March 8, 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 of Exchange of Assets
Announcement is hereby made that on March 8, 2007, Japan Real Estate Investment Corporation(the “Corporation”) decided to exchange the following assets (i.e., exchange of Mitsubishi Soken
Building for Mitsubishi UFJ Trust and Banking Building):

1. Outline of exchange of assets(1) Outline of transfer
1) Asset to be transferred:

Trust beneficiary right in trust of real estate2) Name of property:

Mitsubishi Soken Building (the “Property to be transferred”)

3) Transfer price:

41,900,000,000 yen(Excluding the adjustment amounts of property taxes and city
planning taxes as well as consumption taxes, etc.)

4) Book value:

26,876,135,778 yen (As of September 30, 2006)(2) Outline of acquisition
1) Asset to be acquired:Real property
Land: Ownership; (i) Co-ownership at the ratio of 226/1,000 in two (2) lots (700.81 m2) and(ii) Co-ownership at the ratio of 2,795/10,000 in one (1) lot (5,085.53 m2)
Building: Compartmentalized building units, co-owned with Mitsubishi Estate Co., Ltd. at
the ratio of 226/1,000. (Note) The Corporation shall, upon exchange, own 19.38402% in awhole building of The Industry Club of Japan, Mitsubishi UFJ Trust and Banking Building.

12) Name of property:

Mitsubishi UFJ Trust and Banking Building (the “Property to beacquired”)

3) Acquisition price:

44,700,000,000 yen(Excluding the adjustment amounts of various expenses for acquisition,
property taxes and city planning taxes as well as consumption taxes,
etc.)(Note) The Property to be acquired is the building constructed as one (1) building, together
with The Industry Club of Japan Building, and the ratio of ownership of the buildingrefers to the ratio of co-ownership concerning the whole building of The Industry Clubof Japan, Mitsubishi UFJ Trust and Banking Building.
(3) Outline of exchange of properties
1) Counterparty of exchange transaction:

Mitsubishi Estate Co., Ltd.

2) Date of agreement:

March 12, 2007 (Scheduled)

3) Delivery date:

March 28, 2007 (Scheduled)

4) Advanced depreciation accounting:

Advanced depreciation accounting of the land of
the Property to be acquired is scheduled to bemade (the provisions under Article 50 of the
Corporation Tax Law of “recognition of loss of
the amount of the advanced depreciationaccounting of the value of the property acquiredby the exchange” shall be applied).

5) Exchange differentials:

The exchange differentials between theacquisition price and the transfer price shall be
paid out of the Corporation’s own funds on thescheduled delivery date.

(4) Effects of exchange(i) Notional book value of the Property to be acquired:
In this exchange transaction, advanced depreciation accounting of the land of the Property
to be acquired is scheduled to be made and the notional maximum amount which can berecognized for the advanced depreciation accounting (approximately 14.4 billion yen), outof the capital gain upon the exchange of the Property to be transferred, is scheduled to be
deducted from the acquisition price of the Property to be acquired, and therefore, the bookvalue of the Property to be acquired is expected to be approximately 30.3 billion yen (before
reflecting various expenses for acquisition, etc.).

2

(ii) Capital gain upon this exchange transaction:
Due to this exchange transaction, approximately 470 million yen of capital gain is scheduled
to be recorded at the closing of accounts for the fiscal period ending March 2007 (asix-month period from October 1, 2006 through March 31, 2007) of the Corporation.
2. Reason for the exchange
The Property to be transferred is located in the Otemachi area with development of land
replanning/rezoning, and as the time is drawing near to determine which persons are going toparticipate in the second phase of development of the reconstruction business, which is a part of the
Urban Development Project Involving Sequential Reconstruction (for the details of the said
developments, please see “(1) (iii) Progress of the reconstruction business in the Otemachi area with
development of land replanning/rezoning” as referred to hereinafter), out of the relevant parties
holding certain rights and interests in properties. The Corporation has carefully considered thepossible alternatives in five (5) manners set out below, based on its basic asset management policies
and investment attitude prescribed in the Articles of Incorporation of the Corporation, with thegreatest emphasis on (i) maintaining and improving the competitiveness of the Property to betransferred as a leasable property in future and (ii) enhancing the quality of the portfolio of the
Corporation:i.

