December 7, 2006
For Immediate Release
LCP Investment Corporation
Nihon-bashi Nishikawa Bldg,
1-5-3 Nihon-bashi, Chuo-ku, Tokyo
Shunji Miyazaki: Executive Officer(Securities Code: 8980)

LCP REIT Advisors Co., Ltd
Nihon-bashi Nishikawa Bldg,
1-5-3 Nihon-bashi, Chuo-ku, Tokyo
Shunji Miyazaki: CEO

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

Notice Concerning Acquisition of Assets
LCP Investment Corporation (the “Investment Corporation”) is pleased to announce that theInvestment Corporation has determined to acquire 2 properties today.

Details of the acquisition are

as follows.

1, Assets Summary(1) Lexington Square Daitabashi① Property Name: Lexington Square Daitabashi② Type of Scheduled Acquisition: Trust beneficiary interest③ Category of Properties: Residential④ Scheduled Acquisition Price (*1): 1,019 million yen⑤ Scheduled Date of Purchase Agreement: December 8, 2006
⑥ Scheduled Date of Acquisition: March 29, 2007 or a date after March 1, 2007 separately
agreed upon in writing by the Seller and the Buyer⑦ Seller (*2): NISSHIN FUDOSAN Co., Ltd⑧ Acquisition Funds: Borrowing funds are scheduled.

(2) Lexington Square Honjo-Azumabashi① Property Name: Lexington Square Honjo-Azumabashi② Type of Scheduled Acquisition: Trust beneficiary interest③ Category of Properties: Residential④ Scheduled Acquisition Price (*1): 525 million yen⑤ Scheduled Date of Purchase Agreement: December 8, 2006
⑥ Scheduled Date of Acquisition: March 29, 2007 or a date after March 1, 2007 separately
agreed upon in writing by the Seller and the Buyer⑦ Seller (*2): NISSHIN FUDOSAN Co., Ltd⑧ Acquisition Funds: Borrowing funds are scheduled.

(*1) Scheduled Acquisition Price excludes acquisition fee, fixed asset tax, city planning tax and consumption tax etc.
The amount less than a million yen are rounded off to the nearest million yen.
(*2) Please refer to 5. “Seller’s Profile”

2, Reason for Acquisition
The Investment Corporation acquires two properties described above in order to increase excellent
residential properties in Greater Tokyo area in its portfolio and to secure stable profits and steady
growth in investment assets from a medium- to long-term perspective in accordance with “AssetManagement Objectives and Policies” provided for by Articles of Incorporation of the Investment
Corporation.
The assets to be acquired are being developed. Acquiring properties under development throughexecuting purchase agreement determining conditions such as purchase price etc. before completionof building is suitable to obtain excellent newly-built properties under better conditions comparedwith acquiring properties which have already been completed.

Especially, as to residential

properties, it is expected that such newly-built properties have high competitiveness because tenants
tend to prefer young properties.

Therefore, it is considered that acquiring such properties underdevelopment contributes to secure stable profits of the Investment Corporation from a medium- tolong-term perspective.
On the other hand, properties under development have a risk such as construction completion,completion delay and increase of construction fee etc.

Regarding acquisition of assets to beacquired, the Investment Corporation aims to avoid certain risk by setting following conditions on
the payment of purchase price, such as (i) the seller receives the delivery of certificate of inspection
by the scheduled delivery date through that the building is constructed in accordance with thedrawings which acquired building certification and completion inspection by supervisory authority(ii) the property does not have any defect and the property is legally adequate on scheduled delivery

date.

As to the risk concerning fluctuation of rent market, it is scheduled to avoid the said risk by

the execution of Master Lease Agreement with Nisshin Jyutaku Ryutsu Co., Ltd (scheduled master
lease company).

Under the agreement, Nisshin Jutaku Ryutsu Co., Ltd warrants 80% of totalmonthly rent for 6 months after the delivery date in case where the occupancy rate of the property
does not reach to 80% (based on the rent) at the delivery date.

