March 29, 2007
For Immediate Release
LCP Investment Corporation
Nihon-bashi Nishikawa Bldg.,
1-5-3 Nihon-bashi, Chuo-ku, Tokyo
Shunji Miyazaki: Executive Officer(Securities Code: 8980)

LCP REIT Advisors Co., Ltd.
Nihon-bashi Nishikawa Bldg.,
1-5-3 Nihon-bashi, Chuo-ku, Tokyo
Shunji Miyazaki: CEOInquiries:
The LCP REIT Advisors Co., Ltd.
Yuji Kubo: CFO
TEL: +81-3-3272-7311

Notice concerning Completion of Asset Acquisition
LCP Investment Corporation (the “Investment Corporation”) today announced the completionof the asset acquisition described below as announced in the “Notice concerning Acquisition ofAssets” as of December 7, 2006 and January 29, 2007.
1. Summary of Acquisition of Assets
Property Name

Lexington Square Daitabashi

Lexington

SquareHonjo

AMS TOWER Minami 6 Jo

Azumabashi
Acquisition Assets

Beneficial interest in trust

Beneficial interest in trust

Beneficial interest in trust

Use by Category

Residential property

Residential property

Residential property

Acquisition Price (*)

1,019 million yen

525 million yen

1,400 million yen(*) Acquisition cost does not include the acquisition fee, property tax, city planning tax and consumption tax, etc.
Any amounts less than a million yen are rounded off to the nearest million yen.

Regarding the details of the aforementioned assets, please refer to the Appendix “Summary ofAcquired Assets.” (ⅰ) through (ⅲ).
＊ The underlined parts have been revised since the previous release.

Summary of Acquired Assets (ⅰ)[Exhibit]
Property Number：

R-24

Property Name：

Lexington Square Daitabashi

Property Features
The property is an apartment for rent, located 10 minutes walk from “Daitabashi” station (Keio-line) and 10 minutes walk from “Honancho” station(Marunouchi-line).

Suginami ward in which the property is located historically has a reputation as a good residential area. It also has good accessibility to

the center of Tokyo (15 minutes to Shinjuku and 20 minutes to Shibuya via the Keio-line.
public facilities, supermarkets and parks, etc. located nearby).

It is a highly convenient and pleasant area (with facilities such as

It is expected to yield a stable demand for city residents, especially single youth andcommuters to the center of Tokyo.
Address

33-18, 1-chome, Izumi, Suginami-ku, TokyoLand Number

221-3, 1-chome, Izumi, Suginami-ku, Tokyo together with another parcel of land

Location

Type of Ownership

Ownership right

Area Usage

Neighborhood commercial district

Site Area

Summary of Engineering Report (*) （Unit：in thousands of yen）
Investigation Company

Takenaka Corporation

439.0 ㎡

Date of Investigation

February, 2007

400%

Urgent0

Within 1 year0Land
Floor Area Ratio
Building Coverage
100%

Repair

Ratio
Costs
Average for 12
Type of Ownership

Ownership right

977
years

Usage

Apartment

Floor Space (*）

1,697.0 ㎡

Earthquake PML

7.9%

Summary of Real Estate Appraisal Report (*)（Unit： in millions of yen）
Structure/Number ofＲＣ, 10Ｆ
BuildingAppraiser

Tanizawa Sogo Appraisal Co., Ltd

November, 2006

Appraisal Date

January 31, 2007

Bureau Veritas Japan Co., Ltd

Appraisal Value

FloorsCompletion Date
Building Inspection
1,020

AgencyArchitect

IAO Takeda Architects Associates Co., Ltd

Capitalization Approach Price

1,020

Price Calculated by the Direct
Constructor

Obara Construction Co., Ltd

1,030
Capitalization Approach

Current Owner

NISSHIN FUDOSAN Co., Ltd

Gross Income

65

Previous Owner―Rental Income

62

Trustee

Mitsubishi UFJ Trust and Banking Corporation

Other Income4Scheduled Expiration Date of Trust
March 31, 2027

Gross Expenses

13TermＰＭ Company

Nisshin Jyutaku Ryutsu Co., Ltd

Maintenance Management

2Master Lease Company

Nisshin Jyutaku Ryutsu Co., Ltd

Water/Utilities

1Expense for Commission ofType of Master Lease

Pass through2
Building Management

Lease Details （Unit： in thousands of yen）
Investigation Date

March 29, 2007

Tax and Public Charge

4

Damage Insurance

0

Total Number of Tenants

1

Other0

Number of Leasable Units

43

Lease Advertising3

Number of Leased Units

37

Reservation for Large-scale Repair
1Expenses
Leasable Floor Area

1430.6 ㎡NOI56

Leased Floor Area

1,229.5 ㎡

NCF

53

Monthly Rent （assuming no vacancy）

4,695

Deposit/Security Deposit

8,724

Capitalization Rate

5.1%

Price Calculated by the Discounted Cash
1,010
Flow Approach
Occupancy Rate （based on the space）
Property Type

