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 Acquisition of Domestic Real Estate Trust Beneficiary Interestsand Lease Contracts with New Tenants
Mitsubishi Jisho Investment Advisors, Inc. (the “Asset Management Company”), to which Mitsubishi Estate Logistics REIT
Investment Corporation (“MEL”) entrusts the management of its assets, announces today that it has decided to acquire eightproperties (the “Eight New Properties”) in the form of trust beneficiary interests and, subsequently, to enter into lease
contracts with new tenants, as described below.
The sellers of LOGiSTA･Logicross Ibaraki Saito(A) (45% co-ownership interest) and LOGiSTA･Logicross Ibaraki Saito (B) (45%co-ownership interest) are each considered an interested-party as set forth in the “Rules Regarding Related-party
Transactions” included in the internal rules of the Asset Management Company (each an “Interested Party” and together,
the “Interested Parties”). In light of this, the Asset Management Company has undertaken the necessary deliberations andresolution procedures stipulated in the Rules Regarding Related-party Transactions for executing transactions for theacquisition of LOGiSTA･Logicross Ibaraki Saito (A) (45% co-ownership interest) and LOGiSTA･Logicross Ibaraki Saito (B) (45%co-ownership interest).
1. Overview of Acquisitions

Category

Logistics
Facilities

Other

Property Name

Location

AnticipatedAcquisition
Price(Millions ofyen)(Note 1)

Appraisal
Value(Millions ofyen)(Note 2)

Appraisal
NOI Yield(%)(Note 3)SellerAnticipatedAcquisition
Date(Note 4)

Brokerage

October25, 2022

N/A

LOGiSTA･Logicross Ibaraki
Saito (A)
(45% co-ownership interest)(Note 5)

Ibaraki, Osaka

15,15015,700

4.2

MEC Toshi
Kaihatsu Tokutei
Mokuteki Kaisha
11

LOGiSTA･Logicross Ibaraki
Saito (B)
(45% co-ownership interest)(Note 5)

Ibaraki, Osaka

3,900

3,980

4.3

Mitsubishi
Estate Co., Ltd.

October25, 2022

N/A

Logicross
Yokohama Kohoku

Yokohama,
Kanagawa

7,821

8,110

4.1

Not disclosed(Note 6)

October25, 2022

N/A

MJ Logipark
Funabashi 2 (Note 7)

Funabashi,
Chiba

4,880

6,500

5.3

Odakyu Real
Estate Co., Ltd.

December
1, 2022N/A

MJ Logipark Inzai 1

Inzai, Chiba

4,353

5,180

5.1

Odakyu Real
Estate Co., Ltd.

October25, 2022

N/A

MJ Logipark Takatsuki 1

Takatsuki,
Osaka

5,500

6,510

4.8

Not disclosed(Note 6)

October25, 2022

N/A

MJ Logipark Higashi Osaka 1

Higashiosaka,
Osaka

1,687

2,050

5.3

Not disclosed(Note 6)

October25, 2022

N/A

MJ Industrial Park Kawanishi(Land)

Kawanishi,
Hyogo

2,125

2,600

4.4

Not disclosed(Note 6)

October25, 2022

N/A-

45,41750,630

4.5

-

-

-

Sum / Average

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 1 -(Note 1) “Anticipated Acquisition Price” indicates the purchase price of the respective trust beneficiary interests of the Eight New Properties statedin the relevant sale and purchase agreement, rounded down to the nearest million yen and does not include national or local consumption
taxes or expenses which will be incurred in connection with the acquisition.
(Note 2) “Appraisal Value” shows the appraisal value stated on each real estate appraisal report with the price as of September 1, 2022. The appraisalsof LOGiSTA･Logicross Ibaraki Saito (A) (45% co-ownership interest) and LOGiSTA･Logicross Ibaraki Saito (B) (45% co-ownership interest) wereconducted by Japan Real Estate Institute; the appraisals of 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) were conducted by Tanizawa Sōgō Appraisal Co.,
Ltd.
(Note 3) “Appraisal NOI Yield” is the ratio of appraisal NOI using the direct capitalization method to the anticipated acquisition price of each property
in each real estate appraisal report, rounded to the first decimal place. Appraisal NOI yield indicated in the “Sum/Average” column isrepresented by the weighted average of appraisal NOI yield based on the anticipated acquisition prices.
(Note 4) “Anticipated Acquisition Date” indicates an anticipated acquisition date described in each sales and purchase agreement pertaining to eachof the Eight New Properties. Note that the Anticipated Acquisition Date is subject to change as agreed upon between MEL and each seller.
(Note 5) Appraisal value of LOGiSTA･Logicross Ibaraki Saito (A) (45% co-ownership interest) and LOGiSTA･Logicross Ibaraki Saito (B) (45% coownership interest) indicates the figures corresponding to MEL’s anticipated acquisition of a 45% co-ownership interest in each property.
Unless indicated otherwise, references to “co-ownership interest” are to the various ownership arrangements under Japanese law where weown a certain percentage interest in such properties while other owners own the remaining percentage interest.
(Note 6) Not disclosed as consent has not been obtained.
(Note 7) The sale and purchase agreement of MJ Logipark Funabashi 2 is considered a Forward Commitment, etc. (a postdated sale and purchaseagreement under which payment and delivery will be made at least one month after the conclusion of the contract, or any other contract
similar thereto; the same shall apply throughout this document), which is defined in the “Comprehensive Guidelines for Supervision of
Financial Instruments Business Operators, etc.” of Financial Services Agency. For the details of Forward Commitment etc., please refer to the
below, “4. Financial Impact on MEL When the Forward Commitment, etc. Cannot be Fulfilled.”

(1)
(2)
(3)

Date of Sale and Purchase Agreements:
Seller:Funds for Acquisition:(4)

Settlement Method:

October 14, 2022
Please refer to the below, “5. Seller Profile”
Proceeds from issuance of investment units (Note 1), theborrowings (Note 2) and cash on hand
To be paid in a lump sum on the acquisition date

(Note 1) For details of issuance of investment units, please refer to the press release titled “Notice Concerning Issuance of New Investment Unitsand Secondary Offering of Investment Units” announced today.
(Note 2) For details of the borrowings, an additional press release will be announced as soon as they are determined.

