[For Translation Purposes Only]
November 13, 2018
For Immediate Release
To Whom It May Concern

Nomura Real Estate Master Fund, Inc.
Securities Code: 3462
Shuhei Yoshida, Executive Director
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President & Chief Executive Officer
Inquiries:
Ken Okada
Director and Managing Executive Officer
TEL +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Property Acquisition
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced the decision made today by Nomura
Real Estate Asset Management Co., Ltd. (the “ Asset Management Company”), a licensed investment trust managementcompany retained by the Fund to provide asset management services, that it will acquire the assets (the “Acquisition”)
as described below.

1．Overview of the Acquisition

No.

Property Name

Use

Type ofSpecified Asset(Scheduled)
Date ofAgreement(Scheduled)
Date of
Acquisition

Seller(Scheduled)
AcquisitionPrice(¥million)(Note 1)

1

NMF Kobe
Myodani Building(Note 2)

2

Serenite
Shinsaibashi
GrandeTrustbeneficiary
Retailinterest in realestateNovember 13,
2018

November 30,
2018

Undisclosed

ResidentialNovember 13,
2018

December 19,
2018

Undisclosed

Real estate

Total(Note 3)(Note 3)

3,560

5,567
9,127

(Note 1) The amount excluding acquisition related costs, property tax, city planning tax, consumption tax and local consumption tax isstated.
(Note 2) The name of the property is scheduled to be changed to “NMF Kobe Myodani Building” from the present name of “Myodani“K” Line Building” after the Fund’s acquisition of the Property.
(Note 3) Undisclosed, since a consent has not been obtained from the seller.

The above two properties are collectively referred to hereinafter as the “the Properties to Be Acquired”.
Individual properties are also referred to individually hereinafter as “the Property to Be Acquired”.

2．Reasons for the Acquisition
The Fund determined that acquiring the Properties to Be Acquired would help secure stable earnings and－ １ －steady growth of the Fund’s investment assets over the medium to long term, in line with the asset management
objectives and policies specified in the Fund’s Articles of Incorporation. As such, the Fund decided to acquire
the Properties to Be Acquired.

3．Summary of the Assets to Be Acquired(1) NMF Kobe Myodani Building
Strengths of the Asset to Be Acquired
・Myodani Station on the Kobe Municipal Subway Seishin-Yamate Line, the station closest to the Property, is an 18minute ride away from Sannomiya Station, a major hub in Kobe City, and an approx. 39-miute ride (Note 1) from
Osaka Station which is in a major office district of the Kinki area. With such convenience for commuting, manyfamily households commuting to central Kobe City and Osaka City live in the area. In addition, Myodani Station
has a high potential to attract customers from a wide region as it is host to the large complex retail facility Suma
Patio (Daimaru, Daiei, specialty shops, government offices, etc.) and the Property. Furthermore the area has strong
demand as a residential district as there are useful facilities such as medical institutions, educational facilities,
financial institutions, etc. and the nearby population is trending upwards (Note 2).
・The number of households is 11,000 in the trade area within a 1km radius of the Property and 57,000 within a
3km radius and the market is excellent for a commercial zone.
・The ratio of residential-type use districts is high near the Property and since the development of retail facilities infront of the station is limited, the area has rarity as land for a retail facility within a residential district and so stabletenant shop operations are expected in the future. In addition, stable future revenues are secured as the entire
property is leased to a single tenant and a long-term fixed-term lease agreement is concluded.
・The Property’s single tenant is a long-established supermarket based in Hyogo Prefecture. It boasts second largest
sales among food and beverage retailers in Hyogo Prefecture (Note 3) and has high credibility.
・The Property is located in an excellent location a four-minute walk from Myodani Station where other supermarkets
are very eager to open stores. Moreover, Proud City Kobe Myodani (seller: Nomura Real Estate Development Co.,
Ltd.; 434 units sold) is nearby and demand is strong also as a foundation for condominiums.
(Note 1) Transfer time is not included.
(Note 2) Source: Kobe City Basic Resident Register(Note 3) Source: Corporate information of Tokyo Shoko Research