85.9％

Discount Rate

5.2%

Terminal Cap Rate

5.4%

Number of Units

Ratio by Unit

Ratio by Area

Compact

30

70%

63%

Estimated Value

602

Spacious

1330%

37%

Land Price270

Others---Building Price

332

Scheduled Acquisition Price
1,019（Unit： in millions of yen）
Notes
1. The land of the said property includes a private road (58.0 ㎡).

[Exhibit]

Summary of Acquired Assets (ⅱ)

Property Number：

R-25

Property Name：

Lexington Square Honjo Azumabashi
Property Features

The property is a mid-high rise apartment for rent, located 2 minutes walk from “Honjo-Azumabashi” station (Toei Asakusa-line).
good accessibility to the center of Tokyo (10 minutes to “Nihonbashi” station and 15 minutes to “Shinbashi” station by train).
area (with facilities such as a council office, supermarkets and banks, etc. located nearby).

The said area has

It is a highly convenient

It is expected to yield a stable demand for city residents,

especially single youth and commuters to the center of Tokyo.
Address

20-6, 4-chome, Higashikomagata, Sumida-ku, Tokyo

Land Number

1-10, 4-chome, Higashikomagata, Sumida-ku, Tokyo

Location

Type of Ownership

Ownership right

Summary of Engineering Report (*) （Unit： in thousands of yen）

Area Usage

Commercial area

Investigation Company

Takenaka Corporation

Date of Investigation

February, 2007

Site Area

200.3 ㎡

Land
Floor Area Ratio

500%

Urgent-Within 1 year-

Building Coverage
100%Repair Costs

Ratio
Type of Ownership

Ownership right

UseApartment

Average for 12 years
Earthquake PML

734
11.8%

Summary of Real Estate Appraisal Report (*)
Floor Space (*）

952.5 ㎡
（Unit： in millions of yen）

Structure/Number ofＲＣ, 12Ｆ

Appraiser

Tanizawa Sogo Appraisal Co., Ltd

October, 2006

Appraisal Date

January 31, 2007

Bureau Veritas Japan Co., Ltd

Appraisal Value

FloorsBuilding

Completion Date
Building Inspection

530

AgencyONO Planning Design- licensed architect
Architect

Capitalization Approach Price

530of the first class
Price Calculated by the Direct Capitalization
Constructor

Obara Construction Co., Ltd535
Approach

Current Owner

NISSHIN FUDOSAN Co., Ltd

Previous Owner

Gross Income

36

Rental Income

34

Other Income

2Mitsubishi UFJ Trust and Banking
TrusteeCorporation (scheduled)
Scheduled Expiration Date ofMarch 31, 2027

Gross Expenses

9

Trust Term
ＰＭ Company

Nisshin Jyutaku Ryutsu Co., Ltd

Maintenance Management

2

Master Lease Company

Nisshin Jyutaku Ryutsu Co., Ltd

Type of Master Lease

Pass throughWater/Utilities

0Expense for Commission of Building
1Management
Lease Details （Unit： in thousands of yen）
Investigation DateMarch 29, 2007

Tax & Public Charge

3Damage Insurance

0

Total Number of Tenants

1Other0

Number of Leasable Units

33

Lease Advertising2

Number of Leased Units

29

Reservation for Large-scale Repair
1Expense
Leasable Floor Area

784.7 ㎡

NOI

30

Leased Floor Area

690.2 ㎡

NCF

27

Monthly Rent （assuming no vacancy）

2,604

Deposit/Security Deposit

4,334

Capitalization Rate

5.1%

Price Calculated by the Discounted Cash Flow
528
ApproachOccupancy Rate （based on the space）
Property Type

87.9％

Discount Rate

5.1%

Terminal Cap Rate

5.4%

Number of Units

Ratio by Unit

Ratio by Area

Compact

33

100%100%

Estimated Value

354

Spacious---Land Price109

Others---Building Price

245

Scheduled Acquisition Price （Unit： in millions of yen）
Notes
1. The land of the said property includes a private road (22.8 ㎡).