2. Rationale for Acquisition and Lease Contracts
MEL is sponsored by Mitsubishi Estate Co., Ltd. (“Mitsubishi Estate”) and entrusts the management of its assets to the
Asset Management Company. MEL believes that utilizing both Mitsubishi Estate’s competitive advantage as a developer
as well as the Asset Management Company’s competitive advantage as a real estate asset management company(together, the “Hybrid Model”) characterizes its competitive strength. Making use of such Hybrid Model, MEL aims torealize steady growth of its portfolio and stable management of its assets (including the total (Anticipated) Acquisition
Price; the same shall apply throughout this document) by adjusting to fluctuating market conditions and business cycles
and maximizing unitholder value.
Acquisition of the Eight New Properties is an investment in three logistics facilities developed by Mitsubishi Estate andfive properties sourced by the Asset Management Company. Through the acquisition of the Eight New Properties, MEL’s
asset size will reach 261.6 billion yen, and MEL believes that the acquisition will contribute to the continued steady growthof its portfolio and growth of its unitholder value.
MEL confirmed that all the tenants of the Eight New Properties have satisfied MEL’s tenant selection criteria guidelines.
For more details on the guidelines, please refer to MEL’s “Report on the Management Structure and System of the Issuerof Real Estate Investment Trust Units and Related Parties (Japanese Only)” dated May 30, 2022.
In deciding the acquisition of the Eight New Properties, the points described in “3. Details of the Eight New Properties,(5) The Characteristics of the Respective Eight New Properties” below were evaluated.
3. Details of the Eight New Properties
The table below shows a summary of the Eight New Properties individually (the “Individual Asset Table”). The terms
used in the Individual Asset Table are as follows; when referring to the Individual Asset Table, please refer to thefollowing explanation regarding the terms used therein.
In principle, unless otherwise noted, all information included in the Individual Asset Table is current as of August 31,2022.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 2 -(1) Explanation concerning Classification·“Category” represents the purpose of each the Eight New Properties in accordance with the classification prescribedin MEL’s investment policy.
(2) Explanation concerning Summary of Specified Assets·“Type of specified assets” is the type of real estate and other assets as specified assets.
·“Anticipated acquisition date” indicates the anticipated acquisition date of the Eight New Properties stated in therelevant sale and purchase agreement. Note that the Anticipated acquisition date is subject to change as agreed upon
between MEL and each seller.
·“Anticipated acquisition price” indicates the purchase price of the respective trust beneficiary interests of the Eight
New Properties stated in the relevant sale and purchase agreement and does not include national or local
consumption taxes or expenses which will be incurred in connection with the acquisition.
·“Overview of trust beneficiary interest” includes the name of the trustee, the entrustment date and the trust maturity
date for each of the Eight New Properties, as of the acquisition date for each of the Eight New Properties.
·“Location” of “Land” is based on the register (one parcel of land, if more than one address was assigned).
·“Land area” of “Land” is the lot area recorded in the register.
·“Zoning” of “Land” indicates the type of zoning as set forth in Article 8-1-1 of the City Planning Act (Act No. 100 of
1968, as amended).
·“Floor-area ratio” of “Land” is the ratio of the total floor area of the building to the Land area, as stipulated in Article
52 of the Building Standards Act (Act No. 201 of 1950, as amended) (the “Building Standards Act”), and indicates theupper limit of the floor area ratio determined by city planning in accordance with zoning and other factors (designatedfloor-area ratio) (all of the ratios if there is more than one). Designated floor-area ratios may be relaxed or restricted
due to the width of roads adjacent to the land or some other reason, and designated floor-area ratios may be different
from the actual applied floor-area ratios.
·“Building coverage ratio” of “Land” is the ratio of the building area of buildings to the Land area, as stipulated in Article
53 of the Building Standards Act, and is the upper limit of the building coverage ratio determined by city planning inaccordance with the zoning and other factors (designated building coverage ratio). Designated building coverage ratios
may be relaxed or restricted due to being a fire-resistant building in a fire control area or some other reason, anddesignated building coverage ratios may be different from the actual applied building coverage ratios.
·“Ownership form” of “Land” and “Building” indicates the type of rights owned by the trustee.
·“Construction date” of “Building” is the date of construction of the building as shown in the register. If there is morethan one main building, the construction date is the oldest date shown in the register.
·“Total floor area” of “Building” is based on the record in the register. “Total floor area” is the total floor area of themain building and annex. If there is more than one main building, the total floor area is the sum of the total floor areafor each main building.
·“Structure / No. of stories” and “Property type” of “Building” refer to those recorded in the register. If there is morethan one main building, the structure / No. of stories and property type are those recorded in the register with respect
to the main building that has the largest total floor area.
·“Collateral” outlines a summary description of collateral, if applicable.
·“Appraisal value” shows the appraisal value stated on each real estate appraisal report with the appraisal value as of
September 1, 2022.
·“Property management company” is the property management company (“PM Company”), which has entered or isscheduled to enter into a property management agreement (“PM Agreement”), for each of the Eight New Properties.
·“Number of tenants” in “Details of the lease” is the total number of lease agreements indicated in each leaseagreement for the building (or land) of each of the Eight New Properties as of August 31, 2022. If a master leaseagreement has been concluded or is scheduled to be entered into for each of the Eight New Properties, the total
number of end-tenants will be indicated. However, if one lessee enters into multiple lease agreements for the samebuilding for each of the Eight New Properties, the total number of tenants will be calculated on the assumption thatsuch lessee is one party. Lease agreements for shops, vending machines, photovoltaic power generation facilities andparking lots are not included in the calculations of the “Number of tenants”.
·“Name of major tenant” in “Details of the lease” is the name of the tenant with the largest leased floor area in therelevant lease agreement for the buildings or land, as applicable, of each of the Eight New Properties.
·“Annual rent” in “Details of the lease” represents the sum of annualized amount of rent which is 12 multiplied by themonthly rent (including common area expenses), rounded down to the nearest million yen, indicated in the relevant
lease agreement for each of the Eight New Properties as of August 31, 2022. However, if there are different provisions
for monthly rent (including common area expenses), depending on the term in each lease agreement for the buildingof each of the Eight New Properties, the annualized amount of rent will be calculated based on the monthly rent(including common area expenses) for August 2022 shown in the relevant lease agreement. The rent-free periods andNote: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 3 -annual rent holiday periods (i.e., rent payments for specific months that are waived) as of August 31, 2022 shall not be
included.
·“Tenant leasehold/security deposits” in “Details of the lease” represent the sum of the outstanding amounts ofleasehold/security deposits rounded down to the nearest million yen, indicated in the relevant lease agreement foreach of the Eight New Properties as of August 31, 2022. However, if there are different provisions for the sum of
outstanding leasehold/security deposits, depending on the term in each lease agreement for each of the Eight New
Properties, the amount of tenant leasehold/security deposits for August 31, 2022 shown in the relevant leaseagreement is indicated.
·“Total leased area” in “Details of the lease” is the sum total of leased area shown in the relevant lease agreement forthe buildings of each of the Eight New Properties as of August 31, 2022, for the building or land, as applicable, of eachof the Eight New Properties (the figures corresponding to the co-ownership interest ratio if any of the Eight New
Properties will be held in the form of co-ownership interest.) (excluding the lease agreements for shops, vending
machines, photovoltaic power generation facilities and parking lots).
·“Total leasable area” in “Details of the lease” is the total floor area that is deemed to be leasable based on the relevant
lease agreement for the buildings or land, as applicable, of each of the Eight New Properties or floor plan, etc. as ofAugust 31, 2022, and does not include the leasable area indicated in the lease agreements concerning shops, vending
machines, photovoltaic power generation facilities and parking lots.
·“Occupancy rate” in “Details of the lease” is the ratio of leased area of each of the Eight New Properties to leasablearea of each of the Eight New Properties, rounded to the first decimal place, as of August 31, 2022.
(3) Special Notes·“Special notes” are matters that are deemed to be material considering the potential impact on the entitlements,
usage, safety, etc. of the Eight New Properties as well as the appraisal value, profitability or disposability thereof as ofthe date hereof.
(4) Explanation of Summary of Appraisal Report· “Summary of appraisal report” describes the summary of the appraisal report of each the Eight New Properties which
was appraised upon request from MEL and the Asset Management Company. Such appraisal report only represents
the judgment and opinion of the appraiser as of a certain point in time, and the validity and accuracy of its contents,
as well as the feasibility of a transaction at the appraisal value, are not guaranteed. The numbers included in thesummary of the appraisal report are rounded down to the nearest unit, and the ratios are rounded to the first decimal.
(5) The Characteristics of the Respective Eight New Properties
The characteristics of the respective Eight New Properties are as follows:
1. LOGiSTA･Logicross Ibaraki Saito A (45% co-ownership interest)• A 5-story multi-tenant logistics facility with two independent rampways for an inbound lane and outboundlane• 40 truck berths per floor from the first to fourth floor• Parking spaces for employees accommodating 185 cars by utilizing slope space• Comfortable office spaces with a view of greenery for each of the first to fourth floors• Optimal location for risk diversification from (business continuity plan (“BCP”) perspectives, as situated in
the hilly district of inland Osaka, with relatively fewer natural disaster risks• Located near the Meishin Expressway, Chugoku Expressway, and Kinki Expressway covering wide areas ofwestern Japan; the completion of the Shin-Meishin Expressway will further expand the accessibility of theproperties
2. LOGiSTA･Logicross Ibaraki Saito (B) (45% co-ownership interest)• A box-type multi-tenant logistics facility, the floor of which can be divided into up to four parts• Double-sided berth on the first floor enables advanced operational management• 11m x 11m column span allows for a highly flexible layout• Optimal location for risk diversification from BCP perspectives, as situated in the hilly district of inland Osaka,with relatively fewer natural disaster risks• Located near the Meishin Expressway, Chugoku Expressway, and Kinki Expressway covering wide areas ofwestern Japan; the completion of the Shin-Meishin Expressway will further expand the accessibility of theproperties

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 4 -3. Logicross Yokohama Kohoku• A 4-story above ground multi-tenant type logistics facility• The box-type design with truck berths on one side of the first floor provides efficient warehouse space andfunctionality to meet various tenant needs (partitions, light bulbs etc.)• Equipped with air-conditioning to meet potential needs from semiconductor and machine parts
manufacturers which are located in the area around the facility• Emergency generators have been installed on the upper floors of the facility to ensure sufficient space for awarehouse• Easy access to the property via a variety of access routes• Traffic convenience to areas with a high level of consumer activity
4. MJ Logipark Funabashi 2• A 5-story above ground multi-tenant box type logistics facility• Corner location enables flexible access from both north and east entrances; there is sufficient transporting
capacity with 2 cargo elevators and 4 vertical conveyors• Location in the Chiba waterfront area, surrounded by warehouses and manufacturing plants• Access to major expressways and artery roads that meets needs for wide-area delivery coverage• A 17-minute walk from Minami-Funabashi Station of the JR Keiyo Line (approximately 1.3km)
5. MJ Logipark Inzai 1• A 3-story above ground multi-tenant logistics facility• 2 cargo elevators and 4 vertical conveyors allow for sufficient vertical transport capacity• Employee parking accommodating 53 cars which enables employees to commute by car• Inzai area is located in inland Chiba, where logistics properties for consumer goods (foods, generalmerchandise and e-commerce, etc.) are concentrated• Location is suitable for regional and wide-area delivery operation, supported by the artery road National
Route 16 and a network of expressways accessible via Chiba Kita IC• Located in an industrial area where impact from surrounding environment is limited
6. MJ Logipark Takatsuki 1• A 4-story box-type logistics facility with functionality and convenience for versatile use• Minimum floor area of 4,200m2 allows for both operating and storage efficiency• Favorable location situated between Osaka and Kyoto, which enables collection and delivery throughout theKansai region, via expressways and artery roads• Located in Takatsuki area where beverage and commodity plants are concentrated; there are various
manufacturing bases in the adjacent Ibaraki and Hirakata cities.
• The location potential will be maximized with the extension of Shin-Meishin Expressway
7.

MJ Logipark Higashi Osaka 1• A 5-story above ground BTS logistics facility (with 3-story storage)• Truck berths located on the south and east sides of the property enabling efficient entry and exit
• 2 cargo elevators and 2 vertical conveyors allow for sufficient transport and storage capacity• Located in an industrial park, logistics storage can be operated 24 hours• Located in Higashi Osaka where Kinki Expressway, Hanshin Expressway, and Daini Hanna Toll Road crosses
and provides convenience• Less than 30 minutes access to central Osaka area, as well as access to Kobe and Kyoto• Competitive location as supply of high-quality logistics facility is limited yet demand is existent in the area

8. MJ Industrial Park Kawanishi (Land)• Used as a roadside sales site for a major used car dealer• With long-term fixed lease contracts with tenants in place, stable and long-term income flow is expected• The Kawanishi area and vicinity have a large population as a popular bedroom suburb of Osaka metropolitan
area• Located close to a train station and along National Route 173, the land is suitable for roadside store• A 3-minute walk from Tsuzumigataki Station on the Nose Electric Railway• Further convenience with expected full opening of the Shin-Meishin Expressway (scheduled for FY2027)• Close to the two major consumption areas in Kinki area; 22km from JR Osaka Station and 42km from JR
Sannomiya Station and covering wider West Japan
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 5 -LOGiSTA･Logicross Ibaraki Saito (A) (45% co-ownership interest)
Property name

LOGiSTA･Logicross Ibaraki Saito (A)Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests

Anticipated acquisition date

October 25, 2022

Anticipated acquisition price

15,150,000,000 yen

Seller

MEC Toshi Kaihatsu Tokutei Mokuteki Kaisha 11

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment date

October 25, 2022

Trust maturity date

October 31, 2032

Ownership form

Proprietary ownership (45% of co-ownership interest)

Location

1-3-2 Saitomoegi, Ibaraki, OsakaLand area

51,030.30 m2

Zoning

Quasi-industrial district

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership (45% of co-ownership interest)

Construction date

May 14, 2021

Total floor area

108,480.05 m2

Structure/No. of stories
Property type

Steel-frame reinforced concrete building with alloy-plated steel sheet
roof / 5-story building
Warehouse

Collateral

Not applicable

Appraisal value

15,700,000,000 yen (as of September 1, 2022)

Real estate appraiser

Japan Real Estate InstituteProbable maximum loss (PML)
Property management company

Details of theleaseSpecial notes

0.6 % (obtained from the earthquake risk assessment report prepared by
Tokio Marine dR Co., Ltd.)
Mitsubishi Estate Co., Ltd.

