November 30, 2020
For Immediate Release
Real Estate Investment Trust Securities Issuer
Star Asia Investment Corporation
Representative:
Atsushi Kato, Executive Director(Code:3468)
Asset Management Company
Star Asia Investment Management Co., Ltd.
Representative:
Atsushi Kato
President and CEO
Contact:
Akiko Kanno
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning the Acquisition and Transfer ofTrust Beneficiary Interests to Consummate the Seventh Asset Replacement
Star Asia Investment Management Co., Ltd. (the “Asset Manager”), to which Star Asia Investment Corporation(“SAR”) entrusts the management of its assets, announces today its decision to acquire domestic real estate
beneficiary interests in trust of “Urban Park Mitsuike Koen” (hereinafter referred to as the "Asset to be Acquired",and the acquisition of the Asset to be Acquired is referred to as the “Acquisition”), and transfer the domestic realestate beneficiary interest in trust of “Funabashi Nishiura Logistics 1” (hereinafter referred to as the "Asset to beTransferred", and the transfer of the Asset to be Transferred is referred to as the “Transfer” and collectively with
the Acquisition, the “Asset Replacement”).
The Asset Replacement was designed by the Asset Manager together with the 6th asset replacement announced
on October 5, 2020, and SAR believes that the consecutive 6 th and 7th asset replacements will contribute toenhancement of the portfolio. Disposition of suburban type commercial retail facilities which will continue to bea post-merger strategy for SAR, along with the continued acquisition of defensive assets like family type residencesin the Tokyo area, will improve the stability and quality of the portfolio
As always, SAR will continue to actively manage its assets to maximize the value of unitholders’ interests, byenhancing the portfolio through the execution of deliberate and effective asset replacements.
1.

Reason for the Asset Replacement
It has been expected that the tenant of the Asset to be transferred was planning to vacate the property atthe end of January 2021. While the Asset Manager was able to find a replacement tenant, we believe that
income could be reduced due to lower rental income during the year ending July 2021. Furthermore, cost
increases for the renovation of this older asset (increase of life cycle costs) are also expected going forward,
and so there is the possibility that profitability would also decrease in the mid- to long-term. Taking thesecircumstances into consideration, the Asset Manager continued to actively find a new tenant for the asset,
while at the same time initiated tactical disposition activities. After finding a reputable counterparty to buy theproperty at an attractive price, the decision was made to sell the property.
Concurrently, the Asset Manager decided to Acquisition of the Asset to be acquired an asset that is a family
type residence located in the Tokyo area (see Note). Recent occupancy rates have been maintained at a highlevel of 98% or more, and the appraised NOI yield of 5.5% exceeds that of the Asset to be Transferred. Therefore,
it is believed that the property will create further stability of the portfolio while reducing risk and improving thequality of the portfolio income. The Acquisition is to be made by utilizing preferential negotiation rights held bySAR.
SAR is of the view that the Asset Replacement will strengthen the portfolio and contribute to the1maximization of unitholders’ interests.
The following points were positively assessed with respect to the Asset to be Acquired, “Urban Park Mitsuike
Koen”.
<Urban Park Mitsuike Koen>
1. Urban Park Mitsuike Koen is nearest to “Tsurumi” station which is located in a popular areawith good access to major business districts for commuting to work and school. The building
sits on an elevated space with an excellent view and is near the well-known “Mitsuike Koen”
park providing for a desirable environment with rich greenery.
2. All housing units have layouts of either 2LDK or 3LDK (66.00 ㎡). In 2016, a full renovation wascompleted which replaced all housing equipment in the common areas as well as inside theunits The renovated property appeals well to families.
3. The property has maintained high occupancy even during COVID-19, and it has been confirmedthat it is a defensive asset with stable income and is well positioned in the market.
2. Summary of Asset to be Acquired and Asset to be Transferred(1) Overview of Asset to be Acquired
RSC-17 Urban Park Mitsuike Koen
Asset to be acquired

Beneficiary interest in trust whose main asset is domestic real estate

Property nameUrban Park Mitsuike Koen

Location

6-10-5 Shimosueyoshi, Tsurumi-ku, Yokohama-shi, Kanagawa

Asset type

Residence

Date of execution of purchase

November 30, 2020

agreement
Planned acquisition date

January 8, 2021

SellerGodo Kaisya SAPR8

Planned acquisition price

3,160 million yen(Note)
Acquisition financing

Proceeds from sale of Asset to be Transferred and cash on hand

(Note) With respect to the “Planned acquisition price”, the planned sale and purchase proceeds stated in theagreement with the seller with respect to the Asset to be Acquired is stated, with the amount under one million
yen rounded to the nearest million yen. The planned sale and purchase proceeds do not include consumption tax
or local consumption tax or expenses required for the acquisition. The same applies below.

