September 6, 2007
To whom it may concern:

Japan Real Estate Investment Corporation
Taketo Yamazaki, Executive Director(TSE code: 8952)
Contact: (Asset Management Contractor)
Japan Real Estate Asset Management Co., Ltd.
Kazuhiko Arahata, CEO & President
Haruhiko Araki, General Manager, Planning Department
Phone: +81-3-3211-7921

Notice concerning Transfer of AssetAnnouncement is hereby made that on September 6, 2007, Japan Real Estate Investment
Corporation (the “Corporation”) decided to transfer the following asset:
1. Outline of the transfer
1) Asset to be transferred2) Name of asset:

Trust beneficiary right in trust of real estate

3) Transfer value:

Kobe Itomachi Building
1,770,000,000 yen(excluding any balance due or payment for fixed property andcity planning taxes, and consumption tax, etc.)

4) Book value:

1,341,011,773 yen(As of March 31, 2007)
5) Difference between transfer
428,988,227 yen (Difference between 3) and 4) in the above)
value and book value6) Scheduled contract date:
September 14, 2007
7) Scheduled handover date:

September 14, 20078) Transfer method:

Transfer the trust beneficiary right in trust of real estate to thefollowing transferee.

9) Transferee:

MID Urban Development Co., Ltd.

2. Reason for the transfer
The Corporation will transfer the asset based on the basic asset management policies andinvestment attitude under the articles of incorporation of the Corporation by comprehensively
considering expected future returns of this asset, changes in asset value and its forecasts, andportfolio structure, etc.
3. Details of the asset to be transferred
The relevant information is as set out below; provided that the information on “area”, “structure”

1and “completion date” is derived from the land registry and “usage” is among the main usages
listed in the land registry. In addition, “Appraisal value” is the value researched by Daiwa Real
Estate Appraisal, Co., Ltd. as of the date specified below.
Details of the asset to be transferredType of specified asset

Trust beneficiary right in trust of real estate

Trustee

The Sumitomo Trust and Banking Co., Ltd.

Location

121 Itomachi, Chuo-ku, Kobe City, Hyogo Prefecture

UsageOffice

Area

Land:808.55 m²

Structure

Steel-framed reinforced concrete and steel framed structure, flat roof
Above ground: 10 floors

Completion date

September 1989

Type of ownership

Land: ownership

Building:4,894.09 m²

Building: ownership

Tenant details (as of March 31, 2007)

Outline of acquisition price and appraisal
value

Total number oftenants17

Acquisition price

1,436 million yen

Total leased space

3,279 m²

Acquisition date

September 25, 2001

Total leasable space

3,478 m²

Occupancy rate

94.3%

Appraisal value
1,240 million yen(reference date of the(September 1, 2007)
research)

4. Outline of the transferee
Corporate name
Address of the registered head
officeRepresentative
Paid-in capital
Major shareholders
Principal businessRelation to the Corporation ortheAssetManagementContractor

MID Urban Development Co., Ltd.
1-4-4 Dojimahama, Kita-ku, Osaka City, Osaka Prefecture
Isao Yamamoto, Representative Director and President
7,500 million yen（as of end of March, 2007）
Perseus Financial, LLC, Themis Financial, LLC, and others
Building, housing, and investment and development businesses
None in particular

5. Outline of brokerage(1) Broker: The Sumitomo Trust and Banking Co., Ltd.
(2) Relation to the Corporation or the Asset Management Contractor
The Sumitomo Trust and Banking is the administrator (related to Paragraphs 2 to 6, Article
117 of the Law concerning the Investment Trusts and Investment Corporations of Japan,
excluding administrative works related to investment corporation bonds) and custodian of theCorporation. The Trust Bank holds the Corporation’s 120 investment units (0.03% ofoutstanding units) as of March 31, 2007.

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(3) Commissions
The information is not disclosed because an agreement was not achieved with the broker on
the disclosure of commissions.

6. Transfer schedule
September 6, 2007
September 14, 2007
September 14, 2007

Transfer of the asset was determined.
Execution of agreement for the sale of trust beneficiary right (scheduled)
Handover (scheduled)

Please refer to the September 6, 2007, News Release, “Notice of Revision of Forecast Results
for the 12th Period,” regarding the Corporation’s management operation for the 12th Period(April 1, 2007 through September 30, 2007) after the transfer of this asset.
This notice is the English translation of the September 6, 2007, announcement in Japanese on ourwebsite. However, no assurance or warranties are given for the completeness or accuracy of thisEnglish translation.
Reference material (attachment)
・ List of all the assets of the Corporation after the transfer of this asset.