Number of tenants

1

Name of major tenant

MITSUI-SOKO LOGISTICS Co., Ltd.

Annual rent
Tenant leasehold/security
deposits

Not disclosed (Note)

Total leased area

45,983.59 m2

Total leasable area

45,983.59 m2

Occupancy rate

100.0 %
・Regarding MEL’s acquisition of this property (the trust beneficiaryinterests of 45% co-ownership interest in this property), the trustee
will sign the Co-ownership Agreement (referred to as “Agreement” in

Not disclosed (Note)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 6 -these Special notes for LOGiSTA･Logicross Ibaraki Saito (A)) with otherco-owners of the interests of this property. The key provisions of thisAgreement are as follows:(1) Covenants prohibiting partition of the trust beneficiary interests(for 5 years effective from October 25, 2022, which will renew
until there is an intention to refuse renewal thereafter)(2) Even if each co-owner transfers a part of its own co-ownershipinterest to the person stipulated in this Agreement, the co-owner
may not transfer part of the co-ownership interest by subdividing
the whole co-ownership interest into 1/10 or more without
consent from other co-owners. When each co-owner transfers its
co-ownership interest to a third party other than those stipulated
in this Agreement, the co-owner may not transfer part of the coownership interest separately without consent from other coowners.
(3) If each co-owner wishes to sell its co-ownership interest or its
trust beneficiary co-ownership interest to a third party, theproposed sale price and other key conditions for selling the coownership interest or the trust beneficiary co-ownership interest
shall be conveyed to other co-owners, other trust beneficiaries oftrust beneficiary co-ownership interest or other persons who havepreferential negotiation rights under this Agreement (referred toas the “Preferred Negotiator” in these Special notes for LOGiSTA･Logicross Ibaraki Saito (A)), and the Preferred Negotiator may
purchase its co-ownership interest or trust beneficiary coownership interest on the notified condition by notifying to theco-owner.
(4) The restrictions on the transfer of co-ownership interests or trust
beneficiary co-ownership interest described in (2) and (3) above
are not applicable in the case of creation and execution ofcollateral on the co-ownership interests held by each co-owner,
creation and execution of collateral on the trust beneficiary coownership interests held by each co-owner, and the forced sale bycollateral holders for whom the collateral has been created. The
consent of other co-owners and other trustees of the trust
beneficiary co-ownership interest to exercise the power to sell theshared interests in the trust property led by the lenders of eachco-owner or trustees of the trust beneficiary co-ownershipinterest or MEL’s creditor in respect of investment corporate
bonds according to the interest ratio of the co-owners is not
required.
・“LOGiSTA” used in this property is a registered trademark(Trademark registration number 6383900). During the period that
Hankyu Hanshin Properties Corp. holds co-ownership interests in thisproperty, such Trademark can be used free of charge.
・The logo of ”Logicross” used in this property is a registeredtrademark (Trademark registration number 5674165). In order to use
the logo as a property display etc., MEL has concluded a license
agreement for the use of such Trademark with Mitsubishi Estate Co.,
Ltd., which has a license to use the Trademark. Outline of theagreement is as follows:(1) Term: 5 years from July 5, 2017. Provided, however, that if theparties do not give written notice of their desire to terminate thisAgreement by six months prior to the expiration date of the term of
the agreement, the agreement shall be renewed for another two
years under the same terms, and the same shall apply thereafter.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 7 -(2) Licensed service: Management of real estate investment, etc.
(3) Licensed territory: Japan(4) License fee: Free of charge
・“Saito” used in this property is a registered trademark (Trademark
registration number 4543959). In order to use the trademark as aproperty display, etc., MEL has concluded a license agreement for theuse of such trademark with Hankyu Hanshin Holdings, Inc., which has alicense to use the trademark. The outline of the agreement is asfollows:(1) Term: a year from October 25, 2022. Provided, however, that if theparties do not give written notice of their desire to terminate thisAgreement by three months prior to the expiration date of the termof the agreement, the agreement shall be renewed for another yearwith the same contents, and the same shall apply thereafter.
(2) Licensed service: The name of the property used to the extent
necessary for the operation of the property, such as location
display, guide display, advertisements relating to lease, etc.,(including the delivery of trust dividends and other items that are
performed by other sharers of the property as real estate trust
trustees regarding their ownership of shared interests).
(3) License fee: Free of charge(Note) Not disclosed as consent has not been obtained.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 8 -(Thousands of yen)
Summary of appraisal report
Property name

LOGiSTA･Logicross Ibaraki Saito (A)Appraiser

Japan Real Estate Institute15,700,000

Valuation date

As of September 1, 2022

Appraisal value
Items
Appraisal value based on income method

Appraisal value based on direct
capitalization method(1) Operating Revenue(Effective gross income①+②+③+④-⑤-⑥)①Gross potential income
Rental revenue, Common service
charges②Utility income③Parking lot income

Details
15,700,000
15,800,000
Not disclosed (Note 2)

Not disclosed (Note 2)
Not disclosed (Note 2)
Not disclosed (Note 2)④Other income⑤Losses due to vacancies

Not disclosed (Note 2)⑥Bad debt loss

Not disclosed (Note 2)

Not disclosed (Note 2)(2) Operational expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)

Not disclosed (Note 2)⑦Building maintenance costs

Not disclosed (Note 2)⑧Utility expenses

Not disclosed (Note 2)⑨Repair expenses⑩Property tax

Not disclosed (Note 2)⑪Property management fees

Not disclosed (Note 2)⑫Tenant soliciting fees etc.

Not disclosed (Note 2)
Not disclosed (Note 2)⑬Insurance premiums⑭Other expenses(3) Net operating income(NOI: (1)-(2))(4) Earnings from temporary deposits

OutlineAssessed using the direct capitalization method and the DCF
method.

77,306

Assessed based on actual property tax amount.

Not disclosed (Note 2)
637,492
3,879

Assessed assuming the investment yield is 1.0%

(5) Capital expenditure

10,494

Assessed based on the medium and long term repair andmaintenance costs in the engineering report.

(6) Net cash flow
(NCF: (3)+(4)-(5))

630,877(7) Capitalization rate

4.0%

Appraisal value based on discounted cash
flow method
Discount rate
Terminal capitalization rate
Integrated value based on cost method
Proportion of land
Proportion of building

Assessed based on a comprehensive consideration of factors suchas the marketability of the target real estate, real estate investment
market trends and others.

15,500,000
3.7%
4.2%
15,100,000
56.5%
43.5%
The value of this property was assessed using the income method,
and the cost method was used as a reference, on the basis that theincome method could more accurately reproduce the priceformation process in terms of profitability.

Other matters for consideration by the appraiser(Note 1) Indicated figures corresponding to MEL’s anticipated acquisition of 45% co-ownership interest in this property.
(Note 2) Not disclosed as MEL holds information that is subject to confidentiality obligations with the lessees and such information can be used to
calculate confidential information, and if the confidential information is disclosed, MEL may suffer damages for breaching its confidentiality
obligations, which in turn could negatively impact the interests of unitholders.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 9 -LOGiSTA･Logicross Ibaraki Saito (B) (45% of co-ownership interest)
Property name

LOGiSTA･Logicross Ibaraki Saito (B)Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests

Anticipated acquisition date

October 25, 2022

Anticipated acquisition price

3,900,000,000 yen

SellerMitsubishi Estate Co., Ltd.

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment date

October 25, 2022

Trust maturity date

October 31, 2032

Ownership form

Proprietary ownership (45% of co-ownership interest)

Location

1-4-4 Saitomoegi, Ibaraki, OsakaLand area

15,892.28 m2

Zoning

Quasi-industrial district

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership (45% of co-ownership interest)

Construction date

April 15, 2021

Total floor area

31,139.89 m2

Structure/No. of stories
Property type

Steel-frame reinforced concrete building with alloy-plated steel sheet roof
/ 4-story building
Warehouse

Collateral

Not applicable

Appraisal value

3,980,000,000 yen (as of September 1, 2022)

Real estate appraiser

Japan Real Estate InstituteProbable maximum loss (PML)
Property management company

Details of thelease

6.3% (obtained from the earthquake risk assessment report prepared by
Tokio Marine dR Co., Ltd.)
Mitsubishi Estate Co., Ltd.

Number of tenants

1

Name of major tenant

LONCO JAPAN.

