August 5, 2016
To All Concerned Parties
REIT Securities Issuer
3-8-11 Kudan Minami, Chiyoda-ku, Tokyo
Sakura Sogo REIT Investment Corporation
Representative: Makoto Muranaka,
Executive Director:(Securities Code 3473)
Asset Management Company:
Sakura Real Estate Funds Management, Inc.
Representative: Makoto Muranaka,
Representative Director andPresident
Inquiries:
Mayumi Kobiki,
Chief Financial Officer
Tel:+81-3-6272-6608

Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment
Units
Sakura Sogo REIT Investment Corporation (hereinafter the “Investment Corporation”) announces thatit passed a resolution at its Board of Directors meeting on August 5, 2016 regarding new issuance ofinvestment units of the Investment Corporation (“Investment Units”) and secondary offering ofinvestment units, which are to be implemented in line with the listing of the Investment Units on theTokyo Stock Exchange, Inc. (“TSE”), as follows.
1. Issuance of new investment units through public offering (primary offering)(1) Number of investment units
332,000 units
to be offered:(2) Amount to be paid in:
TBD(Issue amount)
To be decided at the Investment Corporation’s Board of
Directors meeting to be held on August 31, 2016, (Wednesday)(“Decision Date of Issue Price, etc.”).
(3) Total amount to be paid in:
TBD(issue amount)(4) Issue price:
TBD(Offer price)
The issue price (offer price) will be decided on the Decision Dateof Issue Price, etc. using the book building method (the method
through which the issue price, etc. is decided after
understanding demand status among investors and otherfactors regarding investment units by presenting provisional
conditions regarding issue price to investors at the time ofsoliciting subscriptions for acquisition of investment units)prescribed in Article 1210 of the Enforcement Rules for
Securities Listing Regulations of TSE.
(5) Total issue price:
TBD(offer price)(6) Primary offering method:
Public offering, in which SMBC Nikko Securities Inc.
(“Underwriter”) shall underwrite and purchase the entire
Notes： This press release is for public announcement in regards to issuance of new investment units and secondary offering of investment
units of Investment Corporation, and has not been prepared for the purpose of solicitation of investment. Investors shall always
refer to the prospectus for issuance of new investment units and (for notification of) secondary offering of investment units, andamendments thereto, prepared by the Investment Corporation, and undertake any investment in their own decision.
Furthermore, this press release does not constitute an offer of securities in the United States. The investment units have not beenregistered under the United States Securities Act of 1933. The securities may not be offered or sold in the United States absent
registration or an exemption from registration under the United States Securities Act of 1933. In case securities are to be publicly
offered in the United States, prospectus written in English prepared based on the United States Securities Act of 1933 shall be
used. In such a case, {investors} will be able to obtain the English prospectus from the Investment Corporation or the selling
agency, and detailed information on the Investment Corporation and its executive team as well as the financial statements will
be provided {in the English prospectus}. The securities referred to in this press release will not be publicly offered or sold in the
United States.

1(7) Details of Underwriting
Agreement:(8) Demand declaration period:(Book building period)(9) Subscription unit:(10) Subscription period:

investment units. It should be noted that some investment units
subject to primary offering may be sold to overseas investors inoverseas markets (excluding the U.S. and Canada) (“Overseas
Sales”); provided, however, that the number of investment units
for Overseas Sales shall be less than half the number ofinvestment units subject to primary offering set forth above, andwill be decided on the Decision Date of Issue Price, etc., after
giving consideration to the demand status, etc. of public offering(including the Overseas Sales).
The Underwriter shall pay the total amount to be paid in (issue
amount) to the Investment Corporation on the payment date set
forth in (11) below, and the difference between the total issue
price (offer price) and the total amount to be paid in (issue
amount) shall be the proceeds of the Underwriter. The
Investment Corporation shall not pay any underwriting fee to theUnderwriter.
From August 25, 2016 (Thursday) to August 30, 2016 (Tuesday)

