January 5, 2022
For Immediate Release
Real Estate Investment Trust Securities Issuer:
Comforia Residential REIT, Inc
21-1 Dogenzaka 1-chome, Shibuya-ku,Tokyo
Takehiro Izawa
Executive Director(Code: 3282)
Asset Management Company:
TLC REIT Management Inc.
Masaoki Kanematsu
President & CEO
Inquiries:
Daisuke Kawauchi
General Manager of Strategy Department
Comforia Management Division(TEL: +81-3-6455-3388)

Notice Concerning Acquisition of Investment Assets (COMFORIA SAKURAJOSUI and other 5 assets)

Comforia Residential REIT, Inc (“CRR”) announces that TLC REIT Management Inc. (“TRM”), to which
CRR entrusts management of its assets decided today for CRR to acquire the investment assets as shown below.
In addition, the acquisition of investment assets was approved by CRR’s Board of Directors in accordance with
the Act on Investment Trusts and Investment Corporations (Act No.198 of 1951. Including subsequent revisions)(“Act on Investment Trusts and Investment Corporations”) and the bylaws of TRM concerning transaction withinterested parties. (Please refer to “7. TRM’s Interested Parties in the Assets to be Acquired”)
1. Summary of the Acquisition
No.

Type of Asset

Property Name

Acquisition Price(thousand yen)
(Note)

1
2
3
4
5
6

Beneficial Interest in
Real Estate Trust
Beneficial Interest in
Real Estate Trust
Beneficial Interest in
Real Estate Trust
Real Estate
Beneficial Interest in
Real Estate Trust
Beneficial Interest in
Real Estate Trust

CAMPUS VILLAGE URAYASU

1,500,000

CAMPUS VILLAGE KYOTOFUSHIMI

1,075,000

GRANCREER BAJIKOEN (LAND)

4,546,000

GRANCREER TACHIKAWA

2,933,000

COMFORIA AKIHABARA NORTH

1,850,000

COMFORIA SAKURAJOSUI

3,750,000

Total

15,654,000(Note) “Acquisition Price” denotes the amount exclusive of the various expenses required in the acquisition of theconcerned asset, etc. (brokerage commission, taxes and public dues, etc.) (the amount of real estate or
beneficial interest in real estate trust specified in the Agreement on Purchase and Sale).

(1) Date of Agreement(2) Date of Acquisition

January 5, 2022
No.1
February 1, 2022
No.2
March 25, 2022

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-1-(3) Seller(4) Financing for acquisition(5) Method of payment

No.3, 4
March 29, 2022
No.5, 6
April 4, 2022
Tokyu Land Corporation (Refer to “5. Summary of the Seller”)
Proceeds from the issuance of new investment units outlined in the press release“Notice Concerning Issuance of New Investment Units and Secondary Offering ofInvestment Units” separately announced today, borrowings (Note) and own funds.
Full payment at the time of delivery(Note) CRR will announce the details of the borrowings once it's determined.

2. Reason for the Acquisition
TRM decided to acquire the investment assets based on asset management class and policy described in bylaws to ensurestable earnings and steady growth of the portfolio. On deciding to acquire the investment assets, TRM evaluated thefeatures of the properties, etc. of the assets stated in “3. Summary of the Assets to be Acquired.”

3. Summary of the Assets to be Acquired(1) CAMPUS VILLAGE URAYASU
Property Name

CAMPUS VILLAGE URAYASU

Type of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Mitsubishi UFJ Trust and Banking Corporation

Land

Building

February 1, 2037
2-13-2 Kitazakae, Urayasu-shi, Chiba

Area (Note 1)

1,076.00 m2

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors(Note 1)Gross Floor Area (Note 1)

March, 2020

Type of Ownership

Ownership

RC / 5F
2,158.02 m2

Use (Note 1)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

Boarding house / Garbage depot

Appraisal Company

Japan Real Estate Institute

Appraisal Value

1,510,000 thousand yen (Appraisal Date: October 31, 2021)

CollateralNone
The summary of the master lease agreement with the master lease company is asshown below.
(1) Agreement type: Fixed-term building lease agreement(2) Agreement term: From March 16, 2020 to March 31, 2030
The property is located an 8-minute walk from Urayasu Station on the Tokyo
Metro Tozai Line, and is a student residence developed by the sponsor mainly
for students who commute to universities in Tokyo and Chiba Prefecture. The
property is located in the Urayasu area, which has good access to the city center,and it takes an approximately 21-minute train ride to Kudanshita Station which
has good access to several universities in the Jinbocho and Kudanshita areas, andstudents can also commute to the surrounding universities by bicycle as well.
The building has a cafeteria, lounge, and shared kitchen, as well as a full rangeof common facilities, security features, and services. In addition, the surroundingarea is full of restaurants, supermarkets, and other convenient facilities for daily
life, making it highly convenient. Given these features, solid rental demand isSpecial affairs (Note 4)

Features of the Property

NATIONAL STUDENTS INFORMATION CENTER CO., LTD. (Note 10)
Shigma Japan K. K. (Note 11)
Non-Pass-through type

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-2-

expected mainly from students who place a primary emphasis on proximity touniversities, etc. and a pleasant and convenient residential environment.
Summary of Rental Status (as of October 31, 2021) (Note 5) (Note 6)
Rentable Area

2,158.02 m2

Rented Area

2,158.02 m2

Occupancy Rate

100.0 %

Rentable Units

98 Units

Rented Units

98 Units

Total Number of Tenants

1

Total Monthly Rent

6,174 thousand yen

Security Deposit

12,348 thousand yen

Summary of the Engineering Report (Note 7)
Reporting Company

Tokio Marine dR Co., Ltd.

Report Date
Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value

December, 2021――
43,827 thousand yen
595,100 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

November, 2021

PML

8.4 %

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

Freecs Co., Ltd.

Contractor

First-corporation Inc.

Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.

UHEC (K.K. Toshi Kyojyuu Hyouka Center)(2) CAMPUS VILLAGE KYOTOFUSHIMI
Property NameTokyo Bldg-Tech Center Co., Ltd

CAMPUS VILLAGE KYOTOFUSHIMIType of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Mitsubishi UFJ Trust and Banking Corporation

Land

Building

March 25, 2037
24-1 Takedakitamitsuguicho, Fushimi-ku, Kyoto-shi, Kyoto

Area (Note 1)

1,068.76 m2

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors(Note 1)Gross Floor Area (Note 1)

February, 2020

Type of Ownership

Ownership

Use (Note 1)

Boarding house

RC / 5F
2,154.96 m2<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-3-

Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

NATIONAL STUDENTS INFORMATION CENTER CO., LTD. (Note 10)
Shigma Japan K. K. (Note 11)
Non-Pass-through type

Appraisal Company

DAIWA REAL ESTATE APPRAISAL CO., LTD

Appraisal Value

1,090,000 thousand yen (Appraisal Date: October 31, 2021)

CollateralNone
The summary of the master lease agreement with the master lease company is asshown below.
Special affairs (Note 4)(1) Agreement type: Fixed-term building lease agreement(2) Agreement term: From March 2, 2020 to March 31, 2030
The property is located a 4-minute walk from Kuinabashi Station on the Kyoto
Municipal Subway Karasuma Line and a 7-minute walk from Takeda Station on
the Kintetsu Kyoto Line, and is a student residence developed by the sponsor
mainly for students who commute to universities in Kyoto City. The property is
located in the "Kyoto Fushimi" area where several universities, etc. are located,and students can commute to the surrounding universities, etc. on foot or bybicycle, and also have good access to several universities, etc. located in Kyoto
Features of the Property
City. The property received the Good Design Award in 2020, and the building
has a cafeteria, multipurpose room, and other substantial common facilities, aswell as excellent security and services. In addition, the surrounding area is fullof restaurants, supermarkets, and other convenient facilities for daily life,
providing excellent convenience. Given these features, solid rental demand is
expected mainly from students who place a primary emphasis on proximity touniversities, etc. and a pleasant and convenient residential environment.
Summary of Rental Status (as of October 31, 2021) (Note 5) (Note 6)
Rentable Area

2,154.96 m2

Rented Area

2,154.96 m2

Occupancy Rate

100.0 %

Rentable Units

95 Units

Rented Units

95 Units

Total Number of Tenants

1

Total Monthly Rent

4,990 thousand yen

Security Deposit

9,980 thousand yen

Summary of the Engineering Report (Note 7)
Reporting Company

Tokio Marine dR Co., Ltd.

Report Date
Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value

December, 2021――
36,029 thousand yen
584,600 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

November, 2021

PML

1.8 %

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

YUMA ARCHITECTURAL OFFICE

Contractor

Hokuwa Corporation<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-4-Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.

(3) GRANCREER BAJIKOEN (LAND)
Property NameJapan ERI Co., Ltd.
General Building Research Corporation of JapanGRANCREER BAJIKOEN (LAND)

Type of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Mitsubishi UFJ Trust and Banking Corporation
March 29, 2037
1-22-23 Kamiyoga, Setagaya-ku, Tokyo

Area (Note 1)

7,799.15 m2 (Note 12)

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors(Note 1)Gross Floor Area (Note 1)―

Type of Ownership―

Use (Note 1)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)―

Appraisal Company

Japan Real Estate Institute

Appraisal Value

4,600,000 thousand yen (Appraisal Date: October 31, 2021)

CollateralNone
A general fixed-term leasehold stipulated in Article 22 of the Act on Land andBuilding Leases is scheduled to be established on this property. The summary of
the fixed-term leasehold agreement is as follows. The leaseholder (building
owner) will be Tokyu Land Corporation.
(1) Agreement type: General fixed-term leasehold agreement(2) Agreement term: From March 29, 2022 to March 31, 2077
(3) Rent: 14,435,000 yen per month(4) Guarantees: 86,610,000 yen(5) Rent revision: Rent may not be revised for 10 years from thecommencement date of this agreement. However, after 10 years from thecommencement of this agreement, in the event of significant changes in
economic circumstances (including changes in fixed property taxes, etc.),
etc., discussions shall be held in accordance with a predetermined method.
(6) Cancellation: In principle, the agreement cannot be cancelled before the endof the term.
(7) Other: The leaseholder may transfer the leased land to a third party onlywith the consent of the lessor.
The property is a land (leasehold land) where a residential-type fee-based home
for the elderly with 1LDK, 2LDK, and 3LDK type rooms and various common
facilities such as a swimming pool, fitness salon, business salon, and billiard
room has been built. Located a 15-minute walk from Yoga Station on the Tokyu
Denentoshi Line, the property is in an area where people can feel nature andculture close at hand, with The Baji Koen Equestrian Park with lush greenery
where events are held to interact with horses, as well as the Machiko Hasegawa
Art Museum, the Goto Art Museum, the Setagaya Art Museum and many othermuseums in the vicinity. The leasehold agreement is for 55 years, which is
expected to secure long-term stable income. In addition, since the property isLand

Building

Special affairs (Note 4)

Features of the Property

―
―

―
―
―

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-5-

owned only as land, there is no burden of depreciation and amortization, whichis expected to contribute to distributions.
Summary of Rental Status (as of March 29, 2022) (Note 5) (Note 6)
Rentable Area

7,799.15 m2

Rented Area

7,799.15 m2

Occupancy Rate

100.0 %

Rentable Units―

Rented Units―

Total Number of Tenants

1

Leaseholder (Building Owner)

Tokyu Land Corporation

Total Monthly Rent

14,435 thousand yen

Security Deposit

86,610 thousand yen

Summary of the Engineering Report (Note 7)
Reporting Company―

Report Date
Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value

―
―
―
―
―

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company―

Report Date

―

PML

―

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect―

Contractor―

Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.