Annual rent
Tenant leasehold/security
deposits

Not disclosed (Note)

Total leased area

14,012.95 m2

Total leasable area

14,012.95 m2

Occupancy rate

100.0%

Not disclosed (Note)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 10 -

Special notes

・Regarding MEL’s acquisition of this property (the trust beneficiaryinterests of 45% co-ownership interest in this property), the trustee
will sign the Co-ownership Agreement (referred to as “Agreement” inthese Special notes for LOGiSTA･Logicross Ibaraki Saito (B)) with otherco-owners of the interests of this property. The key provisions of thisAgreement are as follows:(1) Covenants prohibiting partition of the trust beneficiary interests(for 5 years effective from October 25, 2022, which will renew
until there is an intention to refuse renewal thereafter)(2) Even if each co-owner transfers a part of its own co-ownershipinterest to the person stipulated in this Agreement, the co-owner
may not transfer part of the co-ownership interest by subdividing
the whole co-ownership interest into 1/10 or more without
consent from other co-owners. When each co-owner transfers its
co-ownership interest to a third party other than those stipulated
in this Agreement, the co-owner may not transfer part of the coownership interest separately without consent from other coowners.
(3) If each co-owner wishes to sell its co-ownership interest or its
trust beneficiary co-ownership interest to a third party, theproposed sale price and other key conditions for selling the coownership interest or trust beneficiary co-ownership interest shallbe conveyed to other co-owners, other trust beneficiaries of trust
beneficiary co-ownership interest, or other persons who havepreferential negotiation rights under this Agreement (referred toas the “Preferred Negotiator” in these Special notes for LOGiSTA･Logicross Ibaraki Saito (B)), and the Preferred Negotiator may
purchase its co-ownership interest or trust beneficiary coownership interest on the notified condition by notifying to theco-owner.
(4) The restrictions on the transfer of co-ownership interests or trust
beneficiary co-ownership interest described in (2) and (3) above
are not applicable in the case of creation and execution ofcollateral on the co-ownership interests held by each co-owner,
creation and execution of collateral on the trust beneficiary coownership interests held by each co-owner, and the forced sale bycollateral holders for whom the collateral has been created. The
consent of other co-owners and other trust beneficiaries of thetrust beneficiary co-ownership interest to exercise the power tosell the shared interests in the trust property led by the lenders ofeach co-owner or trustees of the trust beneficiary co-ownershipinterest or MEL’s creditor in respect of investment corporate
bonds according to the interest ratio of the co-owners is not
required.
・“LOGiSTA” used in this property is a registered trademark(Trademark registration number 6383900). During the period that
Hankyu Hanshin Properties Corp. holds co-ownership interests in thisproperty, such Trademark can be used free of charge.
・The logo of ”Logicross” used in this property is a registeredtrademark (Trademark registration number 5674165). In order to use
the logo as a property display etc., MEL has concluded a license
agreement for the use of such Trademark with Mitsubishi Estate Co.,
Ltd., which has a license to use the Trademark. Outline of theagreement is as follows:(1) Term: 5 years from July 5, 2017. Provided, however, that if theparties do not give written notice of their desire to terminate thisNote: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 11 -

Agreement by six months prior to the expiration date of the term of
the agreement, the agreement shall be renewed for another two
years under the same terms, and the same shall apply thereafter.
(2) Licensed service: Management of real estate investment, etc.
(3) Licensed territory: Japan(4) License fee: Free of charge
・“Saito” used in this property is a registered trademark (Trademark
registration number 4543959). In order to use the trademark as aproperty display, etc., MEL has concluded a license agreement for theuse of such trademark with Hankyu Hanshin Holdings, Inc., which has alicense to use the trademark. The outline of the agreement is asfollows:(1) Term: a year from October 25, 2022. Provided, however, that if theparties do not give written notice of their desire to terminate thisAgreement by three months prior to the expiration date of the termof the agreement, the agreement shall be renewed for another yearwith the same contents, and the same shall apply thereafter.
(2) Licensed service: The name of the property used to the extent
necessary for the operation of the property, such as location
display, guide display, advertisements relating to lease, etc.,(including the delivery of trust dividends and other items that are
performed by other sharers of the property as real estate trust
trustees regarding their ownership of shared interests).
(3) License fee: Free of charge(Note) Not disclosed as consent has not been obtained.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 12 -

(Thousands of yen)
Summary of appraisal report
Property name

LOGiSTA･Logicross Ibaraki Saito (B)Appraiser

Japan Real Estate Institute3,980,000

Valuation date

As of September 1, 2022

Appraisal value
Items
Appraisal value based on income method

Appraisal value based on direct
capitalization method(1) Operating Revenue(Effective gross income①+②+③+④-⑤-⑥)①Gross potential income
Rental revenue, Common service
charges②Utility income

Details
3,980,000
4,010,000
Not disclosed (Note 2)

Not disclosed (Note 2)
Not disclosed (Note 2)③Parking lot income

Not disclosed (Note 2)④Other income

Not disclosed (Note 2)⑤Losses due to vacancies

Not disclosed (Note 2)⑥Bad debt loss(2) Operational expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)⑦Building maintenance costs

Not disclosed (Note 2)
Not disclosed (Note 2)
Not disclosed (Note 2)⑧Utility expenses

Not disclosed (Note 2)⑨Repair expenses

Not disclosed (Note 2)⑩Property tax⑪Property management fees

25,503Not disclosed (Note 2)⑫Tenant soliciting fees etc.

Not disclosed (Note 2)⑬Insurance premiums

Not disclosed (Note 2)⑭Other expenses(3) Net operating income(NOI: (1)-(2))(4) Earnings from temporary deposits

167,2474973,463(6) Net cash flow
(NCF: (3)+(4)-(5))

164,281(7) Capitalization rate

4.1%

Terminal capitalization rate
Integrated value based on cost method

Assessed based on actual property tax amount.

Not disclosed (Note 2)(5) Capital expenditure

Appraisal value based on discounted cash
flow method
Discount rate

OutlineAssessed using the direct capitalization method and the DCF
method.

Assessed assuming the investment yield is 1.0%
Assessed based on the medium and long term repair andmaintenance costs in the engineering report.

Assessed based on a comprehensive consideration of factors suchas the marketability of the target real estate, real estate
investment market trends and others.

3,950,000
3.8%
4.3%
4,140,000

Proportion of land

59.7%

Proportion of building

40.3%

Other matters for consideration by the appraiser

The value of this property was assessed using the income method,
and the cost method was used as a reference, on the basis that theincome method could more accurately reproduce the priceformation process in terms of profitability.

(Note 1) Indicated figures corresponding to MEL’s anticipated acquisition of 45% co-ownership interest in this property.
(Note 2) Not disclosed as MEL holds information that is subject to confidentiality obligations with the lessees and such information can be used to
calculate confidential information, and if the confidential information is disclosed, MEL may suffer damages for breaching its confidentiality
obligations, which in turn could negatively impact the interests of unitholders.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 13 -

Logicross Yokohama Kohoku
Property name

Logicross Yokohama Kohoku

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests

Anticipated acquisition date

October 25, 2022

Anticipated acquisition price

7,821,500,000 yen

SellerDomestic company (Note)

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment date

March 28, 2022

Trust maturity date

October 31, 2032

Ownership form

Proprietary ownership

Location

757-1 Minamikouchi, Kawamukocho, Tsuzuki-ku, Yokohama, Kanagawa

Land area

7,663.29 m2

ZoningIndustrial district

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction date

May 24, 2019

Total floor area

16,371.24 m2

Structure/No. of stories

Steel-frame building with alloy-plated steel sheet roof / 4-story building

Property type

Warehouse

Collateral

Not applicable

Appraisal value

8,110,000,000 yen (as of September 1, 2022)

Real estate appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

Probable maximum loss (PML)
Property management company

Details of thelease

4.4% (obtained from the earthquake risk assessment report prepared by
Tokio Marine dR Co., Ltd.)
Mitsubishi Estate Co., Ltd.

Number of tenants

1

Name of major tenant

SBS RICOH LOGISTICS SYSTEM Co., Ltd.

Annual rent
Tenant leasehold/security
deposits

Not disclosed (Note)

Total leased area

16,371.24 m2

Total leasable area

16,371.24 m2

Occupancy rate

100.0%

Not disclosed (Note)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 14 -

Special notes

・The logo of ”Logicross” used in this property is a registered trademark(Trademark registration number 5674165). In order to use the logo as aproperty display etc., MEL has concluded a license agreement for theuse of such Trademark with Mitsubishi Estate Co., Ltd., which has alicense to use the Trademark. Outline of the agreement is as follows:(1) Term: 5 years from July 5, 2017. Provided, however, that if theparties do not give written notice of their desire to terminate thisAgreement by six months prior to the expiration date of the term of
the agreement, the agreement shall be renewed for another two
years under the same terms, and the same shall apply thereafter.
(2) Licensed service: Management of real estate investment, etc.
(3) Licensed territory: Japan(4) License fee: Free of charge(Note) Not disclosed as consent has not been obtained.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 15 -

(Thousands of yen)
Summary of appraisal report
Property name

Logicross Yokohama Kohoku

Appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

8,110,000

Valuation date

As of September 1, 2022

Appraisal value
Items
Appraisal value based on income method

Appraisal value based on direct
capitalization method(1) Operating Revenue(Effective gross income①+②+③+④-⑤-⑥)①Gross potential income
Rental revenue, Common service
charges②Utility income

Details
8,110,000
8,400,000
Not disclosed (Note)

Not disclosed (Note)
Not disclosed (Note)③Parking lot income

Not disclosed (Note)④Other income

Not disclosed (Note)⑤Losses due to vacancies

Not disclosed (Note)⑥Bad debt loss(2) Operational expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)⑦Building maintenance costs

Not disclosed (Note)
Not disclosed (Note)
Not disclosed (Note)⑧Utility expenses

Not disclosed (Note)⑨Repair expenses

Not disclosed (Note)⑩Property tax⑪Property management fees

28,795
Not disclosed (Note)⑫Tenant soliciting fees etc.

Not disclosed (Note)⑬Insurance premiums

Not disclosed (Note)⑭Other expenses(3) Net operating income(NOI: (1)-(2))

320,557
1,782(5) Capital expenditure

3,165(6) Net cash flow
(NCF: (3)+(4)-(5))

319,175(7) Capitalization rate

3.8%

Discount rate
Terminal capitalization rate
Integrated value based on cost method

Assessed based on actual property tax amount.

Not disclosed (Note)(4) Earnings from temporary deposits

Appraisal value based on discounted cash
flow method

OutlineAssessed using the direct capitalization method and the DCF
method.

Assessed assuming the investment yield is 1.0%
Assessed based on the medium and long term repair andmaintenance costs in the engineering report.

Assessed based on a comprehensive consideration of factors suchas the marketability of the target real estate, real estate
investment market trends and others.

7,980,000
3.7%
3.9%

Assessed based on the individual risks of the target real estate.
Assessed as 3.7% for the first to eighth years and 3.9% for the ninth
year and thereafter.

4.0%
8,060,000

Proportion of land

73.5%

Proportion of building

26.5%

Other matters for consideration by the appraiser

In deciding the appraisal value (fair value) of this property, theappraiser used an income method that appropriately reflects
investors’ investment profitability as a standard, after verifying thevalue indicated by the cost method, taking into account the priceformation process that focuses on the profitability of the target
real estate for the market participants (consumers), reasons for
MEL as a real estate investor to obtain the appraisal, and theclassification as “house for rent and its premises”.

