Creating peace of mind through honest and committed management.

November 15, 2013
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Asset Acquisitions and Sale

Ichigo Real Estate Investment Corporation (“Ichigo REIT”) is making the following asset
acquisitions and sale.

I. General Overview
1. Acquisition Summary

Asset Name
(Note 1)
Asset Type
Date Built

O-49
Ichigo Kanda
Ogawamachi
Building
OfficeSeptember 1993

O-50
Ichigo Hatchobori
Building
OfficeJanuary 2010
Trust beneficiaryrights in real estate(juekiken)(expected)

Z-10
Ichigo Shibuya
Bunkamura-Dori
Building
Other (Retail)May 2012

Z-11
Twicere Yokohama
Isogo(Retail Section)
Other (Retail)
July 2009

Trust beneficiaryrights in real estate(juekiken)

Trust beneficiaryrights in real estate(juekiken)
1,620,000,000yen

Ownership

Trust beneficiaryrights in real estate(juekiken)

Acquisition Price(Note 2)

2,210,000,000yen

1,905,000,000yen

2,400,000,000yen

Ogawamachi
Holdings GK
November 15, 2013

Domestic KK(Note 3)
November 15, 2013

Domestic GK(Note 4)
November 15, 2013

December 10, 2013

December 10, 2013

December 10, 2013

SellerContract Date
Closing Date(expected)
Financing
Method (Note 5)
Settlement
MethodGinza Holdings GK
November 15, 2013
December 10, 2013

New share issuance, borrowing, and cash-on-handLump-sum payment(Note 1) Three of the buildings are currently named the “Heiwado Building,” “Ichigo
Central East Building,” and “Cross Avenue Shibuya” but they will be changed to
the “Ichigo Kanda Ogawamachi Building,” “Ichigo Hatchobori Building,” and“Ichigo Shibuya Bunkamura-Dori Building” respectively.
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time of1

(Note 2) The acquisition price excludes incidental expenses such as property, city planning,and consumption taxes.
(Note 3) The buyer is a domestic kabushiki kaisha (KK) and did not consent to disclosure.
(Note 4) The buyer is a domestic godo kaisha (GK) and did not consent to disclosure.
(Note 5) For details on new share issuance, refer to today’s release “Issuance of New Shares
and Secondary Share Offering.”
2. Sale Summary
Asset Name

O-01 COI Shinbashi Building

Asset Type

OfficeDate Built
Expected Legal Form of Asset
Acquisition Date (Ichigo REIT
merger)(Original acquisition date)
Expected Sale Price (Note 6)
Book Value
Difference between Sale Price andBook ValueContract Date
Settlement Date (expected)
Settlement Method

November 1960
Trust beneficiary rights in real estate (juekiken)
November 1, 2011
(March 17, 2006)
6,151,000,000 yen
6,105,680,035 yen (estimated as of April 30, 2013)+45,319,965 yen (Note 7)
November 15, 2013
April 30, 2014
Assignment of trust beneficiary rights in real estate(Note 6) The expected sale price excludes fixed asset, city planning, consumption taxes, etc.
(Note 7) As of the settlement date on April 30, 2014, the difference between the sale price andthe book value is expected to be 52 million yen.
3. Acquisitions and Sale Rationale
Today’s acquisitions and sale will dramatically improve Ichigo REIT’s portfolio quality in orderto drive higher future earnings and dividends for Ichigo REIT shareholders.
As announced in today’s release “Issuance of New Shares and Secondary Share Offering,” theacquisition of four fully-occupied prime location assets (three in central Tokyo, one in
Yokohama) will be financed by the issuance of new shares, bank borrowing including from theJapanese megabanks (Note 8), and cash-on-hand. Two of these assets are being acquired bytaking advantage of the asset warehousing capability of Ichigo REIT’s sponsor, Ichigo Group
Holdings. The averaged NOI of these four assets is 5.4%.
The sale of the 53-year-old Shinbashi Building will lower portfolio building age and seismic
risk as well as decrease long-term maintenance and repair costs and risks.
Part of the funds procured from the public offering, third-party allotment, cash-on-hand, andsales proceeds will be used to pay down existing loans, lowering the portfolio’s LTV and further
strengthening Ichigo REIT’s lender base. The acquisitions and sale will lower LTV (as of
October 31, 2013) from 54.1% to 50.5%. This will lead to improved financing terms by making
future collateral consolidation and non-collateralized borrowing possible and lower interest ratecosts to increase Ichigo REIT’s earnings and dividends.
(Note 8) Financing details will be announced as soon as they become available.
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time of2

