May 23, 2006
For Immediate Release
LCP Investment Corporation
Nihon-bashi Nishikawa Bldg,
1-5-3 Nihon-bashi,Chuo-ku, Tokyo
Shunji Miyazaki: Executive Officer(Securities Code: 8980)

Inquiries:
The LCP REIT Advisors Co., Ltd.
CFO

Yuji Kubo

TEL: +81-3-3272-7311

Notice of Acquisition Assets
LCP Investment Corporation (the “Investment Corporation”) is pleased to announce that theInvestment Corporation has acquired the assets today.

Details of the acquisition are as follows:

1. Reasons for Acquisition
Upon commencement of the management of the assets of the Investment Corporation, theInvestment Corporation has acquired 16 properties out of 33 properties to be acquired which were
described in the Investment Corporation’s prospectus for the issue of new investment units andsecondary offering of investment units (dated April, 2006) in accordance with asset managementtarget and policy prescribed by the Articles of Incorporation

2. Asset Summary(1) Asset to be acquired : Beneficiary right to real estate trust regarding each property below (16properties)
Use

Property No.

Property Name

Acquisition Cost (million yen)SellerResidence

R-2

Pure City Roppongi525

New Excellent Asset LtdResidence

R-3

Wimbell Kagurazaka

3,690

New Excellent Asset Ltd

Residence

R-4

Nishi-Ｗaseda Crescent

2,190

New Excellent Asset LtdResidence

R-6

Montserrat Yotsuya

557

New Excellent Asset Ltd

Residence

R-8

Homest East Hills

521

New Excellent Asset Ltd

Residence

R-10

Homest Ikejiri

806

New Excellent Asset Ltd

Residence

R-13

Bichsel Musashiseki

703

New Excellent Asset Ltd

Residence

R-14

Lexel Mansion Ueno-Ｍatsugaya

1,130

New Excellent Asset Ltd

Residence

R-18

Lexington Square Hagino-Ｍachi

411

New Excellent Asset Ltd

Residence

R-19Visconti Kakuozan

397

New Excellent Asset LtdResidence

R-22

Luna Coat Tsukamoto

632

New Excellent Asset LtdOffice

O-2

Ueno Fujita Estate 1

1,840

New Excellent Asset LtdOffice

O-3

Cross Square NAKANO

1,038

New Excellent Asset Ltd

RetailO-4

Lexington Plaza Hachiman

4,760

New Excellent Asset Ltd

RetailO-6

Loc Town Sukagawa

2,510

New Excellent Asset Ltd

RetailO-8

Valor Takinomizu

2,230

New Excellent Asset LtdTotal

23,940Note: Acquisition cost does not include consumption tax etc.. Amounts less than a million yen arerounded off.

(2) Date of Acquisition : May 23, 2006
(3) Financing : proceeds of the issuance of investment units through public offering

3. Asset Details
R-2 : Pure City Roppongi
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

The Chuo Mitsui Trust and Banking Company , Limited

The expiration date of the trust term

January 31, 2016

Acquisition price

525 million yen

Appraisal estimated value

525 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31,
2006 by Morii Appraisal & Investment Consulting, Inc.)

Date of Acquisition

May 23, 2006

Location

Land Number : 162-1, 7-chome,Roppongi, Minato-ku, Tokyo
Address: 11-12, 7-chome, Roppongi, Minato-ku, Tokyo

UseResidence

Area

Land : 431.4 ㎡
Building ( Total Floor Space) : 707.1 ㎡Structure / Number of floor

Reinforces concrete structure / 4 Floors

R-3 : Wimbell Kagurazaka
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

The Chuo Mitsui Trust and Banking Company , Limited

The expiration date of the trust term

January 31, 2016

Acquisition price3,690 million yen

Appraisal estimated value

3,690 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 byMorii Appraisal & Investment Consulting, Inc.)

Date of Acquisition

May 23, 2006

Location

Land Number : 111-1 other 4 numbers, Shin-ogawa machi
Shinjuku-ku, Tokyo
Address: 6-15, Shin-ogawa machi, Shinjuku-ku,TokyoUse

Apartment

Area

Land : 2742.6 ㎡
Building ( Total Floor Space) : 6,695.1 ㎡Structure / Number of floor

Reinforces concrete structure / B1 Floor and 6 Floors

R-4 : Nishi-Waseda Crescent Mansion
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

The Chuo Mitsui Trust and Banking Company, Limited

The expiration date of the trust term

January 31, 2016

Acquisition price

2,190 million yen

Appraisal estimated value

2,190 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 by
Morii Appraisal & Investment Consulting, Inc.)

