December 6, 2007
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-Chome, Chuo-Ku,
Tokyo 103-0022
Nippon Accommodations Fund Inc.
Representative Executive Director Nobuyuki Nakai(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
Representative President and CEO Nobuyuki Nakai
Contact CFO and Director Morio Shibata(TEL. 03-3246-3677)

Notification concerning Acquisition of Assets
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on theacquisition of assets as shown below.
1. Overview of acquisitions(1) Park Cube Gakugei Daigaku (tentative name)(a) Name of property

Park Cube Gakugei Daigaku (tentative name)(b) Type of property to be acquired

Real estate(c) Acquisition price¥910,000,000(exclusive of miscellaneous expenses for acquisition ,fixed
property taxes, urban planning taxes, consumption taxes, andlocal consumption taxes)(d) Date of conclusion of sales contract

November 21, 2007(e) Date of handoverMarch 28, 2008 (planned)(f) Seller

Meiwa Estate Company Limited(g) Acquisition funds

Own funds or loans(h) Method of payment

Full payment at the time of delivery(2) Park Cube Itabashi Honcho (tentative name)(a) Name of property

Park Cube Itabashi Honcho (tentative name)(b) Type of property to be acquired

Real estate(c) Acquisition price¥4,170,000,000(exclusive of miscellaneous expenses for acquisition , fixed
property taxes, urban planning taxes, consumption taxes, andlocal consumption taxes)(d) Date of conclusion of contract

November 21, 2007(e) Date of handoverMarch 27, 2008 (planned)(f) Seller

Meiwa Estate Company Limited(g) Acquisition funds

Own funds or loans(h) Method of payment

Full payment at the time of delivery2. Reason for acquisition
Based on the provisions for investments and policies on asset management set forth in
the by-laws, the decision to acquire these properties was made to ensure the steady growthof the whole portfolio, and for the diversification and improvement of the investment portfolioin Tokyo’s 23 wards.
3. Description of the properties to be acquired(1) Outline of the properties to be acquired(a) Park Cube Gakugei Daigaku (tentative name)Name of property to be acquired Park Cube Gakugei Daigaku (tentative name)
Type of property to be acquired
Real estate
Acquisition price (Note 1)¥910 million
Appraised value (Note 2)¥920 million
Date of value appraisal (Note 2)
November 15, 2007
Location Residence lot number 2545-15, 2545-18, and 2545-20, Gohongi 3-chome,
Meguro-ku, Tokyo
Land
Building-to-land
60%
ratio
Floor-area ratio
150%
ZoningCategory 1 District Exclusively for Low Rise Residential
Buildings
Site area (Note 3)
864.42m2
Ownership form
Proprietorship
Buildings Planned completion
During last 10 days of March, 2008
date (Note 4)
Structure / Number ofReinforced concrete structure / 3 storeys
stories (Note 5)
Uses (Note 5)
Apartment building
Gross floor area
1,327.12m2(Note 5)
Ownership form
Proprietorship
Rentable units
24
Rentable area
957.88m2
Existence of security interests
None
Special affairs (Note 6)
None
This property is in a good location in terms of accessibility
to the nearest station. It is 7 minutes walk from Gakugei
Daigaku Station on the Tokyu Toyoko Line.
This property is located in a quiet residential area, andalso has good living convenience, with many restaurants
and retail stores around the nearby train station.
This area has good access to major business districts, sofirm rental demand can be expected from single persons
Special features of the property
who value transportation convenience and the living
environment.
This property’s acquisition price is below the investment
amount NAF determined in its investment criteria (inprinciple 1 billion yen or more per property). Despite theacquisition price of less than 1 billion yen, the reasons foracquisition are the unique aspects of this property, and it isjudged that this will contribute to improving NAF's portfolio inTokyo's 23 wards.

