October 14, 2022
For Immediate Release

Real Estate Investment Trust Securities Issuer
1-6-5 Marunouchi, Chiyoda-ku, Tokyo
Mitsubishi Estate Logistics REIT Investment Corporation
Representative: Ken Takanashi, Executive Director(Securities Code: 3481)
Asset Management Company
Mitsubishi Jisho Investment Advisors, Inc.
Representative: Tetsuya Masuda, President & CEO
Contact:
Ken Takanashi, Executive Officer, General Manager,
Logistics REIT Management Department
TEL: +81-3-3218-0030

Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units
Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) announces today that, at the meeting of its board of
directors held today, its board of directors passed a resolution approving the issuance of new investment units and asecondary offering of investment units as follows:
1. Issuance of New Investment Units through Public Offering(1)
Number of investment 51,000 units
units to be offered(2)
Amount to be paid in To be determined(issue amount)
The amount to be paid in (issue amount) shall be determined at the board of
directors meeting to be held on a date between Wednesday, October 19, 2022, andMonday, October 24, 2022 (the “Issue Price Determination Date”).
(3)
Net proceeds
To be determined(4)
Issue price
To be determined(offer price)
The issue price (offer price) shall be determined on the Issue Price Determination
Date, taking into consideration the status of demand and other factors and using asa tentative price a figure obtained by multiplying a number from 0.90 to 1.00 by theprice from the closing price for ordinary trading of an investment unit of MEL on
Tokyo Stock Exchange Inc. (the “Tokyo Stock Exchange”) on the Issue Price
Determination Date (in the event of no closing price on such date being available,
the closing price on the preceding date). Any fraction of one yen shall be rounded
down to the nearest yen.
(5)
Total amount issued
To be determined(total offer value)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the issuance of new
investment units and secondary offering of investment units, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities
referred to above will not be publicly offered or sold in the United States.

1

(6)

Offering method(7)

Content ofunderwriting
agreement(8)(9)

Units of application
Application period(Domestic Public
Offering)
Payment period fordeposit in securities
Payment date

(10)
(11)
(12)
(13)

(14)

Investment units shall be offered simultaneously in Japan and overseas (theDomestic Public Offering, the International Offering and the secondary distribution
via over-allotment mentioned in “2. Secondary Offering of Investment Units(Secondary Distribution via Over-allotment)” below shall be collectively referred toas the “Global Offerings”).
(i) Domestic Public Offering
All investment units for the public offering in Japan (the “Domestic Public
Offering”) shall be underwritten and purchased by a group of underwriters(collectively referred to as the “Domestic Underwriters”).
(ii) International Offering
The public offering in international markets (the “International Offering”, andtogether with the Domestic Public Offering, collectively referred to as the“Offerings”) shall be conducted in international markets mainly in the UnitedStates, Europe and Asia (provided, however, that the offering in the U.S. market
shall be restricted to qualified institutional buyers pursuant to Rule 144A under
the U.S. Securities Act of 1933, as amended), and all investment units subject
to the International Offering shall be purchased and underwritten severally andnot jointly in the total amount by a group of international underwriters(together with the Domestic Underwriters, collectively referred to as the“Underwriters”).
(iii) The total number of investment units to be issued in the Offerings shall be
51,000 units, scheduled to be 33,030 units for the Domestic Public Offering and
17,970 units for the International Offering, and the final breakdown ofinvestment units shall be determined on the Issue Price Determination Date,taking into consideration the status of demand and other factors.
The Underwriters shall pay MEL the net proceeds for the Offerings on the payment
date stated below under (11), and the difference with the total amount issued (totaloffer value) shall be the proceeds of the Underwriters.
MEL shall not pay an underwriting fee to the Underwriters.
One unit or more in multiples of one unit
The business day following the Issue Price Determination Date

