April 27, 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: CEO

Inquiries:
LCP REIT Advisors Co., Ltd.
Yuji Kubo: CFO
TEL: +81-3-3272-7311

Notice concerning Sale of Assets

LCP Investment Corporation (the “Investment Corporation”) has announced its decision to sell theassets. Brief details are as follows.

Property Number

Property Name

Use

Type of Asset

Scheduled Sales Price (¥ in million)

R-2

Pure City Roppongi

Residential

Beneficiary Right in Trust

600

R-8

Homest East Hills

Residential

Beneficiary Right in Trust

600(*1) Scheduled sales price excludes sales fee, fixed asset tax, city planning tax and consumption tax, etc. The amountless than a million yen is rounded off to the nearest million yen, hereinafter the same shall apply.

1. Sales Summary
Pure City Roppongi(i)

Property Name: Pure City Roppongi(ii)

Use by Category: Residential Properties(iii)

Scheduled Sales Price: 600 million yen(iv)

Conclusion Date of Sales Agreement: May 1, 2007(v)

Scheduled Sales Date: June 29, 2007 or a date as may be agreed upon by the Seller and thePurchaser in writing(vi)

Purchaser (*): A domestic Company(vii)

Type of Scheduled Sales Asset: Beneficiary Right in Trust(viii)

Trustee: The Chuo Mitsui Trust and Banking Company, Limited(ix)

Expiry Date of Trust Term: January 31, 2016(x)

Acquisition Date of Scheduled Sales Asset: May 23, 2006

(xi)

Book Value: 551 million yen (as of February 28, 2007)(xii)

Difference between Scheduled Sales Price and Book Value: 49 million yen

Homest East Hills(i)

Property Name: Homest East Hills(ii)

Use by Category: Residential Properties(iii)

Scheduled Sales Price: 600 million yen(iv)

Conclusion Date of Sales Agreement: May 1, 2007(v)

Scheduled Sales Date: June 29, 2007 or a date as may be agreed upon by the Seller and thePurchaser in writing(vi)

Purchaser (*): A domestic Company(vii)Type of Scheduled Sales Asset: Beneficiary Right in Trust(viii)

Trustee: The Chuo Mitsui Trust and Banking Company, Limited(ix)

Expiry Date of Trust Term: January 31, 2016(x)

Acquisition Date of Scheduled Sales Asset: May 23, 2006

(xi)

Book Value: 553 million yen (as of February 28, 2007)(xii)

Difference between Scheduled Sales Price and Book Value: 47 million yen(*) Please refer to 4. Purchaser’s Overview.

2. Reason for Sales
The sale is being undertaken in consideration that the sales date and sales price are adequate,
taking into account the circumstances of management efficiency of the portfolio for the mid tolong term and the replacement of the properties bearing the improvement of the quality of theportfolio in mind in accordance with the “asset management objectives and policies” set forth in
the Investment Corporation’s Articles of Incorporation.

3. Details of the Scheduled Sales Asset
Please refer to “Summary of Scheduled Sales Asset” in the Appendix.

4. Purchaser’s Overview

The aforementioned 2 properties are scheduled to be sold to the same domestic company. (Thename, etc. thereof can not be disclosed as we have not obtained the consent of the purchaser todisclose such name, etc.) The Purchaser does not fall under the category of sponsor-related party(*)
under self-regulation by the Asset Management Company, which is a measure to prevent conflicts ofinterest concerning asset management of the Investment Corporation, as of today.
(*) Sponsor-related party means:(a) Party or person who falls under the category of Related-Parties, etc. defined by the Law concerning Investment
Trusts and Investment Corporations;(b) All shareholders of the Asset Management Company; and(c) Special Purpose Company which entrusts its asset management to a party or a person falling under the categoryof (b) above, or shares or Tokumei Kumiai Mochibun (note) of which are held by a party or a person falling under
the category of (b) above.
(Note) Tokumei Kumiai Mochibun means equity interests of capital contribution in undisclosed associations.

5. Brokerage Summary
The Chuo Mitsui Realty Company, Limited will mediate the property’s transaction between theInvestment Corporation and the Purchaser as a broker.

The Chuo Mitsui Realty Company,

Limited does not fall under the category of sponsor-related party under self-regulation by the AssetManagement Company, which is a measure to prevent conflicts of interest concerning the asset
management of the Investment Corporation. Regarding the sales of the properties,the Investment
Corporation will pay 36,000,000 yen (excludes consumption tax) as a brokerage fee to The Chuo
Mitsui Realty Company, Limited.