Date of Acquisition

May 23, 2006

Location

Land Number : 18-1, 3-chome, Nishi-waseda, Shinjuku-ku, Tokyo
Address: 18-9, 3-chome, Nishi-waseda, Shinjuku-ku, Tokyo

Use

Apartment

Area

Land : 2378.5 ㎡
Building (Total Floor Space) : 5,013.7 ㎡Structure / Number of floor

Reinforces concrete structure / 6 Floors

R-6 : Montserrat Yotsuya
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

The Chuo Mitsui Trust and Banking Company, Limited

The expiration date of the trust term

January 31, 2016

Acquisition price

557 million yen

Appraisal estimated value

557 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 byMorii Appraisal & Investment Consulting, Inc.)

Date of Acquisition

May 23, 2006Location

Land Number :7-3, Araki-cho,Shinjuku-ku,TokyoAddress: 7-3, Araki-cho, Shinjuku-ku, Tokyo

UseApartment, ShopArea

Land : 316.5 ㎡
Building (Total Floor Space) : 839.7 ㎡

Structure / Number of floor

Reinforces concrete structure / 7 Floors

R-8 : Homest East Hills
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

The Chuo Mitsui Trust and Banking Company, Limited

The expiration date of the trust term

January 31, 2016

Acquisition price521 million yen

Appraisal estimated value

521 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 by
Morii Appraisal & Investment Consulting, Inc.)

Date of Acquisition

May 23, 2006

Location

Land Number : 1389-11, 1-chome, Higashiyama, Meguro-ku, Tokyo
Address: 21-13, 1-chome, Higashiyama, Meguro-ku, Tokyo

Use

Apartment, Office

Area

Land : 575.2 ㎡
Building (Total Floor Space) : 1286.7 ㎡

Structure / Number of floor

Reinforces concrete structure / 5 FloorsR-10 : Homest IkejiriContents of the trust property

Beneficiary right to real estate trust

Name of Trustee

The Chuo Mitsui Trust and Banking Company, Limited

The expiration date of the trust term

January 31, 2016

Acquisition price

806 million yen

Appraisal estimated value

806 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 byMorii Appraisal & Investment Consulting, Inc.)

Date of Acquisition

May 23, 2006

Location

Land Number : 47-2 other 1 number, 1-chome, Misyuku, Setagaya-ku,
Tokyo
Address: 4-7, 1-chome, Misyuku, Setagaya-ku, TokyoUseApartment

Area

Land : 865.2 ㎡
Building (Total Floor Space) : 1542.6 ㎡Structure / Number of floor

Reinforces concrete structure / 5 Floors

R-13 : Bichsel Musashiseki
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

Mitsubishi UFJ Trust and Banking Corporation

The expiration date of the trust term

January 31, 2026

Acquisition price703 million yen

Appraisal estimated value

703 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 byMorii Appraisal & Investment Consulting, Inc.)

Date of Acquisition

May 23, 2006

Location

Land Number : 117-1, 1-chome, Sekimachi-Kita, Nerima-ku, Tokyo
Address: 22-7, 1-chome, Sekimachi-Kita, Nerima-ku, Tokyo

UseApartment,Area

Land : 621.2 ㎡
Building (Total Floor Space) : 1,515.2 ㎡Structure / Number of floor

Reinforces concrete structure / B1 and 5 Floors

R-14 : Lexcel Mansion Ueno-Matsugaya
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

Mitsubishi UFJ Trust and Banking Corporation

The expiration date of the trust term

January 31, 2026

Acquisition price

1,130 million yen

Appraisal estimated value

1,130 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 byTanizawa Sogo Appraisal Co., Ltd.)