3, Summary of Property
Please refer to [Exhibit] Summary of Scheduled Acquisition Properties

4, The Matter related to Resistance against Earthquake
The adequacy of structural calculation of 2 properties shown above has been reported by thethird-party institution through investigation as follows.
① Investigator
Company’s Name

Kozo Keikaku Engineering Inc.

Location (Head Office)38-13, 4-chome, Hon-cho, Nakano-ku, Tokyo

Representative

Shota Hattori

Capital1,010,200,000 yen

Business Activities

Comprehensive engineering company.

Relationship

with

the

Structural Design/Analysis etc of Buildings

None

Investment Corporation② Matter of Investigation: Verification and Inspection of Structural Calculation and related Design
and Specification③ Result of Investigation: The structural design was made adequately and in compliance with the
Building Standard Law, Cabinet Order and Proclamation concerning the law, and each structuraldesign standards.

5, Seller’s Profile
The aforementioned 2 properties are sold by the company shown below.
Company’s NameNISSHIN FUDOSAN Co., Ltd

Location (Head Office)8-1 5-chome, Shinjuku, Shinjuku-ku, Tokyo

Representative

Kazuo Ara

Capital10,107 million yen (As of September 30, 2006)

Business Activities

Project, development and sales of house-brand condominium, leasing business ofbuilding and condominium, and real estate business

Relationship

with

the

NISSHIN FUDOSAN Co., Ltd is a main shareholder which holds 7.07% of

Investment Corporation

shares in the Asset Management Company.

6, Seller’s Situation(1) Lexington Square Daitabashi
Previous Owner

Owner

beforeprevious owner
Company’s NameNISSHIN FUDOSAN Co., Ltd

None

Relationship with special stakeholder

Sponsor-related party under the self regulation of theAsset Management Company

Circumstances/Reason of Transaction

Company’s own development property

Acquisition Price

Omission (The owner before the previous owner does
not exist)

Acquisition Date―

(2) Lexington Square Honjo-Azumabashi
Previous Owner

Owner

beforeprevious owner
Company’s NameNISSHIN FUDOSAN Co., Ltd

None

Relationship with special stakeholder

Sponsor-related party is under the self regulation of theAsset Management Company

Circumstances / Reason of Transaction

Company’s own development property

Acquisition Price

Omission (The owner before the previous owner does
not exist)

Acquisition Date―

7, Transaction with Stakeholders, etc
NISSHIN FUDOSAN Co., Ltd (Seller of the aforementioned property) is one of the main
shareholders which hold 7.07% of shares in the Asset Management Company as of December 7,
2006.

NISSHIN FUDOSAN Co., Ltd corresponds to Sponsor-related party (*) under the

self-regulation by Asset Management Company which is the measure of conflict of interests
concerning asset management of Investment Corporation.

Therefore, with respect to the executionof Transfer Agreement related to the acquisition of the aforementioned properties, it was deliberated
and resolved in accordance with the said self-regulation. As to each of the aforementioned properties,
a Master Lease Agreement and a Property Management Agreement are to be executed with Nisshin
Jyutaku Ryutsu Co., Ltd (a subsidiary of NISSHIN FUDOSAN Co., Ltd).

Therefore, Nisshin

Fudosan Jyutaku Ryutsu Co., Ltd is similar to Sponsor-related party under such a self-regulation byAsset Management Company which is the measure of conflict of interests concerning asset
management of Investment Corporation.

Thus, the said transactions are also deliberated andresolved in accordance with such a self-regulation concerning the aforementioned measure ofconflict of interests.

(*) Sponsor-related party means(a) Party or person who corresponds to Related-Parties, etc. defined by the Law concerning Investment Trusts andInvestment Corporation.
(b) (i) Special Purpose Company which entrusts its asset management to a party or a person corresponding to (b)above, (ii) Special Purpose Company shares in which are held by a party or a person corresponding to (b) above, or(iii) Special Purpose Company Tokumei Kumiai Mochibun (note) in which are held or a person corresponding to (b)above.
(note) Tokumei Kumiai Mochibun means equity interests of capital contribution in undisclosed associations

8, Brokerage Profile(1) Lexington Square Daitabashi
The Chuo Mitsui Trust and Banking Company, Limited mediate the property’s transaction between
the Investment Corporation and NISSHIN FUDOSAN Co., Ltd as a broker.

