January 30, 2007
For Translation Purpose Only
MID REIT, Inc.
1-4-4 Doujimahama, Kita-ku, Osaka
Yukinobu Izumi
Executive Officer(Securities Code: 3227)
MID REIT Management Co., Ltd.
Kenji Kamio
President and CEO
Inquiries:
Hiroshi Uemura
Director
General Manager, Planning & Finance Division
TEL. +81-6-6456-0700

Notice Regarding Acquisition of Property(MID Imabashi Building)
MID REIT, Inc. (hereafter “MID REIT”) today acquired the following property, detailed
below.
1. Acquisition Overview(1) Assets acquired: Trust beneficiary interest in entrusted real estate (trust beneficiaryinterest in real estate)(2) Property name: MID Imabashi Building(3) Location: 2-3-16 Imabashi, Chuo-ku, Osaka (indicated for residence)(4) Acquisition price: ¥3,270 million(Excludes various acquisition expenses, property taxes, city planning taxes, consumption
taxes, etc.)(5) Contract date: January 30, 2007
(6) Acquisition completion date: April 3, 2007
(7) Buyer: Grimsby Asset TMK Limited (See “4. Acquisition Overview” below)(8) Acquisition funding: Private funding
The aforementioned property to be acquired is referred to hereinafter as “the Property.”
2. Reason for Acquisition
The acquisition is being made to enhance Mid Reit’s property portfolio in accordance withthe targeted assets and investment policies stipulated in its articles of incorporation.
In addition, the following points were evaluated in the decision to acquire thisproperty.
(1) Location
Located between Midosuji and Sakaisuji, two major Osaka transportation arteries and afive-minute walk from Yodoyabashi Station on the Midosuji Line of the Osaka Municipal
Subway and the private Keihan (train) Line, and only a three-minute walk from Kitahama
Station on the Keihan Line, the Property offers unparalleled transportation access. Thearea surrounding the Property is made up of mid-to-high-rise office buildings and is a
Note: This press release provides information regarding MID REIT’s “Notice Regarding Acquisition of Properties,” and is not preparedas an inducement or invitation for investment. All readers are advised to consult their own investment advisors before investing in MID
REIT. Investment decisions are made at the investors’ sole discretion and responsibility and are made at their own risk. MID REIT andits affiliates disclaim any responsibility or liability for the consequence of investment in MID REIT.

business environs that features the Yodoyabashi area, which includes a branch office of theBank of Japan and main and branch offices of various banks. The Kitahama area, wherethe Osaka Securities Exchange and the head offices of numerous securities companies arelocated, is also nearby. The area fulfills the needs of just such tenants, as well as those ofrelevant companies.
(2) Building Features
The rental space of the Property affords open-column and pillar-free space, and each floor
offers ample free space underneath for the wires and cables of computers and other officeequipment. Furthermore, the outer wall is made of elaborately designed granite and fulfills
tenant needs from the standpoint of fixtures and design. The MID Imabashi Building rates
as a thoroughly market-competitive property.
3. Details of Acquired Property
Property Name
Type of Assets
Trustee
Trust Expiration Date
Address
Location (1)Residential
Transportation
Completion Date
Use (1)
Structure (1)PML (2)
Architect
Structural designer
Builder
Agency authorizing building
constructionLandArea (Note 1)
Building
Land
Type ofOwnership
Building
Floor-area ratio／Building-to-landratio (3)Mortgage

MID Imabashi Building
Trust beneficiary interest in entrusted real estate (trustbeneficiary interest in real restate)Mizuho Trust & Banking Co., Ltd. (planned)
March 10, 2006–March 9, 2011
2-19-1, Imabashi, Chuo-ku, Osaka
2-3-16, Imabashi, Chuo-ku, Osaka
Five-minute walk from Yodoyabashi Station on theMidosuji Line of the Osaka Municipal Subway and theprivate Keihan (train) Line, and a three-minute walkfrom the Kitahama Station on the Keihan LineOctober 31, 1990
Offices, parking
S,RC, B2/11F
6.2% (Based on a detailed earthquake risk analysis (Level3) report dated January 2007, created by Engineering &Risk Services Corporation and OYO RMS Corporation).
Akamatsu Sugano Construction Design Office Co., Ltd.
Akamatsu Sugano Construction Design Office Co., Ltd.
Kajima Corporation/The Zenitaka Corporation
City of Osaka
1,187.43 ㎡
7,482.53 ㎡
Fee simple
Fee simple
627.00％／100％