Summary of Asset to Be Acquired
Property Name
Type of Asset
Trustee
Trust term
Registry
Location(Note 1)StreetAccessCompletion Date(Note 1)
Use (Note 1)
Structure (Note 1)
Architect
Builder
Building Inspection Agency
Land
Area(Note 1)
Floor Area
Land
Type ofOwnership
Building
Building Coverage Ratio
Floor Area Ratio
Collateral
Property Management Company(Note 3)

NMF Kobe Myodani Building
Trust beneficiary interest in real estate
Mitsubishi UFJ Trust and Banking Corporation
September 26, 2013 to March 31, 2038
1-2-2 and 1-2-3 Nishiochiai, Suma Ward, Kobe City, Hyogo
1-1-11 Nishiochiai, Suma Ward, Kobe City, Hyogo
4 minutes’ walk from Myodani Station on Kobe Municipal Subway SeishinYamate Line
August 24, 2000
Store, Parking
SRC B1F/5F
Kabushiki Kaisha Ishiko Architectural Design OfficeTakenaka Corporation Kobe Branch
Building Official of Kobe City
4,930.47 m2
14,619.46 m2
Ownership
Ownership
90% (Note 2)
400%
None
GEO AKAMATSU Co., Ltd.

－ ２ －

Master Leasing Company
Type of Master Leasing

2.96％
Seismic Risk (PML)(Based on a November 2018 Earthquake PML Appraisal Report by(Note 4)
SOMPO RISK MANAGEMENT Inc.)
The property management company, GEO AKAMATSU Co., Ltd., isNotes
considered a related party under the Investment Trust Law.
Acquisition Price (Scheduled)¥3,560 million¥3,600 million（Based on the capitalization approach as of October 1,
Appraisal Value and Method
2018）（Appraiser: Japan Valuers Co., Ltd.）(Note
5)
Appraisal NOI¥173 million
Leasing Status (As of November 13, 2018 ) (Note 6)
Total Number of Tenants
1
Total Rental Income
Undisclosed
Security Deposits
Undisclosed
Occupancy Rate100%
Total Leased Floor Space
14,619.46 m2
Total Leasable Floor Space
14,619.46 m2
August,August,August,August,August,
2014
2015
2016
2017
2018
Historical Occupancy Rates(Note 7)
100%
100%
100%
100%
100%
(Note 1) Location and Other Items
Location (registry), Completion Date, Use, Structure and Area are based on the information in the real estate registry.
(Note 2) Building Coverage Ratio
The Property is located in a neighborhood commercial district where the building coverage ratio is 80% in principle.
As the building is in a corner lot, its coverage ratio has increased to 90%.
(Note 3) Property Management Company
Refers to the property management company that is scheduled to be appointed after acquisition.
(Note 4) PML (Probable Maximum Loss)PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to thereplacement cost. PML is calculated based on the statistical assumption that within next 475 years there is a 0.211% annual
chance (10% probability of once every 50 years, i.e., average life time of buildings) of major earthquake occurring.
(Note 5) Appraisal NOI“Appraisal NOI” is the annual NOI (operating income-operating expenses) described in the real estate appraisal report,with October 1, 2018 as the appraisal date.
(Note 6) Leasing Status“Total Number of Tenants” is the total number of end tenants actually leasing space in the building of the Property.
“Total Rental Income” and “Security Deposits” are both undisclosed as the consent from the tenat has not been obtained.
“Total Leased Floor Space” indicates the total floor space leased to end tenants.
(Note 7) Historical Occupancy Rates
The historical occupancy rate is based on the information provided by the seller.

(2) Serenite Shinsaibashi Grande
Strengths of the Asset to Be Acquired
・The Property is located an eight-minute walk from Shinsaibashi Station on the Osaka Metro Midosuji Line andNahagori Tsurumi-Ryokuchi Line and a three-minute walk from Nagahoribashi Station on the Osaka Metro
Midosuji Line and Nagahori Tsurumi-Ryokuchi Line, in a location which makes multiple routes available for use
and gives direct access to major business and commercial areas such as Umeda, Honmachi and Shin-Osaka.
・The Property is within walking distance from Midosuji and Nagahori-dori Street and is near the department stores,
large goods stores and commercial facilities of Shinsaibashisuji-North Shopping Street as well as retail facilities
such as CRYSTA Nagahori. On the other hand, hotels, useful facilities and such have been increasing in the areaaround the Property in recent years and it has a good living environment although it is near a flourishing commercial
district.
・The urban location is highly convenient for transportation and living and so stable rental demand is expected in
the area surrounding the Property for rental housing primarily from single-person households and DINKs
employed in the city center and who prefer to live close to their workplace.
・The Fund anticipates that it will be able to swiftly achieve high occupancy due to the Property's prime location, andby setting the appropriate rental price, taking into account the current rental market.