3List of all the assets of the Corporation after the transfer of this asset
AreaName (Location)
Genki Medical Plaza(Chiyoda-ku, Tokyo)
Kitanomaru Square(Chiyoda-ku, Tokyo)
MD Kanda Building(Chiyoda-ku, Tokyo)
Kandabashi Park Building(Chiyoda-ku, Tokyo)
Nibancho Garden(Chiyoda-ku, Tokyo)
Mitsubishi UFJ Trust and Banking
Building (Chiyoda-ku, Tokyo)
Burex Kojimachi Building(Chiyoda-ku, Tokyo)
Sanno Grand Building(Chiyoda-ku, Tokyo)
Yurakucho Denki Building(Chiyoda-ku, Tokyo)
Kodenmacho Shin-Nihonbashi
Building(Chuo-ku, Tokyo)
Burex Kyobashi Building(Chuo-ku, Tokyo)
Ginza Sanwa Building(Chuo-ku, Tokyo)
Ryoshin Ginza East Mirror Building(Chuo-ku, Tokyo)
Aoyama Crystal Building(Minato-ku, Tokyo)
Shiba 2Chome Daimon Building(Minato-ku, Tokyo)

Tokyo
Metropolitan
Area(23 wards)

Cosmo Kanasugibashi Building(Minato-ku, Tokyo)
Shinwa Building(Shinjuku-ku, Tokyo)
Tokyo Opera City Building(Shinjuku-ku, Tokyo)

Acquisition
price(thousand yen)

Percentage of
portfolio

Percentage
by area

October 31, 2002

5,000,000

1.1%

80.8%

Real property

February 24, 2006

81,555,500

18.2%

Real property

May 31, 2002

9,520,000

2.1%

Real property

August 15, 2002

4,810,000

1.1%Real property

April 1,2005

14,700,000

3.3%Real property

March 28, 2007

44,700,000

10.0%
1.6%

Type of asset

Acquisition date orscheduled acquisition date

Real property

Real property

July 29, 2005

7,000,000
10,200,000

Real property

January 31, 2005
April 3, 2006
Total

10,700,000

4.7%

20,900,000

Real property

August 1, 2003

7,200,000

1.6%

Trust beneficiaryright in trust ofreal estate

September 25, 2001

3,173,000

0.7%Real property

July 22, 2002

5,250,000

1.2%Real property

March 10, 2005

16,830,000

3.8%Real property

March 15, 2005

5,353,500

1.2%Real property

March 14, 2003

7,680,000

1.7%

September 10, 2001

4,859,000

1.1%

September 25, 2001

2,808,000

0.6%Real property

September 1, 2004

7,830,000

1.8%

Trust beneficiaryright in trust ofreal estate
Trust beneficiaryright in trust ofreal estate

Real property

September 13, 2005

9,350,000

2.1%

Trust beneficiaryright in trust ofreal estate

September 25, 2001

2,738,000

0.6%

Higashi-Gotanda 1Chome Building(Shinagawa-ku, Tokyo)

Real property

November 1, 2004

5,500,000

1.2%

Omori-Eki Higashiguchi Building(Ota-ku, Tokyo)

Trust beneficiaryright in trust ofreal estate

September 10, 2001

5,123,000

1.1%Real property

March 24, 2004

6,670,000

1.5%Real property

April 1, 2004

8,700,000

1.9%Real property

November 22, 2002

4,885,000

1.1%Real property

October 9, 2003

12,200,000

2.7%Real property

November 30, 2001

34,600,000

7.7%

3,740,000

Real property

November 14, 2003
April 1, 2004
TotalFebruary 28, 2005

8,500,000

1.9%

September 25, 2001

3,541,0000.8%

September 25, 2001

1,728,0000.4%

Takanawadai Building(Shinagawa-ku, Tokyo)

Nippon Brunswick Building(Shibuya-ku, Tokyo)
Yoyogi 1Chome Building(Shibuya-ku, Tokyo)
da Vinci Harajuku(Shibuya-ku, Tokyo)
Jingumae Media Square Building(Shibuya-ku, Tokyo)
Shibuya Cross Tower(Shibuya-ku, Tokyo)
Ebisu Neonato(Shibuya-ku Tokyo)
Harmony Tower(Nakano-ku Tokyo)
Otsuka Higashi-Ikebukuro Building(Toshima-ku, Tokyo)
Ikebukuro 2Chome Building(Toshima-ku, Tokyo)

