
direct capitalization method and the DCF method
Calculated by capitalization rate based on a net revenue ofthe stable mid-to-long term

Assumed based on the yield on investment of similar buildings
etc., and characteristics of the Property
Assumed based on the yield on investment of similar buildings,
the future movement of the yield on investment, risks of theProperty as a preferred investment, general forecasts ofeconomic growth rate, and price trends of the real estate andrents

702,000,000
50.0％
50.0％
The subject property is located in an area with favorable transportation convenience having Itabashi
Honcho Station on the Toei Subway Mita Line reachable in a three-minute walk. The subject property is aproperty of recent construction comprised mainly of rooms for single or small-numbered households, andits building quality and level of equipment compare well with other same-scale rental apartments.
The appraisal value was determined taking into consideration the above factors.

- 26 -

【Exhibits】
Exhibit 1

Portfolio of the New Investment Corporation after Acquisition of the Property

Exhibit 2

Photo of the Assets to be Acquired

Exhibit 3

Map of the Assets to be Acquired- 27 -

Exhibit 1
Portfolio of the New Investment Corporation after Acquisition of the Property<Acquired Assets>
Acquisition price

Use

Area

Property nameLocation(Scheduled)(million yen)(Note1)

Investment Rate
(Scheduled)

Logistics

Greater
Tokyo
area

Other
areas

Landport Urayasu

Urayasu City, Chiba

17,4002.2

Landport Itabashi

Itabashi Ward, Tokyo

15,7102.0

Landport Kawagoe

Kawagoe City, Saitama

13,7001.7

Landport Atsugi

Atsugi City, Kanagawa

11,410

1.4

Sagamihara Tana Logistics Center

Chuo Ward, Sagamihara City

10,600

1.3

Sagamihara Onodai Logistics Center

Minami Ward, Sagamihara City

8,700

1.1

Landport Hachioji

Hachioji City, Tokyo

8,250

1.0

Landport Kasukabe

Kasukabe City, Saitama

7,340

0.9

Funabashi Logistics Center

Funabashi City, Chiba

4,660

0.6

Atsugi Minami Logistics Center B Tower

Atsugi City, Kanagawa

4,590

0.6

Hanyu Logistics Center

Hanyu City, Saitama

3,810

0.5

Kawaguchi Logistics Center B Tower

Kawaguchi City, Saitama

3,750

0.5

Kawaguchi Logistics Center A Tower

Kawaguchi City, Saitama

2,830

0.4

Atsugi Minami Logistics Center A Tower

Atsugi City, Kanagawa

2,690

0.3

Ota Nitta Logistics Center

Ota City, Gunma

3,430

0.4

Ota Higashishinmachi Logistics Center

Ota City, Gunma

2,170

0.3

Ota Kiyohara Logistics Center

Ota City, Gunma

650

0.1

Chiyodamachi Logistics Center

Oura-Gun, Gunma

330

0.0

122,020

15.2

Logistics subtotal （ 18 ）RetailGreaterTokyo
area

Morisia Tsudanuma

Narashino City, Chiba

16,600

2.1

Yokosuka More’s City

Yokosuka City,Kanagawa

13,640

1.7

Recipe SHIMOKITA

Setagaya Ward, Tokyo

10,407

1.3

Kawasaki More’s

Kawasaki Ward, Kawasaki City

6,080

0.8

EQUINIA Shinjuku

Shinjuku Ward, Tokyo

4,260

0.5

EQUINA Ikebukuro

Toshima Ward, Tokyo

3,990

0.5

covirna machida

Machida City, Tokyo

3,440

0.4

Nitori Makuhari

Mihama Ward, Chiba City

3,080

0.4

Konami Sports Club Fuchu

Fuchu City, Tokyo

2,730

0.3

FESTA SQUARE

Iwatsuki Ward, Saitama City

2,600

0.3

GEMS Shibuya

Shibuya Ward, Tokyo

2,490

0.3

Sundai Azamino

Aoba Ward, Yokohama City

1,700

0.2

EQUINIA Aobadai

Aoba Ward, Yokohama City

1,560

0.2

Megalos Kanagawa

Kanagawa Ward, Yokohama City

1,000

0.1

- 28 -

Acquisition price

Use

Area

Property nameLocation(Scheduled)(million yen)(Note1)