Details oftenants(Note 7)

Total number of tenants
Rentable units
Rented units
2
Rentable area (m )2Rented area (m )1 (planned)
24 apartments—
957.88—(b) Park Cube Itabashi Honcho (tentative name)Name of property to be acquired
Park Cube Itabashi Honcho (tentative name)
Type of property to be acquired
Real estate¥4,170 million
Acquisition price (Note 1)¥4,190 million
Appraised value (Note 2)
Date of value appraisal (Note 2)
November 15, 2007
Location
Residence
18-6, 18-7, and 18-8, Yamato-cho, Itabashi-ku, Tokyo
indication
Land
Building-to-land
80%
ratio
Floor-area ratio
500% and 600%
ZoningCommercial district
Site area (Note 3)
1,207.46m2
Ownership form
Proprietorship
Buildings
Planned completion
During last 10 days of March, 2008
date (Note 4)
Structure / Number of Reinforced concrete structure (partially steel frames tories (Note 5)
structure)
14 storeys
Uses (Note 5)
Apartment building, shop
Gross floor area
7,514.28m2(Note 5)
Ownership form
Proprietorship
Rentable units
165 apartments, 1 retail
Rentable area
5,317.07m2
Existence of security interests
None
Special affairs (Note 6)
None
This property is in an extremely good location in termsof accessibility to the nearest station. It is a 1 minute
walk from Itabashi Honcho Station on the Toei Mita Line.
This property has good living convenience, with many
restaurants and retail stores around the nearby train
Special features of the property
station.
This area has good access to major business districts,
so firm rental demand can be expected from single
persons and small families who value transportation
convenience and living environment.
Details oftenants(Note 7)

Total number of tenants
Rentable units
Rented units
2
Rentable area (m )2Rented area (m )1 (planned)
166 apartments–
5,317.07–(Note 1) “Acquisition Price” notes the sales price (exclusive of miscellaneous expenses for acquisition ,fixed property taxes, urban planning taxes, consumption taxes and local consumption taxes)
specified in the real estate sales contract for the property planned for acquisition.
(Note 2) “Appraised Value” and “Date of Value Appraisal” are stated based on the amount noted in thereal estate appraisal reports which Morii Appraisal & Investment Consulting, Inc. prepared for theproperties planned for acquisition. Furthermore, “Real estate appraisal” differs from an appraisal
value through price valuation for real estate as determined in the Law on Price Valuation for Real
Estate, Article 2, Clause 1. The construction is not yet completed on the appraised buildings
making it difficult to confirm the appraised real estate, so for the date set for the value appraisal, thereal estate appraiser applied appraisal valuation techniques to seek the prices while assuming thatthe completion plans for the buildings will be completed as planned.
(Note 3) “Site Area” of the Land item notes the land area as entered in the register. Also, for Park Cube
Itabashi Honcho(tentative name), per prior discussions with Itabashi City, there is a plan to carry out
subdivision registration procedures after construction completion for the portion to be transferred as2
a road site (approximately 3.42m ).
(Note 4) “Completion Date” of the Buildings item notes the planned date for the seller to receive transfer of thebuildings from the construction company.
(Note 5) “Structure / Number of Storeys”, “Uses” and “Gross Floor Area” are stated based on information in theconfirmation certificates ( Park Cube Gakugei Daigaku (tentative name): November 7, 2007,
07EBCT0402; Park Cube Itabashi Honcho(tentative name): August 31, 2007, TBTC06A0177-III).
(Note 6) “Special Affairs” notes matters which NAF recognizes as important as of today, taking into
consideration their effects on title-related matters, use, appraised value, profitability, etc. of theproperty acquired.
(Note 7) Description of the “Details of Tenants” column:(i) “Total number of Tenants” is noted as “1” where a master lease contract (blanket lease
contract) has been concluded with a master lease company. As to the properties planned
for acquisition, the plan is to conclude a master lease contract on the planned
acquisition date with Mitsui Fudosan Housing Lease Co., Ltd. as the master lease company,
and the above Total Number of Tenants means the total number of tenants after conclusion of
the said master lease contract.
(ii) “Rentable Units” notes the number of rentable units in the properties planned for acquisition.
(iii) No items correspond to “Rented Units” and “Rented Area”, because construction is not yet
completed on the properties planned for acquisition.
(iv) “Rentable Area” shows the total rentable area of the buildings of the property acquired based on
the confirmation application plans, because construction is not yet completed on the properties
planned for acquisition.