From the business day following the Issue Price Determination Date to two businessdays following the Issue Price Determination Date
A business day during the period from Tuesday, October 25, 2022 to Friday, October28, 2022; four business days following the Issue Price Determination Date
Delivery date
A business day following the payment date
The amount to be paid in (issue amount), the issue price (offer price), the final breakdown of investment units
to be offered through the Domestic Public Offering and through the International Offering and other items
required for the issuance of the new investment units shall be determined at a future board of directors
meeting.
The above-mentioned items related to the Domestic Public Offering shall be subject to the condition that the
Securities Registration Statement, filed pursuant to the Financial Instruments and Exchange Act of Japan (ActNo.25 of 1948, including all subsequent amendments, the “Financial Instruments and Exchange Act of Japan”),
becomes effective.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the issuance of new
investment units and secondary offering of investment units, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities
referred to above will not be publicly offered or sold in the United States.

22. Secondary Offering of Investment Units (Secondary Distribution via Over-allotment) (Refer to <Reference> below)(1)
Number of
2,550 units
investment units to be The above number of investment units to be offered is the maximum number of
distributed
investment units to be distributed in the secondary distribution via over-allotment
by one of the Domestic Underwriters in the Domestic Public Offering (“theBookrunner”), separately from the Domestic Public Offering, taking into
consideration the status of demand and other factors of the Domestic Public
Offering. There are cases where the above number may decrease or the secondary
distribution via over-allotment itself may not take place at all depending on thestatus of demand and other factors relating to the Domestic Public Offering. The
number of investment units to be distributed shall be determined at the board of
directors meeting to be held on the Issue Price Determination Date, taking into
consideration the status of demand and other factors of the Domestic Public
Offering.
(2)
Distributor
The Bookrunner(3)
Distribution price
To be determined
The distribution price shall be determined at the board of directors meeting to beheld on the Issue Price Determination Date. Furthermore, the distribution price shallbe the same as the issue price (offer price) for the Domestic Public Offering.
(4)
Total amount of
To be determined
distribution price(5)
Distribution method
The Bookrunner shall conduct a secondary distribution in Japan of MEL’s investment
units, for which it shall borrow from MEL’s unitholders in a number not to exceed
2,550 units (the “Borrowed Units”), separately from the Domestic Public Offering,taking into consideration the status of demand and other factors relating to theDomestic Public Offering.
(6)
Units of application
One unit or more in multiples of one unit
(7)
Application period
The same as the Domestic Public Offering(8)
Payment period for
The same as the Domestic Public Offering
deposit in securities(9)
Delivery date
The same as the Domestic Public Offering(10) This secondary distribution via over-allotment shall be cancelled upon the cancellation of the Domestic Public
Offering.
(11) The distribution price and other items required for the secondary distribution via over-allotment shall be
determined at a future board of directors meeting.
(12) The items above shall be subject to the condition that the Securities Registration Statement, filed pursuant to
the Financial Instruments and Exchange Act of Japan, becomes effective.
3. Issuance of New Investment Units through Third-party Allotment (Refer to <Reference> below)(1)
Number of investment 2,550 units
units to be offered(2)
Amount to be paid in
To be determined(issue amount)
To be determined at the board of directors meeting to be held on the Issue Price
Determination Date. The amount to be paid in (issue amount) shall be identical tothe amount to be paid in (issue amount) for the Domestic Public Offering.
(3)
Net proceeds
To be determined(4)
Allottee and number
The Bookrunner: 2,550 units
of investment units tobe allotted(5)
Units of application
One unit or more in multiples of one unit

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the issuance of new
investment units and secondary offering of investment units, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities
referred to above will not be publicly offered or sold in the United States.