－ ３ －Summary of the Asset to Be Acquired
Property Name
Type of AssetRegistry
Location(Note 1)StreetAccessCompletion Date(Note 1)
Use (Note 1)
Structure (Note 1)
Leasable Units
Architect
Builder
Building Inspection Agency
Land
Area(Note 1)
Floor Area
Land
Type ofOwnership
Building
Building Coverage Ratio
Floor Area Ratio
Collateral
Property Management Company(Note 4)

Serenite Shinsaibashi GrandeReal estate2-30 Minamisenba, Chuou Ward, Osaka City, Osaka
2-7-6 Minamisenba , Chuou Ward, Osaka City, Osaka
3 minutes’ walk from Nagahoribashi Station on Osaka Metro Sakaisuji Lineand Nahagori Tsurumi-Ryokuchi Line
8 minutes’ walk from Shinsaibashi Station on Osaka Metro Midosuji Line andNagahori Tsurumi-Ryokuchi Line.
October 1, 2018
Apartment, store
RC 15F
252 units(Including 4 store units)First-Class Architect Office Sunada Kensetsu Kabushiki Kaisha
Sunada Kensetsu Kabushiki Kaisha
Kabushiki Kaisha Nippon Kakunin Kensa Center
1,349.66 m2 (Note 2)
7,794.23 m2
Ownership
Ownership
100% (Note 3)
600%
None
HASEKO LIVENET, Inc.

Master Leasing Company

HASEKO LIVENET, Inc.

Type of Master Leasing

Pass through(Note 5)(Note 5)

7.11％
(Based on a October 2018 Earthquake PML Appraisal Report by SOMPORISK MANAGEMENT Inc.)
Notes
None
¥5,567 million
Acquisition Price (Scheduled)¥5,630 million（Based on the capitalization approach as of November 1,
Appraisal Value and Method
2018）（Appraiser:Daiwa Real Estate Appraisal Co., Ltd.）
Appraisal NOI(Note 7)¥250 million
Leasing Status (As of October 31, 2018) (Note 8)
Total Number of Tenants
1
Total Rental Income¥75 million
Security Deposits¥3 million
Occupancy Rate
22.8％
Total Leased Floor Space
1,649.68 m2
Total Leasable Floor Space
7,236.00 m2
August,August,August,August,August,
2014
2015
2016
2017
2018
Historical Occupancy Rates(Note 9)
Seismic Risk (PML)(Note 6)(Note 1) Location and Other Items
Location (registry), Completion Date, Use, Structure and Area are based on the information in the real estate registry.
(Note 2) Land Area
Includes section of approx. 137.96 m2 given designation as location for a road under Article 42 Paragraph 1-5 ofthe Building Standards Act.
(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 ina fire prevention zone and certified fireproof, however, the applied coverage ratio is 100%.
(Note 4) Property Management Company
Refers to the property management company that is scheduled to be appointed after acquisition.
(Note 5) Upon the acquisition of the Property, the Fund plans to enter into a master lease agreement with HASEKO LIVENET,
Inc. Under this agreement, the building of the property will be collectively leased to HASEKO LIVENET, Inc. for the
purpose of subleasing. The master lease agreement is a pass-through scheme, in which HASEKO LIVENET, Inc., themaster lease company, pays to the Fund the same amount as the total sum of the rent based on the lease agreements thatthe master lease company concludes with end tenants.