Maintaining the current ownership of the Property to be transferred with a proposal, to abusiness entity which conducts development of land replanning/rezoning (i.e., thereconstruction entity), of an exchange of lands at the current location;

ii. Reconstruction upon proposing an exchange of lands at the current location;iii. Sole development or joint development with a proposal of an exchange of lands within thearea scheduled for the second phase of development (after the development is made, thebuilding located in the Property to be transferred shall be demolished);
iv. Outright sale; orv.

Exchange.

As a result of the above consideration, the Corporation has determined that reconstruction of
the building will in any way be inevitable in future, and has also concluded that in order toavoid (i) any effects on the profit and loss of the Corporation due to (x) the decrease of rental
income during the period of reconstruction and (y) expenses such as the cost required for
demolition of the current building and losses on destruction, etc., and (ii) various risks
associated with large-scale development, such as the risk for construction and development,
the Corporation believes that the best scheme is to “exchange” the Property to be transferredwith “newly constructed buildings” “in the same area”, which is the best location for officebuildings in Japan, in order to maintain the stable profitability. Accordingly, the Corporation
has proposed an exchange of the Property to be transferred with the properties held by
Mitsubishi Estate Co., Ltd., which holds many office buildings for lease in the said area, andnow agreed with Mitsubishi Estate Co., Ltd. to this exchange transaction.

3

Specific description of the consideration, etc. is as follows:(1) Challenges of Mitsubishi Soken Building(i)Concern for decreasing competitivenessDue to the age of the building (thirty-seven years), shape of lease space, and scale of each floor (440tsubo on each floor on lower levels and 200 tsubo on each floor on higher levels) of the Property to
be transferred, compared to other buildings in the same area, the competitiveness of the Property to
be transferred is likely to decrease in the case that more buildings in the neighborhood arereconstructed in future.
(ii)

Expiration of lease term with principal tenant

Since the term of the lease contract with a specific leasing period between the Corporation and
Mitsubishi Research Institute, Inc., which is the principal tenant currently using more than eighty
percent (80%) of the leasable space (18,000m2) of the Property to be transferred, will expire at theend of March 2011, it is necessary to take measures based on the consideration of the vacation of thebuilding after the expiration of the said contract.
(iii)

Progress of reconstruction business in the Otemachi area with development of land
replanning/rezoning<Details>
The Property to be transferred is located in the Otemachi area with development of land
replanning/rezoning, which was approved as a project in April 2006 (See the information map on
page 16 below and the reference materials which are an extract of the brochure issued by the Urban
Renaissance Agency, called “Otemachi Town Planning”, on pages 18 through 19 below). The
Urban Development Project Involving Sequential Reconstruction is in progress in the said area.
The above-mentioned project is a part of the Urban Development Project Involving Sequential
Reconstruction, in which (i) the first phase of development with reconstruction is conducted uponexchange of certain lands in the area in which the relevant parties hold certain rights and interests
with the sites of Government buildings No. 1 and No. 2 where the reconstruction is to be made andthen (ii) the second phase of development is to exchange the lands in other parts of the area, in which
the other parties hold certain rights and interests who desire reconstruction in their land, with theland of the parties who vacated their lands upon exchange in the first phase of development in (i)above. The Corporation, acting through Sumitomo Trust and Banking Co., Ltd. as trustee wasurged to make decision on whether or not it intends to participate in the second phase ofdevelopment (the relevant parties in the area who expect to participate in the second phase ofdevelopment shall express to the development entity their intent of participation in the second phaseof development, if any, at or prior to the time of the commencement of the first phase ofdevelopment, which is impending).