The Chuo Mitsui Trustand Banking Company, Limited do not correspond to Sponsor-related party under the self-regulation
provided for the measure of conflict of interests concerning asset management of Investment
Corporation by Asset Management Company. Regarding the property’s acquisition, the Investment
Corporation pays ¥10,191,940 (excluding tax) as a brokerage fee to The Chuo Mitsui Trust andBanking Company, Limited.

(2) Lexington Square Honjo-Azumabashi
The Chuo Mitsui Trust and Banking Company, Limited mediate the property’s transaction between
the Investment Corporation and NISSHIN FUDOSAN Co., Ltd as a broker.

The Chuo Mitsui Trustand Banking Company, Limited do not correspond to Sponsor-related party under the self-regulation
provided for the measure of conflict of interests concerning asset management of Investment
Corporation by Asset Management Company.

Regarding the property’s acquisition, the Investment

Corporation pays ¥5,254,570 (excluding tax) as a brokerage fee to The Chuo Mitsui Trust andBanking Company, Limited.

9, Form of Payment
With respect to the aforementioned 2 properties, the Investment Corporation plans a package
payment of the acquisition price to the seller at the time of the scheduled date of acquisition.

10, Forecasts of Financial Results
Both of the scheduled acquisition dates of the aforementioned two (2) properties are March 29, 2007or a date after March 1, 2007 separately agreed upon in writing by the seller and the buyer.
Therefore, there is no change concerning the forecasts of financial results of the Investment
Corporation for the fiscal period ending February 28, 2007 (from September 1, 2006 to February 28,2007).

The forecasts of financial results for the fiscal period ending August 31, 2007 (from March

1, 2007 to August 31, 2007) will be announced after taking the future situation into consideration.

＊ This document is being distributed today to Kabuto Club (the press club of the TSE) as well as to the press clubfor the Ministry of Land, Infrastructure and Transport Ministry and the press club for specialty construction
newspapers at the Ministry of Land, Infrastructure and Transport.
＊ The web site of the Investment Corporation: http://www.lcp-reit.co.jp＊ This English language notice is a translation of the Japanese language notice issued on the same day and was
prepared solely for the convenience of, and reference by, overseas investors.
makes no warranties as to its accuracy or completeness.

LCP Investment Corporation

[Exhibit]

Summary of Scheduled Acquisition Property

Property Number：

R-24

Property Name：

Lexington Square Daitabashi

Property Feature
The property is an apartment for rent, located in 10 mins walk to “Daitabashi” station (Keio-line) and 10 mins walk to “Honancho” station(Marunouchi-line).

Suginami ward where the property locates has a reputation as a good residential area from the past. It also has good accessibility to thecenter of Tokyo (15 mins to Shinjuku and 20 mins to Shibuya by Keio-line.
markets and park etc. are located nearby).

Highly convenient and pleasant area (the facilities such as public facilities, super

It is expected stable demand for city residents, especially single youth and commuters to the center of Tokyo.

Address

33-18, 1-chome, Izumi, Suginami-ku, Tokyo

Land Number

221-3, other 1 number, 1-chome, Izumi, Suginami-ku, Tokyo

Location

Type of Ownership

Land

Ownership right

Use area

Neighborhood commercial district

Site area

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

Takenaka Corporation

439.0 ㎡

Time of Investigation

November 28, 2006

Floor area ratio

400%

Urgent0Bldg coverage ratio

80%

RepairingWithin 1 year

0

cost

Average for 12

Type of Ownership

Ownership right

983
years

Usage

Apartment

Floor space (*）

1,666.2 ㎡

Earthquake PML

7.9%

Summary of Real Estate Appraisal Report (*) （Unit：\ inmillions）
Structure/Number of
ＲＣ、10Ｆ
Bldg

Appraiser

Tanizawa Sogo Appraisal Co., Ltd

December, 2006 (Scheduled)