II. Asset Acquisitions Overview(1) Ichigo Kanda Ogawamachi Building(i) Location
The building is located in Kanda-Ogawamachi, a busy retail and office district incentral Tokyo.
(ii) Features
The building is a short walk from multiple train and subway stations, including
Ogawamachi Station on the Toei Shinjuku Line and Shin Ochanomizu Station on theTokyo Metro Chiyoda Line.
The building stands out for its location directly facing the main street andarchitectural glass façade.
(iii) Property Photos and Location

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time of3

Asset Overview

Appraisal Overview

Trust beneficiary rights in real estate(juekiken)
Mitsubishi UFJ Trust and Banking
Corporation

Asset Type
TrusteeAppraiser

Daiwa Real EstateAppraisal Co., Ltd.

Value

2,280,000,000 yen

Period of TrustContract

August 27, 2013 – August 27, 2023

Date

October 1, 2013

Location

2-4-16, Kanda-Ogawamachi, Chiyoda-ku,
Tokyo

Value by Direct Capitalization
Method2,320,000,000 yen

Property Right
Land

Freehold, Leasehold

Income2

163,919,917 yen

Size405.19 m

Obtainable Rent Income

146,995,428 yen

ZoningCommercial

Other Income

28,987,284 yen

Coverage Ratio /Floor Area Ratio

80% / 700%

Amount Equivalent to Losson Vacant Space

12,062,795 yen

Property Right

Freehold

Expenses

50,533,818 yen

ZoningOffice, Retail, and Parking

Administrative andMaintenance Expenses

Structure

S/SRC B1F/10F

Taxes

10,166,429 yen

Total Floor Area

2,709.37 m2

Other Expenses

30,856,684 yen

Construction
Date

September 3, 1993

Net Operating Income (NOI)

ArchitectMHS Planners, Architects &Engineers Ltd.

Gain on Investment of
Deposits

2,069,696 yen

Builder

The Zenitaka Corporation

Capital Expenditure

2,020,200 yen

Building

Structural Strength Calculator
Inspection Agency
PML (Assessor)
Collateral

MHS Planners, Architects &Engineers Ltd.
Building Official (Chiyoda-ku)
6.93 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

113,386,099 yen

Net Profit

113,435,595 yen

Cap Rate

4.9 %Value by DCF method

Rent Overview (as of September 30, 2013)

9,510,705 yen

2,260,000,000 yen

Discount Rate

4.7 %Terminal Cap Rate

5.1 %Number of Tenants

7

Monthly Rental Income

12,838 thousand yen

Value by Cost Approach

Deposit122,367 thousand yen

Land (Note 10)85.0 %

Property

15.0 %

Leasable Space22,217.44 m

2,170,000,000 yen

2Leased Space

2,217.44 m

Occupancy

100 %Property Management
Company

Xymax Properties Corporation

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 9)113 million yen (5.1 %)Special Items
1. Land size includes the leasehold. The leased land size is 238.11m2.
2. The consent to transfer the leasehold from the current lessee to Ichigo REIT is expected to be provided from the lessor before closing.
3. Part of a cable, foundation, fence, and wall encroach a northwest neighbor. A memorandum of understanding exists which agrees torectify the situation when these parts are reconfigured in the future.
(Note 9) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.
(Note 10) Includes leased land.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time of4

(2) Ichigo Hatchobori Building(i) Location
The building is located in Hatchobori, a neighborhood in walking distance of major
business districts including Marunouchi, Otemachi, Nihonbashi, and Ginza.
(ii) Features
The building benefits from especially convenient subway and train access via the JR
Keiyo Line, Tokyo Metro Hibiya Line, and Yurakucho Line.
In addition, the building has architectural features such as a glass curtain wall and an
entrance hall with two-story ceilings. Furthermore, each floor has features including
uncommonly high ceilings and energy-efficient, individually-controlled air
conditioning units.
(iii) Property Photos and Location

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time of5

Asset Overview
Asset Type
Trustee
Period of TrustContract
Location

Trust beneficiary rights in real estate(juekiken)
Shinsei Trust & Banking Co., Ltd.

