August 24, 2021
FOR IMMEDIATE RELEASE
Activia Properties Inc.
21-1 Dogenzaka 1-chome, Shibuya-ku, Tokyo
Kazushi Sato
Executive Director(Code: 3279)
Asset Management Company
TLC REIT Management Inc.
Masaoki Kanematsu
President & CEO
Inquiries
Kazuyuki Murayama
General Manager of Strategy Department,
Activia Management Division(Tel: +81-3-6455-3377)

Notice of Acquisition of Assets and Lease Contract with New Tenants(Three Properties Including Meguro Tokyu Building)
Activia Properties Inc. (“API”) announces that TLC REIT Management Inc. (“TRM”), to which API
entrusts its asset management operations, has decided to acquire and lease the three properties descri bed
in “1. Overview of the Transaction”.
Under Article 201-2 of the Act on Investment Trusts and Investment Corporations (“ITA”) and theinternal rules regarding transactions with related parties of TRM, TRM has obtained API ’s approval forthe above transactions at API’s board of directors meeting. Details are as follows:
1．Overview of the Transaction

Category

Property
No.
(Note 1)
TO-20

Tokyo
Office

TO-21
TO-22

①
②
③
④

Anticipatedacquisition price(Millions of yen)

Property nameLocation

Meguro Tokyu Building(Note 2)Q plaza Shinjuku- 3chome
A-PLACE Shibuya
Nampeidai (Note 3)
Total

Shinagawa,Tokyo
Shinjuku, Tokyo

18,400PARK VIEWINVESTMENT Y.K.
Tokyu Land Corporation

Shibuya, Tokyo

8,800

Tokyu Land Corporation

43,500－Date of sales contract：
Date of anticipated acquisition：
Seller of property：
Funds for acquisition：⑤ Settlement method：

16,300

SellerAugust 24, 2021 (anticipated)
September 10, 2021 (anticipated) (Note 4)
Refer to “4. Profile of the sellers”
Net proceeds from the issuance of new investment units throughthe domestic primary offering, the international offering (Note 5),
as resolved at API’s board of directors meeting held on August 24,
2021, the borrowing of funds (anticipated) (Note 6) and API’s own
funds
Total amount to be paid at the time of delivery

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

1

(Note 1) “Property No.” is numbered by categorizing properties of API into UR (Urban Retail Properties), TO(Tokyo Office Properties) and AA (Activia Account Properties).
(Note 2) It is possible that “Meguro Tokyu Building” will be renamed.
(Note 3) The name of this property is currently “Nikko Shibuya Nampeidai Building”, but is scheduled to be renamed
to the stated name on September 1, 2022.
(Note 4) The Date of anticipated acquisition may be changed to a date agreed upon by the seller and buyer, due to thechange of the payment date, etc.
(Note 5) For further information, please refer to the “Notice Concerning Issuance of New Investment Units andSecondary Offering of Investment Units” announced as of today.
(Note 6) A separate notification will be provided upon the finalization of the loan amount.
(Note 7) In this notice, any fraction after the decimal point is rounded down, and percentage figures are rounded to thefirst decimal place unless otherwise specified.

2．Reason for the Acquisition and lease contract with new tenants
In accordance with the rules regarding asset management stipulated in its bylaws, API will acquire the
Anticipated Properties to enhance its portfolio.
Following the Acquisition and the Asset Replacement (acquisition of the trust beneficiary interest in APLACE Tamachi East (Note) and disposition of the trust beneficiary interest in Tokyu Plaza Akasakascheduled on October 29, 2021) stated in “Notice of Acquisition and Disposition of Assets and Lease
Contract with New Tenants (Tamachi East Building and Tokyu Plaza Akasaka) ” announced as of May 21,
2021, the portfolio of API will consist of 47 properties with an approximate total anticipated acquisition
price of 548.0 billion yen (after the Asset Replacement scheduled on October 29, 2021).The Acquisition
and the Asset Replacement will reinforce its portfolio and stabilize profits.
The features we evaluated for each of the Anticipated Properties are as detailed in “Investment criteria”
in “3. Overview of the Anticipated Properties and lease” below. Furthermore, API evaluates that the lesseesof the Anticipated Properties satisfy the criteria for the selection of tenants stated in the “Report on theManagement Structure and System of the Issuer of Real Estate Investment Trust Units and Related Parties ”
set by TRM on February 26, 2021.
(Note) The name of this property is currently “Tamachi East Building”, but is scheduled to be renamed to thestated name on November 1, 2022.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

2

3．Overview of the Anticipated Properties and lease(1) TO-20 Meguro Tokyu Building
Property name
Meguro Tokyu Building
Specified asset category
Trust beneficiary interest
TrusteeMizuho Trust & Banking Co., Ltd.
Trust establishment date
January 31, 2003
Trust maturity date
September 30, 2031
4-minute walk from Meguro Station on the JR Yamanote Line
Transportation
5-minute walk from Meguro Station on the Tokyu Meguro Line, Tokyo
Metro Nammboku Line, and Toei Mita Line
Location (address)
13-17, Kami-osaki 2-chome, Shinagawa-ku, Tokyo
556-1, 557-1, 557-5, Kami-osaki 2-chome, Shinagawa-ku, Tokyo (Note
Location1)

Building to land ratio
Plot ratio
Usage restrictions
Land area
OwnershipCompletion date
Structure
Registered usage
Building
Gross floor area
Parking facilities
Ownership
Property management company
Master lessee
Acquisition priceAppraisal value(Date of value estimate)Appraisal agency
Land