―

(4) GRANCREER TACHIKAWA
Property Name―

GRANCREER TACHIKAWA

Type of Asset

Real Estate

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

―

Land

Building―
2-3-21 Fujimicho, Tachikawa-shi, Tokyo

Area (Note 1)

2,636.37 m2

Type of Ownership

Fixed-term leasehold

Completion Date (Note 1)
Structure / Number of Floors(Note 1)Gross Floor Area (Note 1)

May, 2020

Type of Ownership

Ownership

Use (Note 1)

Apartment building / Homes for the elderly

RC / 6F
8,125.43 m2<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-6-

Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

Tokyu Land Corporation
Tokyu Land Corporation
Non-Pass-through type

Appraisal Company

Japan Real Estate Institute

Appraisal Value

2,960,000 thousand yen (Appraisal Date: October 31, 2021)

CollateralNone
1. A domestic general incorporated association owns the entire plot of the land.
In accordance with the fixed-term leasehold agreement, a fixed-term leasehold
stipulated in Article 22 of the Act on Land and Building Leases has been
established. Details of the fixed-term leasehold agreement are not disclosed asconsent has not been obtained from the land owner.
2. The summary of the master lease agreement with the master lease company is
as shown below.
(1) Agreement type: General building lease agreement(2) Agreement term: From March 29, 2022 to May 31, 2040
(3) Rent revision: Rent revisions can be made only every 10 years from April
2032 onwards. In the case where there is a request for revision by lessor orlessee, consultation will be made in consideration of the status of profit andloss concerning the homes for the elderly business to be carried out in thisSpecial affairs (Note 4)
property, the future prospects for repair and renewal expenses in connection
to this property, market rent level, etc. Rent shall be revised only when an
agreement is reached between the parties.
(4) Agreement renewal: The contract shall be renewed for another ten years incase neither lessor nor lessee indicates their intention to reject the renewal
to the other party by no later than six months before the contract expiration
date. This shall be applied thereafter.
(5) Cancellation: Lessor and lessee cannot cancel this agreement for any reason
until 10 years from the commencement date of the agreement. In addition,even after 10 years have elapsed from the commencement date of theagreement, or even during the lease period after renewal, both lessor andlessee are unable to cancel this agreement unless they agree with thecounterparty.
The property consists of a residential-type fee-based home for the elderly with a
total of 91 rooms of 1R, 1LDK, and 2LDK types, and a fee-based home for theelderly with nursing care with a total of 40 rooms. The common facilities include
a private dining room that can be used for meals with family and friends, as well
as a roof terrace and Creer Hall, spaces where residents can interact with eachother. Located an 11-minute walk from Tachikawa Station on the JR Chuo Line
Features of the Property
and three other lines, which is one of the major terminal stations in the Tamaarea, a wide range of demand can be expected mainly from this area. In addition,
the National Showa Kinen Park near the north side of the property offers anenvironment where people can enjoy the four seasons close at hand, and theannual fireworks display held in the park can be viewed from the roof terrace ofthe property. Given these characteristics, solid rental demand from elderly
persons who seek residential comfort is expected for the property.
Summary of Rental Status (as of March 29, 2022) (Note 5) (Note 6)
Rentable Area

8,125.43 m2

Rented Area

8,125.43 m2

Occupancy Rate

100.0 %

Rentable Units

131 Units

Rented Units

131 Units

Total Number of Tenants

1

Total Monthly Rent

19,165 thousand yen

Security Deposit

114,990 thousand yen

Summary of the Engineering Report (Note 7)<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-7-

Reporting Company

Tokio Marine dR Co., Ltd.

Report Date
Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value

December, 2021――
88,253 thousand yen
2,359,700 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

November, 2021

PML

8.2 %

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

Haseko Corporation

Contractor

Haseko Corporation

Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.

UHEC (K.K. Toshi Kyojyuu Hyouka Center)
The Tokyo Metropolitan Town Creation Center for Disaster Prevention andConstruction

Overview of Residents and Facility (GRANCREER TACHIKAWA Senior Residence) (Note 13)
Operator

Tokyu E-Life Design Inc.

Opening Date

September 1, 2020

Type of Facility

Residential-type fee-based homes for the elderly

Number of Rooms

91 room

Resident Capacity

178 people

Condition of Rights of Resident

Right to use

Room Area Range

28.89 - 64.77 m2

Entering Requirement

Self-reliant

Number of Residents―

Occupancy Rate―

Average Required Level of Nursing Care―

Average Age of Residents―

Service Fee Payment Method
One-time Entrance Fee BasisMonthly Fee Basis

One-time Entrance Fee

20,880 - 151,308 thousand yen

None

Monthly Service Fee

226,000 yen

400,000 - 693,000 yen

Staff Engaged in Nursing Care
Staff at Nighttime (number of staff members
at minimum)

Cooperative Medical Organization

Cooperative Dentistry Organization―
1 person
Medical Corporation Foundation Tachikawa Chuo Hospital
Medical Corporation Foundation Tachikawa Chuo Hospital Kenkou Clinic
Medical Foundation Keikokai Ishii Hospital
Suwanomori Clinic
Medical Corporation Toranokai San-tama Zaitaku Clinic
Medical Corporation Daiko Takeru Dental Clinic<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-8-

Overview of Residents and Facility (GRANCREER TACHIKAWA Care Residence) (Note 14)
Operator

Tokyu E-Life Design Inc.

Opening Date

November 1, 2020

Type of Facility

Fee-based home for the elderly with nursing care (general)

Number of Rooms

40 room

Resident Capacity

40 people

Condition of Rights of Resident

Right to use

Room Area Range

18.00 - 20.00 m2

Entering Requirement

Mixed type (exclude self-reliant)Number of Residents―

Occupancy Rate―

Average Required Level of Nursing Care―

Average Age of Residents―

Service Fee Payment Method
One-time Entrance Fee BasisMonthly Fee Basis

One-time Entrance Fee

7,620 – 10,668 thousand yen

None

Monthly Service Fee

304,100 yen

431,100 yen

Staff Engaged in Nursing Care
Staff at Nighttime (number of staff members
at minimum)
Cooperative Medical Organization
Cooperative Dentistry Organization(5) COMFORIA AKIHABARA NORTH
Property Name

2:1 or more
2 people
Suwanomori Clinic
Medical Corporation Toranokai San-tama Zaitaku Clinic
Medical Corporation Daiko Takeru Dental Clinic

COMFORIA AKIHABARA NORTH

Type of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Mitsubishi UFJ Trust and Banking Corporation

Land

Building

April 4, 2037
1-1-13 Taito Taito-ku, Tokyo

Area (Note 1)

316.99 m2

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors(Note 1)Gross Floor Area (Note 1)

July, 2020

Type of Ownership

Ownership

RC / 14F
2,325.07 m2

Use (Note 1)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

Apartment building

Appraisal Company

JLL Morii Valuation & Advisory K.K.

Appraisal Value

1,880,000 thousand yen (Appraisal Date: October 31, 2021)

Collateral

None

Special affairs (Note 4)

None

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through type

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

-9-The property comprised of mainly single-type rooms and some compact-typerooms is located a 9-minute walk from Akihabara Station on the JR Yamanote
Line, the JR Keihin-Tohoku Line, the JR Chuo Sobu Local Line and two otherlines, a 8-minute walk from Asakusabashi Station on the JR Chuo Sobu Local
Line and the Toei Asakusa Line, and a 10-minute walk from Shinokachimachi
Station on the Toei Oedo Line and Tsukuba Express Line. With 3 stations and 7
Features of the Propertylines available, and approximately a 4-minute train ride to Tokyo Station andapproximately a 4-minute train ride to Ueno Station, it has excellent access tomajor business and commercial zones. The vicinity of Akihabara Station, aterminal station, has recently developed into a bustling town gathering attention
as a new IT hub. Given these characteristics, solid rental demand focused mainly
on singles and DINK families who place an emphasis on a city-center location,a convenient residential environment is expected.
Summary of Rental Status (as of October 31, 2021) (Note 5)
Rentable Area

1,796.01 m2

Rented Area

1,659.74 m2

Occupancy Rate

92.4 %

Rentable Units

55 Units

Rented Units

51 Units

Total Number of Tenants

1

Total Monthly Rent

7,446 thousand yen

Security Deposit

9,223 thousand yen

Summary of the Engineering Report (Note 7)
Reporting Company

Tokio Marine dR Co., Ltd.

Report Date
Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value

December, 2021――
20,943 thousand yen
654,100 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

November, 2021

PML

4.3 %

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

United Liberty Architects, Inc.

Contractor

Mori-Gumi Co., Ltd.

Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.

Fuji Building Center, Inc.