None
Because a part of the Property is scheduled for siting onvacant public land, it has obtained an easing in theSpecial Instructions
floor-area ratio (see Note 3 below). In addition, the vacantpublic land will be used for general thoroughfare and will
require maintenance.
Acquisition Price¥3,270 million¥3,270 million (capitalization method date of value
Appraisal Value (Appraisal method)
estimate: January 1, 2007)(Appraisal agency: Tanizawa Sogo Appraisal Co., Ltd.)
Rental status (as of January 30, 2007) (Note 4)

Note: This press release provides information regarding MID REIT’s “Notice Regarding Acquisition of Properties,” and is not preparedas an inducement or invitation for investment. All readers are advised to consult their own investment advisors before investing in MID
REIT. Investment decisions are made at the investors’ sole discretion and responsibility and are made at their own risk. MID REIT andits affiliates disclaim any responsibility or liability for the consequence of investment in MID REIT.

Total Tenants (5)Total Annual Rent (6)Security Deposit/Guarantee, etc.
(7)
Rentable Area (8)Rental area (9)Occupancy rate (9)16¥168,420 thousand¥121,925 thousand
4,279.70 m2
3,235.51 m2
75.6％

Notes:(1) “Location (lot number),” “date of construction,” “usage,” “structure,” and “area” arelisted based on recorded registration.
(2) “PML” is translated as “Projected Maximum Loss” in the real estate/insurance
industries and is used as a rating index for earthquake risk in buildings. From the risk
curve, which shows the relationship between loss and annual exceedance probability as
calculated by Engineering & Risk Services Corporation and OYO RMS Corporation,
divide the “projected loss for a building with a recurrence interval of 475 years” by the“replacement cost” and calculate the percentage. The result of this calculation defines“Projected Maximum Loss (PML).” A 475-year recurrence interval is the equivalent of a
10% certainty of an event occurring during the 50-year period of building use.
(3) “Floor-area ratio is stipulated in Article 52 of the Building Standard Law and is the ratioof the area of floor space to site area, and the value specified in urban planning basedon zoning and other factors is listed. Furthermore, the floor-area ratio of the Property’s
land was originally 600%, but due to the application of an integrated design system, thefloor-area ratio was expanded to 627.00%.
“Building-to-land ratio” is stipulated in Article 53 of the Building Standard Law
and is the ratio of building area to site area, and the value specified in urban planning
based on zoning and other factors is listed. Moreover, the building-to-land ratio of theProperty’s land was originally 80%, because the location was within a commercial zone,
but because it was a fireproof building in a fire zone, its ratio was increased, and its
applicable building-to-land ratio came to 100%.
(4) “Rental status” is listed based on tenets that have already started their lease as ofJanuary 30, 2007, and is based on figures and information provided by the seller.
(5) “Number of tenants” lists the number of end users (excluding tenants that are only
renting storage space, parking, etc.) that are subleasing from the lessee of Master Lease
Agreement and assumes that consent has been obtained for the lessee of said Master Lease
Agreement to become the lessor.
(6) “Annual rent” lists the total monthly rent, including monthly rent, monthly
common-area fee, storage-area fee, and facility usage fee, multiplied by twelve and rounded
down to the nearest one thousand yen.
(7) “Security Deposit/Guarantee, etc.” lists the security deposit and guarantee (includingroom, storage space, parking space, etc.) balance rounded to the nearest decimal place.
(8) “Rentable space” lists the rentable space of the Property’s building (excluding storage
space, parking space, etc.)(9) “Rental space” lists the space (room area only) displayed in the end Tenant Lease
Agreement(10) “Occupancy rate” is listed as a percentage, rounded to the nearest decimal place,obtained by dividing rental space by rentable space.

Note: This press release provides information regarding MID REIT’s “Notice Regarding Acquisition of Properties,” and is not preparedas an inducement or invitation for investment. All readers are advised to consult their own investment advisors before investing in MID
REIT. Investment decisions are made at the investors’ sole discretion and responsibility and are made at their own risk. MID REIT andits affiliates disclaim any responsibility or liability for the consequence of investment in MID REIT.

4. Buyer Overview
Company Name
Headquarter Location
Representative
Primary Business

Relationship to the Investment Corporation

Grimsby Asset TMK Limited
Seikou Building 6F,
7-2-1 Minami Aoyama, Minato-ku, Tokyo
Koichi Yokoyama, Representative Director
1. Transfer, management, and disposal of
specified assets in accordance with asset
liquidation plans based on laws related to asset
liquidation.
2. Other work incidental to the liquidation of
the aforementioned specified assets.
87.6% of the outstanding shares of the theMID Urban Development Co., Ltd., the parent
company of MID REIT Management Co., Ltd.,the Investment Corporation's asset managementcompany, are indirectly held by a fund managed
by Aethos Capital, LLC. This special-purpose
company is a company established by said fund.
In addition, the MID Urban Development Co.,
Ltd. has been entrusted with the managementof assets from this special-purpose company.