Investment Rate
(Scheduled)

Retail

Kinki
area

Other
areas

Universal CityWalk Osaka

Konohana Ward, Osaka City

15,500

1.9

Izumiya Senrioka

Suita City, Osaka

8,930

1.1

Merad Owada

Nishiyodogawa Ward, Osaka City

6,640

0.8

Izumiya Yao

Yao City, Osaka

4,406

0.5

Izumiya Obayashi

Takarazuka City, Hyogo

3,020

0.4

Ichibancho stear

Aoba Ward, Sendai City

4,700

0.6

EQUINIA Aobadori

Aoba Ward, Sendai City

1,640

0.2

Mitsubishi Motors Meguro

Meguro Ward, Tokyo

2,740

0.3

Mitsubishi Motors Chofu

Chofu City, Tokyo

1,760

0.2

Mitsubishi Motors Shibuya

Shibuya Ward, Tokyo

1,570

0.2

Mitsubishi Motors Nerima

Nerima Ward, Tokyo

1,240

0.2

Mitsubishi Motors Kawasaki

Saiwai Ward, Kawasaki City

950

0.1

Mitsubishi Motors Takaido

Suginami Ward, Tokyo

850

0.1

Mitsubishi Motors Katsushika

Katsushika Ward, Tokyo

800

0.1

Mitsubishi Motors Higashikurume

Higashikurume City, Tokyo

800

0.1

Mitsubishi Motors Setagaya

Setagaya Ward, Tokyo

770

0.1

Mitsubishi Motors Suginami

Suginami Ward, Tokyo

740

0.1

Mitsubishi Motors Sekimachi

Nerima Ward, Tokyo

600

0.1

Mitsubishi Motors Higashiyamato

Higashiyamato City, Tokyo

450

0.1

Mitsubishi Motors Motosumiyoshi

Takatsu Ward, Kawasaki City

370

0.0

Mitsubishi Motors Kawagoe

Kawagoe City, Saitama

350

0.0

Mitsubishi Motors Edogawa

Edogawa Ward, Tokyo

200

0.0

Mitsubishi Motors Sayama

Sayama City, Saitama

160

0.0

Retail subtotal （ 37 ）

132,763

16.5

Total （ 55 ）

254,783

31.8

Retail (land with leasehold right)

GreaterTokyo
area

Acquisition price

Area

Property nameLocation(Scheduled)(million yen)(Note1)

Kinki area

Godo Kaisha Osaka Hirakata
Project Silent Partnership Equity
Interest- 29 -

Hirakata City, Osaka

100

Acquisition price

Use

Area

Property nameLocation(Scheduled)(million yen)(Note1)

Investment Rate
(Scheduled)

OfficeCentralTokyo

GreaterTokyo
area

Shinjuku Nomura Bldg.

Shinjuku Ward, Tokyo

43,8005.5

NRE Tennozu Bldg.

Shinagawa Ward, Tokyo

20,100

2.5

Kojimachi Millennium Garden

Chiyoda Ward, Tokyo

26,700

3.3

NOF Nihonbashi Honcho Bldg.

Chuo Ward, Tokyo

21,800

2.7

Tennozu Park Side Bldg.

Shinagawa Ward, Tokyo

13,100

1.6

NOF Shinjuku Minamiguchi Bldg.

Shibuya Ward, Tokyo

9,790

1.2

NOF Shibuya Koen-dori Bldg.

Shibuya Ward, Tokyo

10,100

1.3

Secom Medical Bldg.

Chiyoda Ward, Tokyo

11,100

1.4

NOF Shiba Bldg.

Minato Ward, Tokyo

6,920

0.9

Nishi-Shinjuku Showa Bldg.

Shinjuku Ward, Tokyo

8,020

1.0

NRE Shibuya Dogenzaka Bldg.

Shibuya Ward, Tokyo

4,710

0.6

NOF Tameike Bldg.

Minato Ward, Tokyo

6,020

0.8

Iwamoto-cho Toyo Bldg.

Chiyoda Ward, Tokyo

3,970

0.5

NOF Shinagawa Konan Bldg.

Shinagawa Ward, Tokyo

4,190

0.5

NOF Surugadai Plaza Bldg.