Appraisal Date

November 15, 2006

Bureau Veritas Japan Co., Ltd

Appraisal Value

floor
Completion date
Bldg Inspection
1,020

AgencyArchitect

IAO Takeda Architects Associates Co., Ltd

Capitalization approach price1,020

Price calculated by the direct
Constructor

Obara Construction Co., Ltd

1,030
Capitalization approach

Current Owner

NISSHIN FUDOSAN Co., Ltd

Previous Owner

Gross income

65

Rental income

62

Other income

4

Mitsubishi UFJ Trust and Banking Corporation
Trustee(scheduled)
Scheduled expiration date of trust
To be determined

Gross expenses

13

term
ＰＭ Company

Nisshin Jyutaku Ryutsu Co., Ltd (scheduled)

Maintenance management

2

Master lease company

Nisshin Jyutaku Ryutsu Co., Ltd (scheduled)

Water/Utility

1Expense for commission of building
Type of Master lease

Pass through2
management

Lease Details （Unit：\ in thousands）
Investigation dateNovember 30, 2006

Tax and public charge

4

Damage insurance

0

Total number of tenant

-

Other

0

The number of lea sable unit

43

Leasing advertisement

3

The number of leasable unit-

Reserve for big-scale repairing
1
expenseLeasable floor area

1430.6 ㎡ (scheduled)

NOI

56

-

NCF

53

Floor area
Monthly rent （Assume no vacancy）

5,470 (scheduled)

Capitalization rate

5.1%

Price calculated by the discounted cash flow
Deposit/Security deposit

-

1,010
approachOccupancy rate （based on area）
Property Type-

Discount rate

5.2%

Terminal cap rate

5.4%

Number of unit

Ratio of unit

Ratio of area

Compact

30

70%

63%

Cost approach price594

Spacious

13

30%

37%

Land price262

Others---Bldg price332

Scheduled Acquisition Price （Unit：\ in millions）

1,019

Notes
1. It is scheduled that a fixed-rent master lease agreement with Nisshin Jyutaku Ryutsu Co., Ltd (Scheduled ML Company) will be executed under which
Nisshin Jyutaku Ryutsu Co., Ltd warrants 80% of total rent for 6 months after the delivery date in case where the occupancy rate of the property does notreach to 80% (based on the rent) at the delivery date.
2. The land of the said property includes private road (58.0 ㎡).

(*) Floor area shows the floor area under Building Standard Law.

The Investment Corporation makes no warranties

as to accuracy or completeness of the description in the column “Summary of Engineering Report” and “Summary ofReal Estate Appraisal Report”.

[Exhibit]

Summary of Scheduled Acquisition Property

Property Number：

R-25

Property Name：

Lexington Square Honjo-Azumabashi
Property Features

The property is mid-high rise apartment for rent, located in 2 mins walk to “Honjo-Azumabashi” station (Toei Asakusa-line).
accessibility to the center of Tokyo (10 mins to “Nihonbashi” station and 15mins “Shinbashi” station by train).
as council office, supermarkets and bank etc are located nearby).

The said area has a good

Highly convenient area (the facility such

It is expected stable demand for city residents, especially, single youth and commuters

to the center of Tokyo.
Address

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

Land Number

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

Location

Land

Type of ownership

Ownership right

Use area

Commercial area

Site area

200.3 ㎡

Floor area ratio

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

Takenaka Corporation

Time of Investigation

November 28, 2006

500%

Urgent0Within 1 year

0

Repairing
Bldg coverage ratio

80%
cost

Type of ownership

Ownership right

Average for 12 years

730

Use

Apartment

Earthquake PML

11.8%

Floor space (*）

1,007.7 ㎡

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

ＲＣ、12Ｆ

Appraiser

Tanizawa Sogo Appraisal Co., Ltd

January, 2007 (Scheduled)