(6) COMFORIA SAKURAJOSUI
Property NameTokyo Bldg-Tech Center Co., Ltd

COMFORIA SAKURAJOSUIType of Asset

Beneficial Interest in Real Estate Trust

Trustee of Beneficial Trust (planned)
Expiration Date of Beneficial Trust Contract(planned)
Location (Residential address) (Note 1)

Mitsubishi UFJ Trust and Banking Corporation
April 4, 2037
4-6-4 Shimotakaido Suginami-ku, Tokyo<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 10 -

Land

Building

Area (Note 1)

2,094.95 m2

Type of Ownership

OwnershipCompletion Date (Note 1)
Structure / Number of Floors(Note 1)Gross Floor Area (Note 1)

March, 2020

Type of Ownership

Ownership

RC / 9F
4,517.88 m2

Use (Note 1)
Property Management Company (Note 2)(planned)
Master Leasing Company (Note 3)(planned)
Master Leasing Type (planned)

Apartment building

Appraisal Company

The Tanizawa Sōgō Appraisal Co., Ltd.

Appraisal Value

3,850,000 thousand yen (Appraisal Date: October 31, 2021)

Collateral

None

Tokyu Housing Lease Corporation
Tokyu Housing Lease Corporation
Pass-through typeSpecial affairs (Note 4)

None
The property comprised of mainly single-type rooms and some compact-typerooms is located a 9-minute walk from Sakurajosui Station on the Keio Line anda 7-minute walk from Kamikitazawa Station on the same line. With 2 stations
available, and approximately a 7-minute train ride to Shinjuku Station andapproximately a 8-minute train ride to Shibuya Station, it has excellent access to
Features of the Property
major business and commercial zones. Sakurajosui Shopping Street stretchingfrom north to south across Sakurajosui Station is lined with stores andrestaurants, etc., and the surrounding area is full of convenient facilities such as
supermarkets and convenience stores. Given these characteristics, solid rental
demand focused mainly on singles and DINK families who place an emphasis
on a city-center location, a convenient residential environment is expected.
Summary of Rental Status (as of October 31, 2021) (Note 5)
Rentable Area

3,990.30 m2

Rented Area

3,904.82 m2

Occupancy Rate

97.6 %

Rentable Units

130 Units

Rented Units

127 Units

Total Number of Tenants

1

Total Monthly Rent

15,503 thousand yen

Security Deposit

20,425 thousand yen

Summary of the Engineering Report (Note 7)
Reporting Company

Tokio Marine dR Co., Ltd.

Report Date
Estimated Amountof Emergency Repair Expenses
Estimated Amountof Short-Term Repair Expenses
Estimated Amountof Long-Term Repair Expenses
Replacement Value

December, 2021――
38,659 thousand yen
1,284,700 thousand yen

Summary of the Earthquake Risk Analysis (Note 8)
PML Reporting Company

Sompo Risk Management Inc.

Report Date

November, 2021

PML

5.5 %

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 11 -

Architect/Contractor/Building Permit Agency, etc. (Note 9)
Architect

Stylex, Inc.

Contractor

GODA KOUMUTEN CO., LTD.

Building Permit Agency
Investment Agency or Structural
Calculation Fitness Judge, etc.

JAIC (Japan Architecture Inspection Center)
Tokyo Bldg-Tech Center Co., Ltd(Note 1) “Location” is based on the residential address. However, for properties that have no residential address, the building address on
the registry is indicated. In addition, “Area” of “Land,” “Completion Date,” “Structure / Number of Floors,” “Gross Floor Area”
and “Use” of building are based on information in the real estate registry, and may not necessarily be identical with the actual
figures. “Gross Floor Area” of building denotes the area of the entire building (excepting annexes).
(Note 2) “Property Management Company” is the company that has provided or is scheduled to provide property management service foreach property.
(Note 3) “Master Leasing Company” is the lessee that has conducted or is scheduled to conclude a master lease agreement with the titleholderof each property.
(Note 4) “Special affairs” are matters recognized as important, regarding the right and use, etc. of the asset, as well as consideration of thedegree of impact on the appraised value, profitability, and appropriation. They include the following matters:i Significant limitation or restriction by laws, regulations and rules
ii Significant burdens or limitations on rights, etc.
iii Significant cases where there are architectural structures crossing the boundaries of the concerned property, etc. and cases
where there are issues with boundary confirmation, etc., and related arrangements, etc.
iv Significant agreements, arrangements, etc. concluded with co-owners / sectional owners.
(Note 5) Explanation of “Summary of Rental Status”
i “Rentable Area” is the total rentable floor area of residences and retail stores, etc. of the asset (if the common area, etc. isleased, the concerned area is also included).“Rentable Area” for Non-Pass-through type master lease agreements (master leaseagreements (defined in ii below) other than Pass-through type master lease agreements (defined in ii below)) is the rentablearea based on the lease agreement concluded between CRR or Trustee of Beneficial Trust and the Master Leasing Company.
The Rentable Area is not based on the real estate registry, but the floor area stated in the lease agreement or the floor area
calculated from the building as-built drawing, etc., and may not necessarily be identical to the floor area written in the realestate registry.
ii In the following cases, “Rented Area” means the floor area (based on the floor area in the lease agreement; however, limited
to the floor area of residences and retail stores, etc. (when all units are leased in bulk, the floor area of the entire leased units)
and excluding the leased area of parking lots) that is actually leased and a lease agreement is executed with the end-tenant.
Cases where all or some units are leased in bulk, based on the lease agreement (“Master Lease Agreement”), and the Master
Leasing Company in Master Lease Agreement subleases end-tenants, besides there is an agreement under which the rent ofMaster Lease Agreement is in accordance with the rent, etc. that end-tenants paid (hereafter this type of Master Lease
Agreement is referred to as “Pass-through type Master Lease Agreement”). “Rented Area” for Non-Pass-through type master
lease agreements is the rented area based on the lease agreement concluded between CRR or Trustee of Beneficial Trust andthe Master Leasing Company.
iii “Occupancy Rate” is the rate of rented area to rentable area.
iv “Rentable Units” is the number of rentable units (including the number of stores, if any). “Rentable Units” for Non-Passthrough type master lease agreements are the number of units that the Master Leasing Company can sublease. "Number ofrooms" indicates the number of rooms described in the Important Matters.
v“Rented Units” is the number of rented units (which includes the number of stores, if any) that is actually leased and a leaseagreement is executed with the end-tenant. “Rented Units” for Non-Pass-through type master lease agreements is the numberof units leased to the Master Leasing Company.
vi “Total Number of Tenants” is the number of tenants with which CRR or Trustee of Beneficial Trust has a direct rental contract
relationship (including a direct rental contract relationship to be concluded). Therefore, when CRR or Trustee of Beneficial
Trust leases comprehensively to the Master Leasing Company all units of the acquired property, and the Master Leasing
Company subleases each unit to end-tenants, the Total Number of Tenants is 1; that is, the end-tenants of the subleaseagreements are excluded. With regard to the properties to be acquired, a master lease agreement is scheduled to be concluded
with Tokyu Housing Lease Corporation as the master leasing company on the acquisition date of the properties. The “total
number of tenants” above is therefore the number of tenants after such a master lease agreement is concluded.
vii When the Master Leasing type is a Pass-Through type Master Lease Agreement, “Total Monthly Rent” means the totalmonthly rent, as of October 31, 2021 (including the common area expense, but not fees for incidental facilities such as parking
lot or trunk room) stated in the lease agreements executed by the Master Leasing Company, or the owner of each real estateor real estate in real estate trust with end-tenants. In addition, in the case that the master leasing type is a non-pass-throughmaster lease agreement, the monthly fixed rent (common area expense are included (except when the common area expense
is not a fixed amount.), except for parking lots, trunk rooms and other ancillary facilities.) based on the lease agreement
between CRR or the Trustee of Beneficial Trust and the Master Leasing Company is stated. Amounts are rounded down to
the nearest thousand yen. Consumption tax and other taxes are excluded.
viii In the case that the master leasing type is a Pass-Through type Master Lease Agreement, “Security Deposit” is the total amountof balance of Security Deposit, as of October 31, 2021, based on lease agreements executed with the end-tenants, rounded
down to the nearest thousand yen. However, if all or a part of a Deposits, guarantees does not need to be repaid according to
special policy conditions such as the redemption of the deposit in a lease agreement, the amount of such Security Deposit is
excluded.
In addition, in the case that the Master Leasing type is a Non-Pass-Through type Master Lease Agreement, the Security
Deposit, guarantees based on the lease agreement between CRR or the Trustee of Beneficial Trust and the Master Leasing
Company are stated.
(Note 6) In the " Summary of Rental Status " section, (1) and (2) describe based on the status of leases as of October 31, 2021, based on the
Master Lease Agreement with Tokyu Land Corporation as the owner and Shigma Japan K. K. as the Master Leasing Company. (3)and (4) describe based on the lease agreements scheduled to be concluded on March 29, 2022 as of today, or the lease status as ofMarch 29, 2022 scheduled based on the lease agreements. (3) does not describe “Rentable Units” and “Rented Units”, as it is a
<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 12 -