6. Method of Settlement
The Investment Corporation plans to make a lump-sum payment on the scheduled sales date.

7. Forecasts of Financial Results
There is little effect of the sale of such asset on the forecasts of the financial results of theInvestment Corporation for the fiscal period ending August 31, 2007. Therefore, there is no change
concerning the forecast of financial results.

＊ This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to the pressclub for the Ministry of Land, Infrastructure and Transport and to the press club for specialty construction
newspapers at the Ministry of Land, Infrastructure and Transport.

＊ Website of the Investment Corporation: http://www.lcp-reit.co.jp＊ This English language notice is a translation of the Japanese language notice issued on the same day and was
prepared solely for the convenience of, and reference by, overseas investors. LCP Investment Corporation
makes no warranties as to its accuracy or completeness.

[Appendix] Summary of Scheduled Sales Assets
Property Number：

R-2

Property Name：

Pure City Roppongi
Property Features“Pure City Roppongi” is located in a very convenient and popular area, 4 minutes walk from Roppongi station (Hibiya line or Oedo line), fromwhich you can easily go to various places in Tokyo. The neighboring area of this property is formed by a relatively quiet residential area because
the area is in the rear of the main street (Roppongi Street and Gaien-Higashi Street) and there is relatively low traffic in the street in front of thisproperty.
Location

Address

7-11-12, Roppongi, Minato-ku, Tokyo

Land Number

7-162-1, Roppongi, Minato-ku, Tokyo

Ownership condition
Use areaOwnership

SizeLandOwnership condition

Category 1 Residential district
431.4 ㎡

Floor area ratio

160%

Bldg

Sectional ownership

UseResidence

Floor space

707.1 ㎡

Structure/Number ofRC、4F

floor
Restriction on Bldg

60%

Completion dateJuly, 1988

coverage ratio
New Excellent Asset Ltd.
Previous

Details of Property typeowner

PM Company

Total Housing Co., Ltd.

Lease condition (Unit: \ in thousand)
The time of investigation

NumberRatioof unitof unit

Ratio
oftypespace

Compact---

Spacious

7100%

100%

Others---Summary of engineering Report (Unit: \ in thousand)February 28, 2007

Investigator

Takenaka
Corporation

Total number of tenant

1

Rentable units

7Rent units

5

Rentable space

678.2 ㎡

Rent space

489.8 ㎡

Monthly rent

\ 1,950

Deposit\ 5,660

The time of investigation

Jan, 2006
UrgentRepairing cost-

Within 1 year390

12 years term

3,509

Earthquake PML

9.1%

Summary of Real Estate Appraisal Report (Unit:\ in million)Appraiser

Morii Appraisal &The time of appraisal

February 28, 2007

Investment Consulting, Inc
Occupancy ratio（based on72.2%space）
Master lease company

Total Housing Co., Ltd.

Master lease type

Pass through type

Appraisal value

Condition of Profit/Loss （Unit ：\ in thousand）
Term ofFrom

Sep 1, 2006

investmentTo

Feb 28, 2007

524

Capitalization approach price524

Profit by direct capitalization
Total profit

528
35

Rental receipts
181daysRental revenue

15,351

Total expenses

7

Rental receipts

13,510（NOI）

28

Other revenue

1,840（NCF）

25

7,846

Cap Rate4.8%

Rental expenses
Maintenance on

2,538

Other profit

31

The number of operating date4

Earning discount value by DCF method

520

Discount rate

4.5%

Terminal Cap Rate

5.0%

consignment
Tax & Public charges-Water & utility

628

Trust

600

Estimated value

782

Repairing

1,903

Land price

682

Insurance

33

Bldg price100

Others
Depreciation

785

Rental Profit/Loss

7,505

NOI

8,861

Capital expenditure
NCF

Estimated appraisal cost ( Unit: \ in million)

1,356

155
8,706
Notes

NoneOthers(*1) The ownership condition of the Bldg is sectional ownership, however, we acquired all sectional ownerships regarding the Bldg.