4

<Outline of development of land replanning/rezoning in the Otemachi area>- Name of business: Tokyo Metropolitan Urban Land Development Business Plan,
Development of Land Replanning/Rezoning in the Otemachi Area
- Business entity:

Urban Renaissance Agency- Area: Approximately 13.1 ha- Period: From April 2006 to the end of March 2014
(including one (1) year period for liquidation and settlement)(2) Countermeasures for the above-mentioned challenges<Case study of each of the above-mentioned alternatives>(i) Alternative: Maintaining ownership of the Property to be transferred with a proposal of an
exchange of lands at the current location- There are concerns regarding the decreasing competitiveness of the Property to be transferred as aleased building due to the age of building and the expected unstable profitability upon the expirationof the lease contract with a specific leasing period between the Corporation and the principal tenant.
- Although it is possible that a certain degree of competitiveness is expected to be retained due to theundertaking of large-scale renewal construction, it may be difficult to secure relative superiority of
the Property to be transferred over newly constructed buildings in the neighboring area, since certain
challenges the building faces may not be resolved, such as the shape of the lease space and height ofceilings, etc.
(ii) Alternative: Reconstruction with a proposal of exchange of lands at the current location- This alternative may have adverse effect on the financial position of the Corporation, such as thenegative impact on its profitability, due to no income to be received during the period ofreconstruction in addition to costs for demolition of building and expenses of destruction.
- Since a northern part of the current site will be given up to the replanned road as part of thedevelopment of land replanning/rezoning, the shape of the site will be longer and narrower than thecurrent shape thereof and, therefore, it may not be possible to produce competitive square shaped
lease spaces. Also, due to the requisite set-back of walls and diagonal lines in adjacent land, etc.,
the floor area ratio of the new building is likely to become less than the maximum floor area ratio on
the land, like the current building (although the maximum floor area ratio on the land is 1300%, thefloor area ratio of the current building is 740%, which is 56.9% of the maximum floor area ratio on
the land).
(iii) Alternative: Sole development or joint development with a proposal of exchange of lands within
the area scheduled for the second phase of development

5

- While the Corporation may have a possibility to continuously receive rent at all times during thereconstruction period because it can utilize the current building during the period in which thesecond phase of development is conducted due to sequential reconstruction of buildings, theCorporation shall bear the various costs, such as the cost to use two sets of the lands both in thecurrent location and in the other location during the period of development as well as the costs fordemolition of the building etc. Furthermore, there is a time lag between the time of expiration of a
specified leasing contract with the principal tenant which is at the end of the fiscal year 2010, andthe timing of completion of the second phase development, expected to be sometime in the fiscal
years 2012 or 2013. Accordingly, the Corporation may have adverse effect on its profitability during
the development period.
- Various risks associated with large-scale development may not be completely avoided (in the caseof joint development, while the construction of a larger and more competitive building may possibly
be constructed, the above risks will substantially increase).
(iv) Alternative: Outright sale
- Although the profit for the current fiscal period of the sale will substantially increase by capitalgain upon sale, due to the loss of the property as one of the invested assets, giving rise to decline of
cash flow from portfolio, the profit will decline constantly in future.
(v) Alternative: Exchange- This alternative will (A) allow avoiding (i) adverse effect on profitability due to a decrease ofincome during the period of reconstruction and expenses, such as demolition costs of the current
building and losses on destruction, etc. and (ii) various risks associated with large-scale development,and (B) maintain stable profitability.
(3) Valuation of Mitsubishi UFJ Trust and Banking Building(i) “Marunouchi” – Location for office buildings- The Property to be acquired is located in the Marunouchi area, which is the most prominent
location for the office buildings in Japan, and has absolute superiority and competitiveness due topublic recognition and brand, and furthermore, it has well-developed transportation infrastructurewith JR Tokyo Station and Otemachi subway station as the main transport centers. Also, after the
opening of the adjoining Shin-Marunouchi Building, which is scheduled to operate in April 2007,
Mitsubishi UFJ Trust and Banking Building will be directly connected to JR Tokyo Station by anunderground passage via the Shin-Marunouchi Building from the said station, and Mitsubishi UFJ
Trust and Banking Building is expected to increase the accessibility.
(ii) Stability of profits due to credibility of tenants and long-term contracts- Since the anchor tenant is Mitsubishi UFJ Trust and Banking Corporation, the largest trust bank inJapan, which has entered into a long-term lease contract with a specific leasing period with
Mitsubishi Estate Co., Ltd., it is expected to contribute to the stability of medium-term andlong-term profits from the portfolio of the Corporation.