Real property
Trust beneficiaryright in trust ofreal estate
Trust beneficiaryright in trust ofreal estate

4360,000

0.9%

4,100,000

Ikebukuro YS Building(Toshima-ku, Tokyo)

Real property

August 2, 2004

4,500,000

1.0%

Hachioji First Square(Hachioji City, Tokyo)

Real property

March 31, 2005

3,300,000

0.7%

Saitama Urawa Building(Saitama City, Saitama Prefecture)

September 25, 2001
October 11, 2001
Total

1,232,000

Real property

September 25, 2001

3,375,000

0.8%

370,553,000

82.9%

82.9%

June 1, 2007

7,100,000

1.6%

1.6%

Real property

January 31, 2005

1,000,000

0.2%

Trust beneficiaryright in trust ofreal estate

September 25, 2001
June 28, 2006
Total
February 28, 2002
March 3, 2003
Total
October 2, 2006
November 1, 2006
Total

2,924,000

Real property

September 22, 2006

1,680,000

0.4%Real property

September 10, 2001

14, 533,000

3.3%Real property

August 8, 2003

1,865,000

0.4%Real property

December 20, 2001

2,650,000

0.6%

September 25, 2001
December 26, 2003
Total

2,264,000

Real Property
Trust beneficiaryright in trust ofreal estate

September 25, 2001

6,934,000

February 28, 2002
Total

14,314,000

Real Property

February 1, 2006

4,650,0001.0%

Real Property

March 25, 2004

1,320,0000.3%

Real property

September 25, 2001

1,550,000

0.3%Real property

June 1, 2005

5,000,000

1.1%

Trust beneficiaryright in trust ofreal estate

September 10, 2001

3,657,000

0.8%

Total: Other major cities

76,387,000

17.1%

17.1%

Total: Portfolio

446,940,000

100.0%

100.0%

Tokyo
Metropolitan
Area(excluding 23wards)

Kawasaki Isago Building(Kawasaki City, Kanagawa Prefecture)

Trust beneficiaryright in trust ofreal estate

Total: Tokyo Metropolitan Area
HokkaidoTohoku
RegionHokurikuRegion

Chubu Region

Kinki Region

8.3 Square Kita Building(Sapporo City, Hokkaido)
Jozenji Park Building(Sendai City, Miyagi Prefecture)
Sendai Honcho Honma
Building(Sendai City, Miyagi Prefecture)
Kanazawa Park Building(Kanazawa City, Ishikawa Prefecture)

Real property

Nishiki Park Building(Nagoya City, Aichi Prefecture)

Real property

Hirokoji Tokio Marine Nichido
Building(Nagoya City, Aichi Prefecture)
Nagoya Hirokoji Building(Nagoya City, Aichi Prefecture)
Nagoya Misono Building(Nagoya City, Aichi Prefecture)
Kyoto Shijo Kawaramachi Building(Kyoto City, Kyoto Prefecture)Sakaisujihonmachi Building(Osaka City, Osaka Prefecture)
Midosuji Daiwa Building(Osaka City, Osaka Prefecture)

Chugoku
RegionKyushuRegionReal property

Lit City Building(Okayama City, Okayama Prefecture)
NHK Hiroshima Broadcasting CenterBuilding(Hiroshima City, HiroshimaPrefecture)
Tosei Tenjin Building(Fukuoka City, Fukuoka Prefecture)
Tenjin Crystal Building(Fukuoka City, Fukuoka Prefecture)
Hinode Tenjin Building(Fukuoka City, Fukuoka Prefecture)

1,342,000

0.6%

2.1%

2,574,000

250,000

0.9%
0.7%

3,174,000
2,880,000
1,700,000
4,580,000

1.0%1.0%3,850,000
1,300,000

1.2%

5,150,000

1,900,000

0.9%
4.7%

4,164,000

7,380,000

5.2%

3.2%

1.3%

2.3%

(Note) In addition to the assets outlined in the above list, the Corporation acquired the preferred capital contribution certificates issued by
Harumi Front Special Purpose Company on March 29, 2005, November 24, 2005, and November 24, 2006 for a total acquisition price of
1,270 million yen, and acquired a preferential right to purchase assets such as real property etc. related to “Harumi Center Building” after
the completion of the building.

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