Date of Acquisition

May 23, 2006

Location

Land Number : 409-2, 3-chome, Matsugaya, Taito-ku, Tokyo
Address: 10-2, 3-chome, Matsugaya, Taito-ku, Tokyo

Use

Apartment,Area

Land : 438.6 ㎡
Building (Total Floor Space) : 2,196.5 ㎡

Structure / Number of floor

Steel-framed Reinforces concrete structure / 12 Floors

R-18 : Lexington Square Hagino-Ｍachi
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

Mitsubishi UFJ Trust and Banking Corporation

The expiration date of the trust term

January 31, 2026

Acquisition price411 million yen

Appraisal estimated value

411 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 byChuo Real Estate Appraisal Co., Ltd.)

Date of Acquisition

May 23, 2006

Location

Land Number : 15-16 other 1 number, 1-chome, Hagino-machi,Miyagino-ku, Sendai-shi, Miyagi
Address: 15-16, 1-chome, Hagino-machi, Miyagino-ku, Sendai-shi, Miyagi

UseApartmentArea

Land : 805.0 ㎡
Building (Total Floor Space) : 1,500.2 ㎡Structure / Number of floor

Reinforces concrete structure / 6 Floors

R-19 : Visconti Kakuozan
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

Mitsubishi UFJ Trust and Banking Corporation

The expiration date of the trust term

January 31, 2026

Acquisition price

397 million yen

Appraisal estimated value

397 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 byTanizawa Sogo Appraisal Co., Ltd.)

Date of Acquisition

May 23, 2006

Location

Land Number : 2-44, Otana-cho, Chikusa-ku, Nagoya-shi, Aichi
Address: 2-44, Otana-cho, Chikusa-ku, Nagoya-shi, Aichi

Use

Residence

Area

Land : 608.8 ㎡
Building (Total Floor Space) : 1,048.9 ㎡

Structure / Number of floor

Reinforces concrete structure / 4 Floors

R-22 : Luna Coat Tsukamoto
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

Mitsubishi UFJ Trust and Banking CorporationThe expiration date of the trust term

January 31, 2026

Acquisition price

632 million yen

Appraisal estimated value

632 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 by
Tanizawa Sogo Appraisal Co., Ltd.)

Date of Acquisition

May 23, 2006

Location

Land Number : 98-1, 1-chome, Utajima, Nishi-Yodogawa-ku, Osaka-shi,Osaka
Address: 2-6, 1chome, Utajima, Nishi-Yodogawa-ku, Osaka-shi, Osaka

UseApartmentArea

Land : 482.6 ㎡
Building (Total Floor Space) : 1,495.2 ㎡Structure / Number of floor

Reinforces concrete structure / 11 Floors

O-2 : Ueno Fujita Estate 1
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

Mitsubishi UFJ Trust and Banking Corporation

The expiration date of the trust term

January 31, 2026

Acquisition price

1,840 million yen

Appraisal estimated value

1,840 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 byMorii Appraisal & Investment Consulting, Inc.)

Date of Acquisition

May 23, 2006

Location

Land Number : 10-1 other 4 number, 1-chome, Ueno, Taito-ku, Tokyo
Address: 4-8, 1-chome, Ueno, Taito-ku, TokyoUseOfficeArea

Land : 703.1 ㎡
Building ( Total Floor Space) : 2,957.5 ㎡

Structure / Number of floor

Reinforces concrete structure / B1 Floor and 6 Floors

O-3 : Cross Square NAKANOContents of the trust property

Beneficiary right to real estate trust

Name of Trustee

Mitsubishi UFJ Trust and Banking Corporation

The expiration date of the trust term

January 31, 2026

Acquisition price

1,038 million yen

Appraisal estimated value

1,038 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 byMorii Appraisal & Investment Consulting, Inc.)

Date of Acquisition

May 23, 2006

Location

Land Number : 183-4 other 3 number, 5-chome, Nakano, Nakano-ku,
Tokyo
Address: 24-21, 5-chome, Nakano, Nakano-ku, TokyoUse

OfficeArea

Land : 639.8 ㎡
Building ( Total Floor Space) : 2,487.8 ㎡

Structure / Number of floor

Steel-framed Reinforces concrete structure / 10 FloorsO-4 : Lexington Plaza HachimanContents of the trust property

Beneficiary right to real estate trust

Name of Trustee

Mitsubishi UFJ Trust and Banking Corporation

The expiration date of the trust term

January 31, 2026

Acquisition price

4,760 million yen

Appraisal estimated value

4,760 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 by Morii
Appraisal & Investment Consulting, Inc.)