Appraisal Date

November 15, 2006

Bureau Veritas Japan Co., Ltd

Appraisal Value

Structure/Number offloor
Completion date
Bldg
Bldg Inspection
528

AgencyONO Planning Design- licensed architect
Architect

Capitalization approach price528

of the first class
Price calculated by the direct capitalization
Constructor

Obara Construction Co., Ltd533
approach

Current Owner

NISSHIN FUDOSAN Co., Ltd

Previous Owner

Gross income

36

Rental income

34

Other income2

Mitsubishi UFJ Trust and Banking
TrusteeCorporation (scheduled)
Scheduled expiration date of trust
To be determined

Gross expenses

9

term
ＰＭ Company

Nisshin Jyutaku Ryutsu Co., Ltd (scheduled)

Maintenance management

2

Master lease company

Nisshin Jyutaku Ryutsu Co., Ltd (scheduled)

Water/Utility0Expense for commission of bldg
Type of Master lease

Pass through1
management

Lease Details （Unit：￥in thousands）
Investigation dateNovember 30, 2006

Tax & ｐublic charge

3

Damage insurance

0

Total number of tenant

-

Other

0

The number of lea sable unit

33

Leasing advertisement

2

The number of leasable unit-

Reserve for big-scale repairing
1
expenseLeasable floor area

784.7 ㎡ (scheduled)

NOI

29

-

NCF

27

Floor area
Monthly rent （Assume no vacancy）

2,985 (scheduled)

Capitalization rate

5.1%

Price calculated by the discounted cash flow
Deposit/Security deposit-

526
approachOccupancy rate （based on area）
Property Type-

Number ofunit

Ratio of unit

Ratio of area

Discount rate

5.1%

Terminal cap rate

5.4%

Compact

33

100%

100%

Cost approach price352

Spacious---

Land price107

Others---Bldg price245

Scheduled Acquisition Price（Unit：\ in millions）

525

Notes
1. It is scheduled that a fixed-rent master lease agreement with Nisshin Jyutaku Ryutsu Co., Ltd (Scheduled ML Company) will be executed under which
Nisshin Jyutaku Ryutsu Co., Ltd warrants 80% of total rent for 6 months after the delivery date in case where the occupancy rate of the property does
not reach to 80% (based on the rent) at the delivery date.
2. The land of the said property includes private road (22.8 ㎡).

(*) Floor area shows the floor area under Building Standard Law. The Investment Corporation makes no warranties as
to accuracy or completeness of the description in the column “Summary of Engineering Report” and “Summary ofReal Estate Appraisal Report”.

【Appendix１】Photograph of the Scheduled Acquisition Property（1）Lexington Square Daitabashi （Residential Property）（2） Lexington Square Honjo-Azumabashi（Residential Property）

【Appendix 2】Portfolio after Acquisition of the Property（Scheduled）
Investment
Acquisition
Category of

