November 14, 2007
To whom it may concern:
Japan Real Estate Investment Corporation
Taketo Yamazaki, Executive Director(TSE code: 8952)
Contact: (Asset Management Company)
Japan Real Estate Asset Management Co., Ltd.
Kazuhiko Arahata, CEO & President
Haruhiko Araki, General Manager, Planning Department
Phone: +81-3-3211-7921

Notice of Asset Acquisition
Announcement is hereby made that on November 14, 2007, Japan Real Estate Investment
Corporation (the “Corporation”) decided to acquire the following asset:
1. Outline of the acquisition
1) Asset to be acquired:Real property(Land: Ownership, Building: Ownership)

2) Name of asset:

Harumi Center Building3) Acquisition price:

26,800 million yen<Payment schedule>Upon concluding the agreement
for the acquisition of the property: 1,000 million yen (Deposit)
On the scheduled acquisition date: 25, 800 million yen (Balance due)

4) Scheduled acquisition date: December 18, 2007
5) Seller:

Harumi Front Special Purpose Company (Harumi Front TMK)

6) Acquisition funds:

Deposit: Own funds
Balance due: To be determined

2. Reasons for the acquisition
The Corporation will acquire the asset based on the basic policies and investment attitude foracquisition under the Articles of Incorporation of the Corporation. In particular, the following
points have been highly evaluated in the determination of the acquisition.
(1) Superior location- The property is located in the Harumi area of Chuo-ku, which is well recognized as a new
business district, having Harumi Triton Square in the vicinity among other office buildings,
and future development can be expected.
- Located within an 8-minute walking distance of Kachidoki Station of the Toei Subway Oedo
Line, the property on Harumi St. also offers quick automobile access to the Ginza area aswell as Odaiba and Haneda Airport as a result of the extension of Harumi St., enjoying hightraffic convenience.
1(2) Large and Newer Building in one of the three central wards of Tokyo
The property is a large and newer building that was built one year ago, located in one of thethree central wards of Tokyo. It is therefore a rare property that offers a competitive edge inoffice building market.
(3) Competitive specifications that respond to the needs of tenants
The property is equipped with specifications that can satisfy a variety of facility needs fortenants as an office building for lease, including regular-shaped office space of 648 tsubo
for standard floor, individual air conditioning system that can be controlled in 49 zones perfloor, ceiling height of 2.8 meters, 100mm office automation floor, and no contact IC card
security system.
3. Details of the asset to be acquired
The relevant information is as set out below; provided that the information on “area,” “structure”
and “completion date” is derived from the land registry and “usage” described below is among themain usages listed in the land registry.
(1) Details of the asset to be acquired
LocationdAddress shown in Land
2-25-2 Harumi, Chuo-ku, Tokyonland registry
Building
2-25-2 Harumi, Chuo-ku, TokyodAddress
2-5-24 Harumi, Chuo-ku, Tokyo
Usage
Office, shopArea
Land
4,664.63 m2
Building
26,447.27 m2
Steel-framed structure, flat roof
Structure
Above ground: 10 floors
Completion dateNovember 2006
Architect
Mitsubishi Jisho Sekkei Inc.
Constructor
Taisei Corporation
Building confirmation
Urban Housing Evaluation Centerand inspection bodyType of ownership
LandOwnership
BuildingOwnership
Acquisition price
26,800 million yen
Appraisal value
26,300 million yen(Appraisal institution)(Daiwa Real Estate Appraisal Co., Ltd.)(Evaluation method)(Capitalization method: as of November 1, 2007)<Reference> Capitalization yield in direct capitalization method : 4.7%
Discount rate in DCF method : 4.4%
Final capitalization yield : 4.9%
PML value
5.82% (Based on an earthquake risk assessment report issued by Tokio
Marine & Nichido Risk Consulting Co., Ltd.)Collateral
Property managementcompany (Note 1)

Flexible mortgage (The mortgage will be released before the acquisitionof the property)
Mitsubishi Estate Co., Ltd. (Note 2)2

(Note 1) The property management company to be entrusted after the acquisition shall be described.
(Note 2) Outline of the property management company
Corporate name
Address of the registeredhead office
Representative
Paid in capital
Major shareholders

Principal business
Relationship with theCorporation or the asset
management company

Mitsubishi Estate Co., Ltd.
1-6-1 Otemachi, Chiyoda-Ku, Tokyo
Keiji Kimura, President and CEO
136,534 million yen (as of September 30, 2007)
The Master Trust Bank of Japan, Ltd. (Trust account)
Meiji Yasuda Life Insurance Company
State Street Bank and Trust Company(as of March 31, 2007)
Real estate businessA principal shareholder (holding 36% of shares) of Japan Real
Estate Asset Management Co. Ltd. (the asset managementcompany) in which the Corporation entrusts the management ofits assets
As of September 30, 2007, Mitsubishi Estate, Co., Ltd. holds
10,160 investment units of the Corporation (2.48% of total
outstanding investment units).