(Note) Not disclosed as MEL holds information that is subject to confidentiality obligations with the lessees and such information can be used to
calculate confidential information, and if the confidential information is disclosed, MEL may suffer damages for breaching its confidentiality
obligations, which in turn could negatively impact the interests of unitholders.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 16 -

MJ Logipark Funabashi 2
Property name

MJ Logipark Funabashi 2

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests

Anticipated acquisition date

December 1, 2022

Anticipated acquisition price

4,880,210,000 yen

Seller

Odakyu Real Estate Co., Ltd.

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment date

December 1, 2022

Trust maturity date

December 31, 2032

Ownership form

Proprietary ownership

Location

3-2-3 Hamachō, Funabashi, Chiba

Land area

6,314.44 m2

Zoning

Quasi-industrial district

Floor-area ratio

300%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction dateFebruary 28, 2022

Total floor area

19,219.10 m2

Structure/No. of stories
Property type

Steel-frame reinforced concrete building with alloy-plated steel sheet roof
/ 5-story building
Warehouse

Collateral

Not applicable

Appraisal value

6,500,000,000 yen (as of September 1, 2022)

Real estate appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

Probable maximum loss (PML)
Property management company

Details of thelease

3.3% (obtained from the earthquake risk assessment report prepared by
Tokio Marine dR Co., Ltd.)Tokyo Ryutsu Center Inc.

Number of tenants

1

Name of major tenant

ORIENTAL EXPRESS co., ltd.

Annual rent
Tenant leasehold/security
deposits

Not disclosed (Note)

Total leased area

19,219.10 m2

Total leasable area

19,219.10 m2

Occupancy rate
Special notes

Not disclosed (Note)

100.0%
N/A(Note) Not disclosed as consent has not been obtained.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 17 -

(Thousands of yen)
Summary of appraisal report
MJ Logipark Funabashi 2

Property nameAppraisal value

6,500,000
Items

Appraisal value based on income method
Appraisal value based on direct
capitalization method(1) Operating Revenue(Effective gross income①+②+③+④-⑤-⑥)①Gross potential income
Rental revenue, Common service
charges②Utility income

Details
6,500,000

Not disclosed (Note)
Not disclosed (Note)⑤Losses due to vacancies

Not disclosed (Note)
Not disclosed (Note)
Not disclosed (Note)
Not disclosed (Note)⑧Utility expenses

Not disclosed (Note)⑨Repair expenses

Not disclosed (Note)
31,056⑪Property management fees
⑫Tenant soliciting fees etc.

Not disclosed (Note)
Not disclosed (Note)⑬Insurance premiums

Not disclosed (Note)⑭Other expenses

Not disclosed (Note)(4) Earnings from temporary deposits

750
3,750

(6) Net cash flow
(NCF: (3)+(4)-(5))

256,256(7) Capitalization rate

3.8%

Discount rate
Terminal capitalization rate
Integrated value based on cost method
Proportion of land
Proportion of building

Assessed based on actual property tax amount and similar caseetc.

259,256(5) Capital expenditure

Appraisal value based on discounted cash
flow method

As of September 1, 2022

OutlineAssessed using the direct capitalization method and the DCF
method.

Not disclosed (Note)

Not disclosed (Note)(3) Net operating income(NOI: (1)-(2))

Valuation dateNot disclosed (Note)④Other income⑩Property tax

The Tanizawa Sōgō Appraisal Co., Ltd.

6,740,000③Parking lot income⑥Bad debt loss(2) Operational expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)⑦Building maintenance costs

Appraiser

Assessed assuming the investment yield is 1.0%
Assessed based on the medium and long term repair andmaintenance costs in the engineering report.

Assessed based on a comprehensive consideration of factors suchas the marketability of the target real estate, real estate
investment market trends and others.

6,400,000
3.7%
3.9%

Assessed based on the individual risks of the target real estate.
Assessed as 3.7% for the first to eighth years and 3.9% for the ninth
year and thereafter.

4.0%
6,490,000
58.1%
41.9%

Other matters for consideration by the appraiser

In deciding the appraisal value (fair value) of this property, theappraiser used an income method that appropriately reflects
investors’ investment profitability as a standard, after verifying thevalue indicated by the cost method, taking into account the priceformation process that focuses on the profitability of the target
real estate for the market participants (consumers), reasons for
MEL as a real estate investor to obtain the appraisal, and theclassification as “house for rent and its premises”.

(Note) Not disclosed as MEL holds information that is subject to confidentiality obligations with the lessees and such information can be used to calculateconfidential information, and if the confidential information is disclosed, MEL may suffer damages for breaching its confidentiality obligations,which in turn could negatively impact the interests of unitholders.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 18 -

MJ Logipark Inzai 1
Property name

MJ Logipark Inzai 1

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests

Anticipated acquisition date

October 25, 2022

Anticipated acquisition price

4,353,100,000 yen

Seller

Odakyu Real Estate Co., Ltd.

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment date

October 25, 2022

Trust maturity date

October 31, 2032

Ownership form

Proprietary ownership

Location

2-2-2 Matsuzakidai, Inzai, Chiba

Land area

12,405.04 m2

Zoning

Quasi-industrial district

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction dateJuly 1, 2021

Total floor area

20,993.81 m2

Structure/No. of stories

Steel-frame building with alloy-plated steel sheet roof / 3-story building

Property type

Warehouse

Collateral

Not applicable

Appraisal value

5,180,000,000 yen (as of September 1, 2022)

Real estate appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

Probable maximum loss (PML)
Property management company

Details of thelease

2.1% (obtained from the earthquake risk assessment report prepared by
Tokio Marine dR Co., Ltd.)
CRE, Inc.

Number of tenants

1

Name of major tenant

Seino Transportation Co., Ltd.

Annual rent
Tenant leasehold/security
deposits

Not disclosed (Note)

Total leased area

20,980.63 m2

Total leasable area

20,980.63 m2

Occupancy rate

100.0%

Special notes

Not disclosed (Note)

N/A(Note) Not disclosed as consent has not been obtained.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 19 -

(Thousands of yen)
Summary of appraisal report
MJ Logipark Inzai 1

Property nameAppraisal value

5,180,000
Items

Appraisal value based on income method
Appraisal value based on direct
capitalization method(1) Operating Revenue(Effective gross income①+②+③+④-⑤-⑥)①Gross potential income
Rental revenue, Common service
charges②Utility income

Details
5,180,000

Not disclosed (Note)
Not disclosed (Note)⑤Losses due to vacancies

Not disclosed (Note)
Not disclosed (Note)
Not disclosed (Note)
Not disclosed (Note)⑧Utility expenses

Not disclosed (Note)⑨Repair expenses

Not disclosed (Note)
30,000⑪Property management fees
⑫Tenant soliciting fees etc.

Not disclosed (Note)
Not disclosed (Note)⑬Insurance premiums

Not disclosed (Note)⑭Other expenses

Not disclosed (Note)

1,295(5) Capital expenditure

4,440(6) Net cash flow
(NCF: (3)+(4)-(5))

218,120(7) Capitalization rate

4.1%

Discount rate
Terminal capitalization rate
Integrated value based on cost method
Proportion of land
Proportion of building

Assessed based on actual property tax amount and similar caseetc.

221,264(4) Earnings from temporary deposits

Appraisal value based on discounted cash
flow method

As of September 1, 2022

OutlineAssessed using the direct capitalization method and the DCF
method.

Not disclosed (Note)

Not disclosed (Note)(3) Net operating income(NOI: (1)-(2))

Valuation dateNot disclosed (Note)④Other income⑩Property tax

The Tanizawa Sōgō Appraisal Co., Ltd.

5,320,000③Parking lot income⑥Bad debt loss(2) Operational expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)⑦Building maintenance costs

Appraiser

Assessed assuming the investment yield is 1.0%
Assessed based on the medium and long term repair andmaintenance costs in the engineering report.

Assessed based on a comprehensive consideration of factors suchas the marketability of the target real estate, real estate
investment market trends and others.

5,120,000
4.0%
4.2%

Assessed based on the individual risks of the target real estate.
Assessed as 4.0% for the first to eighth years and 4.2% for the ninth
year and thereafter.

4.3%
5,190,000
35.5%
64.5%

Other matters for consideration by the appraiser

In deciding the appraisal value (fair value) of this property, theappraiser used an income method that appropriately reflects
investors’ investment profitability as a standard, after verifying thevalue indicated by the cost method, taking into account the priceformation process that focuses on the profitability of the target
real estate for the market participants (consumers), reasons for
MEL as a real estate investor to obtain the appraisal, and theclassification as “house for rent and its premises”.

(Note) Not disclosed as MEL holds information that is subject to confidentiality obligations with the lessees and such information can be used to
calculate confidential information, and if the confidential information is disclosed, MEL may suffer damages for breaching its confidentiality
obligations, which in turn could negatively impact the interests of unitholders.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 20 -

MJ Logipark Takatsuki 1
Property name

MJ Logipark Takatsuki 1

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests

Anticipated acquisition date

October 25, 2022

Anticipated acquisition price5,500,000,000 yen

SellerDomestic company (Note)

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment date

October 25, 2022

Trust maturity date

October 31, 2032

Ownership form

Proprietary ownership

Location

3-50-1 Zushi, Takatsuki, OsakaLand area

9,915.37 m2

Zoning

Quasi-industrial district

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction date

May 1, 2021

Total floor area

20,842.80 m2

Structure/No. of stories
Property type

Steel-frame reinforced concrete building with alloy-plated steel sheet roof
/ 4-story building
Warehouse

Collateral

Not applicable

Appraisal value

6,510,000,000 yen (as of September 1, 2022)

Real estate appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

Probable maximum loss (PML)
Property management company

Details of thelease

8.1% (obtained from the earthquake risk assessment report prepared by
Tokio Marine dR Co., Ltd.)XYMAX KANSAI Corporation

Number of tenants

1

Name of major tenant

LONCO JAPANAnnual rent
Tenant leasehold/security
deposits

Not disclosed (Note)

Total leased area

20,897.84 m2

Total leasable area

20,897.84 m2

Occupancy rate
Special notes

Not disclosed (Note)

100.0%
N/A(Note) Not disclosed as consent has not been obtained.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 21 -

(Thousands of yen)
Summary of appraisal report
MJ Logipark Takatsuki 1

Property nameAppraisal value

6,510,000
Items

Appraisal value based on income method
Appraisal value based on direct
capitalization method(1) Operating Revenue(Effective gross income①+②+③+④-⑤-⑥)①Gross potential income
Rental revenue, Common service
charges②Utility income

Details
6,510,000

Not disclosed (Note)
Not disclosed (Note)⑤Losses due to vacancies

Not disclosed (Note)
Not disclosed (Note)
Not disclosed (Note)
Not disclosed (Note)⑧Utility expenses

Not disclosed (Note)⑨Repair expenses

Not disclosed (Note)⑩Property tax⑪Property management fees

38,296
Not disclosed (Note)⑫Tenant soliciting fees etc.