Chiyoda Ward, Tokyo

4,630

0.6

PMO Nihonbashi Honcho

Chuo Ward, Tokyo

4,220

0.5

PMO Nihonbashi Kayabacho

Chuo Ward, Tokyo

4,960

0.6

Otemachi Tatemono Gotanda Building

Shinagawa Ward, Tokyo

4,340

0.5

NRE Higashi-nihonbashi Bldg.

Chuo Ward, Tokyo

3,530

0.4

PMO Akihabara

Chiyoda Ward, Tokyo

4,180

0.5

Hatchobori NF Bldg.

Chuo Ward, Tokyo

2,420

0.3

NOF Kanda Iwamoto-cho Bldg.

Chiyoda Ward, Tokyo

4,010

0.5

NOF Takanawa Bldg.

Shinagawa Ward, Tokyo

2,650

0.3

PMO Hatchobori

Chuo Ward, Tokyo

2,800

0.3

NOF Minami Shinjuku Bldg.

Shibuya Ward, Tokyo

2,200

0.3

PMO Nihonbashi Odenmacho

Chuo Ward, Tokyo

2,160

0.3

Central Shintomicho Bldg.

Chuo Ward, Tokyo

1,320

0.2

PMO Higashi-nihonbashi

Chuo Ward, Tokyo

1,640

0.2

NRE Ueno Bldg.

Taito Ward, Tokyo

6,230

0.8

NOF Technoport Kamata Center Bldg.

Ota Ward, Tokyo

4,790

0.6

NF Hongo Building

Bunkyo Ward, Tokyo

4,830

0.6

Toho Edogawabashi Bldg.

Bunkyo Ward, Tokyo

1,140

0.1

Toshin Meguro Bldg.

Meguro Ward, Tokyo

911

0.1

Crystal Park Bldg.

Musashino City,Tokyo

3,310

0.4

NOF Kichijoji Honcho Bldg.

Musashino City,Tokyo

1,720

0.2

Faret Tachikawa Center Square

Tachikawa City,Tokyo

3,810

0.5

NOF Kawasaki Higashiguchi Bldg.

Kawasaki Ward, Kawasaki City

7,800

1.0

NOF Yokohama Nishiguchi Bldg.

Nishi Ward, Yokohama City

5,230

0.7

NOF Shin-Yokohama Bldg.

Kohoku Ward, Yokohama City

2,600

0.3

- 30 -

Acquisition price

Use

Area

Property nameLocation(Scheduled)(million yen)(Note1)

Investment Rate
(Scheduled)

Office

Other
areas

Yokohama Odori Koen Bldg.

Naka Ward, Yokohama City

1,910

0.2

Sapporo North Plaza

Chuo Ward, Sapporo City

6,020

0.8

NRE Sapporo Bldg.

Kita Ward, Sapporo City

4,120

0.5

JCB Sapporo Higashi Bldg.

Chuo Ward, Sapporo City

3,260

0.4

NOF Sendai Aoba-dori Bldg.

Aoba Ward, Sendai City

1,990

0.2

NOF Utsunomiya Bldg.

Utsunomiya City, Tochigi

2,310

0.3

NOF Nagoya Fushimi Bldg.

Naka Ward, Nagoya City

2,240

0.3

NOF Nagoya Yanagibashi Bldg.

Nakamura Ward, Nagoya City

2,240

0.3

Omron Kyoto Center Bldg.

Simogyo Ward, Kyoto City

17,900

2.2

SORA Shin-Osaka 21

Yodogawa Ward, Osaka City

11,9001.5

NRE Osaka Bldg.

Chuo Ward, Osaka City

6,090

0.8

NRE Nishi-Umeda Bldg.

Kita Ward, Osaka City

3,430

0.4

NRE Yotsubashi Bldg.

Nishi Ward, Osaka City

3,980

0.5

NRE Hiroshima Bldg.

Naka Ward, Hiroshima City

2,270

0.3

NOF Hakata Ekimae Bldg.

Hakata Ward, Fukuoka City

4,190

0.5

NOF Tenjin-Minami Bldg.

