For Translation Purposes Only
April 7, 2015

For Immediate Release
Nomura Real Estate Master Fund, Inc.
Satoshi Yanagita, Executive Director(Securities Code: 3285)
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President and Chief Executive Officer
Inquiries: Motomi Uki, General Manager, NMF Investment Management
TEL: +81-3-3365-8767
EMAIL: nmf3285@nomura-re.co.jp

Notice Concerning Transfer of a Property
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced todaythat Nomura Real Estate Asset Management Co., Ltd. (“the Asset Management Company”), theasset management company for the Fund, has determined the transfer of the asset, as stated below.
1. Summary of Assets scheduled to be Transferred
(1)
(2)
(3)
(4)
(5)

Type of Asset:
Property Name:Transfer Price (Note 1):
Book Value (Note 2):
Difference between Transfer
Price and Book Value:(6) Scheduled Date of Agreement:(7) Scheduled Transfer Date:(8) Transferee:(9) Form of Payment

Trust beneficiary interest in mainly real estate
Mitsubishi Motors Ibaraki Maintenance Center¥1,133 million¥829 million¥303 million
April 30, 2015 (date of agreement on purchase and sale ofbeneficial interest in real estate trust)
Early September, 2015 (date of delivery of beneficial
interest in real estate trust)
Refer to “4. Transferee Profile” below
Deposit of 10% of transfer price paid at time ofagreement, remaining amount paid at time of transfer(Note 1) Excluding property taxes and urban planning taxes(Note 2) The book value is a reference amount as of August 31, 2014, and the figures may differ as of the scheduled transfer date.

The asset to be transferred will be referred to as the “Property”, hereinafter.
2. Reason for Transfer of the Property
The Fund decided to transfer the Property resulted from its overall consideration of the earnings
outlook, increase/decrease in asset value, and the current price of the Property, and thecomprehensive consideration of the area allocation of the portfolio (increase of Tokyo area ratio)
and the tenant diversification.
-1-3. Property Summary for the Assets Scheduled to be Transferred
Property Name
Type of Asset
TrusteeTerm of Trustee Agreement
Registry
Location(Note 1)StreetLand
Area(Note 1)
BuildingLand
Type ofOwnership
Building
Acquisition Date
Scheduled Transfer Date
Transfer PriceBook Value(Note 3)
Appraisal Value

Mitsubishi Motors Ibaraki Maintenance Center
Trust beneficiary interest in mainly real estate
Mitsubishi UFJ Trust and Banking Corporation
From March 31, 2004 to June 30, 2023
635-1 Misaki-cho, Ibaraki-City, Osaka, and others
5-17 Misaki-cho, Ibaraki-City, Osaka
5,704.24 m2
Ownership
June 13, 2013 (Note 2)
Early September, 2015
¥1,133 million¥829 million¥908 million(Appraiser: Daiwa Real Estate Appraisal Corporation)(Appraisal value as of March 20, 2015)

Leasing Status (as of April 7, 2015)
Total Number of Tenants
1
Total Rental Income
Undisclosed (Note 4)
Security Deposits
Undisclosed (Note 4)
Total Leased Floor Space
5,704.24 m2
Total Leasable Floor Space
5,704.24 m2
February
February28, 2011
29, 2012
Occupancy Rates in the Past
100.0%
100.0%(Notes)
1.
2.
3.
4.

February28, 2013
100.0%

February28, 2014
100.0%

February28, 2015
100.0%

Location (Registry) and Several Other Items:“Location (Registry)” and “Area” are based on the information in the real estate registry.
The date on which the Fund acquired the Property.
The book value is a reference amount as of August 31, 2014, and the figures may differ as of the scheduledtransfer date.
Undisclosed as consent has not been obtained from the tenant.

4. Transferee Profile
As the Fund has not obtained an agreement with the transferee, who are Japanese General
Operating Companies, this information is not disclosed. The transferee is not related parties under
the Law Concerning Investment Trusts and Investment Corporations (Investment Trust Law) ofthe asset management company.