Not disclosed (Note)⑬Insurance premiums

Not disclosed (Note)
265,2727774,110(6) Net cash flow
(NCF: (3)+(4)-(5))

261,939(7) Capitalization rate

3.9%

Discount rate
Terminal capitalization rate
Integrated value based on cost method

Assessed based on actual property tax amount.

Not disclosed (Note)(5) Capital expenditure

Appraisal value based on discounted cash
flow method

As of September 1, 2022

OutlineAssessed using the direct capitalization method and the DCF
method.

Not disclosed (Note)

Not disclosed (Note)(4) Earnings from temporary deposits

Valuation dateNot disclosed (Note)④Other income⑭Other expenses(3) Net operating income(NOI: (1)-(2))

The Tanizawa Sōgō Appraisal Co., Ltd.

6,720,000③Parking lot income⑥Bad debt loss(2) Operational expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)⑦Building maintenance costs

Appraiser

Assessed assuming the investment yield is 1.0%
Assessed based on the medium and long term repair andmaintenance costs in the engineering report.

Assessed based on a comprehensive consideration of factors suchas the marketability of the target real estate, real estate
investment market trends and others.

6,420,000
3.8%
4.0%

Assessed based on the individual risks of the target real estate.
Assessed as 3.8% for the first to ninth years and 4.0% for the 10thyear and thereafter.

4.1%
6,830,000

Proportion of land

53.4%

Proportion of building

46.6%

Other matters for consideration by the appraiser

In deciding the appraisal value (fair value) of this property, theappraiser used an income method that appropriately reflects
investors’ investment profitability as a standard, after verifying thevalue indicated by the cost method, taking into account the priceformation process that focuses on the profitability of the target
real estate for the market participants (consumers), reasons for
MEL as a real estate investor to obtain the appraisal, and theclassification as “house for rent and its premises”.

(Note) Not disclosed as MEL holds information that is subject to confidentiality obligations with the lessees and such information can be used to
calculate confidential information, and if the confidential information is disclosed, MEL may suffer damages for breaching its confidentiality
obligations, which in turn could negatively impact the interests of unitholders.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 22 -

MJ Logipark Higashi Osaka 1
Property name

MJ Logipark Higashi Osaka 1

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests

Anticipated acquisition date

October 25, 2022

Anticipated acquisition price

1,687,200,000 yen

SellerDomestic company (Note 1)

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment dateFebruary 28, 2022

Trust maturity date

October 31, 2032

Ownership form

Proprietary ownership

Location

4-13-4 Kanō, Higashiosaka, OsakaLand area

4,727.69 m2 (Note 2)

ZoningExclusively industrial district

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction date

April 20, 1991

Total floor area

10,185.04 m2

Structure/No. of stories

Steel-frame flat roof / 5-story building

Property type

Warehouse, office

Collateral

Not applicable

Appraisal value

2,050,000,000 yen (as of September 1, 2022)

Real estate appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

Probable maximum loss (PML)
Property management company

Details of theleaseSpecial notes

11.0% (obtained from the earthquake risk assessment report prepared by
Tokio Marine dR Co., Ltd.)Tokyo Ryutsu Center Inc.

Number of tenants

1

Name of major tenant

Nakajima Express Co., Ltd.

Annual rent
Tenant leasehold/security
deposits

Not disclosed (Note 1)

Total leased area

10,185.04 m2

Total leasable area

10,185.04 m2

Occupancy rate

100.0%

Not disclosed (Note 1)

N/A(Note 1) Not disclosed as consent has not been obtained.
(Note 2) A part of the south side of the land owned by the trustee is land for passage.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 23 -

(Thousands of yen)
Summary of appraisal report
Property name

MJ Logipark Higashi Osaka 1

Appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

2,050,000

Valuation date

As of September 1, 2022

Appraisal value
Items
Appraisal value based on income method

Appraisal value based on direct
capitalization method(1) Operating Revenue(Effective gross income①+②+③+④-⑤-⑥)①Gross potential income
Rental revenue, Common service
charges②Utility income

Details
2,050,000
2,070,000
Not disclosed (Note)

Not disclosed (Note)
Not disclosed (Note)③Parking lot income

Not disclosed (Note)④Other income

Not disclosed (Note)⑤Losses due to vacancies

Not disclosed (Note)⑥Bad debt loss(2) Operational expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)⑦Building maintenance costs

Not disclosed (Note)
Not disclosed (Note)
Not disclosed (Note)⑧Utility expenses

Not disclosed (Note)⑨Repair expenses

Not disclosed (Note)⑩Property tax⑪Property management fees

6,905
Not disclosed (Note)⑫Tenant soliciting fees etc.

Not disclosed (Note)⑬Insurance premiums

Not disclosed (Note)⑭Other expenses(3) Net operating income(NOI: (1)-(2))(4) Earnings from temporary deposits

89,1312492,430(6) Net cash flow
(NCF: (3)+(4)-(5))

86,951(7) Capitalization rate

4.2%

Discount rate
Terminal capitalization rate
Integrated value based on cost method
Proportion of land
Proportion of building

Assessed based on actual property tax amount.

Not disclosed (Note)(5) Capital expenditure

Appraisal value based on discounted cash
flow method

OutlineAssessed using the direct capitalization method and the DCF
method.

Assessed assuming the investment yield is 1.0%
Assessed based on the medium and long term repair andmaintenance costs in the engineering report.

Assessed based on a comprehensive consideration of factors suchas the marketability of the target real estate, real estate
investment market trends and others.

2,040,000
4.1%
4.3%

Assessed based on the individual risks of the target real estate.
Assessed as 4.1% for the first to 10th years and 4.3% for the 11th
year and thereafter.

4.4%
1,980,000
67.0%
33.0%

Other matters for consideration by the appraiser

In deciding the appraisal value (fair value) of this property, theappraiser used an income method that appropriately reflects
investors’ investment profitability as a standard, after verifying thevalue indicated by the cost method, taking into account the priceformation process that focuses on the profitability of the target
real estate for the market participants (consumers), reasons for
MEL as a real estate investor to obtain the appraisal, and theclassification as “house for rent and its premises”.

(Note) Not disclosed as MEL holds information that is subject to confidentiality obligations with the lessees and such information can be used to calculateconfidential information, and if the confidential information is disclosed, MEL may suffer damages for breaching its confidentiality obligations,which in turn could negatively impact the interests of unitholders.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 24 -

MJ Industrial Park Kawanishi (Land)
Property name

MJ Industrial Park Kawanishi (Land)

Category

OthersType of specified assets

Real estate trust beneficiary interests

Anticipated acquisition date

October 25, 2022

Anticipated acquisition price

2,125,400,000 yen

SellerDomestic company (Note)

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment dateJuly 29, 2022

Trust maturity date

October 31, 2032

Ownership form

Proprietary ownership

Location

1-125-1 Tadasakuragi, Kawanishi, Hyogo

Land area

9,353.48 m2

ZoningNeighborhood commercial district

Floor-area ratio

300%

Building coverage ratio

80%

Ownership form-

Construction date-

Total floor area-

Structure/No. of stories-

Property type-

Collateral

Not applicable

Appraisal value

2,600,000,000 yen (as of September 1, 2022)

Real estate appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

Probable maximum loss (PML)-

Property management company-

Details of thelease

Number of tenants

1

Name of major tenant

Not disclosed (Note)

Annual rent
Tenant leasehold/security
deposits

Not disclosed (Note)

Total leased area

9,353.48 m2

Total leasable area

9,353.48 m2

Occupancy rate

100.0%
・MEL has concluded a superficies contract on a portion of land for thisproperty with Hyogo Prefecture as the right holder, for ownership andconstruction of the regional sewerage system. No compensation is
expected to occur with respect to such superficies.

Special notes

Not disclosed (Note)(Note) Not disclosed as consent has not been obtained.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 25 -

(Thousands of yen)
Summary of appraisal report
Property name

MJ Industrial Park Kawanishi (Land)

Appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

2,600,000

Valuation date

As of September 1, 2022

Appraisal value
Items
Appraisal value based on income method

Appraisal value based on direct
capitalization method(1) Operating Revenue(Effective gross income①+②+③+④-⑤-⑥)①Gross potential income
Rental revenue, Common service
charges②Utility income

Details
2,600,000
2,790,000
Not disclosed (Note)

Not disclosed (Note)
Not disclosed (Note)③Parking lot income

Not disclosed (Note)④Other income

Not disclosed (Note)⑤Losses due to vacancies

Not disclosed (Note)⑥Bad debt loss(2) Operational expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)⑦Building maintenance costs

Not disclosed (Note)
Not disclosed (Note)
Not disclosed (Note)⑧Utility expenses

Not disclosed (Note)⑨Repair expenses

Not disclosed (Note)⑩Property tax⑪Property management fees

9,512
Not disclosed (Note)⑫Tenant soliciting fees etc.

Not disclosed (Note)⑬Insurance premiums

Not disclosed (Note)⑭Other expenses(3) Net operating income(NOI: (1)-(2))(4) Earnings from temporary deposits(5) Capital expenditure

94,535520
95,055(7) Capitalization rate

3.9%

Assessed assuming the investment yield is 1.0%

Assessed based on a comprehensive consideration of factors suchas the marketability of target real estate, real estate investment
market trends and others.