leasehold land.
(Note 7) This section is a summary of the Engineering Report on the acquired asset prepared by the reporting company which is a third party
with no special interest in CRR. However, the content of the report is simply the opinion of the reporting company above, and CRR
does not guarantee the adequacy and accuracy of the content.
i “Estimated Amount of Emergency Repair Expenses” is the amount of repair and renewal costs expected to emergently arise,and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
ii “Estimated Amount of Short-term Repair Expenses” is the amount of repair and renewal costs that are assumed to be required
within one year, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
iii “Estimated Amount of Long-term Repair Expenses” is the amount of repair and renewal costs that are assumed to be requiredfor 12 years, and is stated in the engineering report. Amounts are rounded down to the nearest thousand yen.
iv “Replacement Value” is the estimated money amount provided in the Engineering Report of construction work required if theacquired asset with the same design and the same specifications were to be newly constructed at the time when the report was
prepared. However, the content of the report is simply the opinion of the reporting company above, and CRR does not guarantee
the adequacy or accuracy of the content. All amounts are rounded down to the nearest thousand yen.
v “GRANCREER BAJIKOEN (LAND)” is not stated as it is a leasehold land.
(Note 8) This section is a summary of the “Earthquake Risk Analysis” report on the acquired asset prepared by the PML reporting company
which is a third party with no special interest in CRR. However, the content of the report is simply the opinion of the PML reporting
company above, and CRR does not guarantee the adequacy or accuracy of the content. “PML” is the probable maximum loss froman earthquake. There is a PML for individual buildings and for the entire portfolio of buildings. In this document, PML is calculated
based on PML3, the definition of PML, an index of earthquake risk assessment by the Architectural Institute of Japan, and are
expressed as a percentage (%) of the replacement price of the amount of loss with a 10% probability of exceedance (amount of loss
equivalent to a 475-year return period) during the assumed expected period of use (50 years = the useful life of a typical building).
“GRANCREER BAJIKOEN (LAND)” is not stated as it is a leasehold land.
(Note 9) In “Architect/Contractor/Building Permit Agency, etc.,” the architect, the contractor, the building permit agency and the investment
agency or structural calculation fitness judge, etc. of the asset to be acquired is stated. As a general rule, CRR has asked a specialized
third-party organization to make an inspection and received a report stating that there is no wrongful act such as the intentional
falsification and forgery of documents related to structural design (structural drawings and structural calculation sheets, etc.).
However, the content of the report is simply an opinion of the third-party organization, and CRR does not guarantee the adequacy
and accuracy of the content. For properties that have received from the specified structural calculation fitness judgment agency the
judgment that the structural calculation is appropriately conducted according to the methods prescribed by the Minister of Land,
Infrastructure, Transport and Tourism in accordance with the Building Standards Act revised in June 2007 (Act No. 201 of 1950.
Including subsequent revisions), the specified structural calculation fitness judgment agency constitutes a specialized third-party
organization.
“GRANCREER BAJIKOEN (LAND)” is not stated as it is a leasehold land.
(Note 10) NATIONAL STUDENTS INFORMATION CENTER CO., LTD. is a wholly-owned subsidiary of Tokyu Fudosan Holdings
Corporation.
(Note 11) Shiguma Japan K. K. is a subsidiary which is fully invested by NATIONAL STUDENTS INFORMATION CENTER CO., LTD.,a wholly-owned subsidiary of Tokyu Fudosan Holdings Corporation.
(Note 12) Includes a setback portion (approximately 20.53 m2)(Note 13) Information based on the contents described in the Important Matters as of September 1, 2020. If there is no description in the
Important Matters, "-" is stated.
(Note 14) Information based on the contents described in the Important Matters as of November 1, 2020. If there is no description in the
Important Matters, "-" is stated.

4. Summary of the Appraisal Report(1)

CAMPUS VILLAGE URAYASU(thousand yen)
CAMPUS VILLAGE URAYASU
Japan Real Estate Institute
October 31, 2021
1,510,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct
Capitalization Method ((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income(including common
area expense)
Utility Charge Income
Parking Lot Income

Appraisal summary

Content
1,510,000
1,530,000
74,16874,16874,088Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents.

00<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 13 -

Key Money / Renewal
IncomeOther Income
Vacancy Loss(2)

Collection Loss
Operating Expense

0
6,101

Utility Charge

0

Insurance
Other Expenses
Net Operating Income(NOI, (1)-(2))(4) Interest on Security
Deposit
(5)

(7)

0

67

Property Management
Fee
Tenant Advertisement
Cost
Taxes and Public Dues

(6)

80

Maintenance andManagement Fee

Repair Cost

(3)0

Capital Expenditure

Net Cash Flow
(NCF, (3)+(4)-(5))

Cap Rate

Value by the DCF Method

1,096
0
0
4,631
307
0

123
2,557

Not calculated assuming the lessee will bear them based on the current
lease agreement.
Appraised based on the standard amount of taxation for the property, etc.
Calculated with consideration of insurance premium rates of those forsimilar properties.
There are no specific expenses calculated as Other Expenses.

Assumed in consideration of rental conditions for ongoing and newcontracts, as well as occupancy rates and yields on deposits.
Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year in engineering
reports.

65,633

4.3%

Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.

1,480,000
4.1%

Terminal Cap Rate

4.5%

Appraised in full consideration of the characteristics of the property andother factors, referring to yields on investments in similar properties.
Appraised in full consideration of future trends in yields on investments,
possible risks from investment in the property, general forecasts on future
economic growth, trends in property prices and rents, and other factors,
while referring to yields on trade pertaining to similar properties.

1,530,000
1,525,000

Land Value

961,000

Building Value

564,000

Adjustment for Change

100%

Other matters taken into
consideration by appraisal
institutions when issuing
appraisals

Calculated with consideration of the characteristics of the property,
referring to fees for similar properties as well as actual fees in previous
years.
Not calculated assuming the lessee will bear them based on the current
lease agreement.
Calculated with consideration of the actual costs in previous years, thecost level in similar properties, and average repair costs presented inengineering reports.

68,067

Discount Rate

Cost Approach Value
Total Value of Land andBuilding

Not calculated assuming the current lessee will remain taking into accountthe contents of the lease agreement, lessee’s attribute, lease type, etc.
Collection loss has not been calculated.

Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability.

Income approach value is adopted based on the determination that it is more convincing to use
income approach value as it precisely recreates a value building process in terms of
profitability, while the cost approach is used only for reference.

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 14 -

(2)CAMPUS VILLAGE KYOTOFUSHIMI(thousand yen)
CAMPUS VILLAGE KYOTOFUSHIMIDAIWA REAL ESTATE APPRAISAL CO., LTD
October 31, 2021
1,090,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct
Capitalization Method ((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income(including common
area expense)
Utility Charge Income
Parking Lot Income
Key Money / Renewal
IncomeOther Income
Vacancy Loss(2)

Collection Loss
Operating Expense
Maintenance andManagement Fee
Utility Charge
Repair Cost
Property Management
Fee
Tenant Advertisement
Cost
Taxes and Public Dues

(3)

(6)

(7)

1,110,000
59,88359,88359,880
0
0

3
0
0
5,685
0
0
755
0
0
3,958
409

Other Expenses
Net Operating Income(NOI, (1)-(2))(4) Interest on Security
Deposit

562

Capital Expenditure

Net Cash Flow
(NCF, (3)+(4)-(5))

Cap Rate

Value by the DCF Method

Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents.

0

Insurance(5)

Appraisal summary

Content
1,090,000

Not calculated assuming the current lessee will remain taking into accountthe contents of the lease agreement, lessee’s attribute, lease type, etc.
Collection loss has not been calculated.
Not calculated assuming the lessee will bear them based on the current
lease agreement.
Calculated with consideration of the actual costs in previous years, thecost level in similar properties, and average repair costs presented inengineering reports.
Not calculated assuming the lessee will bear them based on the current
lease agreement.
Appraised based on the standard amount of taxation for the property, etc.
Calculated with consideration of insurance premium rates of those forsimilar properties.
Calculated with consideration of the level of similar properties.

54,19799
2,247

Assumed in consideration of rental conditions for ongoing and newcontracts, as well as occupancy rates and yields on deposits.
Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year in engineering
reports.

52,050

4.7%

Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.

1,080,000

Discount Rate

4.5%

Terminal Cap Rate

4.9%

Appraised in full consideration of the characteristics of the property andother factors, referring to yields on investments in similar properties.
Appraised in full consideration of future trends in yields on investments,
possible risks from investment in the property, general forecasts on future
economic growth, trends in property prices and rents, and other factors,<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 15 -

while referring to yields on trade pertaining to similar properties.
Cost Approach Value
Total Value of Land andBuilding

1,080,134

Land Value

395,441

Building Value

543,567

Supplementary cost

141,126

Adjustment for Change

100%

Other matters taken into
consideration by appraisal
institutions when issuing
appraisals(3)

1,080,000

Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of the development cost and development
profit.
Appraised in consideration of marketability.

Income approach value is adopted based on the determination that it is more convincing to use
income approach value as it precisely recreates a value building process in terms of
profitability, while the cost approach is used only for reference.

GRANCREER BAJIKOEN (LAND)(thousand yen)
GRANCREER BAJIKOEN (LAND)
Japan Real Estate Institute
October 31, 2021
4,600,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct
Capitalization Method ((6)/(7))(1) Operating Income
Potential Gross Income

174,044
174,044
174,044

Other Income0Collection Loss
Operating Expense
Property Management
Fee
Taxes and Public Dues
Insurance
Other Expenses(3) Net Operating Income(NOI, (1)-(2))(4) Interest on Security
Deposit(5) Net Cash Flow
(NCF, (3)+(4)-(5))
(2)

(7)

4,630,000

Rental Income

Vacancy Loss

Cap Rate

Value by the DCF Method
Discount Rate

Appraisal summary

Content
4,600,000

0
0
8,151
0
8,151
0
0

Calculated with consideration of the income according to the leaseagreement scheduled to be concluded.
Other Income has not been calculated.
Not calculated taking into account the contents of the lease agreement
scheduled to be concluded.
Collection loss has not been calculated.
Property Management Fee has not been calculated.
Appraised based on the standard amount of taxation for the property, etc.
There are no specific expenses to be calculated.

165,893
866

Assumed in consideration of rental conditions for ongoing and newcontracts, as well as occupancy rates and yields on deposits.

166,759

3.6%

Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.

4,560,000
3.3%

Appraised in full consideration of the characteristics of the property andother factors, referring to yields on investments in similar properties.

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 16 -

Terminal Cap Rate

3.7%

Value by the right ratio method

4,720,000

Vacant Land Value

5,900,000

Land Ratio

Other matters taken into
consideration by appraisal
institutions when issuing
appraisals

(4)

80%

Appraised in full consideration of future trends in yields on investments,
possible risks from investment in the property, general forecasts on future
economic growth, trends in property prices and rents, and other factors,
while referring to yields on trade pertaining to similar properties.
Estimated by multiplying the vacant land value by the Land Ratio.
Appraised the vacant land value by applying the market comparison
approach method and the development method.
Appraised based on the leasehold agreement and land lease payment level,
etc.

Income approach value is adopted based on the determination that it is more convincing to use
income approach value as it precisely recreates a value building process in terms of
profitability, while the value by the right ratio is used only for reference.

GRANCREER TACHIKAWA(thousand yen)
GRANCREER TACHIKAWA
Japan Real Estate Institute
October 31, 2021
2,960,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct
Capitalization Method ((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income(including common
area expense)
Utility Charge Income
Parking Lot Income
Key Money / Renewal
IncomeOther Income
Vacancy Loss
(2)

(3)

2,970,000
229,982229,982229,98000Calculated with consideration of the income according to the leaseagreement scheduled to be concluded.