Earthquake PML
Hypothecation
Lease overview(Note 4)
Total leasable area
Total leased area
Occupancy rate
Number of tenants
Annual rent
(Note 5)
Expected NOI(Note 6)
Security deposit (Note 7)
Remarks

100.00% (Note 2)
500.00%Commercial district
1,776.41 m2 (Note 1)
Owned
December 24, 2002 (Note 1)
Steel framed / 7 floors above ground (Note 1)
Offices, Retail (Note 1)
8,813.74 m2 (Note 1)
30 vehicles
Owned
Tokyu Land Corporation (Note 3)
Tokyu Land Corporation (pass-through) (Note 3)¥16,300 million¥16,700 million(July 1, 2021)
Japan Real Estate Institute
4.3% (according to the earthquake PML report of SOMPO Risk
Management Inc.)
None
6,993.70 m2
6,993.70 m2
100.0%
8¥605 million¥576 million¥597 million
Not applicable(Note 1) The data is based on information from the property registry.
(Note 2) The figure includes the margin since the building receives the margin due to the fire-resistantbuilding on fire prevention districts and commercial districts.
(Note 3) Tokyu Land Corporation, to which API outsources master lessee and property management, isa related party of TRM under “Rules Regarding Related-party Transactions”, the internal
rules of TRM. Therefore, in accordance with the Rules Regarding Related -party
Transactions, TRM has obtained resolution at the compliance committee and the investment

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

3

committee, following deliberation of each committee.
(Note 4) The figures are estimates as of May 31, 2021.
(Note 5) The annual rent is equal to the aggregate monthly rent multiplied by 12, based on the lease
contract with the end tenants as of May 31, 2021 (limited to rent for space occupied by tenants asof such date), including common service fees and excluding usage fees for warehouses,
advertisement, parking lots, sales-linked rent and others, and is rounded to the nearest million yen(excluding consumption tax). Free rent, rent holiday or temporary rent reduction as of such date is
not considered.
(Note 6) NOI is total revenues from real estate leasing less total expenses for real estate leasing. The
expected NOI is expected earnings excluding special factors for the fiscal year when the property
will be acquired (and is not a forecast for the current period) based on assumptions made at thetime of the calculation, rounded to the nearest million yen. The occupancy rate is expected to be
97.0%.
(Note 7) The tenant leasehold and security deposit is calculated as the total amount on each lease contract
for the property as of May 31, 2021 that was occupied by the tenant as of such date, rounded to thenearest million yen.

Investment
criteria

Meguro Tokyu Building is a Tokyo office property located a four-minute walk from
Meguro station on the JR Yamanote Line, a five-minute walk from Meguro station on
the Tokyu Meguro Line, the Tokyo Metro Namboku Line and the Toei Mita Line.
Given the accessibility to the four train lines with direct connection to the Yokohama
area, the building offers excellent transportation. Facing a natural park in the front, thebuilding is also located adjacent to a quiet residential area. The building has recently
been remodeled in 2014 and 2015 as a high-grade office building with a spacious
entrance area, excellent building quality and natural lighting. Given its standard floorarea of approximately 344 tsubo, the building is attractive in terms of scale andfeatures. In view of current rent rates at the property compared to market rent rates andthe expected demand for high-grade offices in the area, we believe we have an
excellent opportunity to raise rents going forward upon tenant renewals andreplacements.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

4

(2) TO-21 Q Plaza Shinjuku-3chome
Property nameSpecified asset category
Trustee
Trust establishment date
Trust maturity date
Transportation

Location (address)
Location
Building to land ratio
Plot ratio
Land
Usage restrictions
Land area
OwnershipCompletion date
Structure
Registered usage
Building
Gross floor area
Parking facilities
Ownership
Property management Company
Master lessee
Acquisition priceAppraisal value(Date of value estimate)Appraisal agency
Earthquake PML
Hypothecation
Lease overview
Total leasable area
Total leased area
Occupancy rate
Number of tenants
Annual rent
Expected NOI
Security deposit
Remarks

Q plaza Shinjuku-3chome
Trust beneficiary interest
Mitsubishi UFJ Trust and Banking Corporation
November 26, 2014
September 30, 2031
1-minute walk from Shinjuku 3-chome Station on the Tokyo Metro
Marunouchi and Fukutoshin Lines, and the Toei Shinjuku Line
6-minute walk from Shinjuku Station on the JR Yamanote Line, etc.,
Keio Line, Odakyu Line, Tokyo Metro Marunouchi Line, and Toei
Shinjuku and Oedo Lines
5-6 Shinjuku 3-chome, Shinjuku-ku, Tokyo
5-5, 5-6 Shinjuku 3-chome, Shinjuku-ku, Tokyo (Note 1)
100.00% (Note 2)
800.00%Commercial district
748.59 m2 (Note 1)
Owned
September 24, 1992 (Note 1)
SRC / 8 floors above and 2 floors underground (Note 1)
Retail (Note 1)
6,316.65 m2 (Note 1)
22 vehicles
Owned
Tokyu Land SC Management Corporation (Note 3)
Tokyu Land SC Management Corporation (pass-through) (Note 3)¥18,400 million¥19,200 million(July 1, 2021)
Japan Valuers Co., Ltd.
3.5% (according to the earthquake PML report of SOMPO Risk
Management Inc.)
None(Note 4)
4,528.01 m2
4,528.01 m2
100.0%
4(Note 5) ¥827 million(Note 6) ¥667 million(Note 7) ¥570 million
Not applicable(Note 1) The data is based on information from the property registry.
(Note 2) The figure includes the margin since the building receives the margin due to the fire-resistantbuilding on fire prevention districts.
(Note 3) Tokyu Land SC Management Corporation, to which API outsources master lessee and property
management, is a related party of TRM under “Rules Regarding Related-party Transactions”,
internal rules of TRM. Therefore, in accordance with the Rules Regarding Related-party
Transactions, TRM has obtained resolution at the compliance committee and the investmentcommittee, following deliberation of each committee.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