－ ４ －(Note 6) PML (Probable Maximum Loss)PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to thereplacement cost. PML is calculated based on the statistical assumption that within next 475 years there is a 0.211% annual
chance (10% probability of once every 50 years, i.e., average life time of buildings) of major earthquake occurring.
(Note 7) Appraisal NOI“Appraisal NOI” is the annual NOI (operating income-operating expenses) described in the real estate appraisal report,with November 1, 2018 as the appraisal date.
(Note 8) Leasing Status“Total Number of Tenants” is listed as one because, as stated above, at the time of the Property’s acquisition the Fund
entered into a master lease agreement, under which the building of the Property will be collectively leased for the purposeof subleasing. The master lease company plans to sublease the Property’s units to end tenants.
“Total Rental Income” indicates the amount calculated by the “monthly rent + monthly common area management fee”
under the lease agreements with the end tenants to whom the Property is actually leased as of October 31,2018 multipliedby 12 (rounded down to the nearest million yen). The figure does not include any other incidental rent that may be agreed
upon in connection with said lease agreements, such as parking fees, signboard fees and warehouse fees.
“Security Deposits” indicates the amount of security and other deposits specified in the aforementioned lease agreements(truncated at the nearest million yen).
“Total Leased Floor Space” indicates the total floor space leased to end tenants as of October 31, 2018.
(Note 9) Historical Occupancy Rates
There are no applicable occupancy rates for August 2018 and before because the building was not yet completed.

4. Seller Profile(1) NMF Kobe Myodani Building
As the Fund has not obtained an agreement with the seller, who is a Japanese limited liability company, thisinformation is not disclosed. As of today, neither the Fund nor the Asset Management Company has any
notable capital, personnel or transactional relationship with the seller, and the seller is not a related party ofeither the Fund or the Asset Management Company.
(2) Serenite Shinsaibashi Grande
As the Fund has not obtained an agreement with the seller, who is a Japanese general operating company,
this information is not disclosed. As of today, neither the Fund nor the Asset Management Company has any
notable capital, personnel or transactional relationship with the seller, and the seller is not a related party ofeither the Fund or the Asset Management Company.

5．Status of Owners of the Properties to Be Acquired
There is no special relationship of interest between the seller and the Fund or the Asset Management Company
for the acquisition of the Properties to Be Acquired.

6．Transactions with Related Parties(1) NMF Kobe Myodani Building
The property management company of the Property, GEO-AKAMATSU Co., Ltd., is a related party underthe Investment Trust Law. Accordingly, the fees and other terms of the consignment of property management
concerning NMF Kobe Myodani Building have been duly examined and authorized by the Asset Management
Company’s compliance committee and investment committee pursuant to its investment committee rules, rulesof compliance, compliance manual, rules concerning transactions with related parties, and other relevant rules
and guidelines.
(2) Serenite Shinsaibashi Grande
There is no special relation between the said company and the Fund or asset management company for thistransaction.

7．Broker profile
There is no brokerage involved in the acquisition of the Properies to Be Acquired.

－ ５ －8. Form of Payment, etc.
(1) Settlement Method
The Fund will complete settlement on the date of acquisition by paying the agreed price for the property in fullto the seller using cash on hand.
(2) Impact on the Financial Standing of the Fund of a Possible Failure to Fulfill Our Forward Commitment
The purchase and sale agreement to be executed in connection with the acquisition of Serenite Shinsaibashi
Grande is considered a forward commitment(Note) as stipulated in the Financial Services Agency’s Comprehensive
Guidelines for Supervision of Financial Instruments Business Operators, etc. The said purchase and sale agreement
is intended to include the provisions below or provisions similar with such details.
(Note) The forward commitment refers to postdated sale agreements where the conclusion and delivery of the property is scheduled
over one month ahead of the contract date, and other similar agreements.

Whenever a seller or buyer is found to be in significant violation of the provisions of the transfer contract(hereinafter such seller or buyer shall be referred to as the “violating party”), the other party may cancel thetransfer contract if such violation is not remedied after the passage of a prescribed period following the date of
the non-violating party issuance of a notification requiring the violating party to fulfill its obligation or if such
violation is deemed impossible to remedy.
②
If the transfer contract is cancelled in accordance with clause ① above, the seller may require the Fund to
pay a penalty charge that is equivalent to 20% of the acquisition price. A non-violating party intending to cancel
a contract may not increase or decrease the amount of the penalty charge even if monetary damage it has
suffered due to the violation is in excess of or falls short of 20% of the acquisition price.
③
When the purchase and sale agreement is to be concluded, if the Fund deems by its discretion that it will not
be able to meet the economic conditions that it had anticipated due to changes in the economic environment orother reasons, the Fund may immediately cancel the agreement without the requirement of notification.
④
If the purchase and sale agreement is cancelled in accordance with clause ③ above, the seller may require
the Fund to pay a penalty charge that is equivalent to 20% of the acquisition price. The amount of the penalty
charge may not be increased by the seller even if the monetary damage suffered due to the cancellation is inexcess of 20% of the acquisition price or decreased by the Fund if the monetary damage suffered falls short of
20% of the acquisition price.
①

9．Schedule for Acquisition
Novemebr 13, 2018

Conclusion of the purchase and sale agreements for the acquisition of
the Assets to Be Acquired.

