Creating peace of mind through honest and committed management.

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

January 31, 2014
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Notice of Partial Repayment of Existing Loans(Shinsei Bank Syndicate Loan 1 and Aozora Bank Syndicate Loan)
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) is conducting a partial loan
repayment using funds from its recent public offering and cash on hand as announced in therelease “Issuance of New Shares and Secondary Share Offering” on November 15, 2013.

1. Reason for Partial Repayment
Ichigo REIT is strengthening its financial position via a lower LTV and reduced interest costs.

2. Repayment Details
Shinsei Bank Syndicate Loan 1Lender

Outstanding Balance before Repayment
Repayment Amount
Outstanding Balance after Repayment
Date of Partial Repayment
Interest Rate
Collateral
Borrow Date
Repayment Date

Shinsei Bank, Limited, Prudential Mortgage
Asset Holdings 1 Japan LPS, MetLife Alico,
Shinsei Trust and Banking Co., Ltd. (funded by
Investment LPS managed by AXA Real Estate
Investment Managers Japan KK)
5,079,383,818 yen
170,000,000 yen
4,909,383,818yen
January 31, 2014
1.75%
Yes – Collateralized
January 31, 2013
November 30, 20171Aozora Bank Syndicate Loan
LenderOutstanding Balance before Repayment
Repayment Amount
Outstanding Balance after Repayment
Date of Partial Repayment
Interest Rate
Collateral
Borrow Date
Repayment Date

Aozora Bank, Ltd., Shinsei Bank, Limited,
ORIX Bank Corporation
5,576,500,000yen
340,000,000yen
5,236,500,000yen
January 31, 2014
1.60%
Yes – Collateralized
August 31, 2012
February 27, 2015

3. Earnings Outlook
There are no changes to the performance forecasts for the April 2014 fiscal period asannounced in the “Financial Report for the Fiscal Period Ending October 2013” on December
16, 2013.

2Reference
Outstanding Loan Balance (as of January 31, 2014)(million yen)
Balance
GE Japan Corporation
12,500Sumitomo Mitsui Banking Corporation
11,692
Aozora Bank, Ltd.
6,655
Shinsei Bank, Limited
5,887
Resona Bank, Limited
5,623
Mizuho Trust & Banking Co., Ltd.
3,846
Prudential Mortgage Asset Holdings 1 Japan LPS
3,733
Shinsei Trust & Banking Co., Ltd. (Note 1)
2,989
Tokyo Star Bank, Limited
2,970
Mizuho Bank, Ltd.
1,789
MetLife Alico
1,759
The Kagawa Bank, Ltd.
1,372
Shinsei Trust & Banking Co., Ltd. (Note 2)
1,100
ORIX Bank Corporation
957Total
62,877(Note 1): Source of funds is Investment LPS managed by AXA Real Estate Investment
Managers Japan KK(Note 2): Source of funds is Ichigo Group Holdings as sponsor

Distribution of Repayment Dates (as of January 31, 2014)(million yen)

20,00014,930

10,15810,000

7,880
6,825

6,685
5,366
3,607

3,900

Oct 2018

Apr 2019

2,0000
Apr 2014

Oct 2014

Apr 2015

Oct 2015

Apr 2016

Oct 2016

Website of Ichigo REIT: www.ichigo-reit.co.jp/english3

Apr 2017

Oct 2017

Apr 2018