5

(Note 4) Lease Overview describes the circumstances of leasing as of September 10, 2021, based on lease
contract scheduled to be executed as of September 10, 2021.
(Note 5) The annual rent is equal to the aggregate monthly rent multiplied by 12, based on the lease
contract scheduled to be executed as of September 10, 2021, including common service fees andexcluding usage fees for warehouses, advertisement, parking lots, sales-linked rent and others, andis rounded to the nearest million yen (excluding consumption tax). Free rent, rent holiday or
temporary rent reduction as of such date is not considered.
(Note 6) NOI is total revenues from real estate leasing less total expenses for real estate leasing. The
expected NOI is expected earnings excluding special factors for the fiscal year when the property
will be acquired (and is not a forecast for the current period) based on assumptions made at thetime of the calculation, rounded to the nearest million yen. The occupancy rate is expected to be
99.0%.
(Note 7) The tenant leasehold and security deposit is calculated as the total amount on each lease contract
for the property scheduled to be executed as of September 10, 2021, rounded to the nearest million
yen.

Investment
criteria

Q plaza Shinjuku-3chome is a Tokyo office property located in the Shinjuku area,
one of the prime commercial and business districts in Japan with many retail shops
and large-scale department stores, and mid-to-high-rise office buildings. Q plaza
Shinjuku-3chome is connected directly to Shinjuku 3-chome Station on the Tokyo
Metro Marunouchi Line, the Tokyo Metro Fukutoshin Line and the Toei Shinjuku
Line, and connected to Shinjuku Station via an underground passage, and also locatedacross the street from the Isetan Shinjuku department store, one of the largest
department stores in Japan in terms of sales revenue. The building used to be a retailbuilding, but has recently been remodeled in December 2020 as an office and retailbuilding with flexible configuration for use as shared offices. Well-known as one of
the trendsetting areas in Japan, the area attracts especially start-up tenants, and thebuilding features flexible configuration to accommodate the needs of various tenants
and to adapt to the changing market.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

6

(3) TO-22 A-PLACE Shibuya Nampeidai
Property name
A-PLACE Shibuya Nampeidai
Specified asset category
Trust beneficiary interest
Trustee
Sumitomo Mitsui Trust Bank, Limited
Trust establishment date
September 30, 2005
Trust maturity date
September 30, 2031
Transportation
7-minute walk from Shibuya Station on the JR Yamanote Line, etc.,
Tokyo Metro Ginza, Hanzomon and Fukutoshin Lines, Tokyu
Denentoshi Line, and Toyoko Line
6-minute walk from Shibuya Station on the Keio Inokashira Line
Location (address)
2-17 Nampeidai-cho, Shibuya-ku, Tokyo
Location
15-9, 15-10 Nampeidai-cho, Shibuya-ku, Tokyo (Note 1)
Building to land ratio
100.00% (Note 2)
Plot ratio
666.87%
Land
Usage restrictions
Commercial district
Land area
901.79 m2 (Note 1)
Ownership
Owned
Completion dateJuly 31, 1989 (additional construction February 28, 1992) (Note 1)
Structure
SRC / 8 floors above and 1 floor underground (Note 1)
Registered usage
Offices, Bank (Note 1)
Building
Gross floor area
6,133.08 m2 (Note 1)
Parking facilities
25 vehicles
Ownership
Owned
Property management Company
Tokyu Community Corp. (Note 3)
Master lessee
Tokyu Community Corp. (pass-through) (Note 3)
Acquisition price¥8,800 million
Appraisal value¥9,020 million(Date of value estimate)(July 1, 2021)
Appraisal agency
Japan Valuers Co., Ltd.
5.7% (according to the earthquake PML report of SOMPO Risk
Earthquake PMLManagement Inc.)
Hypothecation
None
Lease overview(Note 4)
Total leasable area
4,373.30 m2 (Note 5)
Total leased area
4,373.30 m2 (Note 5)
Occupancy rate
100.0%
Number of tenants
10
Annual rent
(Note 6) ¥372 million
Expected NOI(Note 7) ¥308 million
Security deposit(Note 8) ¥337 million
Remarks
Not applicable(Note 1) The data is based on information from the property registry.
(Note 2) The figure includes the margin since the building receives the margin due to the fire-resistantbuilding on fire prevention districts.
(Note 3) Tokyu Community Corp., to which API outsources master lessee and property management,
is a related party of TRM under “Rules Regarding Related-party Transactions”, the internal
rules of TRM. Therefore, in accordance with the Rules Regarding Related -party
Transactions, TRM has obtained resolution at the compliance committee and the investmentcommittee, following deliberation of each committee.
(Note 4) The figures are estimates as of May 31, 2021