525

Property Number ：R-8

Property Name：

Homest East Hills
Property Features“Homest East Hills” has relatively good access, located in 10 minutes walk from “Nakameguro” station (Tokyu-Toyoko line) and connected to Yamanote
Street 200m to the north side. It is expected that there will be a stable housing demand, because the neighborhood area is formed by medium-riseapartments and private dwellings and is located in Meguro-ku, which has a good reputation as a residential area.
Location

Address

1-21-13 Higashiyama, Meguro-ku, Tokyo

Land Number

1-1389-11 Higashiyama, Meguro-ku, Tokyo

Ownership condition

Ownership

Ownership

Ownershipcondition
Use area

Category 1 exclusively medium-and hi

UseApartment Building,gh-rise residential district, Category 1 e
Landxclusively low-rise residential district
Size

575.2 ㎡

Floor area ratio

Office Building
Bldg

Floor space

200%/150%

1,286.7 ㎡

Structure/Number

RC、5Fof floor
Restriction on Bldg

60%/60%Completion dateMay, 1986

coverage ratio
Previous owner

New Excellent Asset Ltd.

PM CompanyTotal Housing Co., Ltd

Details of Property

NumberRatio ofRatio oftypeof unit

unit typespace

Compact---Spacious

12100%100%

Others---Lease condition (Unit: \ in thousand)
The time of investigation

Summary of Engineering Report (Unit: \ in thousand)February 28, 2007

Investigator

Total number of tenant

1

Rentable unit

12Rent unit

12Takenaka Corporation

At the time of investigation
Repairing
costJan, 2006

Urgent-Within 1 year170

12 years term

5,192

Rentable space

763.0 ㎡

Rent space

763.0 ㎡

Earthquake PML

Monthly rent

\ 3,058

Summary of Real Estate Appraisal Report （Unit ：\ in million）

Deposit\ 6,451

Appraiser

9.3%
Morii Appraisal & Investment
Consulting, Inc

Occupancy ratio （based on the space）
Master Lease Company

100.0 %
Total Housing Co., Ltd.

Master lease type

Pass throughInvestment term

September 1, 2006

ToFebruary 28, 2007

The number of operating date
Rental revenue

February 28, 2007
544

Capitalization approach price

Condition of Profit/Loss （Unit ：\ in thousand）
From

The time of appraisal
Appraisal value

544

Profit by direct capitalization

549

Total profit

37

Rental receipts181 days

Other profit

32
520,385

Total expenses

7

Rental receipts

17,423（NOI）

30

Other revenue

2,962（NCF）

278,275

Cap Rate

4.9%

Rental expenses
Maintenance on consignment
Tax & public charges

3,132
-

Earning discount value by DCF method

538

Discount value

4.6%

Terminal Cap Rate

5.0%

Water & Utility

298

Trust

600

Estimated value

573

Repairing

436

Land price450

Bldg price

123

Insurance

43

Others1,630

Depreciation

2,133

Rental Profit/Loss

12,109Estimated acquisition cost （Unit ：\ in million）

521

NOI

14,243

Capital expenses

1,849

NCF

12,394
OthersRegarding the Bldg and elevator, the inspection certificate has not been confirmed. However, according to the Engineering Report, there is no problem
concerning compliance with the Building Standard Law, etc.

(*)The Investment Corporation makes no warranties as to the accuracy or completeness of the description in thecolumn “Summary of Engineering Report” and “Summary of Real Estate Appraisal Report.”[Attachment] List of the Portfolio after the Sales of Assets
Category of