Value

Daiwa Real EstateAppraisal Co., Ltd.
2,190,000,000 yen

To be determined

Date

October 1, 2013

1-14-1, Shintomi, Chuo-ku, Tokyo

Value by Direct Capitalization
Method2,240,000,000 yen

Property RightLand

Building

Appraisal Overview
Appraiser

LeaseholdIncome2

167,265,324 yenSize598.25 m

Obtainable Rent Income

156,666,240 yen

ZoningCommercial

Other Income

19,816,206 yen

Coverage Ratio /Floor Area Ratio

80% / 600% (Note 11)

Amount Equivalent to Losson Vacant Space

9,217,122 yen

Property Right

Freehold

ZoningOfficeStructure

S 8F

Expenses

2

49,350,792 yen

Administrative andMaintenance Expenses

10,871,651 yen

Taxes

8,075,800 yen

Other Expenses

30,403,341 yen

Total Floor Area

3,328.89 m

Construction
Date

January 13, 2010

Net Operating Income (NOI)

ArchitectTokyo head office 1st class architect
office, Asanuma Corporation

Gain on Investment of
Deposits

2,023,126 yen

Builder

Asanuma Corporation

Capital Expenditure

1,272,943 yen

117,914,532yen

st

Structural Strength Calculator
Inspection Agency
PML (Assessor)
CollateralTokyo head office 1 class architect
office, Asanuma Corporation
Center of International
Architectural Standard
7.17 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

Rent Overview (as of September 30, 2013)

Net Profit

118,664,715 yen

Cap Rate

5.3 %Value by DCF method

2,170,000,000yen

Discount Rate

5.1 %Terminal Cap Rate

5.5 %Number of Tenants

7

Monthly Rental Income

12,783 thousand yen

Value by Cost Approach

Deposit

102,059 thousand yen

Land (Note 13)61.2 %

Property

38.8 %

Leasable Space2

2,697.18 m

1,990,000,000 yen

2Leased Space

2,697.18 m

Occupancy

100 %Property Management
Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 12)117 million yen (6.2 %)Special Items
1. Land size includes the leasehold.
2. The consent to transfer the leasehold from the current lessee to Ichigo REIT is expected to be provided from the lessor before closing.
3. A 0.59 m2 portion of the land facing the road to the south will be considered a road pursuant to Article 42, paragraph 2 and 3 of the
Building Standards Act.
(Note 11) Floor area ratio is 529% pursuant to Article 52, paragraph 2 and 9 of the Building Standards Act.
(Note 12) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.
(Note 13) Includes leased land.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time of6

(3) Ichigo Shibuya Bunkamura-Dori Building(i) Location
The building is located to the west of Shibuya Station, one of Tokyo’s most vibrantlarge-scale retail and shopping areas. In addition, constant large-scale redevelopment
projects promise neighborhood renewal and growth.
(ii) Features
The building is a 3- minute walk from Shibuya Station on the Tokyu Line, Keio
Inokashira Line, and Tokyo Metro Line. It occupies a highly visible corner of
Bunkamura-Dori, a bustling main street.
Boasting a unique aluminum curtain wall, the building is designed to attract a wide
range of retail, restaurant, and professional tenants.
(iii) Property Photos and Location

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time of7

Asset Overview
Trust beneficiary rights in real estate(juekiken)
Mitsubishi UFJ Trust and Banking
Corporation

Asset Type
Trustee
Period of Trust Contract
Location

Building

Appraiser

Japan Real Estate
InstituteValue

2,540,000,000 yen

June 29, 2012 – June 30, 2022

Date

October 1, 2013

28-3, Udagawa-cho, Shibuya-ku, Tokyo

Value by Direct Capitalization
Method2,570,000,000 yen

Property RightLand

Appraisal Overview

LeaseholdIncome2

143,944,000 yen
137,898,000 yen

Size

122.79 m

Obtainable Rent Income

ZoningCommercial

Other Income

7,500,000 yen

Coverage Ratio /Floor Area Ratio(Note 14)80% / 700%

Amount Equivalent to Losson Vacant Space

1,454,0000 yen

Property Right

Freehold

ZoningRetailStructure

S/RC

Expenses

B1F/8F
2

Administrative andMaintenance Expenses

4,613,000 yen

Taxes

2,996,000 yen

Other Expenses

29,835,000 yen

Total Floor Area

855.21 m

Construction
Date

May 28, 2012

Net Operating Income (NOI)

Asai Ken Architectural Research
Inc.
Daiho Corporation, Tokyo BranchGain on Investment of
Deposits
Capital ExpenditureArchitect
Builder
Structural Strength Calculator
Inspection Agency
PML (Assessor)
Collateral