One unit or more in multiples of one unit
From September 1, 2016 (Thursday) to September 6, 2016
(Tuesday)(11) Payment date:
September 7, 2016 (Wednesday)(12) Delivery date:
September 8, 2016 (Thursday)(13) The amount to be paid in (issue amount), issue price (offer price), and other matters necessary forthis issuance of new investment units through public offering will be decided at the Investment
Corporation’s Board of Directors meetings to be held in the future. However, determinations onprovisional conditions regarding issue price will be entrusted entirely to the Executive Director.
(14) The matters set forth in the above items shall be subject to the condition that the filing under the
Financial Instruments and Exchange Act takes effect.
2. Secondary offering of investment units (secondary offering through over-allotment)(1) Number of investment units
10,400 units
to be offered:
The above number of investment units to be offered indicatesthe maximum number of investment units to be offered throughover-allotment to be implemented by SMBC Nikko Securities
Inc. separately from public offering, giving consideration to thedemand status, etc. of public offering in its implementation. The
above number of investment units to be offered may be
reduced depending on the demand status, etc. of public
offering, or secondary offering through over-allotment itself
may not be implemented at all. The number of investment units
to be offered will be decided at the Investment Corporation’s
Board of Directors meeting to be held on the Decision Date ofIssue Price, etc., giving consideration to the demand status,
etc. of public offering.
(2) Seller:
SMBC Nikko Securities Inc.
(3) Secondary offering price:
TBD
To be decided at the Investment Corporation’s Board of
Directors to be held on the Decision Date of Issue Price, etc. It
should be noted that the secondary offering price shall be
Notes： This press release is for public announcement in regards to issuance of new investment units and secondary offering of investment
units of Investment Corporation, and has not been prepared for the purpose of solicitation of investment. Investors shall always
refer to the prospectus for issuance of new investment units and (for notification of) secondary offering of investment units, andamendments thereto, prepared by the Investment Corporation, and undertake any investment in their own decision.
Furthermore, this press release does not constitute an offer of securities in the United States. The investment units have not beenregistered under the United States Securities Act of 1933. The securities may not be offered or sold in the United States absent
registration or an exemption from registration under the United States Securities Act of 1933. In case securities are to be publicly
offered in the United States, prospectus written in English prepared based on the United States Securities Act of 1933 shall be
used. In such a case, {investors} will be able to obtain the English prospectus from the Investment Corporation or the selling
agency, and detailed information on the Investment Corporation and its executive team as well as the financial statements will
be provided {in the English prospectus}. The securities referred to in this press release will not be publicly offered or sold in the
United States.

2equivalent to the issue price (offer price) of public offering.
TBD
Giving consideration to the demand status, etc. of public
offering, separately from public offering, secondary offering of
the Investment Units will be implemented, in which SMBC
Nikko Securities Inc. borrows from Galaxy JREIT Pty Limited
and Nippon Kanzai, Co., Ltd. (“Designated Parties”) with amaximum limit of up to 10,400 units (“Investment Units to Be
Borrowed”), provided that such borrowing shall be subject tothe condition that the Investment Units will be sold to the
Designated Parties as set forth in “<Reference>5. Designationof parties to receive allocated investment units” below.
(6) Subscription unit:
One unit or more in multiples of one unit
(7) Subscription period:
From September 1, 2016 (Thursday) to September 6, 2016
(Tuesday)(8) Delivery date:
September 8, 2016 (Thursday)(9) Secondary offering price, and other matters necessary for this secondary offering of investment
units will be decided at the Investment Corporation’s Board of Directors meetings to be held in
the future.
(10) The matters set forth in the above items shall be subject to the condition that the filing under the
Financial Instruments and Exchange Act takes effect.
(4) Total secondary offering price:(5) Secondary offering method:

3. Issuance of new investment units through third-party allotment(1) Number of investment units
10,400 units
to be offered:(2) Amount to be paid in:
TBD(Issue amount)
To be decided at the Investment Corporation’s Board of Directors
meeting to be held on the Decision Date of Issue Price, etc. It
should be noted that the amount to be paid in (issue amount)shall be equivalent to the amount to be paid in (issue amount) of
public offering.
(3) Total amount to be paid in:
TBD(issue amount)(4) Allottee and number of
SMBC Nikko Securities Inc. 10,400 units
investment units to be
allotted:(5) Subscription units:
One unit or more in multiples of one unit
(6) Subscription period:
October 11, 2016 (Tuesday)(Subscription date)(7) Payment date:
October 12, 2016 (Wednesday)(8) As for investment units not subscribed for by the subscription period (subscription date) set forthin (6) above, issuance of such investment units shall be cancelled.
(9) The amount to be paid in (issue amount), and other matters necessary for this issuance ofinvestment units through third-party allotment will be decided at the Investment Corporation’s
Board of Directors meetings to be held in the future.

Notes： This press release is for public announcement in regards to issuance of new investment units and secondary offering of investment
units of Investment Corporation, and has not been prepared for the purpose of solicitation of investment. Investors shall always
refer to the prospectus for issuance of new investment units and (for notification of) secondary offering of investment units, andamendments thereto, prepared by the Investment Corporation, and undertake any investment in their own decision.
Furthermore, this press release does not constitute an offer of securities in the United States. The investment units have not beenregistered under the United States Securities Act of 1933. The securities may not be offered or sold in the United States absent
registration or an exemption from registration under the United States Securities Act of 1933. In case securities are to be publicly
offered in the United States, prospectus written in English prepared based on the United States Securities Act of 1933 shall be
used. In such a case, {investors} will be able to obtain the English prospectus from the Investment Corporation or the selling
agency, and detailed information on the Investment Corporation and its executive team as well as the financial statements will
be provided {in the English prospectus}. The securities referred to in this press release will not be publicly offered or sold in the
United States.

3

<Reference>
1. The Investment Units are scheduled to be listed on the TSE on September 8, 2016 (Thursday)(“Listing (Opening) Date”).
2. Secondary offering, etc. through over-allotment
In implementing public offering and giving consideration to its demand status, etc. for public offering,
secondary offering (secondary offering through over-allotment) of the Investment Units may be
implemented separately from public offering, in which SMBC Nikko Securities Inc. borrows theInvestment Units with a maximum limit of up to 10,400 units from Designated Parties (provided thatsuch borrowing shall be subject to the condition that the Investment Units subject to public offering
will be sold to Designated Parties). The number of investment units to be offered through overallotment indicates the maximum number of investment units to be offered, and this may be reduced
depending on demand status, etc., or secondary offering through over-allotment itself may not be
implemented at all.
In relation to secondary offering through over-allotment, in order for SMBC Nikko Securities Inc. toacquire the Investment Units required for return of the Investment Units to Be Borrowed, theInvestment Corporation passed a resolution at its Board of Directors meeting held on August 5, 2016
(Friday), indicating that issuance of new investment units through third-party allotment (the “ThirdParty Allotment”) for 10,4000 units of the Investment Units which sets SMBC Nikko Securities, Inc. as
the allottee shall be implemented by setting October 12 (Wednesday) as the payment date.
During the period from the Listing (Opening) Date to October 6, 2016 (Thursday) (“Syndicate CoverTransaction Period”), SMBC Nikko Securities Inc. may purchase, on the TSE, the Investment Units
up to the number of units for secondary offering through over-allotment for the purpose of returning
the Investment Units to Be Borrowed (“Syndicate Cover Transaction”). Any and all of the Investment
Units purchased by SMBC Nikko Securities Inc. through Syndicate Cover Transaction will be used forthe return of the Investment Units to Be Borrowed. During the Syndicate Cover Transaction Period,
SMBC Nikko Securities Inc., at its discretion, may not conduct the Syndicate Cover Transaction under
any circumstances, or may risk ending the Syndicate Cover Transaction with a number of units thatis less than the number of units for secondary offering through over-allotment.
Regarding the number of units arrived at by subtracting the number of units purchased through theSyndicate Cover Transaction from the number of units concerning the secondary offering throughover-allotment, SMBC Nikko Securities Inc. intends to acquire such number of Investment Units inagreeing to underwrite the allotment for Third-Party Allotment. Accordingly, all or some of the numberof investment units to be issued through Third-Party Allotment may not be subscribed for, and as aresult, the final number of investment units to be issued through Third-Party Allotment may be reduced
to that extent due to forfeiture, or issuance itself may not be implemented at all.
3. Change in the total number of investment units issued and outstanding after this issuance of new
investment units
Current total number of investment units issued and outstanding
1,001 units
Number of investment units to be added through issuance of 332,000 units
new investment units through public offering
Total number of issued investment units after issuance of new 333,001 units
investment units through public offering
Number of investment units to be added through issuance of
10,400 units (note)
new investment units through Third-Party Allotment
Total number of investment units issued and outstanding after 343,401 units (note)
Notes： This press release is for public announcement in regards to issuance of new investment units and secondary offering of investment
units of Investment Corporation, and has not been prepared for the purpose of solicitation of investment. Investors shall always
refer to the prospectus for issuance of new investment units and (for notification of) secondary offering of investment units, andamendments thereto, prepared by the Investment Corporation, and undertake any investment in their own decision.
Furthermore, this press release does not constitute an offer of securities in the United States. The investment units have not beenregistered under the United States Securities Act of 1933. The securities may not be offered or sold in the United States absent
registration or an exemption from registration under the United States Securities Act of 1933. In case securities are to be publicly
offered in the United States, prospectus written in English prepared based on the United States Securities Act of 1933 shall be
used. In such a case, {investors} will be able to obtain the English prospectus from the Investment Corporation or the selling
agency, and detailed information on the Investment Corporation and its executive team as well as the financial statements will
be provided {in the English prospectus}. The securities referred to in this press release will not be publicly offered or sold in the
United States.

