January 29, 2007
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: CEOInquiries:
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 the property today.

Details of the acquisition areas follows.

1, Assets Summary(1) AMS TOWER Minami 6-Jo
① Property Name: AMS TOWER Minami 6-Jo
② Type of Scheduled Acquisition: Trust beneficiary interest③ Category of Properties: Residential④ Scheduled Acquisition Price (*1): 1,400 million yen⑤ Scheduled Date of Purchase Agreement: January 30, 2007
⑥ Scheduled Date of Acquisition: March 29, 2007 or a date agreed upon in writing by the Seller
and the Buyer⑦ Seller (*2): AMS Co. , Ltd⑧ Acquisition Funds: Borrowing funds or own 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 the property described above in order to (i) secure stableprofits and steady growth in investment assets from a medium-to long-term perspective inaccordance with “Asset Management Objectives and Policies” provided for by Articles ofIncorporation of the Investment Corporation, and (ii) establish diversified portfolios in connection
with the location of properties through collaboration with pipeline support companies, which avoid
the risk of economic fluctuation or the earthquake risk from intensive investment in specific area.
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 toprefer young properties. Therefore, it is considered that acquiring such properties under development
contributes to secure stable profits of the Investment Corporation from a medium-to long-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 tobe acquired, 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. In addition, it is scheduled to avoid the risk from fluctuation of rental market by making it aprecondition for the payment of the purchase price that executing a Master Lease Agreement withBig Service Co., Ltd (scheduled Master Lease Company). Under the agreement, Big Service Co.,Ltd shall pay 95 % of total monthly rent for three years from the entrustment of the property unlessthe occupancy rate of the property reach to 95 % (calculated based on the rent).

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 the property shown above has been reported by thethird-party institution through investigation as follows.
① Investigator
Company’s NameKozo 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. Structural Design/Analysis etc of Buildings

RelationshipwiththeNone

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

5, Seller’s ProfileCompany’s NameAMS Co., Ltd

Location (Head Office)3-15, 4-chome, Minami 9-Jo Nishi, Chuo-ku, Sapporo-shi, Hokkaido

Representative

Representative Director : Houju Sugawara

Capital10 million yen (As of January 17, 2007)

Business Activities

Sale & Purchase, Lease, Management and Brokerage of Real Estate.
Publication and Sale of Housing Information Magazine

Relationship with the Investment Corporation

None

6, Seller’s Situation
Previous Owner

Owner

beforeprevious owner
Company’s NameAMS Co., Ltd

Relationship with special stakeholder

None

Circumstances/Reason of Transaction

Company’s own development property

Acquisition PriceOmission (The owner before the previous owner doesnot exist)

Acquisition Date―None7, Transaction with Stakeholders, etc
AMS Co., Ltd (Seller of the aforementioned property) does not correspond to Sponsor-related party(*) under the self-regulation by Asset Management Company which is the measure of conflict ofinterests concerning asset management of Investment Corporation as of January 29,2007. With
respect to the sale and purchase of the property, Big Co., Ltd mediates the transaction as a broker.
The company corresponds to sponsor- related company and is one of the main shareholders whichholds 2.65% of shares in the Asset Management Company.

Therefore, regarding this brokerage, it

is deliberated and resolved in accordance with the self-regulation above. Additionally, theInvestment Corporation will execute a Master Lease Agreement and a Property Management
Agreement with Big Service Co., Ltd which is a subsidiary of Big Co., Ltd. Big Service Co., Ltd issimilar to Sponsor-related party under the self-regulation. Therefore, this transaction is alsodeliberated and resolved in accordance with the self-regulation.

(*) 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 ProfileBig Co., Ltd mediates the property’s transaction between the Investment Corporation and AMS Co.,Ltd as a broker. Big Co., Ltd is a main shareholder which holds 2.65 % of shares in the AssetManagement Company and corresponds to sponsor-related party under the self- regulation by AssetManagement Company which is the measure of conflict of interests concerning asset management ofInvestment Corporation. Regarding the property’s acquisition, the Investment Corporation pays
¥42,000,000 (excluding tax) as a brokerage fee to Big Co., Ltd.

