March 30, 2009
To All Concerned Parties
Name of REIT Issuer:
TGR Investment Inc.
Takashi Tsunogae, Executive Director
23-3, Ichibancho, 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 (Nakano NK Building)TGR Investment Inc. (TGR) announces the decision made to sell one of its assets undermanagement as of March 30, 2009 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
: Nakano NK Building
Acquisition Date
: May 18, 2004
Sale Price: JPY 910,798 thousand(excluding adjusted amount of real property tax and city planning tax, as well as
consumption tax and local consumption tax)
Acquisition Price: JPY 913,500 thousand(excluding adjusted amount of real property tax and city planning tax, as well as
consumption tax and local consumption tax)
Book Value: JPY 937,776 thousand (as of December 31, 2008)
Difference between Sale
Price and Book Value: -JPY 26,978 thousand
Contract Date
: March 30, 2009
Sale Date: March 30, 2009
Buyer
: (refer to 4. below)
Sale Method: Sale of beneficiary interests in trust (real estate) toabovementioned buyer

12. Reason of Sale
Based on asset management targets and policies defined in TGR’s Articles of Incorporation, theAsset Management Company has thought of the sale of the property after taking intoconsideration 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 of
TGR’s portfolio.
With borrowings due for repayment at TGR in August 2009 and onwards amid the ongoing
uncertainty over the future of the external environment surrounding TGR stemming from theworsening global financial crisis and credit crunch, an improvement in the financial managementbase and an increase in cash reserves are regarded to be of importance at this point in time.
As a result, the sale is being made having recognized the sale timing and sale price given in 1. above
as appropriate.
3. Details of Asset
Property Number B4: Nakano NK Building
Property Type
Beneficiary interests in trust
Location(Lot Number) 4-660-22, Nakano, Nakano-ku, Tokyo(Address) 4-4-11, Nakano, Nakano-ku, Tokyo
Transport Access
About 5 minute walk from Nakano Station on the JR Line
Land
Type ofOwnership
ZoningCommercial district
ownership
Building overage 80 % / 600 %Total land
403.02 m2
ratio / FAR
area
Building
Type ofOffice, Car Parking
Ownership
Property typeownership
Total floor
June, 1986
2,430.93 m2Completion date
Area
Structure &Steel-reinforced concrete, roof deck, 11 stories
FloorsPML
13.1%
Trustee
The Chuo Mitsui Trust and Banking Company, Limited
Trust PeriodThrough May 18, 2004 to May 31, 2009
Acquisition Price
JPY 913 million
Appraisal Value at
JPY 1,370 million (as of December 31, 2008)
Period End
Appraiser
Assets Research and Development Inc.
CollateralYes
Detail of Tenants
No. of tenants
1 Rentable units
11(Note 1)
Monthly rent
JPY 7,021 ths Rented units
9Security deposits
JPY 57,528 ths Leasable area
2,128.84 m2
Occupancy rate82.5% Leased area
1,775.84 m2
Remarks
None(Note 1) Detail of Tenants indicates the figures as of December 31, 2008.
(Note 2) Figures are rounded to the indicated unit.

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4. Detail of Buyer
The buyer of the property is a general business corporation in Japan. The details are notindicated as the trust beneficiary interests sale contract imposes a duty of confidentiality andconsent for disclosure of the name and other information has not been obtained from the buyer.
The buyer is not in capital, personnel or transactional relationship with TGR’s asset
management company.
5. Transaction with related parties
There is no transaction with related parties for the sale of the property.
6. Usage of Proceeds
The proceeds from the sale is allocated to resources of distribution, repayment of a part ofborrowings and funds on hand.
7. Future Outlook
Sale of the property will result in a loss on sale being incurred. However, factors such as rental
revenues up to the most recent fiscal period exceeding the anticipated level and loan interest
rates being on a downward trend are expected to absorb this loss. Thus, sale of the property
does not change the outlook on performance for 13th Fiscal Period Ending June 2009 (January
1, 2009 to June 30, 2009).

3[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
Type

Offices &Commercial
Facilities etc.
Parking Lots

Total

Ordinancedesignated
Cities

Other

Total

24,7395,121－300

30,161(57.5 %)

(11.9 %)(－ %)(0.7 %)(70.1 %)

4,966

1,309

3,250

410

9,935

(11.5 %)

(3.0 %)(7.6 %)(1.0 %)(23.1 %)

8995331,128377

2,939(2.1 %)(1.2 %)(2.6 %)(0.9 %)(6.8 %)

31,605

6,965

4,378

1,087

43,037(71.1 %)

(16.2 %)

(10.2 %)

(2.5 %)(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 March30, 2009 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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