2,600,000

Discount rate

3.8%

Terminal capitalization rate

4.0%

Integrated value based on cost method

Assessed based on actual property tax amount.

Not disclosed (Note)(6) Net cash flow
(NCF: (3)+(4)-(5))

Appraisal value based on discounted cash
flow method

OutlineAssessed using the direct capitalization method and the DCF
method.

-Proportion of land-

Proportion of building-

Other matters for consideration by the appraiser

Assessed based on a comprehensive consideration of factors suchas the terms of the present agreement, real estate investment
market trends and others.
The cost method is not applicable.

In deciding the appraisal value (fair value) of this property, theappraiser used an income method that appropriately reflects
investors’ investment profitability as a standard, after verifying theland ratio method, taking into account the price formation processthat focuses on the profitability of the target real estate for themarket participants (consumers), reasons for MEL as a real estate
investor to obtain the appraisal, and the classification as land (landwith fixed term land lease right for business purposes).

(Note) Not disclosed as MEL holds information that is subject to confidentiality obligations with the lessees and such information can be used to calculateconfidential information, and if the confidential information is disclosed, MEL may suffer damages for breaching its confidentiality obligations,which in turn could negatively impact the interests of unitholders.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 26 -

4. Financial Impact on MEL When the Forward Commitment, etc. Cannot be Fulfilled
The sales and purchase agreement for MJ Logipark Funabashi 2 falls under “Forward Commitment, etc.” Our purchaseof the property based on this sale and purchase agreement is subject to the condition that we complete all financing(including the buyer’s scheduled issuance of investment units and a loan from financial institutions under a loan
agreement) necessary to fund the acquisition. If we are unsuccessful in raising adequate funds to finance this acquisition,
we have no responsibility for the payment. Therefore, we believe that this purchase and sale agreement is unlikely tohave a direct substantial impact on our financial condition and distributions.
5. Seller Profile(1) LOGiSTA･Logicross Ibaraki Saito (A) (45% co-ownership interest)
Company name
MEC Toshi Kaihatsu Tokutei Mokuteki Kaisha 11
Address of head office
2-27-1, Shinkawa, Chuo-ku, Tokyo
Representative
Shogo Kikuchi, Director
Principle business
1. Business related to acquisition, management and disposal of specified assets
pursuant to asset securitization plans based on the Act on Securitization ofAssets
2. Other businesses pertaining to the securitization of the above specified assets
CapitalNot disclosed (Note)
Establishment dateNovember 26, 2019
Net assets
Not disclosed (Note)
Total assets
Not disclosed (Note)
Major shareholders
Not disclosed (Note)
Relationship with MEL and/or the Asset Management Company
Capital relationship
Mitsubishi Estate, the parent company of the Asset Management Company, hasinvested in the company concerned, which is a special purpose company.
Personnel relationship
There is no noteworthy personnel relationship to describe between MEL, the AssetManagement Company and the company concerned.
Business relationship
There is no noteworthy business relationship to describe between MEL, the AssetManagement Company and the company concerned.
Status of classification as related
The company concerned is not a related party of MEL and the Asset Management
party
Company.
(Note) Not disclosed as consent has not been obtained.

(2) LOGiSTA･Logicross Ibaraki Saito (B) (45% co-ownership interest)
Company name
Mitsubishi Estate Co., Ltd.
Address of head office
1-1-1, Otemachi, Chiyoda-ku, Tokyo
Representative
Junichi Yoshida, Representative Corporate Executive Officer, President & Chief
Executive Officer
Principle business
Development, operation, management, sale and asset management of real estate,
etc.
Capital142,414 million yen (as of March 31, 2022)
Establishment date
May 7, 1937
Net assets
2,236,432 million yen (as of March 31, 2022)
Total assets
6,493,917 million yen (as of March 31, 2022)
Major shareholders
The Master Trust Bank of Japan, Ltd. (Trust account): 17.26% (as of March 31,
2022)
Relationship with MEL and/or the Asset Management Company
Capital relationshipThe company concerned owns 4.07% of the investment units outstanding of MEL
as of the date hereof, and owns 100% of the total shares outstanding of the AssetManagement Company as of the date hereof.
Personnel relationship
Executive Director of MEL, an employee of the company concerned, has been
temporarily transferred from the company and concurrently serves as the
Executive Director of MEL. 12 of the executives and employees of the AssetManagement Company have been temporarily transferred from the company
concerned as of August 31, 2022.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 27 -

Business relationship

Status of classification as related
party

The company concerned has concluded the sponsor support agreement andtrademark license agreement for use of “MITSUBISHI” (Trademark registration
number 4853087 and 4853088) and trademark license agreement for use of“Logicross (Logo)” (Trademark registration number 5674165) with MEL and theAsset Management Company. In addition, the company concerned has concluded
the rooftop lease agreement and land (for car parking) sub lease agreement withthe trustees of the properties held. Furthermore, the company concerned has
concluded the property management agreement with the trustees, etc. of theproperties held, and is scheduled to enter into a property management agreementwith the trustees, etc. of three out of the Eight New Properties.
The company concerned is a related party of MEL and the Asset Management
Company.

(3) MJ Logipark Funabashi 2, MJ Logipark Inzai 1
Company nameOdakyu Real Estate Co., Ltd.
Address of head office
1-47-1, Hatsudai, Shibuya-ku, Tokyo
Representative
Shu Igarashi, Chief Executive Officer
Principle business
Sale of real estate, construction and sale of housing and apartments, anddevelopment and sale of residential areas, etc.
Capital2,140 million yen (as of March 31, 2022)
Establishment date
December 16, 1964
Net assets
Not disclosed (Note)
Total assets
Not disclosed (Note)
Major shareholders
Odakyu Electric Railway Co., Ltd.: 100.0% (as of March 31, 2022)
Relationship with MEL and/or the Asset Management Company
Capital relationship
There is no noteworthy capital relationship to describe between MEL, the AssetManagement Company and the company concerned.
Personnel relationship
There is no noteworthy personnel relationship to describe between MEL, the AssetManagement Company and the company concerned.
Business relationship
There is no noteworthy business relationship to describe between MEL, the AssetManagement Company and the company concerned.
Status of classification as related
The company concerned is not a related party of MEL and the Asset Management
party
Company.
(Note) Not disclosed as consent has not been obtained.

(4) Logicross Yokohama Kohoku, MJ Logipark Takatsuki 1, MJ Logipark Higashi Osaka 1, MJ Industrial Park Kawanishi(Land)
The company names have not been disclosed as the consent of the sellers, which are domestic companies, have notbeen obtained. MEL and the Asset Management Company have no capital, personnel, or business relationship with thesellers that should be noted. In addition, the sellers do not fall under the category of an Interested party, etc. stipulated
in the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended), or an Interested Party
as set forth in the Rules Regarding Related-party Transactions of the Asset Management Company.
6. Transactions with Interested Parties
As MEC Toshi Kaihatsu Tokutei Mokuteki Kaisha 11, the seller of LOGiSTA･Logicross Ibaraki Saito (A) (45% co-ownershipinterest), and Mitsubishi Estate, the seller of LOGiSTA･Logicross Ibaraki Saito (B) (45% co-ownership interest) each falls
under the category of an Interested Party as set forth in the Rules Regarding Related-party Transactions of the AssetManagement Company, the Asset Management Company has undertaken the necessary decision-making process
stipulated in the Rules Regarding Related-party Transactions before executing transactions with each of these sellers.
7. Status of the Sellers
Acquisition of the property from the seller, which is a special interested party, is as outlined below. The table includes
details on the ① company name, ② relationship with the seller, a special interested party, and ③ the background andreasons for the acquisition.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 28 -

Property name

Previous owner, etc.

(Location) (Note)

Owner before theprevious owner, etc.

Owner two before
the previous owner,etc.

①, ②, ③①, ②, ③①, ②, ③Acquisition (transfer)

Acquisition (transfer)

Acquisition (transfer) price

price

price

Acquisition (transfer) period

Acquisition (transfer)

Acquisition (transfer)

periodperiodUnrelated party

-

-

-

-

-

Unrelated party

-

-

-

-

-

① MEC Toshi Kaihatsu Tokutei Mokuteki

Kaisha 11② A special purpose company invested by

LOGiSTA･LogicrossMitsubishi Estate Co., Ltd., the parent

Ibaraki Saito (A) (45% co-company of the Asset Management

ownership interest)(1-3-2, Saito Moegi,
Ibaraki, Osaka)Company③ Acquired for development purposes

Omitted as it has been owned for more than
one yearMay 2021 (new building)March 2020 (land)① Mitsubishi Estate Co., Ltd.

LOGiSTA･LogicrossIbaraki Saito (B) (45% coownership interest)(1-4-4, Saito, Ibaraki,
Osaka)② Parent company of the AssetManagement Company③ Acquired for development purposes

Omitted as it has been owned for more than
one year
April 2021 (new building)March 2020 (land)(Note) “Location” (one of them in cases there are multiple) is shown as registered.