6

(iii) Comparison of the two properties to be exchanged
Mitsubishi Soken Building
Age of building
Location
Number of tenants
NOI (per year)
PML value
Specifications:Ceiling heightStandard floor area

36.7 years
The north end of the Otemachi area
4
1,574 million yen(Actual results for the period from
October 2005 to September 2006)
8.98%

Mitsubishi UFJ Trustand Banking Building
4.1 years
The center of the Marunouchi area
10
1,620 million yen(Notional NOI relating to the parts
to be acquired)
2.24%

2,575mm
700 m2
1,460 m2
40mm
25VA/ m2
Central air conditioning
300Kg/ m2

Higher level
Lower level

Access floor
Electricity capacity
Air conditioning system
Floor load

2,800mm1,776 m2
100mm
75VA/ m2
Individual air conditioning
500Kg/ m2(partly 800Kg/ m2)(4) Improvement of quality of portfolio as a whole<Age of buildings>
Before exchange
Age of building (Weighted
average of acquisition price)

After exchange

16.1 years

13.6 years<Diversification of area>
Before exchange
Three central wards of Tokyo
Tokyo 23 wards(excluding the three central
wards of Tokyo)
The Tokyo metropolitan area
(Excluding Tokyo 23 wards)
Other major cities

After exchange
52.8%

54.7%

28.3%

27.2%

2.2%
16.7%

2.1%
16.0%

<PML value>
Before exchange
Portfolio PML value

After exchange
4.69%

7

4.59%

3. Details of properties to be exchanged(1) Property to be transferred
The relevant information is as set out below; provided that the information on “area,”“structure” and “completion date” is derived from the land registry, “usage” described below isamong the main usages listed in the land registry and the column “appraisal value” shows theappraisal value quoted by Daiwa Real Estate Appraisal Co., Ltd. with the date of evaluation
shown in the table below.

Details of the Property to be transferred
Name of property

Mitsubishi Soken Building

Type of the specified
property

Trust beneficiary right in trust of real estate

Trustee

The Sumitomo Trust and Banking Co., Ltd.

Location(Address)

2-3-6, Otemachi, Chiyoda-ku, Tokyo

Usage

OfficeArea

Land: 3,441.35 m2
Building: 26,372.92 m2(Including the building registered as a separate building(101.74 m2))
Steel-framed reinforced concrete structure, flat roof
Above ground: 15 floors Below ground: 2 floors

Structure
Completion dateJuly 1970

Type of ownership

Land: Ownership,
Building: OwnershipTransfer price

41,900 million yen

Tenant details(Scheduled transfer date)
Total number of4
tenants

Details of the acquisition priceand appraisal value
Acquisition price

27,267 million yen

Total lease space

18,006 m2

Acquisition date

September 25, 2001

Total leasable space

18,006 m2

Occupancy rates

100.0%

Appraisal value(the date of evaluation)

41,900 million yen(January 1, 2007)(2) Property 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 the main usages listed in the land registry.