Number ofProperties

Properties

Property Name

ResidentialAcquisition

Investment

PriceRatio（\ in million）（％）

Acquisition
Area
Date

R-1

City House Tokyo Shinbashi

Greater Tokyo

May 25, 2006

2,790

3.1%

R-3Winbell Kagurazaka

Greater Tokyo

May 23, 2006

3,690

4.2%

R-4

Nishiwaseda Crescent Mansion

Greater Tokyo

May 23, 2006

2,190

2.5%

R-5

Lexington Square Akebonobashi

Greater Tokyo

May 25, 2006

1,600

1.8%

R-6

Montserrat Yotsuya

Greater Tokyo

May 23, 2006

557

0.6%

R-7

Casa Eremitaggio

Greater Tokyo

May 25, 2006

1,240

1.4%

R-9

Lexington Square Shimokitazawa

Greater Tokyo

May 25, 2006

2,700

3.0%

R-10

Homest Ikejiri

Greater Tokyo

May 23, 2006

8060.9%

R-11Towa City Cope Shin OtsukaⅡ

Greater Tokyo

May 25, 2006

937

1.1%

R-12Towa City Cope Asukayama Koen

Greater Tokyo

May 25, 2006

529

0.6%

R-13Bichsel Musashiseki

Greater Tokyo

May 23, 2006

703

0.8%

R-14

Lexel Mansion Ueno Matsugaya

Greater Tokyo

May 23, 2006

1,130

1.3%

R-15

Cosmo Nishiojima Grand Stage

Greater Tokyo

May 25, 2006

909

1.0%

R-16Towa City Cope Sengencho

Greater Tokyo

May 25, 2006

1,240

1.4%

R-17

Royal Park Ohmachi

TohokuMay 25, 2006

564

0.6%

R-18

Lexington Square Hagino Machi

TohokuMay 23, 2006

411

0.5%

R-19Visconti Kakuozan

Chubu

May 23, 2006

397

0.4%

R-20

Lexington Square Kitahorie

Kansai

May 25, 2006

596

0.7%

R-21

Lexington Square Shinmachi

Kansai

May 25, 2006

421

0.5%

R-22

Luna Coat Tsukamoto

Kansai

May 23, 2006

632

0.7%

R-23

Lexington Square Fushimi

Chubu

October 31, 2006

2,990

3.4%

R-24

Lexington Square Daitabashi

Greater Tokyo

March 29, 2007

1,019

1.2%

R-25

Lexington Square Honjo Azumabashi

Greater Tokyo

March 29, 2007

525

0.6%

R-26

AMS TOWER Minami 6-Jo

Hokkaido

March 29, 2007

1,400

1.6%

R-27Lexington Square Shirogane Takanawa

Greater Tokyo

March 30, 2007

7,660

8.6%

R-28

Spacia Ebisu

Greater Tokyo

March 30, 2007

9,140

10.3%

R-29

The Palms Yoyogi Uehara Cosmo Terrace

Greater Tokyo

March 30, 2007

1,780

2.0%

R-30

Sun Terrace Yoyogi Uehara

Greater Tokyo

March 30, 2007

1,570

1.8%

R-31

Park Habio Shinjuku Gyoen

Greater Tokyo

March 30, 2007

1,390

1.6%

51,516

58.2%

791

0.9%

Sub-total
S-1

Bon Sejour Chitose Funabashi

Greater Tokyo

March 25, 2006

Senior

S-2

Bon Sejour Yotsugi

Greater Tokyo

March 25, 2006

765

0.9%

S-3

Bon Sejour Hino

Greater Tokyo

March 25, 2006

699

0.8%

S-4

Bon Sejour Musashi Shinjo

Greater Tokyo

November 24, 2006

610

0.7%

2,865

3.2%

Sub-total

Others

OfficeO-1

Otsuka Cent Core Building

Greater Tokyo

May 25, 2006

2,540

2.9%

OfficeO-2

Ueno Fujita Estate 1

Greater Tokyo

May 23, 2006

1,840

2.1%

OfficeO-3

Cross Square NAKANOGreater Tokyo

May 23, 2006

1,038

1.2%

RetailO-4

Lexington Plaza Hachiman

TohokuMay 23, 2006

4,760

5.4%

OfficeO-5

Ohki Aoba Building

TohokuMay 25, 2006

847

1.0%

RetailO-6

Loc Town Sukagawa

TohokuMay 23, 2006

2,563

2.9%

RetailO-8

Valor Takinomizu-shop

Chubu

May 23, 2006

2,230

2.5%

HotelO-9

November 24, 2006

2,450

2.8%

Lexington Plaza Hiroshima

Chugoku・Otemachi

Shikoku

OfficeO-10

New Edobashi Building

Greater Tokyo

March 30, 2007

8,770

9.9％

OfficeO-11

Shuwa Gotanda Building

Greater Tokyo

March 30, 2007

7,160

8.1％

34,19838.6%

88,579100.0%

Sub-total
Total(*1) “Area” is divided into 6 sub-areas which consist of the following prefectures:“Hokkaido”: Hokkaido“Tohoku”: Aomori, Miyagi, Akita, Iwate, Yamagata and Fukushima“Greater Tokyo”: Tokyo, Kanagawa, Saitama and Chiba“Chubu”: Shizuoka, Nagano, Aichi, Niigata, Fukui, Ishikawa, Toyama, Mie and Gifu
“Kansai”: Kyoto, Osaka, Hyogo, Shiga, Nara and Wakayama“Chugoku/Shikoku”: Hiroshima, Okayama, Yamaguchi, Tottori, Shimane, Ehime, Kagawa, Kochi andTokushima(*2) In the column “(Scheduled) Acquisition Price,” the sales price (excluding consumption tax, etc.) provided in theSales Agreement with Condition Precedent is shown and rounded off to the nearest million yen.
(*3) In the column “Investment Ratio,” each ratio equals each (scheduled) acquisition price divided by
the grand total (scheduled) acquisition price and is rounded off to the nearest tenth.