9, Form of Payment
With respect to the aforementioned property, the Investment Corporation plans a package payment ofthe 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 property are March 29, 2007 or a date

agreed upon in writing by the seller and the buyer. Therefore, there is no change concerning theforecasts 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]
Property No：

R-26

Property Name：AMS TOWER Minami 6-Jo
Property Feature

The property is a high-rise apartment for rent under construction. It is adjacent to the exit “No.7” of “Toho-Susukino” station (Sapporo-shiei chikatetsu
Toho-Line). On the north side of “Susukino” area, where the property locates, there is “Odori” area where is the center of commercial area having department
store, other retail stores, head office or branch of corporations, and public offices. In addition, “Susukino” area is adjacent to “Nakajima Koen” area which has
cultural aspects (many public facilities). “Hosui-Susukino” station (the nearest station of the property) has very good accessibility. It takes 2 minutes to “Odori”
station which is the center of the businesses and governmental offices and 4minutes to “Sapporo” station (a terminal station). It is expected that there is relatively
stable market for single people commuting to the center of the city.
Address

5, 2-chome, Minami 6-Jo Nishi, Chuo-ku, Sapporo-shi, Hokkaido

Land Number

5-15 other 3 number, 2-chome, Minami 6-Jo Nishi, Chuo-ku, Sapporo-shi, Hokkaido

Location

Land

Type of Ownership

Ownership right

Use area

Commercial area

Site area

Summary of Engineering Report （Unit：\ in thousand）(*2）
Investigation Company

Takenaka Corporation

597.4 ㎡

Time of Investigation

December 15, 2006

Floor area ratio

800%

Urgent0Bldg coverage ratio

80%

RepairingWithin 1 year

0cost

Average for 12

Type of Ownership

Ownership right

3,999yearsUsage（* 1）Apartment

Floor space (* 1）

5,918.7 ㎡

Earthquake PML Index

3.0%

Summary of Real Estate Appraisal Report （Unit：\ in million）(*2）

Structure・Number ofＲＣ, partly S, 21Ｆ
Bldg

Appraiser

Tanizawa Sogo Appraisal Co. ,LtdMarch, 2007 (Scheduled)

Appraisal Date

December 15, 2006

Japan ERI Co. ,Ltd

Appraisal Value

Floor （* 1）Completion date
Bldg Inspection Agency
Architect

Kankyo Sekkei Co. ,Ltd

1,400

Capitalization approach price

1,400

Price calculated by the direct
Constructor

Sato Kogyo Co. ,Ltd

1,410
capitalization approach

Current Owner

AMS Co. ,Ltd

Previous Owner―Gross income118

Rental income

113

Other income

5Mitsubishi UFJ Trust and BankingTrustee
Corporation (Scheduled)
Scheduled expiration date of trust
To be determined

Gross expenses

36termＰＭ Company

Big Service Co. ,Ltd （Scheduled）

Maintenance management

5Master Lease Company

Big Service Co. ,Ltd （Scheduled）

Water /Utility

3Expense for commission ofType of Master Lease

Pass through （Scheduled）

5building management

Lease Details （Unit：\ in thousands）
Investigation date

December 29,2006

Total number of tenant-The number of leasable unit

120 units （Scheduled）

Tax & public charge

13Damage insurance

1Others

1

Leasing advertisement

6

Reserve for big-scale
The number of lease unit-

3
repairing expense

Leasable floor area

4,499.2 ㎡(Scheduled)

NOI91

-NCF

82

Floor area
Monthly rent（Assume no vacancy）

10,350(Scheduled)

Capitalization rate

5.8%

Price calculated by the discount cash
Deposit/ Security deposit

-

1,400
flow approach

Occupancy rate（based on area）-

Discount rate

5.8%

Terminal cap rate

6.1%

Property
Number ofUnit

Ratio of Unit

Ratio of Area

TypeCompact

80

67%

56%

Cost approach price

1,300

Spacious

4033%

44%

Land price

210

Others---Bldg price

1,090

Scheduled Acquisition Price（Unit：￥in million）

1,400

Notes
１．It is scheduled to conclude Master Lease Agreement with Big Service Co. , Ltd (Master Lease Company). Under this agreement, Big Service Co.., Ltd warrants
95% of total monthly rent to end ‒tenant for 3 years after the date of creation of trust until the occupancy rate of the property does reach to 95 %.
２．A part of the land（38.92 ㎡） of this property has a burden of surface right without compensation. The purpose of the surface right is to own a construction usedas stairs of subway.