Chuo Ward, Fukuoka City

2,200

0.3

353,801

44.1

Total （ 55 ）- 31 -

Acquisition price

Use

Area

Property nameLocation(Scheduled)(million yen)(Note1)

Investment Rate
(Scheduled)

ResidenceGreater
Tokyo
area

PROUD FLAT Shirokane Takanawa

Minato Ward, Tokyo

3,260

0.4

PROUD FLAT Yoyogi Uehara

Shibuya Ward, Tokyo

942

0.1

PROUD FLAT Hatsudai

Shibuya Ward, Tokyo

699

0.1

PROUD FLAT Shibuya Sakuragaoka

Shibuya Ward, Tokyo

716

0.1

PROUD FLAT Gakugei Daigaku

Meguro Ward, Tokyo

724

0.1

PROUD FLAT Meguro Gyoninzaka

Meguro Ward, Tokyo

897

0.1

PROUD FLAT Sumida Riverside

Chuo Ward, Tokyo

2,170

0.3

PROUD FLAT Kagurazaka

Shinjuku Ward, Tokyo

1,550

0.2

PROUD FLAT Waseda

Shinjuku Ward, Tokyo

1,070

0.1

PROUD FLAT Shinjuku Kawadacho

Shinjuku Ward, Tokyo

919

0.1

PROUD FLAT Sangen Jaya

Setagaya Ward, Tokyo

1,160

0.1

PROUD FLAT Kamata

Ota Ward, Tokyo

1,100

0.1

PROUD FLAT Kamata II

Ota Ward, Tokyo

3,270

0.4

PROUD FLAT Shinotsuka

Toshima Ward, Tokyo

593

0.1

PROUD FLAT Kiyosumi Shirakawa

Koto Ward, Tokyo

892

0.1

PROUD FLAT Monzen Nakacho II

Koto Ward, Tokyo

626

0.1

PROUD FLAT Monzen Nakacho I

Koto Ward, Tokyo

989

0.1

PROUD FLAT Fujimidai

Nerima Ward, Tokyo

1,470

0.2

PROUD FLAT Asakusa Komagata

Taito Ward, Tokyo

1,920

0.2

PROUD FLAT Yokohama

Kanagawa Ward, Yokohama City

2,010

0.3

PROUD FLAT Kamioooka

Konan Ward, Yokohama City

2,600

0.3

PROUD FLAT Tsurumi II

Tsurumi Ward, Yokohama City

1,610

0.2

PRIME URBAN Azabu Juban

Minato Ward, Tokyo

1,030

0.1

PRIME URBAN Akasaka

Minato Ward, Tokyo

904

0.1

PRIME URBAN Tamachi

Minato Ward, Tokyo

937

0.1

PRIME URBAN Shibaura LOFT

Minato Ward, Tokyo

1,830

0.2

PRIME URBAN Hatagaya

Shibuya Ward, Tokyo

455

0.1

PRIME URBAN Yoyogi

Shibuya Ward, Tokyo

351

0.0

PRIME URBAN EbisuⅡ

Shibuya Ward, Tokyo

1,120

0.1

PRIME URBAN Bancho

Chiyoda Ward, Tokyo

1,060

0.1

PRIME URBAN Chiyoda Fujimi

Chiyoda Ward, Tokyo

660

0.1

PRIME URBAN Iidabashi

Chiyoda Ward, Tokyo

2,020

0.3

PRIME URBAN Ebisu

Meguro Ward, Tokyo

1,220

0.2

PRIME URBAN Naka Meguro

Meguro Ward, Tokyo

1,360

0.2

PRIME URBAN Gakugei Daigaku

Meguro Ward, Tokyo

738

0.1

PRIME URBAN Senzoku

Meguro Ward, Tokyo

467

0.1

PRIME URBAN Meguro Riverside

Meguro Ward, Tokyo

401

0.0

PRIME URBAN Meguro Ohashi Hills

Meguro Ward, Tokyo

2,970

0.4

PRIME URBAN Meguro Aobadai

Meguro Ward, Tokyo

1,280

0.2

- 32 -

Acquisition price

Use

Area

Property nameLocation(Scheduled)(million yen)(Note1)

Investment Rate
(Scheduled)