-2-5. Brokerage Profile
As the Fund has not obtained an agreement with the brokerage agency, who is Japanese Limited
Company, this information is not disclosed. There is no personnel involvement between the broker
and the Fund or asset management company as of today. The broker is not Related Parties underthe Investment Trust Law of the asset management company, however, broker is a unitholder ofthe Fund, General Administrator of the Fund, a lender of the Fund, and a trustee of the multiple
properties held by the Fund.
6. Forecasts of Financial Results
As the transfer date of the Property is scheduled on early September, 2015, there is no impact toNomura Master Fund’s forecasts of financial results for the fiscal period ending February 28, 2015
(September 1, 2014 to February 28, 2015) and the fiscal period ending August 31, 2015 (March 1,
2015 to August 31, 2015), there is no revision to the forecast of financial results.

-3-7. Appraisal Summary
Property Name

Mitsubishi Motors Ibaraki Maintenance Center

Appraisal Value¥908,000,000

Daiwa Real Estate Appraisal Corporation

Appraiser
Appraisal Date

March 20, 2015
(Yen)
Item

Amount or percentage

Capitalization approach pricePrice calculated by the direct
capitalization approach(1) Operating income (a)-(b)(a) Gross rental income(b) Losses due to vacancies, etc.
(2) Operating expenses
MaintenanceUtilities costs
Repair costs
Property management fees

621,000,000

1,760,000,000
122,766,600
122,766,600
019,522,716
00
1,121,400
1,227,666

Advertisement for leasing, etc.
Taxes

016,519,500

Insurance premium
Other expenses(3) Net operating income fromleasing business (NOI=(1)-(2))(4) Profit through management of
temporary deposits, etc.
(5) Capital Expenditure Reserve654,150

1,636,888
2,616,600(7) Capitalization rate

5.8%

【Exhibit】
ExhibitAssumed based on market rents
Not allocated from assuming long term contract
Not allocated from assuming tenant obligation
Not allocated from assuming tenant obligation
Assumed based on repair costs of similar properties
Assumed based on property management fee of similar
properties
Not allocated from assuming long term contract
Assumed based on the actual amount imposed in 2015 tax
year for the land and assumed based on construction
estimate for the building
Assumed based on insurance premium of similar
properties

103,243,884

102,264,172

Matters noted inreconciliation ofindicated value anddetermination ofappraisal value

Assuming a building (logistics building) of the best use isbuilt on the total land, calculating the direct capitalization
approach price (transfer price) of assumed building and its
land. Assumed capitalization approach price from present
value of the transfer price deducting the present value ofthe construction cost of the assumed building and the costof transfer.
Calculated by capitalization rate based on a normalized net
cash flow (NCF)

0(6) Net Cash Flow
(NCF = (3)+(4)-(5))
Comparative PriceGrounds

Assumed based on yield of long term investment offinancial assets, etc.
Assumed based on capital expenditure of similar
properties

Assumed based on the yield on investment of similar
properties and the characteristics of the Property

908,000,000

Assuming the main demander of the land is the general operating companies for using by
themselves demanding for logistics or factory use. On this appraisal, assumed the appraisal
value of ¥908,000,000 from the comparative price that grasped an economic value
focusing on marketability of the target real estate, and capitalization approach price asreference.

Portfolio after the Transfer of the Properties*Nomura Real Estate Master Fund, Inc. URL: http://www.nre-mf.co.jp/english/-4-Exhibit
Portfolio after the Transfer of the Property
UseLogistics

Area(Note 1)

Greater Tokyo

Other areas

Property Name
Landport Urayasu
Landport Itabashi
Landport Kawagoe
Landport Atsugi
Kawaguchi Ryoke Logistics Center
Sagamihara Tana Logistics Center
Sagamihara Onodai Logistics Center
Landport Hachioji
Landport Kasukabe
Funabashi Logistics Center
Atsugi-Minami Logistics Center B Tower
Hanyu Logistics Center
Kawaguchi Logistics Center B Tower
Kawaguchi Logistics Center A Tower
Atsugi-Minami Logistics Center A Tower
Ota Nitta Logistics Center
Ota Higashi-Shinmachi Logistics Center
Ota Kiyohara Logistics Center
Chiyodamachi Logistics CenterLogistics Sub-total
Morisia Tsudanuma
Yokosuka More’s City
Recipe SHIMOKITA
Kawasaki More’s

Greater Tokyo

RetailKinki Area

Other areas

Retail (landwithGreater Tokyo
leaseholdinterest)