(2) Outline of investigations into the state of the buildings
Appraisal work is currently contracted to a third party investigative body. The plan is forinvestigations into the state of the buildings to be properly completed by the transfer date,
before acquisition of the properties.
4. Outline of seller
Trade nameHead office address
Representative
CapitalStockholders

Meiwa Estate Company Limited
Meiwa Estate Shibuya Shinsen Building, 9-6, Shinsen-cho,Shibuya-ku, Tokyo
Representative Director Hideaki Harada¥3,537,500,000
Hayabusa Kohatsu Company Limited
Hideaki Harada
Meiken Systems Company Limited
Toshikatsu Harada
Hitoshi Takasugi

Description ofprincipal operations

Relationship with NAF
or investment trust
managementcompany

1. Business concerning real estate sales, brokerage, rental,
management, and appraisal
2. Business concerning development, civil works, and sales ofresidential land, industrial sites, etc.
3. Design, construction, supervision, and contracting for construction
and civil works
4. Business concerning surveying of real estate
5. Business concerning maintenance, management, and cleaning ofbuilding facilities
6. Business concerning sales, export, import, brokerage,
manufacturing, and processing of furniture, interior decorations,etc.
7. Business concerning sales, manufacturing, and processing of
housing facilities equipment, such as unit bathrooms andkitchens
8. Business concerning sales and supply of daily sundries, utensils,etc.
9. Business concerning information processing services, information
provision services, and advertising
10. Travel business based on the Travel Agency Law
11. Management of hotels and restaurants
12. Business concerning offering and consignment of memberships
in tourism facilities and recreation facilities
13. Non-life insurance agency business
14. Business concerning offering of life insurance
15. Financial business
16. Business concerning the acquisition, holding, sale, andbrokerage of trust beneficiary rights
17. Sales, brokerage, and management of investments andinvestment shares in special purpose companies and tokubetsu
mokuteki kaisha (corporations determined in financial statement
terminology, and in rules regarding stocks and methods ofcreation), and in real estate investment trusts
18. Projects based on the Real Estate Specific Joint Enterprise Law
19. Investment advisory business for real estate, securities, andother financial assets
20. Business concerning worker dispatch business
21. Business incidental or relevant to each of the above items.
None

5. Outline of the intermediaries
There are no intermediaries involved in transactions for the acquisition of these properties
6. Transactions with related parties
For the properties planned for acquisition, the plan is to make Mitsui Fudosan Housing Lease
Co., Ltd. the master lease company and property management company. Mitsui Fudosan
Housing Lease Co., Ltd. corresponds to a related party (see note). Thus in accordance with
NAF’s own rules for asset management concerning transactions with related parties, the plan is
to first have these master lease and property management contracts pass through deliberation
and resolution by the Compliance Committee and the Investment Committee of the investment

management company before the property acquisitions are completed, then to conclude thecontracts.
Note: Related party signifies a related party of an investment trust outsourcing company which has
concluded an asset management outsourcing contract with NAF, as provided for in Article 123 ofOrder for Enforcement on Act on Securities Investment Trust and Securities Investment Corporations.

7. Situation of the acquirer of the properties(if the previous owners, trust beneficiaries, etc. are special related parties)
There are no such special related parties.
8. Earthquake resistance matters
For acquisition of properties planned for acquisition, NAF receives reports from the sellers
showing that the structural designs of the buildings conform to the Building Standards Law, andthat earthquake resistance performance required by laws and regulations are secured.
Also, NAF commissioned Mitsui Fudosan Co., Ltd., an expert on building structure
calculations, to closely inspect and verify the details of earthquake-resistant structures
including structure calculation statements (specifically, to verify the structure calculations,load calculations, stress calculations, computation on framework members and thesecond-order design, and then to validate the adequacy of the design). As a result, it has
been confirmed by the above mentioned expert Mitsui Fudosan Co., Ltd. that there are no
suspicions concerning falsification of structure calculation and construction drawings bywhich aseismic capacity required in accordance the Building Standards Law is secured forthe buildings of the properties acquired. Based on the said confirmation, the investment trust
management company has judged that the aseismic capacity required by the BuildingStandard Law has been secured.
Furthermore, in addition to close inspections and verifications of the buildings of theproperty acquired by Mitsui Fudosan Co., Ltd., NAF requested re-inspection of theproperties by the third party investigative body noted below (Sumitomo Mitsui Construction
Co., Ltd.). The re-inspection is in process, but no illegal manipulation such as intentional
falsification or deception was found in the structure calculation statements, and it has been
confirmed that the structure calculations were appropriately carried out in compliance withthe relevant laws.
As of November 21, 2007, the building owners, main contractors, and designers of theproperties planned for acquisition are as follows. None of these parties has been publicly
named by the Ministry of Land, Infrastructure and Transport as a party who took part in any
falsifications of property structure calculation statements.
In addition, NAF always examines earthquake risks during the course of due diligence uponacquisition of a property, from perspectives which differ from investigations for building
certification performed by an inspection and certification agency. NAF makes a decision on
acquisition after performing appropriate analysis of earthquake risks of the property to beacquired, considering themselves the structural earthquake-resistance of the building to beacquired, based on site surveys, drawing reviews using structure drawings, structural design
outlines, etc.