ResidenceGreater
Tokyo
area

PRIME URBAN Gakugei Daigaku Ⅱ

Meguro Ward, Tokyo

1,040

0.1

PRIME URBAN Naka Meguro II

Meguro Ward, Tokyo

2,850

0.4

PRIME URBAN Kachidoki

Chuo Ward, Tokyo

2,470

0.3

PRIME URBAN Shinkawa

Chuo Ward, Tokyo

2,100

0.3

PRIME URBAN Nihonbashi Yokoyamacho

Chuo Ward, Tokyo

4,180

0.5

PRIME URBAN Nihonbashi Hamacho

Chuo Ward, Tokyo

1,520

0.2

PRIME URBAN Hongo Ikizaka

Bunkyo Ward, Tokyo

571

0.1

PRIME URBAN Hakusan

Bunkyo Ward, Tokyo

876

0.1

PRIME URBAN Yotsuya Gaien Higashi

Shinjuku Ward, Tokyo

1,450

0.2

PRIME URBAN Ochiai

Shinjuku Ward, Tokyo

333

0.0

PRIME URBAN Nishi Shinjuku I

Shinjuku Ward, Tokyo

1,050

0.1

PRIME URBAN Nishi Shinjuku II

Shinjuku Ward, Tokyo

879

0.1

PRIME URBAN Shinjuku Naitomachi

Shinjuku Ward, Tokyo

425

0.1

PRIME URBAN Nishi Waseda

Shinjuku Ward, Tokyo

419

0.1

PRIME URBAN Shinjuku Ochiai

Shinjuku Ward, Tokyo

571

0.1

PRIME URBAN Mejiro

Shinjuku Ward, Tokyo

1,400

0.2

PRIME URBAN Kagurazaka

Shinjuku Ward, Tokyo

2,830

0.4

PRIME URBAN Sangen Jaya Ⅲ

Setagaya Ward, Tokyo

692

0.1

PRIME URBAN Chitose Karasuyama

Setagaya Ward, Tokyo

703

0.1

PRIME URBAN Sangen Jaya II

Setagaya Ward, Tokyo

464

0.1

PRIME URBAN Sangen Jaya

Setagaya Ward, Tokyo

695

0.1

PRIME URBAN Minami Karasuyama

Setagaya Ward, Tokyo

662

0.1

PRIME URBAN Karasuyama Galleria

Setagaya Ward, Tokyo

526

0.1

PRIME URBAN Karasuyama Court

Setagaya Ward, Tokyo

330

0.0

PRIME URBAN Kamikitazawa

Setagaya Ward, Tokyo

591

0.1

PRIME URBAN Chitose Funabashi

Setagaya Ward, Tokyo

743

0.1

PRIME URBAN Yoga

Setagaya Ward, Tokyo

1,370

0.2

PRIME URBAN Shinagawa Nishi

Shinagawa Ward, Tokyo

481

0.1

PRIME URBAN Osaki

Shinagawa Ward, Tokyo

1,780

0.2

PRIME URBAN Oimachi II

Shinagawa Ward, Tokyo

1,030

0.1

PRIME URBAN Yukigaya

Ota Ward, Tokyo

947

0.1

PRIME URBAN Omori

Ota Ward, Tokyo

869

0.1

PRIME URBAN Denenchofu Minami

Ota Ward, Tokyo

774

0.1

PRIME URBAN Nagahara Kamiikedai

Ota Ward, Tokyo

1,730

0.2

PRIME URBAN Nakano

Nakano Ward, Tokyo

477

0.1

PRIME URBAN Nakano Kamitakada

Nakano Ward, Tokyo

500

0.1

PRIME URBAN Takaido

Suginami Ward, Tokyo

1,050

0.1

- 33 -

Acquisition price

Use

Area

Property nameLocation(Scheduled)(million yen)(Note1)

Investment Rate
(Scheduled)