8. Brokerage
Not applicable.
9. Outlook
For more details on the business outlook of MEL, please refer to the “Summary of Financial Results for the Fiscal Period
Ended August 31, 2022 (REIT)” and “Notice Concerning 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)” announced today.
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 acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

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<Attachments>
1. Overview of the Investment Portfolio
2. Surrounding Area Maps and Photographs of the Eight New Properties
3. Outline of the Building Inspection Reports and Earthquake Risk Assessment Reports

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

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<Attachments>
1. Overview of the Investment Portfolio
Category

Logistics
Facilities

Property Name

Location(Anticipated)
Acquisition Price(Millions of yen)
(Note 1)

Investment
Ratio (%)
(Note 2)

Appraisal Value(Millions of yen)
(Note 3)

Appraisal
NOI Yield(%)(Note 4)

Type ofAssets(Note 5)

Logicross Fukuoka
Hisayama

Hisayama,
Kasuya,Fukuoka

5,770

2.2

7,810

6.1

Multi

Logicross Atsugi

Atsugi,
Kanagawa

8,440

3.2

9,440

4.5

Multi

Logicross Kobe Sanda

Kobe,
Hyogo

3,900

1.5

4,400

5.1

BTS

Logicross Osaka

Osaka,
Osaka

9,743

3.7

10,300

4.3

Multi

Logicross Nagoya
Kasadera

Nagoya,Aichi

14,424

5.5

17,3005.0

Multi

Logicross Narashino

Narashino,
Chiba

11,851

4.5

12,400

4.3

Multi

Logicross Atsugi II

Atsugi,
Kanagawa

9,838

3.8

10,500

4.4

Multi

Logicross Yokohama
KohokuYokohama,
Kanagawa

7,821

3.0

8,110

4.1

Multi

LOGIPORT Sagamihara(Note 6)

Sagamihara,
Kanagawa

21,3648.2

24,5004.7

Multi

LOGIPORT Hashimoto(Note 7)

Sagamihara,
Kanagawa

18,2007.0

21,6004.7

Multi

LOGIPORT Osaka Taisho(Note 8)Osaka,
Osaka

10,4844.0

12,187

4.6

Multi

LOGIPORT Kawasaki Bay(Note 7)

Kawasaki,Kanagawa

36,00013.8

40,680

4.4

Multi

LOGiSTA･Logicross Ibaraki
Saito (A) (Note 9)

Ibaraki,Osaka

15,1505.8

15,7004.2

Multi

LOGiSTA･Logicross Ibaraki
Saito (B) (Note 9)

Ibaraki,
Osaka

3,900

1.5

3,980

4.3

Multi

MJ Logipark Funabashi 1

Funabashi,
Chiba

5,400

2.1

6,690

6.6

Multi

MJ Logipark Atsugi 1

Atsugi,
Kanagawa

6,653

2.5

7,190

4.5

Multi

MJ Logipark Kazo 1

Kazo,
Saitama

1,272

0.5

1,560

5.7

Multi

MJ Logipark Osaka 1

Osaka,
Osaka

6,090

2.3

8,120

5.8

Multi

MJ Logipark Fukuoka 1

Umi, Kasuya,
Fukuoka

6,130

2.3

7,230

5.7

Multi

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 31 -

MJ Logipark Tsuchiura 1

Tsuchiura,
Ibaraki

3,133

1.2

3,570

5.3

BTS

MJ Logipark Nishinomiya
1

Nishinomiya,
Hyogo

2,483

0.9

2,710

5.7

BTS

MJ Logipark Kasugai 1

Kasugai,Aichi

13,6705.2

15,1004.8

Multi

MJ Logipark Kazo 2

Kazo,
Saitama

1,637

0.6

1,720

5.0

BTS

MJ Logipark Sendai 1

Tagajo,Miyagi

7,388

2.8

7,660

5.1

Multi

MJ Logipark Inzai 1

Inzai,
Chiba

4,353

1.7

5,180

5.1

Multi

Takatsuki,
Osaka

5,500

2.1

6,510

4.8

Multi

MJ Logipark Higashi
Osaka 1

Higashiosaka,
Osaka

1,687

0.6

2,050

5.3

BTS

MJ Logipark Funabashi 2

Funabashi,
Chiba

4,880

1.9

6,500

5.3

Multi

MJ Industrial Park Sakai(Land)

Sakai,
Osaka

5,600

2.1

5,780

3.8

Land

MJ Industrial Park Kobe
(Land)

Kobe,
Hyogo

4,970

1.9

5,720

5.1

Land

MJ Industrial Park ChibaKita (Land)

Chiba,
Chiba

1,800

0.7

1,980

4.4

Land

Kawanishi,
Hyogo

2,125

0.8

2,600

4.4

Land

-

261,659

100.0

296,777

4.7-

MJ Logipark Takatsuki 1

Others

MJ Industrial Park
Kawanishi (Land)
Total / Average(Note 1) “(Anticipated) Acquisition Price” indicates the purchase price of the respective trust beneficiary interest of the properties held and the Eight
New Properties in the relevant sale and purchase agreement, rounded down to the nearest million yen and does not include national or local
consumption taxes or expenses, which have been incurred or will be incurred in connection with the acquisition.
(Note 2) “Investment Ratio” is the ratio of the (Anticipated) Acquisition Price of each asset to the total (Anticipated) Acquisition Price of properties held
and the Eight New Properties rounded to the first decimal place and the aggregated figures may differ from actual total figures.
(Note 3) “Appraisal Value” of the properties held shows the appraisal value stated on each real estate appraisal report as of August 31, 2022. “Appraisal
Value” of the Eight New Properties shows the appraisal value stated on each real estate appraisal report as of September 1, 2022.
(Note 4) “Appraisal NOI Yield” is the ratio of appraisal NOI using the direct capitalization method to the (Anticipated) Acquisition Price of each property
in each real estate appraisal report, rounded to the first decimal place. “Total / Average” of “Appraisal NOI Yield” is calculated based upon
weighted average by (Anticipated) Acquisition Price.
(Note 5) In “Type of Assets “, “Multi” refers to multiple tenant type logistics facilities. “BTS” refers to build-to-suit type logistics facilities. “Land” refers
to land properties.
(Note 6) “Acquisition Price” and “Appraisal Value” of LOGIPORT Sagamihara indicate the figures corresponding to MEL’s acquisition of 49% co-ownershipinterest.
(Note 7) “Acquisition Price” and “Appraisal Value” of LOGIPORT Hashimoto and LOGIPORT Kawasaki Bay indicate the figures corresponding to MEL’s
acquisition of 45% co-ownership interest.
(Note 8) “Acquisition Price” and “Appraisal Value” of LOGIPORT Osaka Taisho indicate the figures corresponding to MEL’s acquisition of 37.5% coownership interest.
(Note 9) “Anticipated Acquisition Price” and “Appraisal Value” of LOGiSTA･Logicross Ibaraki Saito (A) and LOGiSTA･Logicross Ibaraki Saito (B) indicate
figures corresponding to MEL’s anticipated acquisition of 45% co-ownership interest.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 32 -

2. Surrounding Area Maps and Photographs of the Eight New PropertiesLOGiSTA･Logicross Ibaraki Saito A (45% co-ownership interest)

LOGiSTA･Logicross Ibaraki Saito (B) (45% co-ownership interest)

Logicross Yokohama Kohoku

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 33 -

MJ Logipark Funabashi 2

MJ Logipark Inzai 1

MJ Logipark Takatsuki 1

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 34 -

MJ Logipark Higashi Osaka 1

MJ Industrial Park Kawanishi (Land)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 35 -

3. Outline of the Building Inspection Reports and Earthquake Risk Assessment Reports
Building Inspection Reports
Category

Property Name

Cost of Shortterm Repairs(thousands ofyen) (Note 1)

Cost of Longterm Repairs(thousands ofyen) (Note 2)

August2022-

175,557

August2022-

57,554

August2022-

60,647

September
2022-

65,983September
2022-

80,880

September
2022-

70,523September
2022-

38,229MJ Industrial Park
Kawanishi (Land)(Note 4)---

Total / Portfolio PML

-

-

-

LOGiSTA･LogicrossIbaraki Saito (B) (Note 3)
Logicross Yokohama
KohokuMJ Logipark Funabashi 2
MJ Logipark Inzai 1
MJ Logipark Takatsuki 1
MJ Logipark Higashi
Osaka 1
Other

Inspection
Date

Tokio
Marine dR
Co., Ltd.
Tokio
Marine dR
Co., Ltd.
Tokio
Marine dR
Co., Ltd.
Tokio
Marine dR
Co., Ltd.
Tokio
Marine dR
Co., Ltd.
Tokio
Marine dR
Co., Ltd.
Tokio
Marine dR
Co., Ltd.

LOGiSTA･LogicrossIbaraki Saito (A) (Note 3)

Logistics
Facilities

ER
Inspection
Company

Earthquake Risk Assessment Reports

3,250,211(Note 5)PML
Assessment
Company

Assessment
Date

PML (%)

Tokio
Marine dR
Co., Ltd.
Tokio
Marine dR
Co., Ltd.
Tokio
Marine dR
Co., Ltd.
Tokio
Marine dR
Co., Ltd.
Tokio
Marine dR
Co., Ltd.
Tokio
Marine dR
Co., Ltd.
Tokio
Marine dR
Co., Ltd.
-

-

-

-

-

1.7
(Note 6)

August2022

0.6

August2022

6.3

August2022

4.4

September
2022

3.3

September
2022

2.1

September
2022

8.1

September
2022

11.0

(Note 1) “Cost of Short-term Repairs” includes the cost of urgent repairs and updating and repair work generally required within one year from theinspection date as shown in building inspection report.
(Note 2) “Cost of Long-term Repairs” includes the cost of updating and repair work required within 12 years from the inspection date as shown inthe building inspection reports.
(Note 3) Estimated “Cost of Short-term Repairs” and “Cost of Long-term Repairs” of LOGiSTA･Logicross Ibaraki Saito (A) and LOGiSTA･LogicrossIbaraki Saito (B) indicate the figures corresponding to MEL’s anticipated acquisition of 45% co-ownership interest, rounded down to thenearest thousand yen.
(Note 4) Estimated “Cost of Short-term Repairs”, “Cost of Long-term Repairs” and “PML” of MJ Industrial Park Kawanishi (Land) is not calculated as
MEL will not hold any building on the land.
(Note 5) The number is calculated as a sum of the 28 properties excluding MJ Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land), MJ Industrial
Park Chiba-Kita (Land), and MJ Industrial Park Kawanishi (Land) from the properties held and the Eight New Properties.
(Note 6) “Portfolio PML” is based on “Portfolio Seismic Risk Review Report of 28 Properties” prepared by Tokio Marine dR Co., Ltd. as of September
2022. “Portfolio PML” is the percentage obtained by calculating the PML for a collection of 28 properties (excluding MJ Industrial Park Sakai(Land), MJ Industrial Park Kobe (Land), MJ Industrial Park Chiba-Kita (Land), and MJ Industrial Park Kawanishi (Land)) in the same way as forindividual properties.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 36 -