Companies engaged in design of the properties acquired
Property name
Building
Contractor
Building
ownerdesigncompany
Park Cube
Meiwa
Sakata –Taiyo
Gakugei
EstateConstruction Kikaku
DaigakuCompany Co., Ltd.
Jimusyo(tentative
LimitedCo., Ltd.
name)
Park Cube
Meiwa
Shinnihon
Shinnihon
Itabashi
EstateCorporation
Corporation
HonchoCompany(tentative
Limited
name)

Structuredesigncompany
Beams
DesignConsultant
Co., Ltd.
Cross
Factory Co.,Ltd.

Building certifier

E-house Building
CenterTokyo Bldg-TechCenter Co., Ltd.

Profile of the third party investigative body (investigations of the state of the buildings,
reinvestigation of earthquake risk assessments and structure calculation statements)
Trade name
Sumitomo Mitsui Construction Co., Ltd.
Head office address
5-25, Nishi-Shinjuku 7-chome, Shinjuku-ku, Tokyo
Representative
Representative Director and President: Hisaya Igarashi
Capital¥16,859,138,000(1) Contracting and design supervision for civil works, construction,
prestressed concrete, electrical and piping work, and otherconstruction(2) Design supervision for ocean development, regional
development, urban development, resource development, andenvironmental improvement(3) For each of the above items, contracting to perform engineeringand consulting work such as surveys, planning, and proposals(4) Real estate acquisition, management, use, disposal, and leasing(5) Real estate sales, brokerage, and appraisal(6) Manufacturing, supply, sales, and rental of civil works andconstruction materials, prestressed concrete products, seismic
isolation equipment, seismic control equipment, machinery,equipment, etc.
(7) Maintenance, repair, and security for civil works and buildings(8) Operations concerning landscaping and gardening(9) Development, acquisition, license, and sales of industrial property
rights, copyrights, and computer software
escription of(10) Information processing services business and information
principal operations
provision business(11) Development, sales, leasing, and maintenance of electronic
office equipment such as computers(12) General leasing business(13) Administration, management, operation, and leasing of elderly
residential facilities, training, medical care, sports facilities,
leisure facilities such as ski resorts and amusement parks,
lodging facilities, and restaurants(14) Worker dispatch operations(15) Non-life insurance agency business(16) Money lending and other financial business(17) Operations concerning pollution prevention(18) Collection, transport, processing, and recycling of industrial
waste(19) Surveys and evaluation of soil and groundwater pollution.
Design, construction, and supervision for its rehabilitation andpurification(20) Operations incidental or relevant to each of the above items.
Relationship with NAF
None
or investment trust
management company

9. Risks concerning property transfer and methods of avoiding such risks
All these properties are in development with completion of the buildings planned in March
2008. Therefore, there are inherent construction completion and building transfer risks etc. until
the buildings are completed, but NAF is working to avoid construction completion and building
transfer risks, mainly by establishing the following points as terms for payment of the purchaseprices.

• Based on the design plans specified in the sales contracts, the buildings wereconstructed, inspection certificates were obtained, and all approvals and permits
required by laws and regulations were obtained.
• It was confirmed that all construction related laws and regulations for the buildings suchas the Building Standards Law have been complied with, and confirmed that there areno particular problems with the results of prescribed due diligence.

10. Outlook for the situation of asset management after acquisition of these properties
Acquisition of these properties will have no effects on the investment situation of NAF in theyear ending February 2008.