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(6)

(7)

(8)
(9)
(10)
(11)

Application period(application date)

A business day during the period from Monday, November 21, 2022 to Friday,
November 25, 2022.
Application date shall be one business day following the 30th day (or theimmediately preceding business day if the date is not a business day) immediately
after the application period for the Domestic Public Offering and the secondary
distribution via over-allotment.
Payment date
A business day during the period from Tuesday, November 22, 2022 to Monday,
November 28, 2022.
Payment date shall be two business days following the 30th day (or the immediately
preceding business day if the date is not a business day) immediately after theapplication period for the Domestic Public Offering and the secondary distribution
via over-allotment.
Investment units for which no application for subscription has been made during the application period (bythe application date), mentioned in (6) above, shall not be issued.
The amount to be paid in (issue amount) and other items required for the issuance of new investment units
through third-party allotment shall be determined at a future board of directors meeting.
The issuance of new investment units through third-party allotment shall be cancelled upon the cancellationof the Domestic Public Offering.
The items above shall be subject to the condition that the Securities Registration Statement filed in accordancewith the Financial Instruments and Exchange Act of Japan becomes effective.

<Reference>
Secondary Distribution via Over-allotment and Related Matters
The secondary distribution via over-allotment shall be a secondary distribution of MEL’s investment units in Japanby the Bookrunner, for which the Bookrunner shall borrow from MEL’s unitholders in a number not to exceed 2,550
units upon the Domestic Public Offering, separately from the Domestic Public Offering, taking into consideration thestatus of demand and other factors relating to the Domestic Public Offering. The number of investment units to be
distributed in the secondary distribution via over-allotment is scheduled to be 2,550 units. The number of investment
units above is the maximum number of investment units to be distributed; there may be instances in which thenumber decreases or the secondary distribution via over-allotment itself may not take place at all, depending on thestatus of demand and other factors relating to the Domestic Public Offering.
Furthermore, in connection with the secondary distribution via over-allotment, for the purpose of allowing theBookrunner to acquire MEL’s investment units required for returning the Borrowed Units, MEL resolved, by its boardof directors meeting held on Friday, October 14, 2022, to issue 2,550 new investment units by way of third-party
allotment (the “Third-party Allotment”) to the Bookrunner with the payment date on a business day during the period
from Tuesday, November 22, 2022 to Monday, November 28, 2022, which is two business days following the thirtiethday (or the immediately preceding business day if the date is not business day) immediately after the application
period for the Domestic Public Offering and the secondary distribution via over-allotment (the “Payment Date for
Third-party Allotment”).
In addition, during the period from the date following the application period for the Domestic Public Offering andthe secondary distribution via over-allotment to two business days before the Payment Date for Third-party
Allotment (the “Syndicate Cover Transaction Period”), there may be cases where the Bookrunner may purchase MEL’s
investment units on the Tokyo Stock Exchange, which shall be in a number not to exceed the number of investment
units pertaining to the secondary distribution via over-allotment, for the purpose of returning the Borrowed Units(the “Syndicate Cover Transaction”). All of MEL’s investment units acquired in the Syndicate Cover Transaction by theBookrunner shall be allocated to return the Borrowed Units. During the Syndicate Cover Transaction Period, there
may be instances in which the Bookrunner decides not to engage in the Syndicate Cover Transaction at all or decides
to end the Syndicate Cover Transaction without purchasing investment units in a number equal to the number ofinvestment units pertaining to the secondary distribution via over-allotment.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the issuance of new
investment units and secondary offering of investment units, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities
referred to above will not be publicly offered or sold in the United States.