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

7

(Note 5) It was changed to 4,373.54m2 on June 16, 2021, by dividing exclusively-owned area on the third
floor.
(Note 6) The annual rent is equal to the aggregate monthly rent multiplied by 12, based on the lease
contract with the end tenants as of May 31, 2021 (limited to rent for space occupied by tenants asof such date), including common service fees and excluding usage fees for warehouses,
advertisement, parking lots, sales-linked rent and others, and is rounded to the nearest million yen(excluding consumption tax). Free rent, rent holiday or temporary rent reduction as of such date is
not considered.
(Note 7) NOI is total revenues from real estate leasing less total expenses for real estate leasing. The
expected NOI is expected earnings excluding special factors for the fiscal year when the property
will be acquired (and is not a forecast for the current period) based on assumptions made at thetime of the calculation, rounded to the nearest million yen. The occupancy rate is expected to be
97.0%.
(Note 8) The tenant leasehold and security deposit is calculated as the total amount on each lease contract
for the property as of May 31, 2021 that was occupied by the tenant as of such date, rounded to thenearest million yen.

Investment
criteria

A-PLACE Shibuya Nampeidai is a Tokyo office property located in the greater Shibuya
area, one of the busiest areas in Japan with many retail shops, large-scale retail facilities
and restaurants. A-PLACE Shibuya Nampeidai is a seven-minute walk from Shibuya
Station on the JR Lines. Located in an area with by far the most new IT firms establishedin Tokyo since 2000, the building has flexible floor plans and can be subdivided into
different sizes ranging from approximately 35 to 200 tsubo per floor, making it ideal first
offices for IT and other start-ups with plenty of room for expansion of office space as
their businesses grow. In addition, the Tokyu Fudosan Holdings Group has several
redevelopment projects underway nearby, which we expect will further improve thearea’s appeal.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

8

4．Overview of the sellers(TO-20) Meguro Tokyu Building
Name
Address

PARK VIEW INVESTMENT Y.K.
Sakura & Co. office, 11F Mitsui Life Insurance Jinbocho Building, 11
Kanda-jinbocho 1-chome, Chiyoda-ku, TokyoManagement
Shigeru Sugimoto
Amount of capital¥3 million (as of March 31, 2021)
Establishment
January 14, 2003
Net Assets- (Note)Total Assets- (Note)Major Shareholder- (Note)Business Description
1. Acquisition, possession and disposition of real estate trust beneficiaryinterest
2. Acquisition, disposition, leasing, management, and intermediary of realestate3. Any other related businesses to each item listed above
Relationships with API and TRM
PARK VIEW INVESTMENT Y.K. is a SPC, in which Tokyu Land
Capital relationship
Corporation, the 100% parent company of TRM, holds anonymous
association (tokumei kumiai) interests.
Personnel relationship None
Business relationship
None
PARK VIEW INVESTMENT Y.K. is not a related party of API, but is a
Related party status
related party of TRM under TRM’s internal rules and the ITA.

(Note) Not disclosed because the seller approval was not obtained.

(TO-21) Q plaza Shinjuku-3chome, (TO-22) A-PLACE Shibuya Nampeidai
Tokyu Land Corporation
Name
21-1 Dogenzaka 1-chome, Shibuya-ku, Tokyo
Address
Masashi Okada
Management
Amount of capital (Note)¥57,551 million (as of March 31, 2021)
December 17, 1953
Establishment¥360,153 million (as of March 31, 2021)
Net Assets (Note)
Total Assets (Note)¥1,758,129 million (as of March 31, 2021)
Major Shareholder
Tokyu Fudosan Holdings Corporation (100%)
Business Description
1． Management, lease, purchase and sale, intermediary, consulting, andappraising of land and building
2． Financing of interest to TMK, SPC, and REIT, and purchase and sale,intermediary and management of such interests
3． Any other related businesses to each item listed above
Relationships with API and TRM
Capital relationship
Tokyu Land Corporation, the 100% parent company of TRM, and holds
81,137 units of API (as of May 31, 2021)
Personnel relationship Many directors and employees of TRM are secondees from Tokyu
Land Corporation
Business relationship
Lease and PM agreements are contracted between Tokyu Land Corporationand the trustees on trust beneficiary interest held by API.
Related party status
Tokyu Land Corporation is not a related party of API, but is a related
party of TRM under TRM’s internal rules and ITA.
(Note) The figures provided are rounded down to nearest million yen.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