8(i) Details of Property to be acquired

Details of the Property to be acquired
Name of property
Mitsubishi UFJ Trust and Banking Building
Type of specified
Real property
property
Location
Address shownLand
1-2-6, Marunouchi, Chiyoda-ku, Tokyo and other 3 lots
in land register
Building
1-2-6, Marunouchi, Chiyoda-ku, Tokyo and others
Address
1-4-5, Marunouchi, Chiyoda-ku, Tokyo
Usage
Office, shop
Area
Land
8,100.39 m2 (Space of the entire building premises)
Building
108,171.67 m2 (Total floor space of the entire building)
Structure
Steel-framed, steel-framed reinforced concrete structure, flat roof
Above ground: 29 floors Below ground: 4 floors
Completion dateFebruary 2003
Architect
Mitsubishi Jisho Sekkei, Inc.
Constructor
Architecture: Taisei Corporation; Electricity: JV of Kodensha andKandenko; Air conditioning: SHINRYO CORPORATION; Sanitation:
Nishihara Engineering Co., Ltd.; and Elevators: Mitsubishi Electric
Corporation
Building
The Building Center of Japan
permit(Evaluation on structure of skyscraper construction was also granted
agencyby this organization.)
Type of Ownership
Land
Ownership; (i) Co-ownership at the ratio of 226/1,000 in two (2) lots
(700.81 m2) and (ii) Co-ownership at the ratio of 2,795/10,000 in one(1) lot (5,085.53 m2)
Building
Compartmentalized building units* The building consists of The Industry Club of Japan Building and
Mitsubishi UFJ Trust and Banking Building. The Corporationacquires co-ownership of compartmentalized building units from
Mitsubishi Estate of its compartmentalized building units of a partof the 4th stories below ground through 7th stories above groundand the 8th through 29th stories above ground with a ratio of
226/1,000 of the total 75,824.97 m2. (In addition, the Corporationacquires the co-ownership of the common space at the ratio of
1,938,402/10,000,000.)* Space of proprietary areas include ancillary buildings.
* Share in the building: 19.38402%
Acquisition price
44,700 million yen

9Appraisal value(Appraisal
institution)(Evaluation
method)PML value
Mortgage
Property
managementcompany (Note 1)

44,700 million yen(Daiwa Real Estate Appraisal Co., Ltd.)(Capitalization method: as of January 1, 2007)<Reference> Capitalization yield in direct capitalization method: 3.7%
Discount rate in DCF method: 3.6%,
Final capitalization yield: 3.8%
2.24% (Based on an earthquake risk assessment report by Tokio
Marine & Nichido Risk Consulting Co., Ltd.)
None
Mitsubishi Estate Co., Ltd. (Note 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
Mitsubishi Estate Co., Ltd.
Address of the registered 1-6-1, Otemachi, Chiyoda-ku, Tokyo
head office
Representative
Keiji Kimura, President and CEO
Paid in capital
136,534 million yen (As of September 30, 2006)
Major shareholders
The Master Trust Bank of Japan, Ltd. (Trust Account)
Meiji Yasuda Life Insurance Company
State Street Bank and Trust Company(As of September 30, 2006)
Principal business
Real estate business
Relationship with the
A principal shareholder (holding 36% of shares) of Japan RealCorporation or the asset
Estate Asset Management Co. Ltd. (the asset management
management company
company) in which the Corporation entrusts the management of
its assets
Mitsubishi Estate Co., Ltd. falls within the related party of theasset management company under the Cabinet Order of the
Enforcement of Law Concerning Investment Trusts andInvestment Corporations.
As of March 8, 2007, Mitsubishi Estate, Co., Ltd. holds 10,160
investment units of the Corporation (2.48% of total outstanding
investment units).

10

(ii) Tenant details
Total number of tenants
Total leasable space and total lease space

10

March 31, 2004
March 31, 2005
March 31, 2006
On the scheduled acquisition date(March 28, 2007)
Assumed NOI (Net Operating Income)Current
occupancy
rates(Notes)

11,737 m2(Breakdown)
Office: 10,665 m2 Shop: 328 m2
District heating and cooling facilities: 743 m2
100.0%
100.0%
100.0%
100.0%

1,620 million yen per year(Applicable for theshare to be acquired by the Corporation thistime)
・ Total number of tenants, total leasable space, total lease space, and occupancy rates
on the scheduled acquisition date are projections as of the scheduled acquisition date.
・ NOI is the estimate under the normal operation based on the terms and conditions oflease agreements as of the scheduled acquisition date, etc.
* Estimated occupancy rates: Office: 100%, Shop: 98%
District heating and cooling facilities: 100%・ The above figures (except NOI) are based on the data provided by the thecounterparty of exchange transaction. However, total leasable space, total lease spaceand occupancy rates were computed only for the share to be acquired by the
Corporation based on the data provided by the counterparty of exchange transaction.
・The Corporation expects to enter into, with respect to its share to be acquired, thebuilding lease agreement and the property management agreement with Mitsubishi
Estate Co., Ltd., which will become the co-owner of the property on the scheduledacquisition date; upon the acquisition, Mitsubishi Estate Co., Ltd. shall sublease to thetenants the whole property in which the Corporation will have certain interests. The
Corporation will then receive the rent and common-area charges, etc. in proportion to
our share from Mitsubishi Estate Co., Ltd, and pay Mitsubishi Estate Co., Ltd. abuilding management fee and utilities, etc.