* This English language notice is a translation of the Japanese language notice dated
November 21, 2007 and was prepared solely for the convenience of, and reference by,overseas investors. NAF makes no warranties as to its accuracy or completeness.
[Attached documents]
・Summary of the appraisal reports on the prices of the properties planned for acquisition
・Portfolio list after the planned acquisitions of the properties are completed (on a (planned)
acquisition price basis)
・Maps to locate the properties planned for acquisition

Summary of the appraisal reports on the prices of properties planned for acquisition(1) Park Cube Gakugei Daigaku (tentative name)Appraised value (specified value)
920,000

Operatingrevenues

Assessment item(a) Unit rental revenues,
including commons area
fees

Details
50,771(b) Utilities revenues(c) Parking lot revenues

0
3,456

(d) Other revenues

3,255
2,000

Revenues from key
money, etc.
Renewal fees
Other revenues(1): (a)+(b)+(c)+(d)(e) Total loss from vacancies
etc.
(f) Loss on bad debts(2) Operating revenues [(1)-(e)-(f)](g) Maintenance expense

1,058
197
57,4823,037

054,445267(h) Utilities expense

626(i) Repair expense

2,264(j) Property management fees

2,400(k) Tenant soliciting fee, etc.

2,063(l) Taxes and public dues

3,065(m) Property insurance fee

134

Operatingexpenses(n) Other expenses(3) Operating expenses[(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)]86
10,905(Thousands of yen)

Basis for assessment
Assessed stable rents etc. which can be received
over the mid and long term, based on levels of rents
and commons area fees of the assessed real estate,
and when assuming they are newly rented.
There are no utilities charges collected from renters.
Assessed stable usage fees which can be received
over the mid and long term, based on levels of usage
fees etc. when assuming that they are newly rented.
Assessed other revenues, based on mid and longterm stable rent revenues which can be received fromeach tenant when new contracts are signed, andconsidering the estimated number of months of key
money and annual tenant turnover ratio.

Assessed mid and long term operating levels,
considering characteristics of the assessed property
and vacancies of comparable real estate nearby.
Not totaled, due to consideration of collateral such as
security deposits.
Assessed by referring to actual results of comparable
real estate.
Assessed by referring to actual results of comparable
real estate.
Assessed considering expenses to return units tooriginal condition accompanying tenant turnover, andmedium and long term repair expenses by referring toactual results of comparable real estate.
Assessed by referring to actual results of comparable
real estate.
Assessed at 1.5 months of the unit rental revenue
from above as fees, considering annual tenant
turnover ratio, operating rate, current contract terms
and lease terms of comparable real estate nearby,
etc. The fees include fees to find and contract withnew tenants and administrative fees for renewals oftenants.
For the land, this was assessed based on the 2007
business year tax register, considering the special
measures for small residential lots. For the building,this was assessed by referring to actual results ofcomparable real estate, considering adjustments forthe passage of time, etc.
Assessed by considering insurance rates forcomparable buildings, etc.
Totaled based on the values shown in estimates.

(4) Net operating income [(2) – (3)](o) Earnings from temporary
deposit(p) Capital expenditures

43,540161534(5) Net income [(4)+(o)-(p)](6) Cap rate

43,167
4.6%

Value of earnings calculated by the direct
capitalization method[(5)÷(6)]Value calculated by discounted cash flow
methodDiscount rate

938,000

Terminal cap rate

Cost method value
Total value of land and building
Land value
Building value
Adjustment

Assumed security deposits held multiplied by anassumed 2.0% investment yield. This yield is from a
medium to long term perspective, based on data
independently obtained by the real estate appraiser.
Assessed by referring to actual results of comparable
real estate.
Decided on a cap rate for apartment buildings locatedin the lowest risk districts, after comprehensively
considering yields of transactions in comparable
apartment buildings in the market, results of a realestate investor survey, etc. Then assessed a yield
difference in comparison with districts which meet theabove criteria, based on cap rates for the appraisal
values of the assessed real estate and forcomparable real estate, considering rental supply anddemand trends and property sales trends in these
districts, etc.

902,000
4.3%

4.9%

947,000
947,000
680,000
267,000
0

Assessed by a method comparing with sample
transactions in comparable real estate, together witha method which considers the specific characteristics
of real estate to adjust yields of financial assets, andalso considering interviews with investors, etc.
Adjusts the cap rate assessed above bycomprehensively considering the characteristics ofthe net income adopted, future uncertainties, liquidity,
market characteristics, etc.

The total value of the land and building is judged to
be unchanged.