(* 1) The column “Usage,” “Floor space” and “Structure, Number of Floor” are based on a building certification“No. ERI06033928” issued on

November 20, 2006 because the registration of the building has not been completed yet.
(* 2) The Investment Corporation makes no warranties as to accuracy or completeness of the description in the column “Summary of Engineering
Report” and “Summary of Real Estate Appraisal Report.”

【Appendix１】Photograph of the Scheduled Acquisition Property
AMS TOWER Minami 6-Jo（Residential Property）

【Appendix 2】Portfolio after the acquisition of the property（Scheduled）
Investment
Category of

Number ofProperties

Properties

Property Name

(Scheduled)

Acquisition

Acquisition Date

Price

AreaRatio（\ in million）

Residential（％）

R-1

City House Tokyo Shinbashi

Greater Tokyo

May 25,2006

2,790

5.1%

R-2

Pure City Roppongi

Greater Tokyo

May 23,2006

525

1.0%

R-3

Winbell Kagurazaka

Greater Tokyo

May 23,2006

3,690

6.8%

R-4

Nishiwaseda Crescent Mansion

Greater Tokyo

May 23,2006

2,190

4.0%

R-5

Lexington Square Akebonobashi

Greater Tokyo

May 25,2006

1,600

2.9%

R-6Montserrat Yotsuya

Greater Tokyo

May 23,2006

557

1.0%

R-7Casa Eremitaggio

Greater Tokyo

May 25,2006

1,240

2.3%

R-8

Homest East Hills

Greater Tokyo

May 23,2006

521

1.0%

R-9Lexington Square Shimokitazawa

Greater Tokyo

May 25,2006

2,700

4.9%

R-10

Homest Ikejiri

Greater Tokyo

May 23,2006

806

1.5%

R-11Towa City Cope Shin-otsukaⅡ

Greater Tokyo

May 25,2006

937

1.7%

R-12Towa 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

1.0%

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

5.5%

R-24

Lexington Square Daitabashi

1,019

1.9%

525

1.0%

1,400

2.6%

March 29,2007

Greater Tokyo(Scheduled)
March 29,2007

R-25

Lexington Square Honjo-Azumabashi

Greater Tokyo(Scheduled)
March 29, 2007

R-26

AMS TOWER Minami 6-Jo

Hokkaido(Scheduled)Sub-Total

Senior

56.9%

S-1

Bon Sejour Chitose Funabashi

Greater Tokyo

March 25,2006

791

1.4%

S-2

Bon Sejour Yotsugi

Greater Tokyo

March 25,2006

765

1.4%

S-3

Bon Sejour Hino

Greater Tokyo

March 25,2006

699

1.3%

S-4

Bon Sejour Musashi-Shinjo

Greater Tokyo

November 24,2006

610

1.1%

2,8655.3%

Sub-Total

Others31,022

OfficeO-1

Otsuka Cent Core Building

Greater Tokyo

May 25,2006

2,540

4.7%

OfficeO-2

Ueno Fujita Estate 1

Greater Tokyo

May 23,2006

1,840

3.4%

OfficeO-3

Cross Square NAKANOGreater Tokyo

May 23,2006

1,038

1.9%

RetailO-4

Lexington Plaza Hachiman

TohokuMay 23,2006

4,760

8.7%

OfficeO-5

Ohki Aoba Building

TohokuMay 25,2006

847

1.6%

RetailO-6

Loc Town Sukagawa

TohokuMay 23,2006

2,563

4.7%

OfficeO-7

Lexington Plaza Sakaeminami

Chubu

May 25,2006

2,400

4.4%

RetailO-8

Valor Takinomizu-shop

ChubuMay 23,2006

2,230

4.1%

HotelO-9

November 24,2006

2,450

4.5%

20,66837.9%

54,555100.0%

Lexington Plaza Hiroshima

Chugoku・Otemachi

Shikoku
Sub-Total
Total(*1) “Area” is divided into 6 sub-areas which consist of prefectures shown below.
Hokkaido area: Hokkaido
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 withprecedent condition is shown (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.