Asai Ken Architectural Research
Inc.
The Building Center of Japan
6.17 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

106,500,000 yen
1,752,000 yen
370,000 yen

Net Profit

107,882,000 yen

Cap Rate

4.2 %Value by DCF method

Rent Overview (as of September 30, 2013)

37,444,000 yen

2,510,000,000 yen

Discount Rate

3.8 %Terminal Cap Rate

4.3 %Number of Tenants

4Monthly Rental Income

11,491 thousand yen

Value by Cost Approach

Deposit98,099 thousand yen

Land (Note 16)

92.4 %

Leasable Space

778.77 m2

Property

7.6 %2,420,000,000 yen

2Leased Space

778.77 m

Occupancy
Property Management
Company
Master Lease Company

100 %Assumed NOI (NOI yield)(Note 15)

To be determined
To be determined
106 million yen (4.4 %)Special Items
1. Land size includes the leasehold.
2. Any additional fire prevention regulatory procedures will be completed prior to closing.
3. A concrete wall with uncertain ownership sits across the northeast border with an adjoining property.
(Note 14) The coverage ratio is relaxed to 100% because the property complies with fire prevention zoning
regulations.
(Note 15) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.
(Note 16) Includes leased land.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time of8

(4) Twicere Yokohama Isogo (Retail Section)(i) Location
The building is located in the Yokohama Isogo area, a bedroom community serving
Central Tokyo and Yokohama. The west side of Isogo Station on the Isogo Line has aconcentration of commercial buildings.
(ii) Features
The asset consists of ownership of the B1- 3F retail floors of the “Twicere Yokohama
Isogo” building, a condominium with direct pedestrian access from Isogo Station on
the JR Negishi Line. The current tenants include retail shops, a clinic, and banks. In
addition, the property generates stable revenue via a long-term fixed lease with a 1F
supermarket.
(iii) Property Photos and Location

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time of9Asset Overview
Asset Type
Trustee
Period of TrustContract
LocationLand

Building

Appraisal Overview

Trust beneficiary rights in real estate(juekiken)
Mizuho Trust & Banking Co., Ltd.

Value

Daiwa Real EstateAppraisal Co., Ltd.
1,670,000,000 yen

May 29, 2013 – May 28, 2023

Date

October 1, 2013

1-7-10, Mori, Isogo-ku, Yokohama City,
Kanagawa

Value by Direct Capitalization
Method

1,660,000,000 yen

Appraiser

Property Right

Freehold (Ownership Ratio 48.7%)

Size1,576.48 m2

Obtainable Rent Income

130,265,820 yen

ZoningCommercial

Other Income

20,201,088 yen

Coverage Ratio /Floor Area Ratio(Note 17)80% / 400%

Amount Equivalent to Losson Vacant Space

7,608,545 yen

Property Right

Freehold
48.7%)

ZoningRetailStructure

RC(Ownership Ratio

Income142,858,363 yen

Expenses

B1F/8F244,374,575 yen

Administrative andMaintenance Expenses

4,800,000 yen

Taxes

8,665,800 yen

Other Expenses

30,908,775 yen

Total Floor Area

7,479.46 m

Construction
Date

July 6, 2009

Net Operating Income (NOI)

98,483,788 yen

Architect

Mitsubishi Jisho Sekkei Inc.

Gain on Investment of
Deposits

1,500,397 yen

BuilderToa Corporation

Capital Expenditure

1,803,917 yen

Structural Strength Calculator

Mitsubishi Jisho Sekkei Inc.

Net Profit

98,180,268 yen

Inspection Agency

The Building Center of Japan
8.02 % (Sompo Japan Nipponkoa
Risk Management Inc.)
Collateralized

Cap Rate

5.9 %PML (Assessor)
Collateral

Value by DCF method

Rent Overview (as of September 30, 2013)

1,680,000,000 yen

Discount Rate

5.8 %Terminal Cap Rate

6.2 %Number of Tenants

8Monthly Rental Income

11,469 thousand yen

Deposit76,151 thousand yen

Land50.4 %

Leasable Space

2,717.77 m2

Property

49.6 %

Leased Space

2,717.77 m2

Occupancy

100 %Property Management
Company

To be determined

Master Lease Company

To be determined

Assumed NOI (NOI yield)(Note 18)