020Collection Loss
Operating Expense
Maintenance andManagement Fee
Utility Charge

056,517

Repair Cost

2,206

Property Management
Fee
Tenant Advertisement
Cost

Appraisal summary

Content
2,960,000

0
0

0
0

Taxes and Public Dues

18,081

Insurance

1,220

Other Expenses
Net Operating Income(NOI, (1)-(2))

35,010Not calculated taking into account the contents of the lease agreement
scheduled to be concluded.
Collection loss has not been calculated.
Not calculated assuming the lessee will bear them based on the leaseagreement scheduled to be concluded.
Calculated with consideration of the actual costs in previous years, thecost level in similar properties, and average repair costs presented inengineering reports.
Not calculated based on the lease agreement scheduled to be concluded.
Not calculated taking into account the contents of the lease agreement
scheduled to be concluded.
Appraised based on the standard amount of taxation for the previous
year.
Calculated with consideration of insurance premium rates of ongoinginsurance contracts as well as those for similar properties.
Land lease payments are calculated as other expenses.

173,465<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 17 -

(4) Interest on Security
Deposit
(5)
(6)

(7)

975

Capital Expenditure

5,148

Net Cash Flow
(NCF, (3)+(4)-(5))

169,292

Cap Rate

Value by the DCF Method

5.7%

5.3%

Terminal Cap Rate

6.0%

2,990,000
750,000

2,240,000
100%

Adjustment for Change

Other matters taken into
consideration by appraisal
institutions when issuing
appraisals(5)

Appraised in full consideration of the characteristics of the property andother factors, referring to yields on investments in similar properties.
Appraised in full consideration of future trends in yields on investments,
possible risks from investment in the property, general forecasts on future
economic growth, trends in property prices and rents, and other factors,
while referring to yields on trade pertaining to similar properties.

2,990,000

Fixed-term Leasehold Value

Building Value

Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.

2,950,000

Discount Rate

Cost Approach Value
Total Value of Fixed-term
Leasehold and Building

Assumed in consideration of rental conditions for ongoing and newcontracts, as well as land lease conditions and yields on deposits.
Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year in engineering
reports.

Appraised by multiplying the land price, which is the basis for theleasehold valuation, by the fixed-term leasehold ratio of the land, taking
into account the details of the lease agreement, etc.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of marketability.

Income approach value is adopted based on the determination that it is more convincing to use
income approach value as it precisely recreates a value building process in terms of
profitability, while the cost approach is used only for reference.

COMFORIA AKIHABARA NORTH(thousand yen)
COMFORIA AKIHABARA NORTHJLL Morii Valuation & Advisory K.K.
October 31, 2021
1,880,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct
Capitalization Method ((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income(including common
area expense)
Utility Charge Income
Parking Lot Income
Key Money / Renewal
IncomeOther Income
Vacancy Loss

Appraisal summary

Content
1,880,000
1,910,000
95,10899,14896,5070420

Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents.

2,101
120
-4,040Calculated with consideration of occupancy rates in the past and those ofsimilar properties in the same market area.

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 18 -

(2)(3)

Collection Loss
Operating Expense
Maintenance andManagement Fee
Utility Charge

019,346

Collection loss has not been calculated.

4,476

Repair Cost

1,292

Property Management
Fee

1,860

Tenant Advertisement
Cost

4,420

Taxes and Public Dues

5,294

Calculated with consideration of the characteristics of the property,
referring to fees for similar properties as well as actual fees in previous
years.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are typically incurred,
while repair costs are calculated with consideration of the cost level insimilar properties, and average repair costs presented in engineering
reports.
Calculated with consideration of commissions for managing similar
properties and the property’s characteristics, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average replacement rateof residents per year and occupancy rates, while referring to the conditionsof ongoing agreements and rental agreements of similar properties.
Appraised based on the standard amount of taxation for the property, etc.
Calculated with consideration of insurance premium rates of ongoinginsurance contracts as well as those for similar properties.
Calculated with consideration of the management of current assets.

Insurance

196

Other Expenses
Net Operating Income(NOI, (1)-(2))(4) Interest on Security
Deposit

700

(5)
(6)

(7)

1,108

Capital Expenditure

Net Cash Flow
(NCF, (3)+(4)-(5))

Cap Rate

Value by the DCF Method

75,762
72
1,222
74,612

3.9%

3.7%

Terminal Cap Rate

4.1%

Land Value

Appraised in full consideration of the characteristics of the property andother factors, referring to yields on investments in similar properties.
Appraised in full consideration of future trends in yields on investments,
possible risks from investment in the property, general forecasts on future
economic growth, trends in property prices and rents, and other factors,
while referring to yields on trade pertaining to similar properties.

2,140,000
2,141,900
1,280,000

Building Value

596,800

Supplementary cost

265,100

Adjustment for Change

100%

Other matters taken into
consideration by appraisal
institutions when issuing
appraisals

Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.

1,840,000

Discount Rate

Cost Approach Value
Total Value of Land andBuilding

Assumed in consideration of rental conditions for ongoing and newcontracts, as well as occupancy rates and yields on deposits.
Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year in engineering
reports.

Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of the development cost and development
profit.
Appraised in consideration of marketability.

Income approach value is adopted based on the determination that it is more convincing to use
income approach value as it precisely recreates a value building process in terms of
profitability, while the cost approach is used only for reference.

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 19 -

(6)COMFORIA SAKURAJOSUI(thousand yen)
COMFORIA SAKURAJOSUIThe Tanizawa Sōgō Appraisal Co., Ltd.
October 31, 2021
3,850,000

Property Name
Appraisal Company
Appraisal Date
Appraisal Value

Income Approach Value
Value by the Direct
Capitalization Method ((6)/(7))(1) Operating Income
Potential Gross Income
Rental Income(including common
area expense)
Utility Charge Income
Parking Lot Income
Key Money / Renewal
IncomeOther Income

(2)

(3)

(6)

(7)

3,930,000
187,936
197,846
189,168
03,108

18-9,909Collection Loss
Operating Expense
Maintenance andManagement Fee
Utility Charge

036,032

Repair Cost

4,314

Property Management
Fee

2,735

Tenant Advertisement
Cost

9,252

Taxes and Public Dues

12,052

5,231
1,247

Insurance

258

Other Expenses
Net Operating Income(NOI, (1)-(2))(4) Interest on Security
Deposit939

Capital Expenditure

Net Cash Flow
(NCF, (3)+(4)-(5))

Cap Rate

Value by the DCF Method
Discount Rate

Calculated with consideration of the average income according to ongoingrental agreements as well as the assumed income level of new rents.

5,551

Vacancy Loss

(5)

Appraisal summary

Content
3,850,000

Calculated with consideration of occupancy rates in the past and those ofsimilar properties in the same market area.
Collection loss has not been calculated.
Calculated with consideration of the characteristics of the property,
referring to fees for similar properties as well as actual fees in previous
years.
Expenses for restoring rooms to their original conditions are calculatedwith consideration of the level of expenses that are typically incurred,
while repair costs are calculated with consideration of the cost level insimilar properties, and average repair costs presented in engineering
reports.
Calculated with consideration of commissions for managing similar
properties and the property’s characteristics, referring to the tariff ofcommissions of the property management company.
Calculated with consideration of such factors as average replacement rateof residents per year and occupancy rates, while referring to the conditionsof ongoing agreements and rental agreements of similar properties.
Appraised based on the standard amount of taxation for the property, etc.
Calculated with consideration of insurance premium rates of ongoinginsurance contracts as well as those for similar properties.
Calculated with consideration of the management of current assets.

151,904142
2,580

Assumed in consideration of rental conditions for ongoing and newcontracts, as well as occupancy rates and yields on deposits.
Appraised in consideration of capital expenditure in similar properties,building ages, and the average renovation expenses per year in engineering
reports.

149,4673.8%

3,820,000
3.9%

Appraised based on basic yields for the respective areas, adjusted withspreads calculated from the geographical and social conditions of theproperty’s location, conditions of the building, and other factors, whileconsidering future uncertainties, yields on trades pertaining to similar
properties, etc.
Appraised in full consideration of the characteristics of the property and<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 20 -

Terminal Cap Rate
Cost Approach Value
Total Value of Land andBuilding

4.0%
4,090,000
4,810,000

Land Value

2,870,000

Building Value

1,180,000

Supplementary cost

760,000

Adjustment for Change

85%

Other matters taken into
consideration by appraisal
institutions when issuing
appraisals

other factors, referring to yields on investments in similar properties.
Appraised in full consideration of future trends in yields on investments,
possible risks from investment in the property, general forecasts on future
economic growth, trends in property prices and rents, and other factors,
while referring to yields on trade pertaining to similar properties.

Appraised based on actual trade prices, calculated using a market
comparison approach method.
Appraised based on a cost approach method, where new prices for
repurchasing properties are multiplied by a discount rate that has been
decided from current situations and regional characteristics.
Appraised in consideration of the development cost and development
profit.
Appraised in consideration of marketability.

Income approach value is adopted based on the determination that it is more convincing to use
income approach value as it precisely recreates a value building process in terms of
profitability, while the cost approach is used only for reference.

(Note) “Summary of the Appraisal Report” is the appraisal value described in the respective real estate appraisal reports that were prepared by
Japan Real Estate Institute, DAIWA REAL ESTATE APPRAISAL CO., LTD, JLL Morii Valuation & Advisory K.K and The Tanizawa Sōgō
Appraisal Co., Ltd. based on an important notice concerning real estate appraisal in the context of the Act on Investment Trusts and Investment
Corporations, the Act on Real Estate Appraisal (Act No. 152 of 1963. Including subsequent revisions) and real estate appraisal standards. The
appraisal value is the judgment and opinion of the appraiser at a fixed point in time, with no guarantees as to the validity or accuracy of thereport, nor to the possibility of transactions at the appraised value.