9

5．Status of the sellers
The acquisition of properties from related parties, including special purpose companies (subsidiarycompanies) managed by related parties, are described below. The following table indicates (1) company
name, (2) relationship with the specially related parties, and (3) purpose of and reasons for acquisition.
SecondThird
Property name
Previous owner/
Previous owner/
Previous owner/(Location)
Trust beneficiary
Trust beneficiary
Trust beneficiary(1), (2), (3)(1), (2), (3)(1), (2), (3)Acquisition (disposition)
Acquisition (disposition)
Acquisition (disposition)
price
price
price
Timing of acquisition
Timing of acquisition
Timing of acquisition(disposition)(disposition)(disposition)(TO-20)(1) PARK VIEW
Persons other than
Meguro Tokyu
INVESTMENT Y.K.
specially related parties
Building(2) PARK VIEW
(13-17, Kami-osaki
INVESTMENT Y.K .is a2-chome, Shinagawa- SPC owned by Tokyu
ku, Tokyo)
Land Corporation, theparent company of TRM,
and for which Tokyu
Land CapitalManagement Inc., arelated party of TRM,
provides asset
management services(3) Acquired for the
purpose of investment
Omitted as the holding
period was longer than
one year
January 2003
(TO-21)(1) Tokyu Land
Persons other thanQ plaza
Corporation
specially related parties
Shinjuku-3chome (5(2) The parent company
6,of TRM
Shinjuku 3-chome,(3) Acquired for the
Shinjuku-ku, Tokyo)
puropose of investment
Omitted as the holding
period was longer than
one yearNovember 2014
(TO-22)(1) Tokyu Land
Persons other than
A-PLACE Shibuya
Corporation
specially related parties
Nampeidai(2) The parent company(2-17,of TRM
Nampeidai-cho,(3) Acquisition for
Shibuya-ku, Tokyo)
investment purposes
Omitted as the holding
period was longer than
one year
April 2014
(Note) The location indicates the residential address.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

106．Outline of intermediary
Not applicable

7．Schedule of the Acquisition (anticipated)

Property
No.

Property name

TO-20

Meguro Tokyu Building

TO-21

Q plaza Shinjuku-3chome

TO-22

A-PLACE Shibuya
Nampeidai

Determinationofacquisition

Conclusionofacquisition
contract

Settlement
date

Scheduledacquisition
dateAugust 24,
2021

August 24,
2021

September
10, 2021

September
10, 2021

8．Transaction with related parties(1) Acquisition of assets
The previous owners and trust beneficiaries of the assets to be acquired are Tokyu Land Corporation, theparent company of TRM or subsidiaries or similarly related parties of Tokyu Land Corporation. Such partiesare related parties as provided for in Article 201 of the ITA and Article 123 of the Enforcement Ordinanceof the ITA, as well as “Rules Regarding Related-party Transactions”, the internal rules of TRM. Therefore,
TRM carried out the appropriate procedures as provided for in the rules regarding transactions with relatedparties in connection with the acquisition of the Anticipated Properties from these parties, including
obtaining approval by API’s board of directors.

(2) Conclusion of lease contract and property management agreement
API will conclude lease contracts and property management agreements with the trustees for Anticipated
Properties and the parties as shown below.
Property No.
Property name
TO-20
Meguro Tokyu Building

TrusteeTokyu Land Corporation

TO-21

Q plaza Shinjuku-3chome

Tokyu Land SC Management Corporation

TO-22

A-PLACE Shibuya Nampeidai

Tokyu Community Corp.

Tokyu Land Corporation is the parent of TRM, Tokyu Land SC Management Corporation is a subsidiary of
Tokyu Land Corporation, and Tokyu Community Corp. is a wholly-owned subsidiary of Tokyu Fudosan Holdings
Corporation, which is the parent of Tokyu Land Corporation.
The parties are related parties as provided for in Article 201 of the ITA and Article 123 of the Enforcement
Ordinance of the ITA as well as “Rules Regarding Related-party Transactions”, the internal rules of TRM.
Therefore, TRM carried out the appropriate procedures as provided for in the rules regarding transactions withrelated parties for outsourcing the property management and master lease services to the parties.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

11

Overview of outsourcing contractors
Name
Tokyu Land SC Management Corporation
Address
16-3, Dogenzaka 1-chome, Shibuya-ku, TokyoManagement
President Nobuyoshi Kiuchi
Amount of Capital¥100 million (as of March 31, 2021)
Established
January 19, 2009
Business Description
1． Management and operation of retail facility and complex facility
2． Planning of related businesses
3． Consulting and outsourcing
4． Lease, intermediary, and sales of real estate
5． Management
Relationships with API and TRM
Capital relationship
60% owned by Tokyu Land Corporation, the 100% parent of TRM
Personnel relationship None
The trustee has contracted the lease contract and property management
Business relationshipagreement with Tokyu Land SC Management Corporation on the buildings
with the trust beneficiary interest held by API.
Tokyu Land SC Management Corporation is not a related party of API,
Related party statusbut is a related party of TRM under TRM’s internal rules and ITA.
Name
Address
Management
Amount of Capital
Established
Business Description

Tokyu Community Corp.
10-1, Yoga 4-chome, Setagaya-ku, Tokyo
President Katsuhide Saiga¥1,653 million (as of March 31, 2021)
April 8, 1970
1. Condominium management
2. Building management
3. Reform
Relationships with API and TRM
Wholly-owned subsidiary of Tokyu Fudosan Holdings Corporation, theCapital relationship100% parent of Tokyu Land Corporation, the 100% parent of TRM
Personnel relationship Has seconded staff to TRM
Has concluded building management contracts, lease contracts, andBusiness relationshipproperty management contracts with trustees for properties held by API
Tokyu Community Corp. is not a related party of API, but is a related
Related party statusparty of TRM under TRM’s internal rules and ITA.
Refer to the earlier “4. Overview of the sellers” for an overview of Tokyu Land Corporation.
9．Item regarding forward commitment contracts, etc.
Not applicable
10．Outlook
For the effect of the Acquisition on the management performance of API for the fiscal period ending November
30, 2021 (the 20th Period, from June 1, 2021 to November 30, 2021) and the fiscal period ending May 31, 2022
(the 21st Period, from December 1, 2021 to May 31, 2022), please refer to the “Notice Concerning Revision to
the Forecast of Management Performance for the Fiscal Periods Ending November 30, 2021 and May 31, 2022”
announced as of today.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