ResidenceGreater
Tokyo
area

PRIME URBAN Nishi Ogikubo

Suginami Ward, Tokyo

404

0.1

PRIME URBAN Nishi Ogikubo II

Suginami Ward, Tokyo

1,790

0.2

PRIME URBAN Otsuka

Toshima Ward, Tokyo

680

0.1

PRIME URBAN Komagome

Toshima Ward, Tokyo

428

0.1

PRIME URBAN Ikebukuro

Toshima Ward, Tokyo

3,740

0.5

PRIME URBAN Monzen Nakacho

Koto Ward, Tokyo

2,320

0.3

PRIME URBAN Kameido

Koto Ward, Tokyo

769

0.1

PRIME URBAN Sumiyoshi

Koto Ward, Tokyo

611

0.1

PRIME URBAN Mukojima

Sumida Ward, Tokyo

518

0.1

PRIME URBAN Kinshi Koen

Sumida Ward, Tokyo

1,260

0.2

PRIME URBAN Kinshicho

Sumida Ward, Tokyo

739

0.1

PRIME URBAN Hirai

Edogawa Ward, Tokyo

692

0.1

PRIME URBAN Kasai

Edogawa Ward, Tokyo

635

0.1

PRIME URBAN Kasai II

Edogawa Ward, Tokyo

977

0.1

PRIME URBAN Kasai East

Edogawa Ward, Tokyo

1,130

0.1

PRIME URBAN Ekoda

Nerima Ward, Tokyo

404

0.1

PRIME URBAN Itabashi Kuyakushomae

Itabashi Ward, Tokyo

1,090

0.1

PRIME URBAN Asakusa

Taito Ward, Tokyo

380

0.0

PRIME URBAN Machiya South Court

Arakawa Ward, Tokyo

1,880

0.2

PRIME URBAN Musashi Koganei

Koganei City, Tokyo

1,900

0.2

PRIME URBAN Musashino Hills

Koganei City, Tokyo

1,370

0.2

PRIME URBAN Koganei Honcho

Koganei City, Tokyo

782

0.1

PRIME URBAN Kumegawa

Higashimurayama City, Tokyo

1,500

0.2

PRIME URBAN Musashi Kosugi comodo

Nakahara Ward, Kawasaki City

1,900

0.2

PRIME URBAN Kawasaki

Kawasaki Ward, Kawasaki City

949

0.1

PRIME URBAN Shinyurigaoka

Asao Ward, Kawasaki City

1,160

0.1

PRIME URBAN Tsurumi Teraya

Tsurumi Ward, Yokohama City

488

0.1

PRIME URBAN Urayasu II

Urayasu City, Chiba

225

0.0

PRIME URBAN Urayasu

Urayasu City, Chiba

796

0.1

PRIME URBAN Gyotoku I

Ichikawa City, Chiba

624

0.1

PRIME URBAN Gyotoku II

Ichikawa City, Chiba

719

0.1

PRIME URBAN Gyotoku Ekimae

Ichikawa City, Chiba

483

0.1

PRIME URBAN Gyotoku Ekimae Ⅱ

Ichikawa City, Chiba

511

0.1

PRIME URBAN GyotokuⅢ

Ichikawa City, Chiba

856

0.1

PRIME URBAN Nishi Funabashi

Funabashi City, Chiba

751

0.1

PRIME URBAN Kawaguchi

Kawaguchi City, Saitama

1,590

0.2

- 34 -

Acquisition price

Use

Area

Property nameLocation(Scheduled)(million yen)(Note1)

Investment Rate
(Scheduled)