5．Summary of the Seller
Name

Tokyu Land Corporation

Headquarters Address

1-21-1, Dogenzaka, Shibuya-ku, Tokyo

Representative

CapitalPresident & CEO Masashi Okada
1. Management, leasing, buying and selling, brokerage, consulting, appraising of realestate2. Buying and selling, brokerage, and management of investments and equities ininvestment, etc. in specific purpose companies, special purpose companies andreal estate investment trusts
3. Any other business activities related to the items described above.
57,551 million yen (as of March 31, 2021)

Date Established

December 17, 1953

Net Asset

360,153 million yen (as of March 31, 2021)

Principal BusinessTotal Asset
1,758,129 million yen (as of March 31, 2021)
Major Shareholder & its
Tokyu Fudosan Holdings Corporation (100%)
Shareholding Ratio
Relationship with the Investment Corporation and the Asset Management Company
The company owns 8.98% of units that CRR has issued as of July 31, 2021. The
Capital relationshipcompany is also the parent company (ownership of 100%) of TRM, and is thus aninterested party under the Act on Investment Trusts and Investment Corporations.
Personal relationship39 employees (and officers) of TRM are seconded from the company as of today.
CRR acquired 2 properties from the company in the fiscal period ended July,Business relationship2021.
The company is not classified as a related party in relation to CRR. However, asInterested parties
described above, the company is an interested party of TRM under the Act on
Investment Trusts and Investment Corporations.

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 21 -

6. Ownership History of Assets(1)

CAMPUS VILLAGE URAYASU
Owner Prior to Former Owner,etc.

Previous Owner, etc.

Former Owner, etc.

Tokyu Land Corporation

Other than those that havespecial interest－

Refer to“5. Summary of the Seller”－－

Development purpose－－

Acquisition
price

Omitted, as the properties wereacquired for development
purpose.

－－Building andLand
Acquisition
date

Building: March, 2020
Land: September, 2018

－

－

Name
Relationshipwith interested
parties
Background /reasons foracquisition(2)

CAMPUS VILLAGE KYOTOFUSHIMI
Owner Prior to Former Owner,etc.

Previous Owner, etc.

Former Owner, etc.

Tokyu Land Corporation

Other than those that havespecial interest－

Refer to“5. Summary of the Seller”－－

Development purpose－－

Acquisition
price

Omitted, as the properties wereacquired for development
purpose.

－－Building andLand
Acquisition
date

Building: February, 2020
Land: September, 2018

－

－

Name
Relationshipwith interested
parties
Background /reasons foracquisition(3)

GRANCREER BAJIKOEN (LAND)

Name
Relationshipwith interested
parties
Background /reasons foracquisition
Acquisition
price
Acquisition
date
(4)

Name

Owner Prior to Former Owner,etc.

Previous Owner, etc.

Former Owner, etc.

Tokyu Land Corporation

Other than those that havespecial interest－

Refer to“5. Summary of the Seller”－－

Investment purpose－－

Omitted, as the asset wasowned for more than 1 year－－

October, 2010－－

GRANCREER TACHIKAWA
Previous Owner, etc.

Former Owner, etc.

Tokyu Land Corporation

Other than those that havespecial interest

Owner Prior to Former Owner,
etc.
－<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 22 -

Relationshipwith interested
parties
Background /reasons foracquisition
Acquisition
price

Refer to“5. Summary of the Seller”－－

Development purpose－－

Omitted, as the properties wereacquired for development
purpose.

－－Building andLand
Building: May, 2020－－
Acquisition
Land: February, 2019
date (Note)(Note) Land Acquisition date is the date on which the fixed-term leasehold agreement was executed between the previous
owner and the lessor.
(5)

COMFORIA AKIHABARA NORTH
Previous Owner, etc.

Former Owner, etc.

Owner Prior to Former Owner,etc.

Tokyu Land Corporation

Other than those that havespecial interest－

Refer to“5. Summary of the Seller”－－

Development purpose－－

Acquisition
price

Omitted, as the properties wereacquired for development
purpose.

－－Building andLand
Acquisition
date

Building: July, 2020
Land: June, 2018

－

－

Name
Relationshipwith interested
parties
Background /reasons foracquisition(6)

COMFORIA SAKURAJOSUI
Owner Prior to Former Owner,etc.

Previous Owner, etc.

Former Owner, etc.

Tokyu Land Corporation

Other than those that havespecial interest－

Refer to“5. Summary of the Seller”－－

Development purpose－－

Acquisition
price

Omitted, as the properties wereacquired for development
purpose.

－－Building andLand
Acquisition
date

Building: April, 2020
Land: April, 2020

－

－

Name
Relationshipwith interested
parties
Background /reasons foracquisition

7. TRM’s Interested Parties in the Assets to be Acquired(1) Tokyu Land Corporation, which is seller of Assets to be Acquired (as described in “5. Summary of the Seller”
above) is an interested party in relation to CRR. Therefore, the procedures required in accordance with the bylaws
were completed with respect to agreements with Tokyu Land Corporation.
(2) CRR plans to entrust the master leasing and property management service in relation to the Assets to be Acquired<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 23 -

(Exclude GRANCREER BAJIKOEN (LAND)) to Shiguma Japan K. K., NATIONAL STUDENTS
INFORMATION CENTER CO., LTD., Tokyu Land Corporation and Tokyu Housing Lease Corporation, which areinterested parties in relation to TRM. Therefore, the procedures required in accordance with the bylaws has been
completed with respect to agreements with these companies.
(3) CRR plans to establish a general fixed-term leasehold on GRANCREER BAJIKOEN (LAND) with Tokyu Land
Corporation, which is an interested party in relation to CRR. Therefore, the procedures required in accordance withthe bylaws has been completed with respect to agreements with Tokyu Land Corporation.

8. Summary of BrokerageNone.

9. Summary of Operator
Summary of operator of GRANCREER TACHIKAWA is as follows:
Name
Tokyu E-Life Design Inc.
Headquarters Address

1-10-8, Dogenzaka, Shibuya-ku, Tokyo

Representative

CapitalDate Established

President & CEO Yasuto Hayashi
1. Management, operation and entrustment of operation of nursing homes and feebased homes for the elderly
2. Consulting regarding nursing homes and fee-based homes for the elderly
3. Home-visit care and home-visit nursing services
400 million yen (as of March 31, 2021)
March 3, 2003

Number of Facilities Operated

23 facilities (as of March 31, 2021)

Number of Rooms Operated

1,906 rooms (as of March 31, 2021)

Principal Business

Relationship with the Investment Corporation and the Asset Management Company
None. However, Tokyu E-Life Design Inc. is a 97.27% owned subsidiary of Tokyu
Land Corporation as of March 31, 2021, which is the parent company of TRM, andCapital relationshipis thus an interested party under the Act on Investment Trusts and Investment
Corporations.
Personal relationship
None.
Business relationship
Interested parties

None.
The company is not classified as a related party in relation to CRR. However, as
described above, the company is an interested party of TRM under the Act on
Investment Trusts and Investment Corporations.

10. Impact on CRR’s finance when forward commitment, etc. cannot be executed
Of the acquisitions, acquisitions of COMFORIA SAKURAJOSUI and four others (2 through 6 of above “1.
Summary of Acquisition”; the “Such Five Assets”) comes under a “forward commitment, etc. (Note)” byinvestment corporations as provided in the “Comprehensive Guidelines for Supervision of Financial Instruments
Business Operators, etc.” by the Financial Service Agency.
CRR plans to purchase Such Five Assets using the proceeds from issuance of new investment units throughprimary offering, announced today in “Notice Concerning Issuance of New Investment Units and Secondary
Offering of Investment Units”, borrowings and own funds. However, in the case that the forward commitment
cannot be executed, CRR shall pay 5% of the acquisition price as a penalty for breach of sales contract.
However, the sales contracts for the acquisition of Such Five Assets stipulate that only if CRR is able to raise
funds based on the satisfactory content, the obligation to pay the purchase price shall be fulfilled, and that if thefundraising is not completed, the sales contract may be cancelled without CRR undertaking any obligation
including damage compensation. Therefore, CRR considers that even if CRR fails to complete fundraising andthus fails to execute forward commitment, etc., CRR’s finance and such are unlikely to have material impact.
(Note) “Forward commitment, etc.” refers to a postdated sales contract under which payment and delivery shall be made at least one monthafter the conclusion of the contract, or any other contract similar thereto.
<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 24 -

11. Forecast
Please refer to the “Notice Concerning Revision to Forecast of Financial Results for the Period Ending July 31, 2022 andForecast of Financial Results for the Period Ending January 31, 2023” separately announced today for forecasts of the
management performance for the period ending July 31, 2022( February 1, 2022 – July 31, 2022) and the period ending
January 31, 2023 ( August 1, 2022 – January 31, 2023) after the acquisition of the Assets to be Acquired.

*Website of CRR: https://www.comforia-reit.co.jp/en/<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 25 -

Attachments
1. Portfolio List
2. Exterior Images and Maps of the Assets to be Acquired<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 26 -

Attachment 1. Portfolio List
Area (Note 1)

Central Tokyo

Property Name

Location (Residential address)

COMFORIANIHONBASHININGYOCHO

3-5-10 Nihonbashi Ningyocho, Chuoku, Tokyo

COMFORIA WASEDA

147 Bentencho, Shinjuku-ku, Tokyo

COMFORIA SHIMOOCHIAI

2-7-10Tokyo

Nakaochiai,

Shinjuku-ku,

COMFORIA HIGASHINAKANO

4-34-2
Tokyo

Kitashinjuku,

Shinjuku-ku,

COMFORIA GINZA EAST

1-3-1 Irifune, Chuo-ku, Tokyo

COMFORIA AZABUDAI

3-4-4 Azabudai, Minato-ku, Tokyo

COMFORIA SHIBAKOEN

2-2-15 Shibakoen, Minato-ku, Tokyo

COMFORIA NISHIAZABU

4-1-10 Nishiazabu, Minato-ku, Tokyo

COMFORIA MINAMIAOYAMA

4-1-12 Minamiaoyama, Minato-ku,
Tokyo

COMFORIA NISHIWASEDA

1-5-19 Takadanobaba, Shinjuku-ku,
Tokyo

COMFORIA HARAJYUKU

3-61-3 Sendagaya, Shibuya-ku, Tokyo

COMFORIA MITA NORTH

2-7-16 Mita, Minato-ku, Tokyo

COMFORIA
SHIBAURA BOWHOUSE

3-13-12 Kaigan, Minato-ku, Tokyo

COMFORIASHIROKANETAKANAWA

5-1-21 Mita, Minato-ku, Tokyo

COMFORIANIHONBASHININGYOCHO
EAST

3-6-3 NihonbashiNingyocho, Chuoku, Tokyo

COMFORIA ATAGO

3-23-7 Toranomon, Minato-ku, Tokyo

COMFORIA KUDAN

2-6-12 Kudanminami, Chiyoda-ku,
Tokyo

COMFORIANIHONBASHININGYOCHO
NORTH

1-1-6 NihonbashiHoridomecho, Chuoku, Tokyo

COMFORIA SHINKAWA

2-15-5 Shinkawa, Chuo-ku, Tokyo

COMFORIA AKASAKA

2-17-63 Akasaka, Minato-ku, Tokyo

COMFORIA MITA EAST

4-18-1 Shiba, Minato-ku, Tokyo

Type of Asset
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Acquisition Price(million yen)
(Note 2)