1211．Outline of appraisal reports
Property nameAppraisal value
Appraisal agency
Date of value estimate

Meguro Tokyu Building¥16,700 million
Japan Real Estate Institute
July 1, 2021

Capitalization
Value by the direct capitalization
methodOperating revenue
Potential gross income
Loss (e.g. vacancy)

Amount(million yen)
16,700

709
731
22
131
50
(Note)
27
8

Leasing expenses
Taxes and public dues
Insurance
Other expenses
NOI (Net Operating Income)Investment income from
temporary deposits
Capital expenditure

5
38
1
577
6

NCF (Net Cash Flow)
Capitalization rate

562
3.3%

Value by the DCF method
Discount rate

16,400
3.0%

Value by the cost method
Land ratio
Building ratio

Estimated by the DCF method and the direct
capitalization method.

17,000Operating expense
Maintenance Expenses
Property management fee
Utility expenses
Repair expenses

Terminal capitalization rate

Remarks21

3.4%

Estimated based on receivable rent, etc. formedium to long term.
Estimated based on operation level for medium tolong term.
Estimated based on the past records.
Estimated based on the past records.
Estimated based on the annual average of Repair
expenses on Engineering Report (ER).
1 month rent
Estimated based on the past records.
Estimated with replacement cost of building.
Estimated based on the past records.
Estimated with Investment yield as 1.0%.
Estimated based on the annual average of capital
expenditure on Engineering Report (ER).
Estimated with reference to discount rate withprofitability and the fluctuation risk of principal.
Estimated with reference to a comparison withtransaction cases of similar real estates, yield offinancial asset, and the result of investor’s
analysis.
Estimated with reference to capitalization ratewith uncertainty of the future, and deterioration of
the building.

17,600
94.0%
6.0%

Other facts which the appraisal agency has taken into
account for the appraisal report.

Nothing in particular(Note) Maintenance expenses and property management fee are shown combined as separate disclosure of those
expenses and fee will affect other transactions of the anticipated building manager and property manager, which
will have adverse effect on API’s efficient subcontracting management and be detrimental to our unitholders’value.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

13

Property nameAppraisal value
Appraisal agency
Date of value estimate

Q plaza Shinjuku-3chome¥19,200 million
Japan Valuers Co., Ltd.
July 1, 2021

Capitalization
Value by the direct capitalization
methodOperating revenue
Potential gross income

Amount(million yen)
19,200Property management fee
Utility expenses
Repair expenses

852
860
8
174
23
(Note)
27
5

Leasing expenses
Taxes and public dues
Insurance
Other expenses
NOI (Net Operating Income)Investment income from
temporary deposits
Capital expenditure

3
107
0
5
677
5

NCF (Net Cash Flow)
Capitalization rate

680
3.5%

Value by the DCF method
Discount rate

18,8003.3%

Terminal capitalization rate

Value by the cost method
Land ratio
Building ratio

Estimated by the DCF method and the direct
capitalization method.

19,500Loss (e.g. vacancy)
Operating expense
Maintenance Expenses

Remarks2

3.7%

Estimated based on receivable rent, etc. formedium to long term.
Estimated based on operation level for medium tolong term.
Estimated based on the past records.
Estimated based on the past records.
Estimated based on the annual average of Repair
expenses on Engineering Report (ER).
1 month rent
Estimated based on the past records.
Estimated with replacement cost of building.
Estimated based on the past records.
Estimated with Investment yield as 1.0%.
Estimated based on the annual average of capital
expenditure on Engineering Report (ER).
Estimated with reference to discount rate withprofitability and the fluctuation risk of principal.
Estimated with reference to a comparison withtransaction cases of similar real estates, yield offinancial asset, and the result of investor’s
analysis.
Estimated with reference to capitalization ratewith uncertainty of the future, and deterioration of
the building.

17,40098.4%
1.6%

Other facts which the appraisal agency has taken into
account for the appraisal report.

Nothing in particular(Note) Maintenance expenses and property management fee are shown combined as separate disclosure of those
expenses and fee will affect other transactions of the anticipated building manager and property manager, which
will have adverse effect on API’s efficient subcontracting management and be detrimental to our unitholders’value.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

14

Property nameAppraisal value
Appraisal agency
Date of value estimate

A-PLACE Shibuya Nampeidai¥9,020 million
Japan Valuers Co., Ltd.
July 1, 2021

Capitalization
Value by the direct capitalization
methodOperating revenue
Potential gross income
Loss (e.g. vacancy)
Operating expense
Maintenance Expenses
Property management fee
Utility expenses
Repair expenses

Amount(million yen)
9,020

417
431
14
114
28
(Note)
19
11
3
46
1
3
303
3

NCF (Net Cash Flow)
Capitalization rate

299
3.3%

Value by the DCF method
Discount rate

8,950
3.0%

Value by the cost method
Land ratio
Building ratio

Estimated by the DCF method and the direct
capitalization method.