98 million yen (6.1 %)Value by Cost Approach

1,420,000,000 yen

Special Items
The building is sectional ownership property of which Ichigo REIT will hold 48.7% (3,039.41m2 / 6,240.81m2). In addition, Ichigo
REIT’s land ownership ratio is also 48.7%. The property has 51 owners in total.
(Note 17) The coverage ratio is relaxed to 100% because the property complies with fire prevention zoning
regulations.
(Note 18) NOI is the net operating income used by the appraiser in determining direct capitalization.
NOI yield is calculated by dividing NOI by Acquisition Price.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time of10

III. Asset Seller Profiles(1) Ichigo Kanda Ogawamachi Building
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager
Total Net Assets of Previous
Year
Total Assets of Previous
Year

Ogawamachi Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin High Stage
Manager: Atsushi Nakao
1. The acquisition, holding, and sale of trust beneficiaryrights (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
June 26, 2013
Ippan Shadan Hojin High StageThe Seller does not have any capital, personnel, or
business relationship and is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law (Note 19)
N/A
N/A(Note 19) Ogawamachi Holdings GK (“Ogawamachi”) is not a related party as definedin the Enforcement Ordinance of the Investment Trust and Investment
Corporation Law. Nonetheless, the acquisition process has followed theinternal rules of IRE for the following reasons: First, Ichigo Group Holdings
Co. Ltd., the 100 % shareholder of Ichigo Real Estate Investment Advisors Co.,
Ltd. (Ichigo REIT’s asset manager), is a related party according to the internal
rules of Ichigo REIT since it holds more than half of the equity in
Ogawamachi. Second, Ichigo Estate Co., Ltd., a related party as defined in the
Enforcement Ordinance of the Investment Trust and Investment Corporation
Law, is providing asset management advisory services. Further, Ichigo REIT
has obtained a second opinion regarding the property’s appraisal andconfirmed its propriety.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time of11

(2) Ichigo Hatchobori Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic KK (Note 20)
The Seller does not have any capital, personnel, or business
relationship and is not a related party as defined in the
Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note 20) The seller has not consented to disclosure.
(3) Ichigo Shibuya Bunkamura-Dori Building
Name
Relationship with the Ichigo
REIT or Asset Manager

Domestic GK (Note 21)
The Seller does not have any capital, personnel, or
business relationship and is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law(Note 21) The seller has not consented to disclosure.
(4) Twicere Yokohama Isogo (Retail Section)
Name
Address
Representative

Principal Businesses

CapitalEstablishment Date
Equity Holder
Relationship with the Ichigo
REIT or Asset Manager

Ginza Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, TokyoManaging Member: Ippan Shadan Hojin VSLManager: Mariko Hirano
1. The acquisition, holding, and sale of trust beneficiaryrights (juekiken)
2. The acquisition, holding, and sale of real estate
3. Other businesses relating to the aforementioned
businesses
100,000 yen
January 25, 2013
Ippan Shadan Hojin VSL
The Seller does not have any capital, personnel, or
business relationship and is not a related party as definedin the Enforcement Ordinance of the Investment Trustand Investment Corporation Law (Note 22)

Total Net Assets of Previous
Year

N/A

Total Assets of Previous Year

N/A

(Note 22) Ginza Holdings GK (“Ginza”) is not a related party as defined in the
Enforcement Ordinance of the Investment Trust and Investment Corporation
Law. Nonetheless, the acquisition process has followed the internal rules of
IRE for the following reasons: First, Ichigo Group Holdings Co. Ltd., the
100 % shareholder of Ichigo Real Estate Investment Advisors Co., Ltd.
(Ichigo REIT’s asset manager), is a related party according to the internal
rules of Ichigo REIT since it holds more than half of the equity in Ginza.
Second, Ichigo Estate Co., Ltd., a related party as defined in the Enforcement
Ordinance of the Investment Trust and Investment Corporation Law, isproviding asset management advisory services. Further, Ichigo REIT has
obtained a second opinion regarding the property’s appraisal and confirmed
its propriety.
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
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Initial use of funds at the time of12

IV. Ownership History(1) Ichigo Kanda Ogawamachi Building
Overview
Name
Relationship to
Ichigo REIT
Reason for
Acquisition
Acquisition Price
Acquisition Date

Current Owner (Seller)
Ogawamachi Holdings GK
Related Party as defined in theinternal rules of IRE

Previous Owner
Unrelated party――

Investment
2,000 million yen(excluding acquisition costs
and consumption tax)
August 27, 2013――(2) Ichigo Hatchobori Building
Overview
Name, Acquisition
Background,
Acquisition Price,
Acquisition Date
Relationship to
Ichigo REIT