Share
(Note 3)

1,586

0.6%

1,900

0.7%

1,181

0.4%

552

0.2%

3,059

1.1%

574

0.2%

1,398

0.5%

755

0.3%

1,041

0.4%

1,685

0.6%

3,629

1.3%

850

0.3%

2,650

1.0%

1,300

0.5%

2,139

0.8%

826

0.3%

1,280

0.5%

1,108

0.4%

1,840

0.7%

1,945

0.7%

3,190

1.2%

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 27 -

Central Tokyo

COMFORIA SHIBAURA CANAL

3-1-9 Kaigan, Minato-ku, Tokyo

COMFORIA KITASANDO

4-5-10 Sendagaya, Shibuya-ku, Tokyo

COMFORIA YOYOGIUEHARA

2-31-5 Uehara, Shibuya-ku, Tokyo

COMFORIA SASAZUKA

1-59-10 Sasazuka, Shibuya-ku, Tokyo

COMFORIA
SHINJUKUGYOENⅡ

1-13-3 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA
ICHIGAYAYANAGICHO

18-2 Ichigayayanagicho, Shinjuku-ku,
Tokyo

COMFORIA KAGURAZAKA

26-1 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA NIBANCHO

4-8 Nibancho, Chiyoda-ku, Tokyo

COMFORIA NISHISHINJUKU

1-20-12 Kitashinjuku, Shinjuku-ku,
Tokyo

COMFORIA KANDAJINBOCHO

1-42-2 Kandajinbocho Chiyoda-ku
Tokyo,

COMFORIA NIHONBASHI

1-2-2 Nihonbashibakurocho, Chuo-ku,
Tokyo

COMFORIA TAMACHI

4-5-13 Shibaura, Minato-ku Tokyo

COMFORIA AZABUJUBAN

1-2-15 Mita, Minato-ku, Tokyo

COMFORIA
SHINJUKUGYOENⅠ

1-10-4 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA
KAGURAZAKA DEUX

7-3 Iwatocho, Shinjuku-ku, Tokyo

COMFORIA AZABU EAST

2-29-1
Tokyo

Higashiazabu,

Minato-ku,

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

1,570

0.6%

4,268

1.5%

1,560

0.6%

1,789

0.6%

1,806

0.7%

1,623

0.6%

736

0.3%

1,621

0.6%

1,625

0.6%

1,434

0.5%

1,956

0.7%

3,272

1.2%

1,471

0.5%

1,406

0.5%

1,245

0.4%

1,900

0.7%

13,264

4.8%（Tower Building）
6-27-29 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA SHINJUKUEASTSIDE TOWER（Annex Building）
6-27-28 Shinjuku, Shinjuku-ku, Tokyo

Beneficial
Interest in Real
Estate Trust（Gate Building）
6-27-14 Shinjuku, Shinjuku-ku, Tokyo
COMFORIA
ICHIGAYAYAKUOJI