(2) Park Cube Itabashi Honcho (tentative name)Appraised value (specified value)
4,190,000
Assessment item(a) Unit rental revenues,
including commons area
fees(b) Utilities revenues

Operatingrevenues

Details
238,8340(c) Parking lot revenues

13,932(d) Other revenues

12,667
7,091

Revenues from key
money, etc.
Renewal fees
Other revenues(1): (a)+(b)+(c)+(d)(e) Total loss from vacancies
etc.

(f) Loss on bad debts(2) Operating revenues [(1)-(e)-(f)]Operating (g) Maintenance expense
expenses

4,501
1,075
265,433
13,4580251,9757,330(h) Utilities expense

2,893(i) Repair expense

4,217(j) Property management fees

7,692(k) Tenant soliciting fee, etc.

8,020(l) Taxes and public dues

12,947(m) Property insurance fee

765(Thousands of yen)

Basis for assessment
Assessed stable rents etc. which can be received
over the medium and long term, based on levels ofrents and commons area fees of the assessed realestate, and when assuming they are newly rented.
There are no utilities charges collected from
renters.
Assessed stable usage fees which can be received
over the medium and long term, based on levels ofusage fees etc. when assuming that they are newly
rented.
Assessed other revenues based on medium andlong term stable rent revenues which can bereceived from each tenant when new contracts are
signed, and considering the estimated number ofmonths of key money and annual tenant turnoverratio.
Assessed medium and long term operating levels,
considering characteristics of the assessed
property and vacancies of comparable real estate
nearby.
Not totaled, due to consideration of collateral suchas security deposits.
Assessed by referring to actual results ofcomparable real estate.
Assessed by referring to actual results ofcomparable real estate.
Assessed considering expenses to return units tooriginal condition accompanying tenant turnover,and medium and long term repair expenses byreferring to actual results of comparable realestate.
Assessed considering property management feesof comparable buildings.
Assessed at 1.2 months of the unit rental revenue
from above as fees, considering annual tenant
turnover ratio, operating rate, current contract
terms and lease terms of comparable real estate
nearby, etc. The fees include fees to find andcontract with new tenants and administrative fees
for renewals of tenants.
For the land, this was assessed based on the 2007
business year tax register, considering the special
measures for small residential lots. For thebuilding, this was assessed by referring to actual
results of comparable real estate, considering
adjustments for the passage of time, etc.
Assessed by considering insurance rates forcomparable buildings, etc.

(n) Other expenses(3) Operating expenses[(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)](4) Net operating income [(2) – (3)](o) Earnings from temporary
deposit(p) Capital expenditures(5) Net income [(4)+(o)-(p)](6) Cap rate

Value of earnings calculated by the direct
capitalization method[(5)÷(6)]Value calculated by discounted cash flow
methodDiscount rate

Terminal cap rate

Cost method value
Total value of land and building
Land value
Building value
Adjustment200
44,064
207,911
1,053

3,060
205,904
4.8%

Totaled based on the values shown in estimates.

Assumed security deposits held multiplied by anassumed 2.0% investment yield. This yield is froma medium to long term perspective, based on data
independently obtained by the real estateappraiser.
Assessed by referring to actual results ofcomparable real estate.
Decided on a cap rate for apartment buildings
located in the lowest risk districts, after
comprehensively considering yields of transactions
in comparable apartment buildings in the market,
results of a real estate investor survey, etc. Thenassessed a yield difference in comparison with
districts which meet the above criteria, based on
cap rates for the appraisal values of the assessed
real estate and for comparable real estate,considering rental supply and demand trends andproperty sales trends in these districts, etc.

4,290,000

4,090,000
4.5%

5.1%

2,750,000
2,750,000
1,220,000
1,530,000
0Assessed by a method comparing with sample
transactions in comparable real estate, together
with a method which considers the specificcharacteristics of real estate to adjust yields offinancial assets, and also considering interviews
with investors, etc.
Adjusts the cap rate assessed above bycomprehensively considering the characteristics ofthe net income adopted, future uncertainties,
liquidity, market characteristics, etc.

The total value of the land and building is judged to
be unchanged.

For the above appraisal reports, appraised buildings are not yet complete making it difficult toconfirm the appraised real estate, so at the date assumed for the appraisal, it is assumed that theappraised buildings will be completed according to their design plans, thus the appraisals do not
go beyond assessments of prices which indicate investment profitability value in order to show toinvestors. Each corresponding appraisal valuation is the judgment and opinion of the appraiser at
a fixed point in time, with no guarantees as to the validity or accuracy of these reports, or the
possibility of transactions at the appraised values.
Yen amounts are rounded off to the nearest thousand yen.