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Furthermore, the Bookrunner may engage in stabilizing transactions related to the Domestic Public Offering and thesecondary distribution via over-allotment, and MEL’s investment units purchased through such stabilizing transactions
may possibly be used, in whole or in part, to return the Borrowed Units.
As for the remaining number of investment units after reducing the number of MEL’s investment units purchased
through the stabilizing transaction and the Syndicated Cover Transaction used to return the Borrowed Units from thenumber of MEL’s investment units for the secondary distribution via over-allotment, the Bookrunner intends toacquire MEL’s investment units through the Third-party Allotment. For this reason, it is possible that applications may
not be filed for the number of investment units issued through the Third-party Allotment, in whole or in part, and as
a result of forfeiture, the final number of investment units issued in the Third-party Allotment may decrease to thesame extent or the issuance itself may not take place.
Whether the secondary distribution via over-allotment is exercised and the number of units to be subscribed when
the secondary distribution via over-allotment is exercised will be determined on the Issue Price Determination Date.
If the secondary distribution via over-allotment is not exercised, the Bookrunner will not borrow MEL’s investment
units from MEL’s unitholders. Therefore, the Bookrunner will not acquire such number of MEL’s investment units byfiling applications for the Third-party Allotment. In this event, the issuance of new investment units through the Thirdparty Allotment will not take place due to forfeiture. Similarly, the Syndicate Cover Transaction on the Tokyo Stock
Exchange will not be exercised.
Furthermore, any of the above transactions shall be conducted by the Bookrunner in consultation with the otherBookrunner.
4. Change in the Number of Investment Units Outstanding after the Issuance of the New Investment Units
Current number of issued investment units outstanding:449,935 units
Number of new investment units to be issued in the Offerings:
51,000 units
Total number of issued investment units after the Offerings:
500,935 units
Number of new investment units to be issued through the Third-party
2,550 units
Allotment:(Note)
Total number of issued investment units after the Third-party Allotment:
503,485 units(Note)(Note) These figures represent the number of investment units assuming that the Bookrunner subscribes for the entire investment units offeredin the Third-party Allotment, resulting in the issuance of such investment units.

5. Objective and Rationale for the Issuance
MEL will acquire new specified assets (as defined in Article 2, Paragraph 1 of the Act on Investment Trusts andInvestment Corporations of Japan (Act No.198 of 1951, including all subsequent amendments)) which include
LOGiSTA･Logicross Ibaraki Saito (A) (45% co-ownership interest), LOGiSTA･Logicross Ibaraki Saito (B) (45% coownership interest), Logicross Yokohama Kohoku, MJ Logipark Funabashi 2, MJ Logipark Inzai 1, MJ Logipark Takatsuki
1, MJ Logipark Higashi Osaka 1, and MJ Industrial Park Kawanishi (Land) (the “Eight New Properties”) as set forth in“Notice Concerning Acquisition of Domestic Real Estate Trust Beneficiary Interests and Lease Contracts with New
Tenants” announced today, using proceeds from the Offerings, new concurrent borrowings and cash on hand. MEL
believes that, through the acquisition of the Eight New Properties, MEL can achieve steady expansion of its portfolio
and grow its unitholder value. In terms of the Offerings, after having considered factors such as market trends,
distributions per unit, and the level of LTV among other factors, MEL has decided to proceed with the issuance of the
new investment units through the Global Offerings in the amount of 23,384 million yen (including net proceeds fromthe Third-party Allotment) as well as 22,000 million yen from borrowings (excluding consumption tax borrowings andthird-party allotment loans) which will contribute to MEL’s mid-to long-term growth and maximization of unitholder
value.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the issuance of new
investment units and secondary offering of investment units, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities
referred to above will not be publicly offered or sold in the United States.

56. Electronic Delivery of Prospectuses
The Domestic Underwriters will provide the prospectus for the Domestic Public Offering and the secondary
distribution via over-allotment by electronic means only, and not as a written document.
(Note) MEL refers to the provision of the information stated in prospectuses by electromagnetic means as electronic delivery of prospectuses.
The person providing the prospectus is deemed to have delivered the prospectus, if such person provides the recipient of suchinformation stated in the prospectus by electromagnetic means after obtaining consent from the recipient (Article 27-30-9, Paragraph 1of the Financial Instruments and Exchange Act of Japan; Article 32-2, Paragraph 1 of the Cabinet Office Order on Disclosure of Information
on Regulated Securities (Ministry of Finance Order No. 22 of 1993, as amended) (the “Cabinet Office Order”)). Accordingly, if suchconsent cannot be obtained or is withdrawn (Article 32-2, Paragraph 7 of the Cabinet Office Order), prospectuses cannot be delivered
electronically. Therefore, the Domestic Underwriters will sell investment units in the Domestic Public Offering and the secondary
distribution via over-allotment only to those investors who have given and have not withdrawn such consent.