(2) Tenant details
The number of tenants
7
Total leasable space
20,812 m2
Total leased space
20,425 m2
Occupancy rate on the scheduled
98.1% (projection)acquisition date
NOI (Net Operating Income)
1,172 million yen per year
- Total number of tenants, total leasable space, total leased space, andoccupancy rate on the scheduled acquisition date are projections as of thescheduled acquisition date.
- NOI is the estimate amount under the normal operation based on the terms
and conditions of lease agreements as of the scheduled acquisition date, etc.
* Estimated occupancy rate: 99.0%- The above figures (except NOI) are based on the data provided by the seller.
- The office spaces of the building are subleased to end-tenants by Mitsubishi
Estate Co., Ltd., which leased the office space from Harumi Front TMK. The
Corporation intends to continue the current lease arrangement after the(Note)acquisition of the subject property.
- The Corporation intends to assume the position of the lessor in the currently
existing lease agreement between Harumi Front TMK and Mitsubishi EstateCo., Ltd. on the scheduled acquisition date of the property. In accordance withthe lease agreement, the Corporation will receive rent, parking fees, common
service charges and other charges collected by Mitsubishi Estate from tenants.
The rent, etc. to be paid to the Corporation by Mitsubishi Estate Co., Ltd. arebased on the rent, etc. that Mitsubishi Estate Co., Ltd. receives from tenants
and Mitsubishi Estate Co., Ltd. does not guarantee the amount of rent, etc. tothe Corporation.

3(3) Specifications for rental floor space
Ceiling height
2,800mmStandard floor area
2,141 m2
Office automation floor 100mm
Electric capacity
50VA/m2 (It can be expanded to 70VA/m2)
Air conditioning system Individual air conditioning system (Maximum of 49 zones per floor)
Floor load
500 kg/m2Others
Around-the-clock entry and exit
(4) Outline of the engineering report
i. Outline of repair items
Date of report
Preparer of report
Early repair items

Repairing expenses/Capitalexpenditure
for the next 15 years(Annual average for the share to beacquired by the Corporation)

Emergency repair items
Short-term repair items(within 1 year)
Repairing expenses
Capital expenditure
Total

November 5, 2007
Shimizu Corporation
NoneNone
9 million yen
13 million yen
22 million yen

ii. Description concerning utilization status of asbestos(Description on the possible use of asbestos)Sprayed materials with asbestos
Materials with asbestos other than the above
4. Outline of seller
Corporate name
Address of the registeredhead office
Representative
Paid in capital

Principal business

Relationship with theCorporation or the asset
management company

None
None

Harumi Front Special Purpose Company (Harumi FrontTMK)
1-9-13 Nihonbashi Honcho, Chuo-ku, Tokyo
Katsunori Nonaka, Director
2,545 million yen (Total of specified capital and preferredcapital)(as of September 30, 2007)
Undertaking, managing, and disposing of specified assets inaccordance with an asset securitization plan under the Act onSecuritization of Assets
The seller is a Special Purpose Company (TMK) set up inaccordance with the Act on Securitization of Assets. TheCorporation holds approximately 49.9% of the preferred
capital contribution certificates issued by the Harumi Front
TMK.
Mitsubishi Estate Co., Ltd., the major shareholder of theasset management company of the Corporation, also holds
preferred capital contribution certificates issued by theHarumi Front TMK, as well as engaging in the business ofmanaging and disposing the specified assets held by theHarumi Front TMK.

45. History of Property Owners
Name of property(Location)
Previous owner

Harumi Center Building(2-5-24 Harumi, Chuo-ku, Tokyo)

Corporate name

Relationship with the party with specialinterests

Reasons for acquisition, etc.
Acquisition priceDate of acquisition
6. Acquisition schedule
November 14, 2007
November 26, 2007
December 18, 2007

Harumi Front Special Purpose Company(Harumi Front TMK)
Mitsubishi Estate Co., Ltd., the major
shareholder of the asset managementcompany of the Corporation, engages in thebusiness of managing and disposing of thespecified assets held by the Harumi FrontTMK.
Newly built in November 2006−−The acquisition of the asset was determined.
Execution of an agreement for the acquisition of the asset,
deposit payment (scheduled)
Closing of acquisition, balance payment (scheduled)

7. Dividend on preferred capital contribution to Harumi Front TMK
Harumi Front TMK will pay dividends to investors in accordance with its asset securitization plan
as described in the schedule below.
The Corporation will record the applicable dividend income as revenue in the fiscal term inwhich the amount of dividend is confirmed by resolution at the general meeting of members ofHarumi Front TMK.
<Future schedule (scheduled)>
Harumi Front TMK
December 18, 2007
March 2008
April 2008

Transfer of the specified asset
Resolution by the general meetingof members(decision on dividend payment)
Dividend payment

Japan Real Estate Investment
CorporationAcquisition of the specified asset
Record of dividends as revenue
Receipt of dividends

Please refer to “Announcement of 12th Fiscal Period Results (from April 1, 2007 through September
30, 2007),” announced on November 14, 2007, for forecast performance of the 13th Period (fromOctober 1, 2007 through March 31, 2008), which assumes the dividend income from preferred
capital contribution to Harumi Front TMK and the acquisition of the subject property hereunder.
This notice is the English translation of the announcement in Japanese dated November 14, 2007 on
our website. However, no assurance or warranties are given for the completeness or accuracy of thisEnglish translation.
Reference materials (attachments)- Photo: Outside view of Harumi Center Building- Information Map- List of all the assets of the Corporation after the acquisition of this asset
5