November 30, 2018

Acquisition of NMF Kobe Myodani Building (Delivery of trust
beneficiary interest in real estate)

December 19, 2018

Acquisition of Serenite Shinsaibashi Grande (Delivery of real estate)

10．Forecasts of Financial Results
There is no revision to Nomura Master Fund’s forecasts of financial results for the fiscal period ending February 28, 2019
(September 1, 2018 to February 28, 2019) by the acquisitions as it has only small impact to the forecast of financial results.

－ ６ －11．Appraisal Summary
Property Name
Appraisal Value
Appraiser
Appraisal Date

NMF Kobe Myodani Building¥ 3,600,000,000
Japan Valuers Co., Ltd.
October 1, 2018
Item

Capitalization Approach Price
Price 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
Discount Rate

3,600,000,000
3,700,000,000
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed
Undisclosed

Calculated taking into account income-basedvalues determined using both the direct
capitalization approach and the discounted
cash flow approach.
Calculated by capitalization rate based on a net
revenue of the stable mid-to-long term.

(Note)

Undisclosed(Note)

Undisclosed(Note)

166,438,096
4.50％

Assumed based on conditions of the location,
the building, and the contract of the Property.

3,500,000,000
4.30％

4.70％

Matters Noted in
Reconciliation ofIndicated Value andDetermination of
Appraisal Value

Grounds

173,778,734

Terminal Capitalization Rate

Cost Approach Price
Ratio of Land
Ratio of Building(Yen)

Amount orpercentage

Assumed based on the yield on investment ofsimilar buildings and the characteristics of theProperty.
Assumed based on the yield on investment ofsimilar buildings, the future movement of theyield on investment, risks of the Property as apreferred investment, general forecasts ofeconomic growth rate, and price trends of realestate and rents.

2,350,000,000
85.02％
14.98％The Property is located in front of Myodani Station on the Kobe Municipal Subway
line, comprising a corner of the station-front commercial area together with Suma
Patio, a shopping center directly connected to the station. The potential of theProperty’s location is high as there is a line of condominiums and detached housing
on the outside of the commercial area. Under such locational conditions, theProperty has high tenant credibility as it is leased entirely to a single tenant whose
sales are in the top class compared to others in the same field in Hyogo Prefecture,and the Property’s competitively is at a high level in comparison with similar realestate. In view of the above, the appraisal value was determined with an emphasison the capitalization approach price, in which the investment value was appropriatelyreflected.

(Note) These items contain information for which the Fund bears a duty of confidentiality to the lessees or information that
could be used to calculate such information. The disclosure of these items could result in a breach of said duty of confidentiality,
which could negatively impact the Fund and thus the interests of its unitholders. Accordingly, these items are undisclosed.

－ ７ －Property Name

Serenite Shinsaibashi GrandeAppraisal Vale

¥5,630,000,000

Appraiser

Daiwa Real Estate Appraisal Co., Ltd.

Appraisal Date

November 1, 2018
(Yen)
Amount orPercentage

Item
Capitalization Approach Price

5,630,000,000

Price Calculated by the Direct
Capitalization Approach(1) Operating Income (a)-(b)(a) Gross Rental Income(b) Losses due
Vacancies, etc.

5,830,000,000

315,724,180

to15,998,878
49,126,337

Utilities Costs

2,624,964

6,037,417

Repair Costs
4,305,626
Management

Fees
Advertisementfor

Leasing, etc.

7,885,379

Calculated based on the expenses for advertisement
for leasing, etc. of similar properties.

Insurance Premium

333,120

Other Expenses

2,311,489(5) Capital Expenditure Reserve(6) Net Cash Flow (NCF =(3)+(4)-(5))

Calculated based on quotes and maintenance andmanagement costs at similar properties..
Calculated based on utilities costs at similar properties.
Maintenance and management costs were calculated
based on the building replacement cost and thereplacement costs for tenants in the residential section
were calculated considering the replacement rate andvacancy rate.
Calculated based on the content of scheduled
agreements and PM fees for similar properties.