(iii) Outline of engineering report
i. Outline of repair items
Date of report
Preparer of report
Early repair items

Repair cost / Capital expenditure
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)
Repair cost
Capital expenditure
Total

11

January 1, 2007
Shimizu Corporation
None
None
14 million yen
13 million yen
28 million yen

ii. Description concerning utilization status of asbestos
Sprayed materials with asbestos or not
Materials with asbestos or not other than the above

None
None

4. Decision method, evaluation method and outline of transaction price(1) Decision method of the transaction priceSince the transfer and acquisition are made simultaneously under the exchange transaction, theCorporation decided the transaction price to equal to the appraisal value quoted by Daiwa Real
Estate Appraisal Co., Ltd., a specialist third party. The Corporation has no special relationshipwith Daiwa Real Estate Appraisal Co., Ltd.
(2) Obtaining the opinion (Second opinion)
In order to examine the reasonableness of process of calculation of its appraisal and the basis ofappraisal made by Daiwa Real Estate Appraisal Co., Ltd., the Corporation acquired the“Opinion” (the Second opinion) from Chuo Real Estate Appraisal Co., Ltd., in which a report ismade to the effect that “We judged that the real estate appraisal value quoted by Daiwa Real
Estate Appraisal Co., Ltd. is reasonable.”(3) Evaluation method and outline
The appraisal value of Mitsubishi Soken Building quoted by Daiwa Real Estate Appraisal Co.,
Ltd. is calculated by the capitalization method (DCF method), assuming that after using
Mitsubishi Soken Building in the present state for a certain period, the new building for lease isconstructed on the land designated to be exchanged (as part of the designated land for the second
phase of development) at the Otemachi area with replanning/rezoning. The appraisal value ofMitsubishi UFJ Trust and Banking Building is calculated by the capitalization method (direct
capitalization method and DCF method).
5. Outline of the counterparty of exchange transaction
The same as the outline of the property management company described in 3. (2) (i) (Note ) 2.
above.
6. Status of acquirer of premises, etc.
Name of premises(Location)
Status of previous owner
Corporate name
Relationship with a person who has a
special interest
Acquisition background, reason, etc.
Acquisition price
Acquisition period

12

Mitsubishi UFJ Trust and Banking Building(1-4-5, Marunouchi , Chiyoda-ku, Tokyo)
Mitsubishi Estate Co., Ltd.
Principal shareholder of the asset managementcompany
Newly constructed in February 2003−−

7. Schedule of exchange
March 8, 2007
March 12, 2007
March 28, 2007

The exchange of the properties was determined.
Execution of an agreement for the exchange of the properties(Scheduled)
Property handover (Scheduled)

In addition, with respect to the financial position of the Corporation for the fiscal period ending
March 2007 (October 1, 2006 to March 31, 2007) after the exchange transaction, please refer tothe news release as of March 8, 2007 “Notice of Revision of Forecast Results for the 11th
Period”.
This notice is the English translation of the March 8, 2007, announcement in Japanese 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 Mitsubishi UFJ Trust and Banking Building- Photo: Outside view of Mitsubishi Soken Building- Information map- The image of outline of exchange- An extract from a brochure issued by the Urban Renaissance Agency, called “Otemachi Town
Planning” (Note)- List of all the assets of the Corporation after the exchange of the properties(Note) This brochure is prepared in Japanese and issued by the Urban Renaissance Agency; andthe extract was translated into English by the Corporation.