Residence

Other
areas

PROUD FLAT Itsutsubashi

Aoba Ward, Sendai City

630

0.1

PROUD FLAT Kawaramachi

Wakabayashi Ward, Sendai City

717

0.1

PROUD FLAT Shin Osaka

Yodogawa Ward, Osaka City

1,580

0.2

PRIME URBAN Yamahana

Chuo Ward, Sapporo City

271

0.0

PRIME URBAN Kita Juyo Jo

Higashi Ward, Sapporo City

272

0.0

PRIME URBAN Odori Koen I

Chuo Ward, Sapporo City

488

0.1

PRIME URBAN Odori Koen II

Chuo Ward, Sapporo City

322

0.0

PRIME URBAN Kita Juichi Jo

Higashi Ward, Sapporo City

536

0.1

PRIME URBAN Miyanosawa

Nishi Ward, Sapporo City

462

0.1

PRIME URBAN Odori Higashi

Chuo Ward, Sapporo City

389

0.0

PRIME URBAN Chiji Koukan

Chuo Ward, Sapporo City

247

0.0

PRIME URBAN Maruyama

Chuo Ward, Sapporo City

226

0.0

PRIME URBAN Kita Nijuyo Jo

Higashi Ward, Sapporo City

426

0.1

PRIME URBAN Sapporo Idaimae

Chuo Ward, Sapporo City

607

0.1

PRIME URBAN Sapporo Riverfront

Chuo Ward, Sapporo City

4,410

0.5

PRIME URBAN Kita Sanjo DoriChuo Ward, Sapporo City

1,680

0.2

PRIME URBAN Nagamachi Icchome

Taihaku Ward, Sendai City

1,120

0.1

PRIME URBAN Yaotome Chuo

Izumi Ward, Sendai City

457

0.1

PRIME URBAN Tsutsumidori Amamiya

Aoba Ward, Sendai City

936

0.1

PRIME URBAN Aoi

Higashi Ward, Nagoya City

692

0.1

PRIME URBAN Kanayama

Naka Ward, Nagoya City

639

0.1

PRIME URBAN Tsurumai

Naka Ward, Nagoya City

1,150

0.1

PRIME URBAN Kamimaezu

Kamimaezu Ward, Nagoya City

1,560

0.2

PRIME URBAN Izumi

Higashi Ward, Nagoya City

3,710

0.5

PRIME URBAN Esaka I

Suita City, Osaka

649

0.1

PRIME URBAN Esaka II

Suita City, Osaka

778

0.1

PRIME URBAN Esaka III

Suita City, Osaka

1,160

0.1

PRIME URBAN Tamatsukuri

Chuo Ward, Osaka City

1,010

0.1

PRIME URBAN Sakaisuji Honmachi

Chuo Ward, Osaka City

1,800

0.2

PRIME URBAN Hakata

Hakata Ward, Fukuoka City

586

0.1

PRIME URBAN Yakuin Minami

Chuo Ward, Fukuoka City

265

0.0

PRIME URBAN Kashii

Higashi Ward, Fukuoka City

393

0.0

PRIME URBAN Hakata Higashi

Hakata Ward, Fukuoka City

620

0.1

PRIME URBAN Chihaya

Higashi Ward, Fukuoka City

593

0.1

159,800

19.9

Total （ 146 ）- 35 -

<Assets to be Acquired>
Acquisition price

Use

Area

Property nameLocation(Scheduled)(million yen)(Note1)

Investment Rate
(Scheduled)

Logistics
GreaterTokyo
area

Kawaguchi Ryoke Logistics Center

Kawaguchi City, Saitama

10,7901.3

NRE Kichijoji Building

Musashino City,Tokyo

5,310

0.7

GEMS Ichigaya

Chiyoda Ward, Tokyo

2,080

0.3

PMO Tamachi

Minato Ward, Tokyo

6,210

0.8

PMO Ginza Hatchome

Chuo Ward, Tokyo

3,970

0.5

PMO Shibakoen

Minato Ward, Tokyo

3,900

0.5

PROUD FLAT hatchobori

Chuo Ward, Tokyo

920

0.1

PROUD FLAT Itabashi honcho

Itabashi Ward, Tokyo

720

0.1

33,900

4.2

RetailGreaterTokyo
area
OfficeCentralTokyo
ResidenceGreaterTokyo
area

Total （ 8 ）Note 1: Assumed acquisition price indicates the acquisition price for NMF, and the valuation as at the end of themost recent fiscal period for NOF and NRF.

Assets scheduled for disposal or scheduled to reachmaturity are excluded, and with respect to the assets to be acquired, anticipated acquisition price isindicated.
Note 2: Assumed investment ratio indicates the ratio of each assumed acquisition pri ce to the total assumed
acquisition price.

- 36 -

Exhibit 2
Photo of the Assets to be Acquired
NRE Kichijoji Building- 37 -GEMS Ichigaya- 38 -

PMO Tamachi- 39 -

PMO Ginza Hatchome- 40 -

PMO Shibakoen- 41 -

POURD FLAT Hatchobori- 42 -PROUD FLAT Itabashi Honcho- 43 -

Exhibit 3
Map of the Assets to be Acquired
NRE Kichijoji Building

GEMS Ichigaya- 44 -

PMO Tamachi

PMO Ginza Hatchome- 45 -

PMO Shibakoen

PROUD FLAT Hatchobori- 46 -PROUD FLAT Itabashi Honcho- 47 -