EQUINIA Shinjuku
EQUINIA Ikebukuro
covirna Machida
Nitori Makuhari
Konami Sports Club Fuchu
FESTA SQUAREGEMS Shibuya
Sundai Azamino
EQUINIA Aobadai
Megalos Kanagawa
Universal CityWalk OsakaIzumiya Senrioka
Merad Owada
Izumiya Yao
Izumiya Obayashi
Ichibancho Stear
EQUINIA Aobadori
Mitsubishi Motors Meguro
Mitsubishi Motors Chofu
Mitsubishi Motors Shibuya
Mitsubishi Motors Nerima
Mitsubishi Motors Kawasaki
Mitsubishi Motors Takaido
Mitsubishi Motors Katsushika
Mitsubishi Motors Higashi-Kurume
Mitsubishi Motors Setagaya
Mitsubishi Motors Suginami
Mitsubishi Motors Sekimachi
Mitsubishi Motors Higashi-Yamato
Mitsubishi Motors Motosumiyoshi
Mitsubishi Motors Kawagoe
Mitsubishi Motors Edogawa
Mitsubishi Motors Sayama

Retail Sub-totalTotal

Acquisition Price(Scheduled)(million yen)
(Note 2)
17,40015,71013,70011,41010,79010,600
8,700
8,250
7,340
4,660
4,590
3,810
3,750
2,830
2,690
3,430
2,170
650
330
132,810
16,60013,64010,407
4,000
2,080
4,260
3,990
3,440
3,080
2,730
2,600
2,490
1,700
1,560
1,000
15,500
8,930
6,640
4,406
3,020
4,700
1,640
2,740
1,760
1,570
1,240
950
850
800
800
770
740
600
450
370
350
200
160
132,763
265,573

Percentage to Total(%)(Note 3)

Date of Acquisition(Scheduled)

6.6
5.95.2
4.3
4.1
4.0
3.3
3.1
2.8
1.8
1.7
1.4
1.4
1.1
1.0
1.3
0.8
0.2
0.1
50.0
6.3
5.1
3.9
1.5
0.8
1.6
1.5
1.3
1.2
1.0
1.0
0.9
0.6
0.6
0.4
5.8
3.4
2.5
1.7
1.1
1.8
0.6
1.0
0.7
0.6
0.5
0.4
0.3
0.3
0.3
0.3
0.3
0.2
0.2
0.1
0.1
0.1
0.1
50.0
100.0

June 14, 2013
June 14, 2013
July 31, 2013
June 14, 2013
July 1, 2015
July 19, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
December 13, 2013
June 14, 2013
December 19, 2014
June 14, 2013
June 14, 2013
June 14, 2013
June 13, 2013
June 13, 2013
June 13, 2013
July 31, 2013
June 14, 2013
June 14, 2013
June 13, 2013
September 30, 2014
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 14, 2013
June 14, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
-InvestmentSecurities

GreaterTokyo
Kinki Area

Ryoke Capital Godo Kaisha Silent Partnership
Equity Interest (Note 4)
Godo Kaisha Osaka Hirakata Project
Partnership Equity Interest

500-March 25, 2014

100-

March 30, 2015

(Note 1) “Greater Tokyo” refers to Tokyo Prefecture, Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture. “KinkiArea” refers to Osaka Prefecture, Kyoto Prefecture, Hyogo Prefecture and Nara Prefecture. “Chukyo Area” refers toAichi Prefecture, Gifu Prefecture and Mie Prefecture. “Other Areas” refers to cabinet-order designated cities, prefecturalcapitals, and cities having a population of at least 100,000 and their peripheral areas, excluding Greater Tokyo, Kinki Area
and Chukyo Area.
(Note 2) The Acquisition Price is the amount (the amount of transaction payment of real estate, etc. described in the sales
agreement with condition precedent and the investment amount described in the Silent Partnership Agreement) excluding
costs required to acquire the properties, etc. and the Silent Partnership Equity Interest (transaction brokerage fee, taxes
and public dues, etc.).
(Note 3) “Percentage to Total” indicates the ratio of the acquisition price of respective properties to the total acquisition price ofthe entire portfolio (56 properties in total). The calculation of investment ratio excludes the Silent Partnership Equity
Interest. Furthermore, as the figures were rounded to the first decimal place, the total may not necessarily be 100%.
(Note 4) In line with the acquisition of the asset to be acquired by Nomura Master Fund, Ryoke Capital Godo Kaisha is planned
to be dissolved. The Fund is to receive settlement money in accordance with the silent partnership equity interest.