4issuance of new investment units through Third-Party Allotment(Note) The number of investment units indicated is for cases where the entire number of investment units to beoffered through Third-Party Allotment are subscribed for by SMBC Nikko Securities, Inc. and issued.

4. Amount, use, and scheduled expenditure timing of funds to be procured(1) Amount of funds to be procured (estimated net proceeds)
34,240,000,000 yen (maximum)(Note) This indicates the amount arrived at by totaling 33,200,000,000 yen, which is the proceeds from public
offering, and 1,040,000,000 yen, which is the maximum proceeds from issuance of new investment
units though Third-Party Allotment. The amount mentioned above is the estimated amount as of today.

(2) Specific use and scheduled expenditure of funds to be procured
The proceeds from public offering will be applied to part of the funds for acquiring the new specified
assets (the meaning for which is set forth in the Act on Investment Trusts and Investment
Corporations, Article 2, Paragraph 1; hereinafter the same; the specified assets shall collectively
be called “Assets to Be Acquired”) to be acquired by the Investment Corporation. Furthermore, themaximum proceeds from issuance of new investment units through Third-Party Allotment decided
on the same day as the public offering will be used for repayment of borrowings which theInvestment Corporation borrowed as funds for acquisition of the Assets to Be Acquired, or applied
to part of acquisition funds for new specified assets in the future after depositing the proceeds intobanks as cash on hand until expenditure.
5. Designation of party to receive allocated investment units
The Underwriter intends to sell, to each of Galaxy JREIT Pty Limited and Nippon Kanzai, Co., Ltd.,as parties to purchase designated by the Investment Corporation, the maximum number of
Investment Units not exceeding 0.75 billion yen, of the Investment Units subject to public offering.
6. Future outlook
See “Notice concerning operating forecasts for fiscal periods ending February 2017 and August
2017” announced today.
7. Status of Past Equity FinanceTotal unitholders’ capital (1,000 yen)
Date
Added amount
April 1, 2016

Balance

100,100

100,100

Total number of investment units issued
and outstanding (units)
Number of added
Balance
units
1,001

1,001

8. Restriction on sale, additional issuance, etc.
(1) Regarding public offering, requests will be made to the Designated Parties that they shall commit
SMBC Nikko Securities Inc. not to sell the Investment Units without prior written approval of SMBC
Nikko Securities Inc. during the period from the Decision Date of Issue Price, etc. to a day that has
elapsed 180 days from the delivery date of public offering.
In the case of above, SMBC Nikko Securities Inc. will be authorized to, at its discretion, lift the
restriction partly or in whole, or shorten the restriction term.