(Reference) Photo: Outside view of Harumi Center Building

6

(Reference) Information map7

List of all the assets of the Corporation after the acquisition 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)
Harumi Center Building(Chuo-ku, Tokyo)
Aoyama Crystal Building(Minato-ku, Tokyo)

Tokyo
MetropolitanArea(23 wards)

Acquisition
price(thousand yen)

Percentage ofportfolio

October 31, 2002

5,000,000

1.1%Real property

February 24, 2006

81,555,500

17.2%

Real property

May 31, 2002

9,520,000

2.0%Real property

August 15, 2002

4,810,000

1.0%Real property

April 1,2005

14,700,000

3.1%Real property

March 28, 2007

44,700,000

9.4%Real property

July 29, 2005

7,000,000

1.5%January 31, 2005
April 3, 2006
Total

10,200,000

Real property

Type of asset

Acquisition date orscheduled acquisition date

Real property

10,700,000

4.4%

20,900,000

Real property

August 1, 2003

7,200,000

1.5%

Trust beneficiaryright in trust ofreal estate

September 25, 2001

3,173,000

0.7%Real property

July 22, 2002

5,250,000

1.1%Real property

March 10, 2005

16,830,000

3.6%Real property

March 15, 2005

5,353,500

1.1%Real property

December 18, 2007

26,800,000

5.7%Real property

March 14, 2003

7,680,000

1.6%

September 10, 2001

4,859,000

1.0%

September 25, 2001

2,808,000

0.6%Real property

September 1, 2004

7,830,000

1.7%Real property

September 13, 2005

9,350,000

2.0%

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

1.4%Real property

April 1, 2004

8,700,000

1.8%Real property

November 22, 2002

4,885,000

1.0%Real property

October 9, 2003

12,200,0002.6%

Real property

November 30, 2001

34,600,000

7.3%

3,740,000

Real property

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

8,500,000

1.8%

September 25, 2001

3,541,0000.7%

September 25, 2001

1,728,0000.4%

August 2, 2004

4,500,0000.9%

Shiba 2Chome Daimon Building(Minato-ku, Tokyo)
Cosmo Kanasugibashi Building(Minato-ku, Tokyo)
Shinwa Building(Shinjuku-ku, Tokyo)
Tokyo Opera City Building(Shinjuku-ku, Tokyo)
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)
Ikebukuro YS Building(Toshima-ku, Tokyo)

Trust beneficiaryright in trust ofreal estateTrust beneficiaryright in trust ofreal estate

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

8Percentage
by area

360,000

0.9%

4,100,000

81.9%

TokyoMetropolitan
Area(excluding 23wards)

Hachioji First Square(Hachioji City, Tokyo)

Real property

March 31, 2005

3,300,000

Saitama Urawa Building(Saitama City, Saitama Prefecture)

September 25, 2001
October 11, 2001
Total

1,232,000

Real property

Kawasaki Isago Building(Kawasaki City, Kanagawa Prefecture)

Trust beneficiaryright in trust ofreal estate

September 25, 2001

3,375,000

0.7%

397,353,000

83.9%

83.9%

June 1, 2007

7,100,000

1.5%

1.5%

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

Total: Tokyo Metropolitan Area
Hokkaido

TohokuRegion8.3 Square Kita Building(Sapporo City, Hokkaido)
Jozenji Park Building(Sendai City, Miyagi Prefecture)
Sendai Honcho Honma
Building(Sendai City, Miyagi Prefecture)

Real property

1,342,000

0.7%

0.5%

2.0%

2,574,000

250,000

0.9%
0.7%

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

1.0%

3,850,000
1,300,000
5,150,000

1.1%

September 22, 2006

1,680,000

0.4%Real property

September 10, 2001

14, 533,000

3.1%Real property

August 8, 2003

1,865,000

0.4%Real property

December 20, 2001

2,650,000

0.6%

2,264,000

Real Property

September 25, 2001
December 26, 2003
Total

Trust beneficiaryright in trust ofreal estate

September 25, 2001

6,934,000

February 28, 2002Total

14,314,000

Real Property

February 1, 2006

4,650,000

1.0%Real Property

March 25, 2004

1,320,000

0.3%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

16.1%

16.1%

Total: Portfolio

473,740,000

100.0%

100.0%

Hokuriku
RegionChubu Region

Kinki Region

Kanazawa Park Building(Kanazawa City, Ishikawa Prefecture)

Real property

Nishiki Park Building(Nagoya City, Aichi Prefecture)Real property

Hirokoji Sakae 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
RegionKyushuRegion

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)

1,900,000

4.9%

0.9%
4.5%

4,164,000

7,380,000

1.0%

3.0%

1.3%

2.2%

(Note) In addition to the assets outlined in the above list, the Corporation acquired the preferred capital contribution certificates issued byHarumi 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.

9