9,090

Leasing expenses
Taxes and public dues
Insurance
Other expenses
NOI (Net Operating Income)Investment income from
temporary deposits
Capital expenditure

Terminal capitalization rate

Remarks

6

3.4%

Estimated based on receivable rent, etc. formedium to long term.
Estimated based on operation level for medium tolong term.
Estimated based on the past records.
Estimated based on the past records.
Estimated based on the annual average of Repair
expenses on Engineering Report (ER).
1 month rent
Estimated based on the past records.
Estimated with replacement cost of building.
Estimated based on the past records.
Estimated with Investment yield as 1.0%.
Estimated based on the annual average of capital
expenditure on Engineering Report (ER).
Estimated with reference to discount rate withprofitability and the fluctuation risk of principal.
Estimated with reference to a comparison withtransaction cases of similar real estates, yield offinancial asset, and the result of investor’s
analysis.
Estimated with reference to capitalization ratewith uncertainty of the future, and deterioration of
the building.

9,000
97.5%
2.5%

Other facts which the appraisal agency has taken into
account for the appraisal report.

Nothing in particular(Note) Maintenance expenses and property management fee are shown combined as separate disclosure of those
expenses and fee will affect other transactions of the anticipated building manager and property manager, which
will have adverse effect on API’s efficient subcontracting management and be detrimental to our unitholders’value.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

15

<Exhibits>
Exhibit 1 Outline of Building Condition Assessment Report
Exhibit 2 Photographs of the properties, Maps of the Area
Exhibit 3 Portfolio after the Anticipated Acquisition of the properties and the Asset Replacement planned for
October 29, 2021
*Website of API: https://www.activia-reit.co.jp/en/

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

16

Exhibit 1 Outline of Building Condition Assessment Report
Property name
Assessment company
Date of estimate
Short-term renovation
expense (thousand yen)
(Note 1)(Note 2)Long-term renovation
expense (thousand yen)
(Note 1)(Note 3)

Meguro Tokyu
Building
Tokio Marine dR Co.,Ltd.
June 1, 2021

Q plaza Shinjuku-3chome

A-PLACE Shibuya
Nampeidai

SOMPO Risk Management Inc.
May 28, 2021-

May 27, 2021-

353,948

98,590-224,950(Note 1) The short-term renovation expense and long-term renovation expense are based on the building condition assessment
report.
(Note 2) The short-term renovation expense is the total expense for renovations needed within one year of the date of thebuilding condition assessment report.
(Note 3) The long-term renovation expense is the total expense for renovations needed within 12 years of the date of thebuilding condition assessment report.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

17

Exhibit 2 Photographs of the properties, Maps of the Area
(TO-20) Meguro Tokyu Building

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

18

(TO-21) Q plaza Shinjuku-3chome

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

19

(TO-22) A-PLACE Shibuya Nampeidai

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

20

Urban Retail Properties

Category

Exhibit 3 Portfolio after the Anticipated Acquisition of the properties and the Asset
Replacement planned for October 29, 2021

Property
No.

Property nameLocation(Anticipated)
Acquisition date(Anticipated)
Acquisition
price(Millions of
yen)

UR-1

Tokyu Plaza Omotesando Harajuku

Shibuya, Tokyo

June 13, 2012

45,000(Note 2)

8.2

UR-3

Q plaza EBISU

Shibuya, Tokyo

June 13, 2012

8,430

1.5

UR-5

Kyoto Karasuma Parking Building

Kyoto, Kyoto

June 13, 2012

8,860

1.6

UR-7

Kobe Kyu Kyoryuchi 25Bankan

Kobe, Hyogo

December 19, 2013

21,3303.9

UR-8

A-FLAG SAPPORO

Sapporo,Hokkaido

December 19, 2013

4,410

0.8

UR-9

A-FLAG SHIBUYA

Shibuya, Tokyo

December 19, 2013

6,370

1.2

UR-10

Q plaza SHINSAIBASHI

Osaka, Osaka

December 16, 2015

13,3502.4

UR-11

A-FLAG KOTTO DORI

Minato, Tokyo

December 20, 2016

4,370

0.8

UR-12

A-FLAG BIJUTSUKAN DORI

Minato, Tokyo

December 2, 2016

4,700

0.9

UR-13

A-FLAG DAIKANYAMA WEST

Shibuya, Tokyo

January 6, 2017

2,280

0.4

UR-14

A-FLAG KITA SHINSAIBASHI

Osaka, Osaka

December 1, 2017

4,725

0.9

UR-15

DECKS Tokyo Beach

Minato, Tokyo

January 5, 2018

UR-16

Tokyu Plaza Ginza (Land)

Chuo, Tokyo

January 10, 2019

UR-17

Q plaza HARAJUKUShibuya, Tokyo

January 10, 2019

Tokyo Office Properties

Subtotal

12,740(Note 2)37,500(Note 2)
13,200(Note 2)

Investment
ratio(Note1)

2.3
6.8
2.4

187,265

34.2

TO-1

TLC Ebisu Building

Shibuya, Tokyo

June 13, 2012

7,400

1.4

TO-2

A-PLACE Ebisu Minami

Shibuya, Tokyo

June 13, 2012

9,640

1.8

TO-3

A-PLACE Yoyogi

Shibuya, Tokyo

June 13, 2012

4,070

0.7

TO-4

A-PLACE Aoyama

Minato, Tokyo

June 13, 2012

8,790

1.6

TO-5

Luogo Shiodome

Minato, Tokyo

June 13, 2012

4,540

0.8

TO-6

TAMACHI SQUARE (Land)

Minato, Tokyo

June 13, 2012

2,338
(Note 3)