Notes： This press release is for public announcement in regards to issuance of new investment units and secondary offering of investment
units of Investment Corporation, and has not been prepared for the purpose of solicitation of investment. Investors shall always
refer to the prospectus for issuance of new investment units and (for notification of) secondary offering of investment units, andamendments thereto, prepared by the Investment Corporation, and undertake any investment in their own decision.
Furthermore, this press release does not constitute an offer of securities in the United States. The investment units have not beenregistered under the United States Securities Act of 1933. The securities may not be offered or sold in the United States absent
registration or an exemption from registration under the United States Securities Act of 1933. In case securities are to be publicly
offered in the United States, prospectus written in English prepared based on the United States Securities Act of 1933 shall be
used. In such a case, {investors} will be able to obtain the English prospectus from the Investment Corporation or the selling
agency, and detailed information on the Investment Corporation and its executive team as well as the financial statements will
be provided {in the English prospectus}. The securities referred to in this press release will not be publicly offered or sold in the
United States.

5(2) Sakura Real Estate Investment Advisory Company (“Asset Management Company”) makes
agreement with SMBC Nikko Securities Inc. regarding public offering that the Asset Management
Company will not sell the Investment Units without prior written approval of SMBC Nikko Securities
Inc. during the period from the Decision Date of Issue Price, etc. to a day that has elapsed 180 days
from the delivery date of public offering.
In the case of above, SMBC Nikko Securities Inc. will be authorized to, at its discretion, lift the
restriction partly or in whole, or shorten the restriction term.
(3) The Investment Corporation makes agreement with SMBC Nikko Securities Inc. regarding the
public offering that Investment Corporation will not issue the Investment Units without prior written
approval of SMBC Nikko Securities Inc. during the period from the Decision Date of Issue Price, etc.
to a day that has elapsed 90 days from the delivery date of public offering (except for issuance of
the Investment Units through Third-Party Allotment or split of investment units, or issuance of theInvestment Units in conjunction with merger).
In the case of the above, SMBC Nikko Securities Inc. will be authorized to, at its discretion, lift the
restriction partly or in whole, or shorten the restriction term.
(4) Furthermore, separately from the restrictions set forth in (1) and (2) above, at time of listing theInvestment Units on the TSE, the Designated Parties and Asset Management Company promised
the Investment Corporation regarding continued ownership, pursuant to the regulations of TSE, and
it is set forth that the investment units owned as of today shall be owned until a day on which one
year has elapsed from April 1, 2016.
END
This material is to be distributed to the Kabuto Club, the Ministry of Land, Infrastructure, Transport
and Tourism Press Club, and the Ministry of Land, Infrastructure, Transport and Tourism Press Clubfor Construction Purposes.

Notes： This press release is for public announcement in regards to issuance of new investment units and secondary offering of investment
units of Investment Corporation, and has not been prepared for the purpose of solicitation of investment. Investors shall always
refer to the prospectus for issuance of new investment units and (for notification of) secondary offering of investment units, andamendments thereto, prepared by the Investment Corporation, and undertake any investment in their own decision.
Furthermore, this press release does not constitute an offer of securities in the United States. The investment units have not beenregistered under the United States Securities Act of 1933. The securities may not be offered or sold in the United States absent
registration or an exemption from registration under the United States Securities Act of 1933. In case securities are to be publicly
offered in the United States, prospectus written in English prepared based on the United States Securities Act of 1933 shall be
used. In such a case, {investors} will be able to obtain the English prospectus from the Investment Corporation or the selling
agency, and detailed information on the Investment Corporation and its executive team as well as the financial statements will
be provided {in the English prospectus}. The securities referred to in this press release will not be publicly offered or sold in the
United States.

6