Current Owner (Seller)

Previous Owner

N/A (seller’s consent was notprovided)Unrelated party

Not a Related Party as definedin the internal rules of IRE―(3) Ichigo Shibuya Bunkamura-Dori Building
Overview
Name, Acquisition
Background,
Acquisition Price,
Acquisition Date
Relationship to
Ichigo REIT

Current Owner (Seller)

Previous Owner

N/A (seller's consent was notprovided)―Not a Related Party as definedin the internal rules of IRE―(4) Twicere Yokohama Isogo (Retail Section)
Overview
Name
Relationship to
Ichigo REIT
Reason for
Acquisition
Acquisition Price
Acquisition Date

Current Owner (Seller)
Ginza Holdings GK
Related Party as defined in theinternal rules of IRE

Previous Owner
Unrelated party――

Investment
1,450 million yen(excluding acquisition costs
and consumption tax)
May 29, 2013――

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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V. Broker Profile(1) Ichigo Kanda Ogawamachi Building
N/A(2) Ichigo Hatchobori Building
Name
Address
Representative
Principal Businesses
CapitalRelationship with Ichigo REIT
or Asset Management Company

Brokerage Fee

Ichigo Estate Co., Ltd. (“IES”)
The Imperial Hotel Tower,
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Takuma Hasegawa, President & Representative Director
Real Estate Solutions Business Focused on Small-to-Mid
Sized Assets and Ground Leases
500,000,000 yen
IES and the Asset Management Company are subsidiaries
of Ichigo Group Holdings Co., Ltd. In addition, Ichigo
REIT, IES, and the Asset Management Company are
signatories of a Support Agreement.
The acquisition process has followed the internal rules of
the Asset Management Company since IES is a related
party as defined in the Enforcement Ordinance of theInvestment Trust and Investment Corporation Law as wellas in the internal rules of the Asset Management Company.
19,050,000 yen (excluding consumption tax, etc.)(3) Ichigo Shibuya Bunkamura-Dori Building
Name
Relationship with Ichigo REIT
or Asset Management Company
Brokerage Fee

N/A (broker’s consent was not provided)
The Seller does not have any capital, personnel, or
business relationship and is not a related party as definedin the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law as well as in the internal rulesof the Asset Management Company.
N/A (broker’s consent was not provided)(4) Twicere Yokohama Isogo (Retail Section)
N/A

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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VI. Asset Sale
1. Asset Overview
O-01 COI Shinbashi Building
Legal Form of Asset
Location
Property Right
Size
Land
ZoningCoverage Ratio /Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Construction Date
Number of Tenants
Monthly Rent (Note 23)
Tenant Security Deposits (Note 24)
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraiser
Appraisal
Date
Value

Trust beneficiary rights in real estate (juekiken)
1-9-6, Shinbashi, Minato-ku, Tokyo
Ownership (fee simple)
730.67 m2
Commercial
80%/800%
Ownership (fee simple)
OfficeSRC B2F/9F
7,906.41 m2
November 22, 1960
8 (as of October 31, 2013)
28,805 thousand yen (as of September 30, 2013)
198,867 thousand yen (as of September 30, 2013)
5,519.98 m2 (as of September 30, 2013)
4,944.08 m2 (as of September 30, 2013)
89.6% (as of September 30, 2013)
6,110 million yen
The Tanizawa Sōgō Appraisal Co., Ltd.
October 31, 2013
6,040 million yen(Note 23) The monthly rent, tenant security deposits include common area management
charges pursuant to the lease agreement.
(Note 24) Pursuant to the sales and purchase agreement, a separate sales and purchaseagreement between the buyer and Ichigo Group Holdings for the adjoining property
is one of the preconditions of the transaction.

2. Buyer Profile
Name
Relationship with Ichigo REIT
or Asset Management Company

N/A (buyer’s consent was not provided)
The Buyer does not have any capital, personnel, or
business relationship and is not a related party as defined in
the Enforcement Ordinance of the Investment Trust andInvestment Corporation Law as well as in the internal rulesof the Asset Management Company.

3. Broker Profiles
N/A
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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Initial use of funds at the time of15

4. Use of Funds
6 billion yen of sale proceeds will be used for loan repayment.
VII. Future Outlook
Please refer to today’s release “Earnings and Dividend Forecast Revision for the October 2013
Fiscal Period and Earnings and Dividend Forecast for the April 2014 Fiscal Period.”