Date of Acquisition

May 23, 2006

Location

Land Number : 25-2 other 26 number, 3-chome, Hachiman, Aoba-ku,Sendai-shi, Miyagi
Address: 1-50,3-chome, Hachiman, Aoba-ku, Sendai-shi, Miyagi

UseRetailArea

Land : 10,990.0 ㎡
Building ( Total Floor Space) : 15,148.5 ㎡Structure / Number of floor

Steel-framed structure / B 1 Floor and 4 Floors

O-6 : Loc Town Sukagawa
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

The Chuo Mitsui Trust and Banking Company, Limited

The expiration date of the trust term

December 30, 2015

Acquisition price

2,510 million yen

Appraisal estimated value

2,510(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 by Morii

million yen

Appraisal & Investment Consulting, Inc.)
Date of Acquisition

May 23, 2006

Location

Land Number : 105 other 130 number, Furukawa, Sukagawa-shi, Fukushima
Address: 105, Furukawa, Sukagawa-shi, Fukushima

UseRetailArea

Land : 74,076.2 ㎡
Building ( Total Floor Space) : 18,153.3 ㎡Structure / Number of floor

Steel-framed structure / 1 Floor

O-8 : Valor Takinomizu
Contents of the trust property

Beneficiary right to real estate trust

Name of Trustee

The Chuo Mitsui Trust and Banking Company, Limited

The expiration date of the trust

December 30, 2015

termAcquisition price

2,230 million yenAppraisal estimated value

2,230 million yen(Appraisal Method)(based on the appraisal value of the property as of January 31, 2006 by Morii
Appraisal & Investment Consulting, Inc.)

Date of Acquisition

May 23, 2006

Location

Land Number : 1401 Other 1 number, 5-chome, Takinomizu, Midori-ku,Nagoya-shi, Aichi
Address: 1401, 5-chome, Takinomizu, Midori-ku, Nagoya-shi, Aichi

Use

RetailArea

Land : 8,451.9 ㎡
Building (Total Floor Space) : 11,265.3 ㎡Structure / Number of floor

Steel-framed structure / B1 Floor and 3 Floors

Note: Regarding the appraisal estimated value above, the Amounts less than a million yen are
rounded off.

4. Vendor ProfileCompany NameNew Excellent Asset, Ltd.

Principal BusinessSelling or Purchasing of Beneficiary right to real estate trust. Sellingor Purchasing, Leasing or Brokerage work related to real estate

Relationship
Corporation

withtheInvestment

New Excellent Asset, Ltd is a Special Purpose Company funded byZecs Real Estate Investment Advisory Co., Ltd which holds 7.07% of
the issued shares in LCP REIT Advisors Co., Ltd (the “AssetManagement Company”)

5. The interests of the Asset Management Company in relation to the acquired property
New Excellent Asset Ltd (seller of the acquired assets above) corresponds to the sponsor party underthe voluntary rules provided for measuring conflicts of interest where the Asset Management
Company manages the assets of the Investment Corporation. Therefore, before the execution of theSale and Purchase Agreement related to the asset acquisitions, certain deliberations and resolutions
were made in accordance with the voluntary rules.

In addition, the Investment Corporation plans to lease part of the residential and other properties
among the acquired assets to master lease companies that are the shareholders or related parties ofthe Asset Management Company and to entrust property management business to them. In
connection with these businesses, certain deliberations and resolutions have been made inaccordance with the voluntary rules relating to conflicts of interest referenced above.

6. Outlook
Please see ”Forecasts of Performance for the Period Ending August, 2006 and the Period Ending
February, 2007”announced today regarding the outlook on operating conditions of Investment
Corporation for the fiscal term ending in August 31, 2006 (September 20, 2005〜August 31, 2006)
and the fiscal term ending in February 28, 2007 (September 1, 2006〜February 28, 2007).

＊The Japanese original document was distributed to the Kabuto club (the press clubs of the TSE) as well as to thepress club for the Ministry of Land, Infrastructure and Transport and the press club for specialty construction
newspapers at the Ministry of Land, Infrastructure and Transport.

＊ Website of LCP Investment Corporation : http://www.lcp-reit.co.jp＊ This English language notice is a translation of the Japanese language notice issued on the same day and wasprepared solely for the convenience of, and reference by, overseas investors. LCP Investment Corporation makes
no warranties as to its accuracy or completeness.