5. Interest of the Asset Management Company in the Acquired Asset
The buyer mentioned above engages in appropriate asset management through theelimination of conflicts of interest. It also follows regulations established internally by theAsset Management Company to govern transactions between itself and related sponsoring
parties with the aim of contributing to unitholder returns.
In accordance with the above regulations, agreements concluded by the buyer
must be approved by the Compliance Committee of the Asset Management Company,
whose members include outside experts, as well as discussed and resolved by theInvestment Committee and the Board of Directors.
6. Overview of the Property to be Acquired and the Acquiring Party
Property
MID Imabashi Building
Name

Status of Building
Owner
Corporate Name

Previous owner and trust beneficiary
Grimsby Asset TMK Limited

Owner prior to theprevious owner andtrust beneficiary
Excludingspecialinterests－Special Interests
See 4. above
Held by theCompany
Background andAs a target for investment management－
Reason forAcquisition
Acquisition Price(See note below）－(including otherexpenses)
March 10, 2006
Acquisition date－
Note: Omitted so that ownership could take effect after a one-year period from the time ofacquisition (scheduled for April 3, 2007) by MID REIT.

Note: This press release provides information regarding MID REIT’s “Notice Regarding Acquisition of Properties,” and is not preparedas an inducement or invitation for investment. All readers are advised to consult their own investment advisors before investing in MID
REIT. Investment decisions are made at the investors’ sole discretion and responsibility and are made at their own risk. MID REIT andits affiliates disclaim any responsibility or liability for the consequence of investment in MID REIT.

7. Agency Overview
Company Name
Headquarters Location
Representative
Commission

Relationship between
the Investment
Corporation and theInvestment Trust

MID Urban Development Co. Ltd.
1-4-4 Dojimahama, Kita-ku, OsakaHideyuki Kudo, President, Member of the Board
654,000,000 yen (Excluding consumption taxes and local
consumption taxes payable）
MID Urban Development Co., Ltd. is the sole unitholder of
MID REIT Management Co., Ltd., the asset managementcompany of MID REIT, with complete ownership of all of its
units of common stock issued and outstanding. This relationshipapplies to related parties of the asset managementcompany as stipulated by the Law for Investment Trusts andInvestment Corporations.

8. Settlement Method
The acquisition price will be paid to the seller in full using cash on hand by MID REIT at
the time the property is handed over (scheduled for April 3, 2007).
9. Acquisition Schedule
January 30, 2007 Reached decision to acquire property
January 30, 2007 Commenced trust beneficiary interest agreement
April 3, 2007
Acquire property in the form of trust beneficial interests (trust
beneficiary interest in real estate) (Planned)
10. Outlook
As for the impact of the acquisition of this property on MID REIT’s business results forthe fiscal period ending June 30, 2007 (January 1, 2007–June 30, 2007), please refer totoday’s announcement “Notice Regarding Revision of Business Results for the Fiscal
Period Ending June 31, 2007.”<Attachments>
Attachment 1: Appraisal Summary
Attachment 2: Property Portfolio after Acquisition of MID Imabashi Building
Attachment 3: Photographs of MID Imabashi Building
Attachment 4: Map of MID Imabashi Building（Japanese Ver.）

Note: This press release provides information regarding MID REIT’s “Notice Regarding Acquisition of Properties,” and is not preparedas an inducement or invitation for investment. All readers are advised to consult their own investment advisors before investing in MID
REIT. Investment decisions are made at the investors’ sole discretion and responsibility and are made at their own risk. MID REIT and
its affiliates disclaim any responsibility or liability for the consequence of investment in MID REIT.

