August 29, 2008
To All Concerned Parties
Name of REIT Issuer:
TGR Investment Inc.
Takashi Tsunogae, Executive Director
6-2, Gobancho, Chiyoda-ku, Tokyo, Japan(Securities Code: 8963)
URL: http://www.tgr-inv.co.jp/eng/
Asset Management Company:
GrowthREIT Advisors, Ltd.
Shibatsuji Naoki, CEOContact: Eiji Takizawa, CFO(Tel. +81-3-3238-5341)

Notice Concerning Sale of Assets (Asahi Building)TGR Investment Inc. (TGR) announces the decision made to sell one of its assets undermanagement as of August 29, 2008 as follows.

1. Details of Sale(1)Property
(2)
(3)
(4)

(5)

(6)
(7)
(8)
(9)
(10)
(11)

: Beneficiary interests in trust (real estate)(hereinafter, “the property”)
Property Name
: Asahi Building
Acquisition Date
: April 14, 2004
Sale Price: JPY 616,628 thousand(excluding adjusted amount of real property tax and city planning tax, as well as
consumption tax and local consumption tax)
Acquisition Price: JPY 443,000 thousand(excluding adjusted amount of real property tax and city planning tax, as well as
consumption tax and local consumption tax)
Book Value: JPY 454,143 thousand (as of June 30, 2008)
Difference between Sale
Price and Book Value: JPY 162,485 thousand
Contract Date
: August 29, 2008
Sale Date: August 29, 2008
Buyer
: (refer to 4. below)
Sale Method: Sale of beneficiary interests in trust (real estate) toabovementioned buyer

12. Reason of Sale
The Asset Management Company, based on asset management targets and policies defined in
TGR’s Articles of Incorporation, has been thinking of selling the property after fully taking into
consideration trends on the real estate market, forecasts of future revenues and changes in
asset value and other factors of the property, as well as the structure and composition policy ofTGR’s portfolio.
As a result of this consideration, the Asset Management Company recognized the sale date andsale price above as appropriate and TGR has determined to sell the property in its current
condition in order to promote the efficiency of management.
3. Details of Asset
Property Number B1: Asahi Building
Property Type
Beneficiary interests in trust
Location(Lot Number) 2-9-1, 2-9-2, Nihonbashi Chuo-ku, Tokyo(Address) 2-9-5, Nihonbashi Chuo-ku, Tokyo
Transport Access
About 1 minute walk from Nihonbashi Station on the Tokyo Metro Lines
Land
Type ofOwnership
ZoningCommercial district
ownership
Building overage 80% / 800%
Total land
105.65m2
ratio / FAR
area
Building
Type ofStore, office
Ownership
Property typeownership
Total floor
June, 1988
818.39m2
Completion date
area
Structure &Steel-reinforced concrete, roof deck, 10 stories with basement
FloorsPML
12.7%
Trustee
The Chuo Mitsui Trust and Bankinig Company, Limited
Trust Period
Through April 14, 2004 to April 30, 2009
Acquisition PriceJPY 443 million
Appraisal Value at
JPY 590 million (as of June 30, 2008)
Period EndAppraiser
Assets Research and Development Inc.
CollateralYes
Detail of Tenants
No. of tenants
1 Rentable units
11(Note 1)
Monthly rent
JPY 4,453 ths Rented units
11Security deposits
JPY38,489 ths Leasable area
808.35m2
Occupancy rate
100.0% Leased area
808.35m2
Remarks
None(Note 1) Detail of Tenants indicates the figures as of June 30, 2008.
(Note 2) Figures are rounded to the indicated unit.

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4. Detail of Buyer
Company Name
Head OfficeRepresentative

Higashi-Tatemono Corporation
1-13-12, Mita, Minato-ku, Tokyo
CEO and President Katsumi Fujimoto

Capital(As of August 25, 2008)
Major Shareholders(As of August 25, 2008)

JPY 15million
Takashi Fujimoto

30.00%

Katsumi Fujimoto

20.00%

Akimoto Kuniko

10.00%

Real Estate Leasing Business

Major Business

Relationship with TGR and its
NAAsset Management Company

5. Detail of Agent
Company Name
Brokerage fees
Relationship with TGR andits Asset Management
Company

Platinum Advisors Co., Ltd.
JPY 18 million (without tax)NA

6. Transaction with related parties
There is no transaction with related parties for the sale of the property.
7. Usage of Proceeds
The proceeds from the sale are allocated to resources of distribution, repayment of a part ofborrowings and funds on hand.
8. Future Outlook
Refer to the press release titled, “Notice Concerning Revision of Forecasted Results for12th Fiscal Period Ending December 2008” released on August 29, 2008.

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[For Reference]
Portfolio allocation by property type and geography after the Sale
(Unit: mn JPY)

RegionGreater Tokyo Area
Its
Tokyo 23
surrounding
Wards
area
Residences
Property
TypeOffices &Commercial
Facilities etc.
Parking Lots

Total

OrdinancedesignatedCities

OtherTotal

24,7395,121－300

30,161(56.9%)(11.8%)(－%)(0.7%)(69.3%)

5,879

1,309

3,250

410

10,849(13.5%)(3.0%)(7.5%)(0.9%)(24.9%)

712

375

1,100

293

2,481

(1.6%)(0.9%)(2.5%)(0.7%)(5.7%)

31,331

6,807

4,350

1,003

43,492(72.0%)(15.7%)(10.0%)(2.3%)(100.0%)(Note 1) Figures indicates acquisition prices. Acquisition prices do not include consumption taxes, etc. andthe figures are rounded to the indicated units.
(Note 2) Figures in parentheses indicate the portfolio allocation. Portfolio allocation indicates the ratio ofacquisition price of concerned assets to total acquisition price and the figures are rounded to thenearest first decimal place.
(Note 3) "Tokyo (except for "Tokyo 23 wards")" and "Kanagawa, Chiba, and Saitama prefectures" are definedas "Its surrounding area."(Note 4) Cities in "Kanagawa, Chiba, and Saitama prefectures" are not included in "Ordinance-designatedcities."Note: This English language notice is a translation of the Japanese language notice released on August29, 2008 and was prepared solely for the convenience of, and reference by, non-Japanese investors. No
warranties or assurance are given for its accuracy or completeness of this English translation.

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