Creating peace of mind through honest and committed management.

[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

August 29, 2012
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Notice of Refinancing and Repayment of Existing Loan
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) today decided to borrow funds andrepay an existing loan. Details are per the below.
1. Reason for Refinancing
Following its merger with the former Ichigo Real Estate Investment Corporation on November
1, 2011, Ichigo REIT has pursued strategies to further its growth as a comprehensive J-REIT
while securing stable and steady profitability. Ichigo REIT has declared the period until October
2012 as “Stage I” of this growth strategy, with the aim of creating a foundation for growth bystrengthening its financial position, broadening its lender base, and reducing borrowing costs.
As an external growth strategy, Ichigo REIT is also striving to improve the quality of its
portfolio.
In accordance with this strategy, Ichigo REIT has decided to borrow 5,664 million yen as asyndicated loan (term: 2.5 years) with Aozora Bank as the arranger. Ichigo REIT will use thisloan to refinance the Aozora Bank Loan of 3,664 million yen, which will mature on August 31,
2012. The rest of the loan will be used to acquire “M’s SQUARE” as disclosed in the release“Acquisition of Portfolio Asset (M’s SQUARE)” today.
The acquisition of M’s SQUARE will constitute an important step in the improvement of theIchigo REIT asset portfolio. Further, the loan will be used to extend Ichigo REIT’s debt
maturities and diversify its lender base, which will additionally strengthen Ichigo REIT’s
financial position. Ichigo REIT borrowed the new loan at a lower interest rate than the priorloan, and the lowered borrowing costs, along with the new revenue generated from M’s
SQUARE, will contribute to dividend increases and the enhancement of unitholder value overtime.

2. Details of New Loan
Aozora Bank Syndicate Loan (2.5 years)
Lenders
Loan Amount
Use of Proceeds
Loan Date
Principal Repayment Date
Principal Repayment Terms

Partial Principal Repayment Date
Interest Rate
Interest Payment Date

Collateralized

Aozora Bank, Ltd., Shinsei Bank, Limited,
ORIX Bank Corporation
JPY 5,664 million
Repayment of existing loans and acquisition ofnew property
August 31, 2012
February 27, 2015
JPY 17,500,000 of the principal will be repaid
on each Partial Principal Repayment Date, andthe remainder will be repaid in full on thePrincipal Repayment Date.
Same as the Interest Payment Date
1.60269 % (p.a.)
Final business day of February, May, Augustand November following the Loan Date (The
first payment date will be end of November
2012, and the last payment date will be the sameas the Principal Repayment Date)
Yes

3. Details of Existing LoansAozora Bank Loan
LenderOutstanding Balance before Repayment
Outstanding Balance after Repayment
Loan Date
Repayment Date
Interest Rate
Collateralized

Aozora Bank, Ltd.
JPY 3,664 million (after partial principal
repayment on August 31, 2012)
None
February 29, 2008
August 31, 2012 (expected)
3M JPY TIBOR +2.25%
Yes

4. Future Outlook
Ichigo REIT is making no amendment to the earnings forecast for the fiscal period ending
October 2012 (May 1, 2012 – October 31, 2012) and April 2013 (November 1, 2012 – April 30,2013), as announced in “Financial Report for the Fiscal Period ending April 2012” on June 18,2012.
5. OtherRisks related to this transaction have no material impact on the “Investment Risks” described in
the latest Securities Report (submitted on July 27, 2012).

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Reference
Outstanding Loan Balance (as of August 31, 2012)(million yen)
GE Japan Corporation
Aozora Bank, Ltd.
Shinsei Bank, Limited
Gibraltar Life Insurance Co., Ltd.
Resona Bank, Limited
Mizuho Trust & Banking Co., Ltd. (Loan Backed by Trust Assets)/ Prudential LPS
The Tokyo Star Bank, Limited
Sumitomo Mitsui Banking Corporation
Mizuho Trust & Banking Co., Ltd.
The Kagawa Bank, Ltd.
ORIX Bank Corporation
Total

Balance
28,460
4,583
4,419
3,800
2,953
2,910
2,895
2,879
2,879
1,412
500
57,693Distribution of Repayment Dates (as of August 31, 2012)(million yen)
40,00028,46030,00020,00010,498

8,107

10,000

5,366
2,732

2,000
0
Oct 2012

Apr 2013

Oct 2013

Apr 2014

Oct 2014

Apr 2015

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

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Oct 2015

Apr 2016

Oct 2016

Apr 2017