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

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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Reference: Acquisitions and Sale Results+8 billion yen(4 assets)-6 billion yen (1 asset)

Ichigo Kanda Ogawamachi
Building

COI Shinbashi Building

Ichigo Hatchobori Building

Portfolio Size
112 billion yen(68 assets)

Ichigo Shibuya BunkamuraDori Building

Twicere Yokohama Isogo

4 assets +8 bil yen

1 asset -6 bil yen(Average Age 7 years)(Age 53 years)

Portfolio Size
114 billion yen(71 assets)

Replaced Assets to Improve
Portf olio Quality
October 2013

Portfolio

Dec 10, 2013
(Acquisition via PO)

Apr 30, 2014
(Sale)

・Replace assets and increase portfolio size
・Lower building age

Af ter the Transactions

Improve Portfolio Quality
Focus on Profitability

Effects

・New borrowing and prepayment of existing loans
to lower LTV and improve lender baseFinancial

Improve LTV for Future Collateral
Consolidation and Non-Collateralized
Borrowing

Obtain Credit Rating

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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Reference: Portfolio Information
1. Post-Acquisition Portfolio Summary

Occupancy
Average Building Age
Diversification by Area
(Tokyo Metropolitan
Area/Other Areas) (Note 27)

BeforeAcquisition (A)94.8 %(Note 25)
20.9 years(Note 26)

After
Acquisition (B)After
Sale (C)

Difference
(C-A)

95.1%

95.3%

+0.5%

19.9 years

18.6 years- 2.3 years

74.7% / 25.3%

76.4% / 23.6%

75.2% / 24.8%+0.5% /-0.5%(Note 25) Data as of September 30, 2013.
(Note 26) Data as of November 15, 2013
(Note 27) “Tokyo Metropolitan Area” refers to “Central Tokyo” and “Tokyo Metropolitan Area.”“Other Areas” refers to “Four Major Regional Cities” and “Other Regional Cities.”
The ratios are based on the acquisition price.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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Initial use of funds at the time of18

2. Post-Acquisition Portfolio
No.

Property

Area

O-01
O-02
O-03
O-04
O-05
O-06
O-07
O-08
O-09
O-10
O-11
O-12
O-13
O-14
O-15
O-16
O-17
O-18
O-19
O-20
O-21
O-22
O-23
O-24
O-25
O-26
O-27
O-28
O-29
O-33
O-34
O-35
O-37
O-38
O-39
O-40
O-42
O-44
O-46
O-47

COI Shinbashi Building (Note 30)
Ichigo Nishisando Building
Ichigo Mita Building
Ichigo Nanpeidai Building
Ichigo Hanzomon Building
Ichigo Hijirizaka Building
Ichigo Shibuya Kamiyamacho Building
Ichigo Akasaka 5 Chome Building
Ichigo Shibakoen Building
Ichigo Ebisu-Nishi Building
COI Ginza 612
Ichigo Uchikanda Building
Ichigo Kudan-Minami Building
Ichigo Yotsuya 4 Chome Building
Ichigo Tameike Building
Ichigo Jimbocho Building
Ichigo Hakozaki Building
Ichigo Kudan 2 Chome Building
Ichigo Kudan 3 Chome Building
Ichigo Gotanda Building
Ichigo Shin-Yokohama Building
Ichigo Minami-Ikebukuro Building
Ichigo Nakano North Building
Ichigo Eitai Building
Ichigo Yokosuka Building
Ichigo Ikejiri Building
Route Ikebukuro Building
Ichigo Nishi-Gotanda Building
Ichigo Kichijoji Building
Ichigo Meieki Building
Ichigo Sakae Building
Ichigo Sendai Chuo Building
Ichigo Marunouchi Building
Ichigo Toyamaeki-Nishi Building
Ichigo Mirai-Shinkin Building
Ichigo Saga Building
Ichigo Takamatsu Building
Akita Sanno 21 Building
Ichigo Kanda-Nishikicho Building
Ichigo Akiharaba North Building

Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Central Tokyo
Tokyo Metropolitan Area
Four Major Regional Cities
Four Major Regional Cities
Other Regional Cities
Four Major Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Central Tokyo
Central Tokyo