7. Amount, Use and Schedule of Expenditure of Net Proceeds from the Offerings(1) Amount of Funds to be Procured (Estimated Net Proceeds)
23,384,000,000 yen (maximum)(Note) The above amount represents the total sum of 14,424,000,000 yen in net proceeds from the Domestic Public Offering, 7,847,000,000
yen in net proceeds from the International Offering and 1,113,000,000 yen in maximum net proceeds from the Third-party Allotment.
The above figures represent estimated amounts, calculated based on the closing price of MEL’s investment units for ordinary trading on
the Tokyo Stock Exchange as of Tuesday, October 4, 2022.

(2) Specific Use of Net Proceeds and Schedule of Expenditure
Net proceeds from the Domestic Public Offering (14,424,000,000 yen) and from the International Offering(7,847,000,000 yen) are scheduled to be used to fund a portion of the acquisition of the Eight New Properties on
Tuesday, October 25, 2022 and Thursday, December 1, 2022. The maximum net proceeds from the issuance of
new investment units through the Third-party Allotment (up to 1,113,000,000 yen) are scheduled to be used tofund the repayment of all or a portion of the borrowings. The remainder of the net proceeds of the Third-party
Allotment will be kept as cash on hand and be deposited with financial institutions until the time of expenditure.
Such cash on hand will be utilized to fund a portion of future acquisitions of specified assets or a portion to repay
borrowings.
8. Designation of Allottee
The Underwriters plan to allocate 2,200 units out of the MEL’s investment units to be issued in the Domestic Public
Offering to Mitsubishi Estate Co., Ltd. (“Mitsubishi Estate”) as the purchaser designated by MEL.
9. Financial Outlook
Please refer to “Summary of Financial Results for the Fiscal Period Ended August 31, 2022 (REIT)” and “NoticeConcerning Revisions to Forecast for the Fiscal Period Ending February 28, 2023 (13th fiscal period) and Forecast for
the Fiscal Period Ending August 31, 2023 (14th fiscal period)”, dated today.
10. Restrictions on Sales and Additional Issuances(1) In connection with the Global Offerings, MEL will ask Mitsubishi Estate to agree with the joint global coordinatorsand the joint lead managers in the Domestic Public Offering (the “Domestic Joint Lead Managers”), beginning on
the Issue Price Determination Date and lasting for a period of 180 calendar days from and including the delivery
date of the Global Offerings, not to sell the investment units it owns (18,350 units) prior to the Global Offeringsor sell the investment units it intends to purchase in the Domestic Public Offering (2,200 units) (excluding thelending of the investment units along with the secondary distribution via over-allotment) without the priorwritten consent of the joint global coordinators and the Domestic Joint Lead Managers.
The joint global coordinators and the Domestic Joint Lead Managers will have the right to waive all or part ofNote: This press release has been prepared for the purpose of announcing to the public certain matters relating to the issuance of new
investment units and secondary offering of investment units, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities
referred to above will not be publicly offered or sold in the United States.

6

aforementioned restrictions or shorten the lock-up period at their discretion.
(2) In connection with the Global Offerings, MEL has agreed with the joint global coordinators, beginning on theIssue Price Determination Date and lasting for a period of 90 calendar days from and including the delivery dateof the Global Offerings, not to issue any investment units (excluding the issuance of MEL’s investment units
through the Offerings, Third-party Allotment and by way of a unit split) without the prior written consent of thejoint global coordinators.
The joint global coordinators have the right to waive all or part of the aforementioned restrictions or to shorten
the lock-up period at their discretion.

For more information about Mitsubishi Estate Logistics REIT Investment Corporation, please visit:https://mel-reit.co.jp/en/

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the issuance of new
investment units and secondary offering of investment units, and has not been prepared for the purpose of soliciting investment.
This press release does not constitute an offer of securities in the United States of America. The securities referred to above have notbeen, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The securities may not
be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities
referred to above will not be publicly offered or sold in the United States.

7