Portfolio list after the planned acquisitions of the properties are completed (on a (planned)
acquisition price basis)
Name

No.

River Point Tower
Park Side Wings
Pier West House

Acquisition
Price(Note 1)

Portfolio
Share(Note 2)Chuo-ku, Tokyo

29,696

23.1

Location

1

Okawabata
Apartment
Communities

2

Park Axis Gakugei Daigaku

Setagaya-ku, Tokyo

1,760

1.4

3

Park Axis Ichigaya

Shinjuku-ku, Tokyo

2,570

2.0

4

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

2.5

5

Park Axis Aoyama Kotto-dori

Minato-ku, Tokyo

1,730

1.3

6

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo

1,400

1.1

7

Park Axis Shiroganedai

Minato-ku, Tokyo

5,140

4.0

8

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

3.5

9

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.7

Toshima-ku, Tokyo

1,655

1.3

10

Park Axis Otsuka

11Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

3.1

12

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

1.0

13

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

5.9

14

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

1.6

15

Park Axis Hongo No Mori

Bunkyo-ku, Tokyo

2,910

2.3

16

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

2.2

17

Park Axis Roppongi Hinokicho Park

Minato-ku, Tokyo

2,170

1.7

18

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

7.6

19

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.8

20

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

1.4

21

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

1.9

22

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,794

1.4

23

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

2.0

24

Park Cube Ueno

Taito-ku, Tokyo

2,233

1.7

28

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

1.3

29

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

1.4

30
31
32
33
34
38
39

Park Axis Shin Itabashi
Park Axis Akihabara
Park Axis Toyocho
Park Axis Takinogawa
Park Axis Asakusabashi
Park Cube Gakugei Daigaku(tentative name)Itabashi-ku, Tokyo
Chiyoda-ku, Tokyo
Koto-ku, Tokyo
Kita-ku, Tokyo
Taito-ku, Tokyo
Meguro-ku, Tokyo
Itabashi-ku, Tokyo

3,430
1,200
3,950
1,820
2,717
910
4,170
118,439

2.7
0.9
3.1
1.4
2.1
0.7
3.2
92.3

25

Park Cube Keio Hachioji

Hachioji-shi, Tokyo

991

0.8

26

Park Cube Keio Hachioji 2

Hachioji-shi, Tokyo

1,130

0.9

2,121

1.7

2,440

1.9

Park Cube Itabashi Honcho(tentative name)Tokyo 23 wards Total

Greater Tokyo Total (Note 3)
27

Park Axis Meieki Minami

Nakamura-ku, Nagoya-shi, Aichi

35

Park Axis Marunouchi

Naka-ku, Nagoya-shi, Aichi

1,920

1.5

36

Park Axis Ropponmatsu

Chuo-ku,Fukuoka-shi,Fukuoka

1,515

1.2

37

Park Axis Hakataeki Minami

Hakata-ku,Fukuoka-shi,Fukuoka

1,890

1.5

7,765

6.1

128,325

100.0

Other Major Cities Total (Note 4)
Total

(Note 1) “Acquisition Price” refers to the sale price (exclusive of miscellaneous expenses for acquisition, fixed property taxes,
urban planning taxes, consumption taxes and local consumption taxes) of the property acquired or the property to beacquired. Amounts less than one million yen have been rounded off.

(Note 2) “Portforio Shere” means the percentage of the acquisition price for the property acquired or the property to be acquiredcompared to the total amount, rounded to the nearest one decimal place.

(Note 3) “Greater(Note 4) “OtherTokyo ” refers to four prefectures, Tokyo (excluding Tokyo’s 23 wards), Kanagawa, Saitama and Chiba.

Major Cities” refers to the regional hub government-ordinance-designated cities

Maps to locate the properties planned for acquisition①

Park Cube Gakugei Daigaku(tentative name)Park Cube Gakugei Daigaku(tentative name)

Z07BB 第 152 号

②Park Cube Itabashi Honcho(tentative name)Park Cube Itabashi Honcho(tentative name)

板橋本町駅

Z07BB 第 152 号