Attachment 1
Appraisal Summary
Unit: Thousands of yen, unless otherwise stated (Note 1)
Appraiser
Tanizawa Sogo Appraisal
Co., Ltd.
Final Appraisal Value
3,270,000
Appraisal Date
January 1, 2007
Value Calculated Using the Direct Capitalization (DC) Method
3,330,000
Gross Income
263,834
Potential Gross Income
180,852
Vacancy Loss－9,043
Other Income
92,024
Total Expenses
78,075Administrative and Maintenance Expenses (Note 41,1902)
Real Estate Taxes
26,882Other Expenses
10,003
Net Operating Income (NOI)
185,759
Annual Capex Reserve
14,468Advertising Expenses, etc.
1,432
Net Cash Flow (NCF)
169,859
Overall Capitalization Rate
5.1%
Value Calculated Using the Discount Cash Flow (DCF) Method
3,240,000
Discount Rate
5.3%
Terminal Capitalization Rate
5.4%
Value Calculated Using the Cost Method
2,530,000
Ratio of Land Price
52.8%
Ratio of Building Price
47.2%
Location- andThe MID Imabashi Building is an office property located 350 meters east ofBuilding-Specific Yodoyabashi Station on the Midosuji Line of the Osaka Municipal Subway. TheConsiderations
Yodoyabashi area is a central business district that has a high concentration of
mid-to-high-rise office properties that include banks, securities companies,
insurance companies and others as tenants. Recent redevelopment of the existingbuildings is upgrading the area into a spacious business district featuring effective
land use. Offering excellent transportation access (within walking distance of theMidosuji Line Yodoyabashi Station and Kitahama Station), the MID Imabashi
Building provides a great environment and view, while keeping its status as ahigh-profile building. MID REIT believes that the MID Imabashi Building is ahighly competitive office property whose building specifications (quality offacilities, appearance, etc.) exceed the industry’s standards.
Note 1: Amounts presented in the table above have been rounded to the nearest one-thousandth.
Accordingly, the sum of the line items for each group may not add up to the amount shown in thesubtotal.
Note 2: Administrative and maintenance expenses include utility expenses.

Note: This press release provides information regarding MID REIT’s “Notice Regarding Acquisition of Properties,” and is not preparedas an inducement or invitation for investment. All readers are advised to consult their own investment advisors before investing in MID
REIT. Investment decisions are made at the investors’ sole discretion and responsibility and are made at their own risk. MID REIT andits affiliates disclaim any responsibility or liability for the consequence of investment in MID REIT.

Attachment 2
Property Portfolio after Acquisition of MID Imabashi BuildingTypeRegion

PropertyNo.

Property Name1

Twin 2123
Osaka Area45OfficeProperty

10

Matsushita IMP
Bldg.
Matsushita Denko
Bldg.
Midosuji MID
Bldg.
Higashinoda MID
Bldg.
MID Imabashi
Bldg.

Tokyo metropolitan
Kyobashi MID
6area,Bldg.
Government-designated
MIDcities (excluding the
7
Shibakanasugibashi
Osaka area) and otherBldg.
major cities
Subtotal（8 Properties）
Osaka area

8Konami Sports
Club Kyobashi

Acquisition
Investment
Price
Acquisition
Ratio(MillionsDate(%)
of Yen)Aug. 31,
68,70045.9
2006
Aug. 31,
24,60016.4
2006
Aug. 31,
7,620
5.1
2006
Aug. 31,
7,500
5.0
2006
Aug. 31,2,300
1.52006
April 3,3,270
2.2
2007(planned)
Aug. 31,
5,690
3.8
2006
1,160

0.8

120,840

80.7

2,780

1.9

Aug. 31,2006

Aug. 31,2006

RealestateTokyo metropolitan
otherarea,
AEON
thanGovernment-designatedAug. 31,
9Tsudanuma
26,100
17.4
officecities (excluding the2006
Shopping Center
properties Osaka area) and othermajor cities
28,88019.3
Subtotal（2 Properties）
149,720
100.0
Total（10 Properties）
Note 1: Investment ratios presented in the table above have been rounded to the nearest decimal
place. Accordingly, the sum of the investment ratio figures may not add up to 100.0%.
Note 2: Twin 21 is listed as one property consisting of the structure and limited proprietary rights
of applicable land.

Note: This press release provides information regarding MID REIT’s “Notice Regarding Acquisition of Properties,” and is not preparedas an inducement or invitation for investment. All readers are advised to consult their own investment advisors before investing in MID
REIT. Investment decisions are made at the investors’ sole discretion and responsibility and are made at their own risk. MID REIT andits affiliates disclaim any responsibility or liability for the consequence of investment in MID REIT.

Attachment 3
Photographs of the MID Imabashi Building

Note: This press release provides information regarding MID REIT’s “Notice Regarding Acquisition of Properties,” and is not preparedas an inducement or invitation for investment. All readers are advised to consult their own investment advisors before investing in MID
REIT. Investment decisions are made at the investors’ sole discretion and responsibility and are made at their own risk. MID REIT andits affiliates disclaim any responsibility or liability for the consequence of investment in MID REIT.

Attachment 4
Map of MID Imabashi Building（Japanese Ver.）

Note: This press release provides information regarding MID REIT’s “Notice Regarding Acquisition of Properties,” and is not preparedas an inducement or invitation for investment. All readers are advised to consult their own investment advisors before investing in MID
REIT. Investment decisions are made at the investors’ sole discretion and responsibility and are made at their own risk. MID REIT andits affiliates disclaim any responsibility or liability for the consequence of investment in MID REIT.