0.4

TO-7

A-PLACE Ikebukuro

Toshima, Tokyo

June 13, 2012

3,990

0.7

TO-8

A-PLACE Shinbashi

Minato, Tokyo

April 19, 2013

5,650

1.0

TO-9

A-PLACE Gotanda

Shinagawa,Tokyo

January 10, 2014

5,730

1.0

TO-10

A-PLACE Shinagawa

Minato, Tokyo

January 10, 2014

3,800

0.7

TO-11

OSAKI WIZTOWER

Shinagawa,Tokyo

June 24, 2014

10,6902.0

TO-12

Shiodome Building (Note 4)

Minato, Tokyo

December 2, 2016

71,600(Note 2)

13.1

TO-13

A-PLACE Ebisu Higashi

Shibuya, Tokyo

July 29, 2015

7,072

1.3

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

21

October 1, 2015

4,810

0.9

Shinagawa,
Tokyo

July 1, 2016

7,280

1.3

A-PLACE Shinagawa Higashi

Minato, Tokyo

March 16, 201718,8003.4

TO-18

Ebisu Prime Square

Shibuya, Tokyo

January 10, 2020

TO-19

A-PLACE Tamachi East

Minato, Tokyo

TO-20

Meguro Tokyu Building

Shinagawa,
Tokyo

TO-21

Q plaza Shinjuku-3chome

Shinjuku,
Tokyo

TO-22

A-PLACE Shibuya Nampeidai

Shibuya, Tokyo

TO-14

A-PLACE Shibuya Konnoh

Shibuya, Tokyo

TO-15

A-PLACE Gotanda Ekimae

TO-16

October 29, 2021
(anticipated)
September 10, 2021
(anticipated)
September 10, 2021
(anticipated)
September 10, 2021
(anticipated)

Subtotal

Activia Account Properties

Subtotal of UR and TO

30,700(Note 2)6,800
(Note 6)

5.6
1.2

16,3003.0

18,400

3.4

8,800

1.6

257,200

46.9

444,465

81.1

AA-1

Amagasaki Q’s MALL (Land)

Amagasaki,
Hyogo

June 13, 2012

12,0002.2

AA-2

icot Nakamozu

Sakai, Osaka

June 13, 2012

8,500

1.6

AA-4

icot Mizonokuchi

Kawasaki,Kanagawa

June 13, 2012

2,710

0.5

AA-5

icot Tama Center

Tama, Tokyo

June 13, 2012

2,840

0.5

AA-6

A-PLACE Kanayama

Nagoya, Aichi

June 13, 2012

6,980

1.3

AA-7

Osaka Nakanoshima Building(Note 5)

Osaka, Osaka

December 19, 2014

11,1002.0

AA-8

icot Omori

Ota, Tokyo

December 19, 2013

5,790

1.1

AA-9

Market Square Sagamihara

Sagamihara,
Kanagawa

January 9, 2015

4,820

0.9

AA-10

Umeda Gate Tower

Osaka, Osaka

September 21, 2016

19,000

3.5

AA-11

A-PLACE Bashamichi

October 6, 2016

3,930

0.7

AA-12

Commercial Mall Hakata

Yokohama,
Kanagawa
Fukuoka,
Fukuoka

January 5, 2018

6,100

1.1

AA-13

EDGE Shinsaibashi

Osaka, Osaka

January 10, 201919,8003.6

103,57018.9

548,035

100.0

Subtotal
Total(Note 1) “Investment ratio” is the ratio of the (anticipated) acquisition price for each property to the (anticipated) totalacquisition price rounded to the first decimal place.
(Note 2) The acquisition prices of “Tokyu Plaza Omotesando Harajuku”, “DECKS Tokyo Beach”, “Tokyu Plaza Ginza (Land)”,“Q plaza HARAJUKU”, “Shiodome Building”, and “Ebisu Prime Square” are described based on their respective
pro rata share (75%, 49%, 30%, 60%, 35%, and 51%, respectively).
(Note 3) The acquisition price of “TAMACHI SQUARE (Land)” is based on the acquisition price of the land as of acquisition
date (June 13, 2012)(Note 4) The acquisition date of “Shiodome Building” is the date of the third acquisition. The first acquisition date was January
9, 2015 and the second acquisition date was December 16, 2015. The acquisition price is the total of the threeacquisitions (first: ¥30,300 million, second: ¥20,400 million, third: ¥20,900 million), and the investment ratio isbased on this total.
(Note 5) The acquisition date of “Osaka Nakanoshima Building” is the date of the second acquisition. The first acquisition date
was January 25, 2013. The acquisition price is the total of the two acquisitions (first: ¥5,250 million, second: ¥5,850
million), and the investment ratio is based on this total.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

22

(Note 6) API plans to acquire Tamachi East Building (A-PLACE Tamachi East) and dispose of Tokyu Plaza Akasaka on
October 29, 2021, as stated in “Notice of Acquisition and Disposition of Assets and Lease Contract with New
Tenants (Tamachi East Building and Tokyu Plaza Akasaka)” announced May 21, 2021. The figures, etc. abovereflect this acquisition and disposition.

Disclaimer: This press release is an announcement by Activia Properties Inc. concerning the acquisition anddisposition of assets and lease contract with new tenants, and has not been prepared for the purpose of solicitation
for investment. Investors are asked to ensure that they read the prospectus for the issuance of new investment units, aswell as any amendments thereto (if any), prepared by Activia Properties Inc. before they invest and that they makedecisions on investment at their own discretion.

23