525

[Exhibit]

Summary ofProperty No：

R-26

Acquired Assets

Property Name：(ⅲ)

AMS TOWER Minami 6 Jo
Property Features

The property is a high-rise apartment for rent under construction, adjacent to exit “No.7” of “Hosui Susukino” station (Sapporo-shiei chikatetsu Toho-Line).
“Susukino” area in which the property is located is adjacent to the “Odori” area which is the commercial area center and the “Nakajima Koen” area with culturalfeatures (many public facilities). “Hosui Susukino” station (the nearest station to the property) has very good accessibility, 2 minutes to “Odori” station which is thebusiness and governmental offices, etc. center and 4 minutes to “Sapporo” (terminal) station.

Relatively stable demand for singles who commute to the city center isexpected.
Address

5, 2-chome, Minami 6-Jo Nishi, Chuo-ku, Sapporo-shi, Hokkaido

Land Number

5-15, 2-chome, Minami 6-Jo Nishi, Chuo-ku, Sapporo-shi, Hokkaido together with three other parcels of land

Location

Land

Type of Ownership

Ownership right

Area Usage

Commercial area

Site Area

599.8 ㎡

Floor Area Ratio

Summary of Engineering Report （Unit： in thousands of yen）(*2）
Investigation Company

Takenaka Corporation

Date of Investigation

Ｍａｒｃｈ, 2007

800%

Urgent-Within 1 year-Repair
Building Coverage Ratio

100%
Costs

Type of Ownership

Average for 12 years

Ownership rightUsage （* 1）Apartment

Floor Space (* 1）

5,879.7 ㎡

Earthquake PML Index

3,8933.0%Summary of Real Estate Appraisal Report （Unit： in millions of yen）(*2）

Structure/Number of Floors
ＲＣ, 21Ｆ

Appraiser

Tanizawa Sogo Appraisal Co., Ltd.

February, 2007

Appraisal Date

March 20, 2007

Japan ERI Co., Ltd.

Appraisal Value（* 1）
Building
Completion Date
Building Inspection Agency
Architect

Kankyo Sekkei Co., Ltd.

1,430

Capitalization Approach Price

1,430

Price Calculated by the Direct
Constructor

Sato Kogyo Co., Ltd.

1,420
Capitalization Approach

Current Owner

AMS Co., Ltd.

Previous Owner―Gross Income118

Rental Income112

Other Income

6Mitsubishi UFJ Trust and Banking
TrusteeCorporationScheduled Expiration Date of the Trust
March 31, 2027

Gross Expenses

36TermＰＭ Company

Big Service Co., Ltd.

Maintenance Management

5Master Lease Company

Big Service Co., Ltd.

Water /Utilities

3

Type of Master Lease

Pass throughExpense for Commission of5
Building Management

Lease Details （Unit： in thousands of yen）
Investigation Date

March 29, 2007

Total Number of Tenants

1

Number of Leasable Units

120 units

Tax & Public Charge

13

Damage Insurance

0Others

1

Lease Advertising

6

Reservation for
Number of Leased Units

0 units

Large-scale Repair

3Expense
Leasable Floor Area

4,499.2 ㎡

NOI91

Leased Floor Area (*)

4,274.2 ㎡

NCF

82

Monthly Rent （*）

9,833

Capitalization Rate

5.8%

Price Calculated by the DiscountDeposit/ Security Deposit

1,4300Cash Flow Approach

Occupancy Rate （based on the space）
95.0％

Discount Rate

5.8%

Terminal Cap Rate

6.1%

(*)
Number ofProperty Type

Ratio by Unit

Ratio by AreaUnits
Compact

80

67%

56%

Estimated Value

1,310

Spacious

4033%

44%

Land Price220

Others---Building Price

1,090

Scheduled Acquisition Price
1,400（Unit： in millions of yen）
Notes
１．The Master Lease Agreement has been executed with Big Service Co., Ltd. (Master Lease Company). Under this agreement, Big Service Co., Ltd. warrants 95%of the total monthly rent to the end‒tenant from the date of creation of the trust until the occupancy rate of the property reaches 95% (up to three years).
２．On a part of the land（38.92 ㎡）, a surface right has been created without charge, the purpose of which is to own an exit of subway.
(*) With respect to the floor area, monthly rent and occupancy rate, the Master Lease Agreement described in 1.above has been executed. Therefore, such figures arecalculated as 95% of respective amount assuming full occupancy.