74-23
Ichigayayakuojimachi,
Shinjuku-ku, Tokyo

COMFORIA AKIHABARA EAST

2-9-19Tokyo

COMFORIA MITA TROIS

3-43-6 Shiba, Minato-ku, Tokyo

COMFORIA SHIBAURA

2-3-33 Shibaura, Minato-ku, Tokyo

Higashikanda,

Chiyoda-ku,

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

941

0.3%

4,425

1.6%

890

0.3%

Real Estate

1,065

0.4%

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 28 -

Central Tokyo

COMFORIA SHINJUKU

5-8-20, Shinjuku, Shinjuku-ku, Tokyo

COMFORIAHIGASHINIHONBASHI

3-6-4 Higashi-Nihonbashi, Chuo-ku,
Tokyo

COMFORIA
GINZA EAST NIBANKAN

2-1-8 Minato, Chuo-ku, Tokyo

COMFORIAHIGASHISHINJUKU STATION
FRONT

7-27-12 Shinjuku, Shinjuku-ku, Tokyo

COMFORIA NAKAOCHIAI

2-16-29
Tokyo

COMFORIA
WASEDA DEUX

173 Bentencho, Shinjuku-ku, Tokyo

Nakaochiai,

Shinjuku-ku,

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Subtotal
Sub-central
Tokyo

COMFORIA BUNKYOKASUGA

1-15-12 Nishikata, Bunkyo-ku, Tokyo

COMFORIAASAKUSAMATSUGAYA

1-11-5 Matsugaya, Taito-ku, Tokyo

COMFORIA NISHIOI

6-6-1 Nishioi, Shinagawa-ku, Tokyo

COMFORIA NAKANO

2-40-12 Kamitakada, Nakano-ku,
Tokyo

COMFORIA SHIMOKITAZAWA

1-9-14 Hanegi, Setagaya-ku, Tokyo

COMFORIA NISHIKAMATA

6-37-3 Nishikamata, Ota-ku, Tokyo

COMFORIA OYAMA

4-4 Oyamacho, Itabashi-ku, Tokyo

COMFORIA
KIYOSUMISHIRAKAWA
SOUTH

3-2-13 Miyoshi, Koto-ku, Tokyo

COMFORIA KOMAZAWA

2-1-5 Komazawa, Setagaya-ku,
Tokyo

COMFORIA KOISHIKAWA

2-17-27 Koishikawa, Bunkyo-ku,
Tokyo

COMFORIA SENGOKU

4-3-20 Sengoku, Bunkyo-ku, Tokyo

COMFORIA
DAIKANYAMAAOBADAI

2-1-7 Aobadai, Meguro-ku, Tokyo

COMFORIA IKEBUKURO

2-57-1 Ikebukuro, Toshima-ku,
Tokyo

COMFORIA
RYOGOKUISHIWARA

1-36-1 Ishiwara, Sumida-ku, Tokyo

COMFORIAASAKUSABASHI DEUX

5-24-10 Asakusabashi, Taito-ku,
Tokyo

COMFORIA OSHIAGE

4-7-2 Narihira, Sumida-ku, Tokyo

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

2,150

0.8%

1,194

0.4%

2,380

0.9%

5,540

2.0%

1,489

0.5%

1,056

0.4%

98,168

35.4%

1,470

0.5%

910

0.3%

902

0.3%

881

0.3%

2,587

0.9%

1,550

0.6%

1,987

0.7%

740

0.3%

1,290

0.5%

552

0.2%

1,219

0.4%

926

0.3%

602

0.2%

651

0.2%

874

0.3%

714

0.3%

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 29 -

Sub-central
Tokyo

COMFORIA
HONJOAZUMABASHI

2-11-12 Honjo, Sumida-ku, Tokyo

COMFORIA
KIYOSUMISHIRAKAWA TROIS

3-5-14 Shirakawa, Koto-ku, Tokyo

COMFORIAMONZENNAKACHO

16-8 Fuyuki, Koto-ku, Tokyo

COMFORIA HIMONYA

2-3-3 Himonya, Meguro-ku, Tokyo

COMFORIA MISYUKU

3-23-2 Ikejiri, Setagaya-ku, Tokyo

COMFORIAGAKUGEIDAIGAKU

6-46-6 Shimouma, Setagaya-ku,
Tokyo

COMFORIAHIGASHINAKANO DEUX

4-2-19 Higashinakano, Nakano-ku,
Tokyo

COMFORIAHIGASHIIKEBUKURO WEST

3-22-21 Higashiikebukuro, Toshimaku, Tokyo

COMFORIA RYOGOKU DEUX

1-2-10 Chitose, Sumida-ku, Tokyo

COMFORIA OMORI DEUX

3-4-2 Omorikita, Ota-ku, Tokyo

COMFORIA MACHIYA

5-51-7 Arakawa, Arakawa-ku, Tokyo

COMFORIA ASAKUSABASHI

2-20-10 Yanagibashi, Taito-ku,
Tokyo

COMFORIA RYOGOKU SOUTH

2-14-8 Chitose, Sumida-ku, Tokyo

COMFORIA TOYOSU

1-4-12 Edagawa, Koto-ku, Tokyo

COMFORIA
SUMIDA-TACHIBANA

5-18-5 Tachibana, Sumida-ku, Tokyo

COMFORIA UENOHIROKOJI

3-17-4 Ueno, Taito-ku, Tokyo

COMFORIA
KASUGATOMISAKA

1-11-18 Kasuga, Bunkyo-ku, Tokyo

COMFORIA HONKOMAGOME

2-29-24 Honkomagome, Bunkyo-ku,
Tokyo

COMFORIA MORISHITA

3-6-8 Shinohashi, Koto-ku, Tokyo

COMFORIA KIBAKOEN

2-17-7 Kiba, Koto-ku, Tokyo

COMFORIA
MEGURO CHOJAMARU

2-6-25 Kamiosaki, Shinagawa-ku,
Tokyo

COMFORIAHIGASHIIKEBUKURO EAST

2-8-1 Higashiikebukuro, Toshima-ku,
Tokyo

COMFORIAHIGASHIIKEBUKURO

4-3-5 Higashiikebukuro, Toshimaku,Tokyo

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

762

0.3%

873

0.3%

2,658

1.0%

1,189

0.4%

1,874

0.7%

1,138

0.4%

833

0.3%

3,911

1.4%

1,014

0.4%

1,188

0.4%

594

0.2%

2,680

1.0%

1,240

0.4%

3,096

1.1%

938

0.3%

1,050

0.4%

2,912

1.1%

1,344

0.5%

1,530

0.6%

956

0.3%

1,972

0.7%

1,712

0.6%

1,132

0.4%

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 30 -

Sub-central
Tokyo

COMFORIA KOMABA

4-8-25 Ikejiri, Setagaya-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

5,000

1.8%

COMFORIA KINSHICHO

3-8-6 Taihei, Sumida-ku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,042

0.4%

COMFORIA
MINAMISUNAMACHI

4-4-20 Miamisuna, Koto-ku, Tokyo

4,681

1.7%

COMFORIAHIGASHISHINAGAWA

3-22-11, Higashishinagawa,Shinagawa-ku, Tokyo

1,510

0.5%

COMFORIA MEGUROYAKUMO

1-12-10 Yakumo, Meguro-ku, Tokyo

813

0.3%

COMFORIA YOGA

3-24-3 Yoga, Setagayaku-ku, Tokyo

1,041

0.4%

COMFORIA
ITABASHINAKAJUKU

62-2 Nakajuku, Itabashi-ku, Tokyo

3,794

1.4%

COMFORIA
SHINAGAWA EAST

1-20-8 Kitashinagawa, Shinagawa-ku,
Tokyo

1,430

0.5%

COMFORIA OJIMA

4-8-10 Ojima, Koto-ku, Tokyo

Real Estate

2,110

0.8%

COMFORIA OMORI TROIS

3-36-7 Omorikita, Ota-ku, Tokyo

Real Estate

866

0.3%

COMFORIA
BUNKYOHAKUSAN

1-3-2 Honkomagome, Bunkyo-ku
Tokyo

1,330

0.5%

COMFORIA KAMATA

4-21-2 Kamata, Ota-ku, Tokyo

5,721

2.1%

COLLEGE COURTHACHIMANYAMA

1-15-1 Kamitakaido, Suginami-ku,
Tokyo

1,245

0.4%

COMFORIA UENOIRIYA

2-6-8 Ryusen, Taito-ku, Tokyo

2,173

0.8%

COMFORIA IKEJIRI

2-31-18 Ikejiri, Setagaya-ku, Tokyo

1,313

0.5%

COMFORIA
SETAGAYAKAMIUMA

3-6-11 Kamiuma, Setagaya-ku, Tokyo

2,622

0.9%

COMFORIA
AKABANEIWABUCHI

26-11 Iwabuchimachi, Kita-ku, Tokyo

2,500

0.9%

COMFORIA RYOGOKU TROIS

1-5-15 Kamezawa, Sumida-ku, Tokyo

1,660

0.6%

COLLEGE SQUAREHACHIMANYAMA

1-15-2 Kamitakaido, Suginami-ku,
Tokyo

880

0.3%

COMFORIA
KINSHICHO DEUX

2-10-20 Mori, Koto-ku, Tokyo

2,213

0.8%

COMFORIA
KAMEIDO SOUTH

6-25-5 Kameido, Koto-ku, Tokyo

2,050

0.7%

COMFORIASHIBUYA WEST

4-4-5 Aobadai, Meguro-ku, Tokyo

5,397

1.9%

COMFORIAASAKUSAKOMAGATA

2-4-7 Komagata, Taito-ku, Tokyo

1,254

0.5%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Real Estate
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 31 -

Sub-central
Tokyo

COMFORIAOMORIKASHIMA

6-20-10 Oi, Shinagawa-ku, Tokyo

COMFORIA OMORIMACHI

4-11-5 Omori-nishi, Ota-ku, Tokyo

COMFORIA KAMIIKEDAI

5-7-22 Kamiikedai, Ota-ku, Tokyo

CAMPUSVILLAGE SHIINAMACHI

3-2-19 Nagasaki, Toshima-ku, Tokyo

COMFORIA TAKINOGAWA

7-48-2 Takinogawa, Kita-ku, Tokyo

COMFORIAKIBASHINSUIKOEN

3-11-13 Kiba, Koto-ku, Tokyo

COMFORIANISHIMAGOME HILLSIDE

1-30-8 Nishimagome, Ota-ku, Tokyo

COMFORIAIKEBUKURO DEUX

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

864

0.3%

1,096

0.4%

1,842

0.7%

2,740

1.0%

3,430

1.2%

1,294

0.5%

Real Estate

1,330

0.5%

2-19-14 Minami Ikebukuro, Toshimaku, Tokyo

Beneficial
Interest in Real
Estate Trust

1,930

0.7%

COMFORIA NARIMASU

3-18-13 Asahicho, Nerima-ku, Tokyo

Real Estate

1,551

0.6%

COMORIASHIN-OKACHIMACHI

2-18-8 Misuji, Taito-ku, Tokyo

1,237

0.4%

COMFORIA
MORISHITA WEST

1-3-5, Shin-Ohashi, Koto-ku, Tokyo

1,222

0.4%

COMFORIA TOYOCHO

2-26-11, Minamisuna, Koto-ku,
Tokyo

3,674

1.3%

COMFORIA FUDOMAE

5-1-12 Nishigotanda, Shinagawa-ku,
Tokyo

1,622

0.6%

COMFORIA TAITONEGISHI

3-18-15 Negishi, Taito-ku, Tokyo

3,031

1.1%

COMFORIAMONZENNAKACHO SOUTH

1-13-6 Botan, Koto-ku, Tokyo

1,428

0.5%

COMFORIA MAGOME

1-1-4 Nishimagome, Ota-ku, Tokyo

2,905

1.0%

GRANCREERBAJIKOEN (LAND)

1-22-23, Kamiyoga, Setagaya-ku,
Tokyo

4,546

1.6%

COMFORIA
AKIHABARA NORTH

1-1-13 Taito, Taito-ku, Tokyo

1,850

0.7%

COMFORIA SAKURAJOSUI

4-6-4 Shimotakaido,
Suginami-ku,Tokyo

3,750

1.4%

148,441

53.6%

626

0.2%

1,077

0.4%

978

0.4%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

Subtotal
Tokyo
Metropolitan
Area

COMFORIA YATSUKA

3-38-3 Sezaki, Soka-shi, Saitama

COMFORIA SHINKOYASU

2-216-2 Koyasudori, Kanagawa-ku,
Yokohama-shi, Kanagawa

COMFORIA GYOTOKU

2-1-13 Gyotokuekimae, Ichikawa-shi,
Chiba

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 32 -

TokyoMetropolitan
Area

GRANCREER
CENTER-MINAMI

40-3 Chigasaki Chuo, Tsuzuki-ku,
Yokohama-shi, Kanagawa

COMFORIA TAMA-PLAZA

2-12-1 Utsukushigaoka, Aoba-ku,
Yokohama-shi, Kanagawa

COMFORIA OMIYA

3-36-1 Nakamachi, Omiya-ku,
Saitama-shi, Saitama

CAMPUS VILLAGE
URAYASU

2-13-2 Kitasakae, Urayasu-shi, Chiba

GRANCREER TACHIKAWA

2-3-21 Fujimicho, Tachikawa-shi,Tokyo

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Real Estate

Subtotal
Other Major
Cities

4,150

1.5%

2,220

0.8%

4,420

1.6%

1,500

0.5%

2,933

1.1%

17,904

6.5%

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust

660

0.2%

1,250

0.5%

1,435

0.5%

Beneficial
Interest in Real
Estate Trust

1,980

0.7%

1,567

0.6%

1,289

0.5%

1,719

0.6%

1,700

0.6%

1,075

0.4%

Subtotal

12,675

4.6%

Total

277,188

100.0%

COMFORIA KITASANJO

2-2-51 Kitasanjohigashi, Chuo-ku,
Sapporo-shi, Hokkaido

COMFORIA SAPPOROSHOKUBUTSUEN

10-1-6 Kitanijonishi, Chuo-ku,
Sapporo-shi Hokkaido

COMFORIA OGIMACHI

3-7-15 Tenjinbashi, Kita-ku, Osakashi, Osaka

COMFORIASHINSAIBASHI EAST

2-6-8 Bakuromachi, Chuo-ku, Osakashi, Osaka

COMFORIA KYOMACHIBORI

1-16-14 Kyomachibori, Nishi-ku,
Osaka-shi, Osaka

COMFORIA AWAZA

1-5-5 Enokojima, Nishi-ku, Osakashi, Osaka

COMFORIA KITAHAMA

2-1-14 Imabashi, Chuo-ku, Osaka-shi,
Osaka

COMFORIA
ESAKAHIROSHIBACHO

19-13 Hiroshibacho, Suita-shi, Osaka

CAMPUS VILLAGE
KYOTOFUSHIMI

24-1 Takedakitamitsuguicho,
Fushimi-ku, Kyoto-shi, Kyoto

Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust
Beneficial
Interest in Real
Estate Trust(Note 1) Explanation of “Area”
i "Central Tokyo" denotes the five major wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku and Shibuya).
ii "Sub-central Tokyo" denotes the other 18 wards of Tokyo.
iii "Tokyo Metropolitan Area" denotes residential areas equivalent to Central Tokyo and Sub-central Tokyo (areas in Tokyo,
Kanagawa, Saitama and Chiba) where demand for rental residences is strong, but excluding Central Tokyo and Sub-central
Tokyo.
iv "Other Major Cities" denotes residential areas in ordinance-designated cities, etc. except for Central Tokyo, Sub-central Tokyoand Tokyo Metropolitan Area.
(Note 2) “Acquisition Price” is the purchase price (not including tax and rounded down to the nearest million yen) of the trust beneficial
interest in real estate or the real estate listed in the respective sales and purchase agreement.
(Note 3) “Share” refers to the ratio of the Acquisition Price of each property to the total Acquisition Price and rounded to the first decimal
place.

<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 33 -

Attachment 2. Exterior Images and Maps of the Assets to be Acquired(1)

CAMPUS VILLAGE URAYASU©2020Google(2)

CAMPUS VILLAGE KYOTOFUSHIMI©2020Google<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 34 -

(3)GRANCREER BAJIKOEN (LAND)©2020Google(4)

GRANCREER TACHIKAWA©2020Google<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 35 -

(5)COMFORIA AKIHABARA NORTH©2020Google(6)

COMFORIA SAKURAJOSUI©2020Google<Disclaimer> This document is a press release to make a public announcement of acquisition of investment assets, and has not been
prepared as a solicitation for investment. CRR cautions investors to ensure that they refer to the prospectus for notification of theissuance of new investment units and secondary offering of investment units as well as amendments thereto prepared by CRR before
undertaking investments and that investments be made at their own discretion and responsibility.

- 36 -