19,734,070

of Temporary Deposits, etc.

Calculated based on the expected medium- to longterm stable rent.
Calculated expected vacancy rate and vehicle vacancy
rate to be stable over the medium to long term basedon the standard vacancy rates of similar properties andconsidering the competitiveness, etc. of the Property

5,894,272

Taxes(3) Net Operating Income from
Leasing Business (NOI=(1)-(2))(4) Profit through Management

Calculated taking into account income-based values
determined using both the direct capitalization
approach and the discounted cash flow approach.
Calculated by reducing the expected level of net
revenue over the medium to long term by thecapitalization rate.

299,725,302(2) Operating Expenses
Maintenance

Property

Grounds

Calculated expected taxes over the medium to longterm based on the appraised value for fiscal 2018 forthe land and based on the building replacement costfor the building, etc.
Calculated based on insurance quotes, premiums ofsimilar properties, etc.
Internet connection service fees, residents’ association
membership fees, maintenance and management costs
and reserve costs for other miscellaneous expenses
were calculated based on the contract, memorandum,levels of similar properties, etc

250,598,965
56,071

Calculated profit based on a yield on investment of
1.0%.

5,647,280

Calculated based on the building replacement cost andconsidering CM fees.

245,007,756－ ８ －(7) Capitalization Rate
Price Calculated by the Discounted
Cash Flow Approach
Discount Rate

4.2%
5,540,000,000

4.0%
Terminal Capitalization Rate
4.4%

Cost Approach Price
Ratio of Land

Calculated based on a comprehensive considerationof such factors as conditions of the location, thebuilding and the contract of the Property
Calculated with both the method using comparisonsof transaction cases of similar properties and themethod in which the property’s individuality is taken
into consideration with the financial asset yields, andusing hearings with investors and such as reference.
Calculated using transaction yields in similartransaction cases as reference and comprehensively
considering such factors as, the probable future
movement of the yield on investment, risks of theProperty as an investment, general forecasts of theeconomic growth rate and price trends in real estate.

5,390,000,000
58.7%

Ratio of Building
41.3%
The Property is a rental building and its site with investment eligibility and is classified as
Matters Noted ininvestment real estate. Market participants as typical buyers are real estate investors with theReconciliation ofability to procure funds, etc.
Indicated Value andIn view of the above, the appraisal value was determined based mostly on the cost approach
Determination ofprice and using the capitalization approach price, in which the investment value was
Appraisal Value
appropriately reflected, as reference.

－ ９ －【Exhibits】
Exhibit 1

Portfolio Overview after Acquisition

Exhibit 2

Photoes and Maps of the Properties to Be Acquired*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ １０ －

Exhibit 1
Overview of the Portfolio after Acquisition(¥ million)
Area

Greater Tokyo Area
(Note 1)

Sector(Scheduled) Total
Other Areas

Acquisition Price

Percentage of Total(Note 2)(by Sector)

Office362,620

71,930434,550

45.0

Retail100,427

62,916

163,343

16.9

Logistics

157,5903,460

161,050

16.7

Residential

159,574

38,094

197,668

20.5

Hotels

0

3,600

3,600

0.4

Others

4,900

0

4,900

0.5

(Scheduled) Total
Acquisition Price(by Area)

785,111

180,000

965,111

100.0

81.3

18.7

100.0

Percentage of Total(Note 2)

(Note 1) “Greater Tokyo Area” refers to Tokyo Prefecture, Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture. “Other
Areas” refers to cabinet-order designated cities, prefectural capitals, and cities having a population of at least 100,000
and their peripheral areas, excluding Greater Tokyo.
(Note 2) “Percentage of Total” indicates the ratio of the (Scheduled) total acquisition price of properties for each use and in eacharea to the total acquisition price of the entire portfolio. As the figures are rounded to the first decimal place, they may
not add up to exactly 100%.

Exhibit 2
Photoes and Maps of the Properties to Be Acquired
NMF Kobe Myodani BuildingThe bus terminal of Myodani Station

View of Suma Patio from Myodani Station

Serenite Shinsaibashi Grande