Acquisition
% of
Price
Portfolio(mm yen)(Note 29)
(Note 28)
6,110
5.1%
3,254
2.7%
2,740
2.3%
1,920
1.6%
1,550
1.3%
1,200
1.0%
1,505
1.2%
735
0.6%
1,100
0.9%
1,917
1.6%
1,773
1.5%
1,140
0.9%
387
0.3%
550
0.5%
580
0.5%
1,820
1.5%
1,150
1.0%
763
0.6%
844
0.7%
5,060
4.2%
1,816
1.5%
1,460
1.2%
764
0.6%
1,490
1.2%
971
0.8%
2,030
1.7%
639
0.5%
765
0.6%
2,160
1.8%
837
0.7%
4,705
3.9%
510
0.4%
6,710
5.6%
1,650
1.4%
1,100
0.9%
659
0.5%
3,010
2.5%
560
0.5%
2,130
1.8%
5,500
4.6%

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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19

O-48

Ichigo Sakaisuji Honmachi Building

Four Major Regional Cities

1,940

1.6%

O-49

Ichigo Kanda Ogawamachi Building

Central Tokyo

2,210

1.8%

O-50

Ichigo Hatchobori Building

Central Tokyo

1,905

1.6%

81,619
1,730
1,140
1,250
1,360
824
701
2,520
786
946
1,050
592
932
1,040
435
1,341
1,080
1,349
927
20,005
3,410
1,970
3,218
1,640
1,310
903
558
638
1,210

67.7%
1.4%
0.9%
1.0%
1.1%
0.7%
0.6%
2.1%
0.7%
0.8%
0.9%
0.5%
0.8%
0.9%
0.4%
1.1%
0.9%
1.1%
0.8%
16.6%
2.8%
1.6%
2.7%
1.4%
1.1%
0.7%
0.5%
0.5%
1.0%

2,400

2.0%

1,620

1.3%

18,877
120,50115.7%
100.0%

R-01
R-02
R-03
R-04
R-05
R-06
R-07
R-08
R-09
R-10
R-11
R-12
R-13
R-14
R-15
R-16
R-17
R-18
Z-01
Z-02
Z-03
Z-04
Z-05
Z-06
Z-07
Z-08
Z-09
Z-10
Z-11

Subtotal - Office (43 Properties)
ForeCity Roppongi
Central Tokyo
ForeCity Azabujuban
Central Tokyo
ForeCity Azabujuban No.2
Central Tokyo
Bureau Takanawadai
Central Tokyo
ForeCity Shirokanedai
Central Tokyo
B-Site Hamamatsucho
Central Tokyo
ForeCity Akihabara
Central Tokyo
Suite One Court
Central Tokyo
B-site Ginza East
Central Tokyo
ForeCity Sasazuka
Central Tokyo
Gran Presso Kawadacho
Central Tokyo
ForeCity Sakurashinmachi
Tokyo Metropolitan Area
ForeCity Shinkamada
Tokyo Metropolitan Area
ForeCity Nakaochiai
Central Tokyo
ForeCity Tomigaya
Central Tokyo
ForeCity Ryogoku
Tokyo Metropolitan Area
ForeCity Toyosu
Tokyo Metropolitan Area
ForeCity Nishihonmachi
Four Major Regional Cities
Subtotal - Residence (18 Properties)
Falcon Shinsaibashi Building
Four Major Regional Cities
Fiesta Shibuya
Central Tokyo
Burg Omori
Tokyo Metropolitan Area
Pagoda Asakusa
Tokyo Metropolitan Area
Regalo Building
Tokyo Metropolitan Area
Ichigo Yokohama-Nishiguchi Building Tokyo Metropolitan Area
El Centro Sapporo
Four Major Regional Cities
Daimyo Balcony
Four Major Regional Cities
Konami Sports Club Izumi Fuchu
Other Regional Cities
Ichigo Shibuya Bunkamura-DoriCentral Tokyo
Building
Twicere Yokohama Isogo (RetailTokyo Metropolitan Area
Section)Subtotal - Others (11 Properties)
Total(Note 28) Acquisition Price is either the actual acquisition price (excluding consumption tax) or
the acquisition price (excluding consumption tax) as described in the sales andpurchase agreement of the trust beneficiary interest with the exception of 45 assets(O-01 to O-44 and Z-02 to Z-08) which are listed with their appraised value as of
October 31, 2011 reflecting acquisition via a REIT merger.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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(Note 29) % of Portfolio is the Acquisition Price as a percentage of the Total Acquisition Priceand rounded to the nearest second decimal place.
(Note 30) Signed the sales and purchase agreement on November 15, 2013.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the acquisition of portfolio assets by Ichigo Investment
Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus andnotice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7
Third party allottee Mizuho Securities Co., Ltd.
Initial use of funds at the time of21