13

(Reference) Photo: Outside view of Mitsubishi UFJ Trust and Banking Building<Standard floor plan>

14

(Reference) Photo: Outside view of Mitsubishi Soken Building<Standard floor plan (low level)>15

(Reference) Information map

16

(Reference) The image of outline of exchange<Mitsubishi Soken Building><Mitsubishi UFJ Trust and Banking Building>Area ofcompartmentalizedbuilding units owned
by Mitsubishi Estate
Trustbeneficiary【Building】
right in trustof real estate
held by the
Corporation(Offices, shops anddistrict heating andcooling facilities)(Exchange)

Compartmentalized building
units owned by
The Industry Club
Common spaceof JapanA share of property to be acquired is 22.6% of the area ofcompartmentalized building units owned by Mitsubishi
Estate. (19.38402% of the whole building of The Industry
Club of Japan, Mitsubishi UFJ Trust and Banking
Building)【Land】

Trust
beneficiaryright in trustof real estate
held by the
Corporation

Mitsubishi Estate(Exchange)

Mitsubishi Mitsubishi

EstateEstateThe Industry Club of Japan
Mitsubishi Estate (approximately 52%)

(Co-owned land)

A share of property to be acquired is 27.95% of coownership of one (1) lot held by Mitsubishi Estate with aland area of 5,085.53 m2 and 22.6% of co-ownership of two(2) lots with a land area of 700.81 m2.

17

(Reference) An extract of the brochure issued by the Urban Renaissance Agency, called “Otemachi Town Planning”

Basic
policyof Otemachi
Urban
Development
Project
Basic
policyof Otemachi
Urban
Development
Involving
Sequential
Reconstruction
Project
Involving
Sequential
Reconstruction
1. Reconstruction as a strategic place for
global business by taking advantage of theconcentration of international finance,
information and telecommunications andthe media industry, etc.

2. Creation of green, integrated city spacein a large lot and providing amenities

3. Organic linkage between adjoining areas
such as Kanda and Nihonbashi, etc.

4. Town planning jointly
by public and private sectors*The pictures are solely images.

Otemachi area

Tokyo Station

a
iy

Uc
hi
bo
ri
st
re

et

b
Hi

et
re
t
s

Imperial palace

Nihonbash
iriver Metr

opolitan e

xpresswa

Otemachi area with development of land replanning/rezoning

Birds-eye view from Kanda side (provided by Mitsubishi Estate Co., Ltd.)18y city center loop lineOutline of Urban Development Project Involving Sequential Reconstruction
Flow of Urban Development Project
Involving Sequential Reconstruction

1

Urban Renaissance Agency acquires the sites ofGovernment Buildings. (Otemachi Kaihatsu Ltd.
acquires a part of the above site and co-owns suchsite with the Urban Renaissance Agency.)

The sites ofGovernment
Buildings

First phase redevelopment building

Commencement of development of land replanning/rezoning

2

Land of the relevant parties holding certain rights andinterests in properties who wish to rebuild arecollected to exchange the lands to the sites ofGovernment Buildings.

3

Rebuilding is performed at the sites ofGovernment Buildings. (Urban area
redevelopment (First phase))

4

Lands of the relevant parties holding certain rights
and interests in properties who wish to rebuilt next arecollected to exchange the lands to the building site of
the relevant parties holding certain rights and interests
in properties who participated in the first phaseredevelopment.

5

Exchangeof lands

Second phase redevelopment building

Exchangeof lands
Exchangeof lands

Rebuilding is performed at the building site of therelevant parties holding certain rights and interests inproperties who participated in the first phaseredevelopment. (Second phase redevelopment)

Improvement of public facilities such as road, etc.

Newly construction ofpedestrian roadTo widen roadTo widen road
Participationin sequence

6

Participationin sequence

The building site of the relevant parties holding
certain rights and interests in properties who
participated the second phase redevelopment areused to the next sequential reconstructing, etc.