Number of（Scheduled）
Property Name

Properties

Area

Properties

Ratio
Price

Acquisition Date（million（％）yen）

Residential

R-1

City House Tokyo Shinbashi

Greater Tokyo

May 25, 2006

2,790

5.2%

R-2

Pure City Roppongi

Greater Tokyo

May 23, 2006

525

1.0%

R-3

Winbell Kagurazaka

Greater Tokyo

May 23, 2006

3,690

6.9%

R-4

Nishiwaseda Crescent Mansion

Greater Tokyo

May 23, 2006

2,190

4.1%

R-5

Lexington Square Akebonobashi

Greater Tokyo

May 25, 2006

1,600

3.0%

R-6

Montserrat Yotsuya

Greater Tokyo

May 23, 2006

557

1.0%

R-7

Casa Eremitaggio

Greater Tokyo

May 25, 2006

1,240

2.3%

R-8

Homes East Hills

Greater Tokyo

May 23, 2006

521

1.0%

R-9

Lexington Square Shimokitazawa

Greater Tokyo

May 25, 2006

2,700

5.1%

R-10

Homest Ikejiri

Greater Tokyo

May 23, 2006

806

1.5%

R-11

Towa City Cope Shin-otsukaⅡ

Greater Tokyo

May 25, 2006

937

1.8%

R-12

Towa City Cope Asukayama-Koen

Greater Tokyo

May 25, 2006

529

1.0%

R-13

Bichsel Musashiseki

Greater Tokyo

May 23, 2006

703

1.3%

R-14

Lexel Mansion Ueno Matsugaya

Greater Tokyo

May 23, 2006

1,130

2.1%

R-15

Cosmo Nishiojima Grand Stage

Greater Tokyo

May 25, 2006

909

1.7%

R-16

Towa City Cope Sengencho

Greater Tokyo

May 25, 2006

1,240

2.3%

R-17

Royal Park Ohmachi

TohokuMay 25, 2006

564

1.1%

R-18

Lexington Square Hagino-machi

TohokuMay 23, 2006

411

0.8%

R-19

Visconti Kakuozan

Chubu

May 23, 2006

397

0.7%

R-20

Lexington Square Kitahorie

Kansai

May 25, 2006

596

1.1%

R-21

Lexington Square Shinmachi

Kansai

May 25, 2006

421

0.8%

R-22

Luna Coat Tsukamoto

Kansai

May 23, 2006

632

1.2%

R-23

Lexington Square Fushimi

Chubu

October 31, 2006

2,990

5.6%

R-24

Lexington Square Daitabashi

1,019

1.9%

525

1.0%

29,622

55.7%

March 29, 2007

Greater Tokyo(Scheduled)
March 29, 2007

R-25

Lexington Square Honjo-Azumabashi

Greater Tokyo(Scheduled)

Sub-total

Senior

S-1

Bon Sejour Chitose Funabashi

Greater Tokyo

May 25, 2006

791

1.5%

S-2

Bon Sejour Yotsugi

Greater Tokyo

May 25, 2006

765

1.4%

S-3

Bon Sejour Hino

Greater Tokyo

May 25, 2006

699

1.3%

S-4

Bon Sejour Musashi-Shinjo

Greater Tokyo

November 24, 2006

610

1.1%

2,865

5.4%

Sub-total

Others

OfficeO-1

Otsuka Cent Core Building

Greater Tokyo

May 25, 2006

2,540

4.8%

OfficeO-2

Ueno Fujita Estate 1

Greater Tokyo

May 23, 2006

1,840

3.5%

OfficeO-3

Cross Square NAKANOGreater Tokyo

May 23, 2006

1,038

2.0%

RetailO-4

Lexington Plaza Hachiman

TohokuMay 23, 2006

4,760

9.0%

OfficeO-5

Ohki Aoba Building

TohokuMay 25, 2006

847

1.6%

RetailO-6

Loc Town Sukagawa

TohokuMay 23, 2006

2,563

4.8%

OfficeO-7

Lexington Plaza Sakaeminami

Chubu

May 25, 2006

2,400

4.5%

RetailO-8

Valor Takinomizu-ten

Chubu

May 23, 2006

2,230

4.2%

Hotel

O-9

Chugoku/Shikoku

November 24, 2006

2,450

4.6%

Sub-total

20,668

38.9%

Total

53,155100.0%

Lexington Plaza Hiroshima
Otemachi(*1) “Area” is divided into five sub-areas which consist of prefectures shown below.
Tohoku area: Aomori, Miyagi, Akita, Iwate, Yamagata, Fukushima
Greater Tokyo area: Tokyo, Kanagawa, Saitama, Chiba
Chubu area: Shizuoka, Nagano, Aichi, Niigata, Fukui, Ishikawa, Toyama, Mie, Gifu
Kansai area: Kyoto, Osaka, Hyogo, Shiga, Nara, Wakayama
Chugoku/Shikoku area: Hiroshima, Okayama, Yamaguchi, Tottori, Shimane, Ehime, Kagawa, Kochi, Tokushima(*2) In the column of “(Scheduled) Acquisition Price”, the sale price provided in Transfer Agreement with precedent condition isshown. (Excluding consumption tax etc), and rounded off to the nearest million yen.
(*3) In the column of “Investment Ratio”, each ratio equals each (scheduled) acquisition price divided by grand total (scheduled)acquisition price and is rounded off to the nearest tenth.