19

List of all the assets of the Corporation after the exchange of the properties
Area

Type of asset

Acquisition date orscheduledacquisition date

Acquisition price(thousand yen)

Percentage
of portfolio

Real property

October 31, 2002

5,000,000

1.1%Real property

February 24, 2006

81,555,500

18.5%Real property

May 31, 2002

9,520,000

2.2%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

10.1%Real property

July 29, 2005

7,000,000

1.6%

Sanno Grand Building(Chiyoda-ku, Tokyo)

Real property

January 31, 2005
April 3, 2006
Total

10,200,000
10,700,000
20,900,000

4.7%

Yurakucho Denki Building(Chiyoda-ku, Tokyo)

Real property

August 1, 2003

7,200,000

1.6%

Kodenmacho Shin-Nihonbashi Building(Chuo-ku, Tokyo)

Trustbeneficiaryright in trustof real 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%Real property

September 13, 2005

9,350,000

2.1%

Takanawadai Building(Shinagawa-ku, Tokyo)

Trustbeneficiaryright in trustof real 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)

Trustbeneficiaryright in trustof real estate

September 10, 2001

5,123,000

1.2%Real property

March 24, 2004

6,670,000

1.5%Real property

April 1, 2004

8,700,000

2.0%Real property

November 22, 2002

4,885,000

1.1%Real property

October 9, 2003

12,200,000

2.8%Real property

November 30, 2001

34,600,000

7.8%

Ebisu Neonato(Shibuya-ku, Tokyo)

Real property

November 14, 2003
April 1, 2004
Total

3,740,000
360,000
4,100,000

0.9%

Harmony Tower(Nakano-ku, Tokyo)

Real property

February 28, 2005

8,500,000

1.9%

Name (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)

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)

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)

Trustbeneficiaryright in trustof real estate
Trustbeneficiaryright in trustof real estate

20

Percentage
by area

81.9%

Otsuka Higashi-Ikebukuro Building(Toshima-ku, Tokyo)

Ikebukuro 2Chome Building(Toshima-ku, Tokyo)

Tokyo
Metropolitan
Area(excluding
23 wards)

Trust
beneficiaryright in trustof real estate
Trustbeneficiaryright in trustof real estate

September 25, 2001

3,541,000

0.8%

September 25, 2001

1,728,000

0.4%

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)

Real property

September 25, 2001
October 11, 2001
Total

1,232,000
1,342,000
2,574,000

0.6%

Kawasaki Isago Building(Kawasaki City, Kanagawa Prefecture)

Trust
beneficiaryright in trustof real estate

September 25, 2001

3,375,000

0.8%

370,553,000

84.0%

Total: Tokyo Metropolitan Area

TohokuRegionHokuriku
RegionChubu
RegionJozenji Park Building(Sendai City, Miyagi Prefecture)

Real property

January 31, 2005

1,000,000

0.2%

Sendai Honcho Honma Building(Sendai City, Miyagi Prefecture)

Trust
beneficiaryright in trustof real estate

September 25, 2001
June 28, 2006

2,924,000
250,000

0.7%

KyushuRegionReal 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
September 25, 2001
February 28, 2002

2,264,000
1,900,000
4,164,000
6,934,000
7,380,000

Total

14,314,000

September 25, 2001

1,436,000

0.3%Real property

February 1, 2006

4,650,000

1.1%Real property

March 25, 2004

1,320,000

0.3%Real property

September 25, 2001

1,550,000

0.4%Real property

June 1, 2005

5,000,000

1.1%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)

Midosuji Daiwa Building(Osaka City, Osaka Prefecture)

Kobe Itomachi Building(Kobe City, Hyogo Prefecture)

Chugoku
Region3,174,000
2,880,000
1,700,000
4,580,000
3,850,000
1,300,000
5,150,000

Nishiki Park Building(Nagoya City, Aichi Prefecture)

Sakaisujihonmachi Building(Osaka City, Osaka Prefecture)
Kinki
RegionTotal

Real property

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

Real Property
Trustbeneficiaryright in trustof real estate
Trustbeneficiaryright in trustof real estate

84.0%

0.9%

February 28, 2002
March 3, 2003
Total
October 2, 2006
November 1, 2006
Total

Kanazawa Park Building(Kanazawa City, Ishikawa Prefecture)

2.1%

1.0%

1.0%

1.2%

5.3%

0.9%

3.2%

5.1%

1.4%

Trust
beneficiaryright in trustof real estate

Total: Other major cities
Total: Portfolio

2.3%
September 10, 2001

3,657,000

0.8%

70,723,000

16.0%

16.0%

441,276,000

100.0%

100.0%(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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