(2) Overview of Asset to be Transferred
LGC-06 Funabashi Nishiura Logistics 1
Asset to be Transferred

Beneficiary interest in trust whose main asset is domestic real estate

Property name

Funabashi Nishiura Logistics 1

Location (Indication of

2-15-11 Nishiura, Funabashi-shi, Chiba

residential address)
Asset type

Logistics

Date of execution of sales

November 30, 2020

agreement
Planned transfer date

December 23, 2020

Planned transferee

Not disclosed (Note 1)

Planned sales price (Note 2)

3,030 million yen

Book value (Note 3)

2,967 million yen

Difference between the

63 million yen

2expected sales price and bookvalue (Note 4)
Use of gain on transfer

To be appropriated to purchase proceeds for the Asset to be Acquired(Note 1) The planned buyer is a domestic operating company; however, the company is not disclosed sinceconsent for disclosure has not been obtained from the said company.
(Note 2) The expected sales price of the Asset to be Transferred (excluding assignment related expenses,
consumption tax and local consumption tax) as described in the sale and purchase agreement related to
the Asset to be transferred is stated.
(Note 3) The book value (the acceptance price upon the merger on August 1, 2020) is stated.
(Note 4) This is a reference figure calculated as the difference between the expected sales price and book value,
which is different from the gain or loss on sale.

3. Details of Asset to be Acquired
RSC-17 Urban Park Mitsuike Koen
PropertyNo.

RSC-17

Property
name

Urban Park Mitsuike Koen

Type

Residence

Overview of specified asset
Type of specified asset

Beneficiary interest in
trust

Mizuho Trust & Banking Co., Ltd.

TrusteePlanned acquisition price

3,160 million yen

Planned acquisition date January 8, 2021

Appraised value

3,330 million yen

SellerLocation

6-388 Shimosueyoshi, Tsurumi-ku, Yokohama-shi, Kanagawa other

Indication of residential

6-10-5 Shimosueyoshi, Tsurumi-ku, Yokohama-shi, Kanagawa

Godo Kaisya SAPR8

address
Nearest station
Land

Type ofownership

Approx. 11-minute walk from “Tsurumi” Station on JR Keihin - Tohoku Line and JR Negishi Line
Proprietary ownership
Category 2 medium-to-high-rise exclusive

10,216.95 ㎡

Use district

60%

Floor area ratio

150%

10,918.37 ㎡

Use

Residence

March 24, 1992

Structure and floors

Haseko Livenet, Inc.

Master lease company

Haseko Livenet, Inc.

Type of master lease

Pass-throughSecurity

Unsecured

Trust expiration date

January 31, 2031

Site area
Building
coverage ratio
Building

Type ofownership
Total floor
area
Construction
completion

Property managementcompany

residential district

Proprietary ownership

Reinforced concrete (RC) structure, 6 floors above
ground.

Status of leasing (as of end of October 2020)
Monthly rent (including
Total leasable are

10,362.00 ㎡

common area

Total leased area

10,164.00 ㎡

Security and guarantee

18,730,000 yen

maintenance fee)

3

24,912,000 yendeposits
Total number of tenants

138

Occupancy rate
June

July

AugustSeptember

October

2020

2020

2020

2020

2020

98.7%

99.4%

99.4%

99.4%

98.1%

Special notation
Not applicable.
(Note) According to the register, there are 5 existing buildings (including the attached building), and “total floor area” states
the total floor area of the 4 buildings, and the “structure/ floors” states details of the main building.

Property description and acquisition highlight based on the Survey by the Asset Manager(1)

Property description
Urban Park Mitsuike Koen is a family-type residence located at an approximate 11-minute walk after getting off at“Mitsuike-michi” bus station which is an approximate 7-minute bus ride from “Tsurumi” station on the JR Keihin Tohoku
Line and Negishi Line. The Tsurumi area where the property is located is popular because Tsurumi station is directly
accessible by train to major business areas such as Kawasaki, Yokohama, and Shinagawa, and is within school and workcommuting distance from the central Tokyo metropolitan area. The property has good views as it is situated on top of ahill, and nearby there is the “Mitsuike Koen” park which has been chosen as one of “Japan’s Top 100 Cherry Blossom
Spots” and provides a livable environment with rich greenery. From a specification perspective, the floorplans of all
housing units are either 2LDK or 3LDK, and the property is equipped with an indoor kids’ room, and SAR believes thatthe it is a residence particularly appealing to families with small children. The property was fully renovated in 2016, andhousing equipment in both the common-use areas and exclusive areas have been fully replaced. and SAR has
determined that the property will be competitive in the market.

(2)

Acquisition highlight
The property is expected to be acquired by utilizing the preferential negotiation rights held by SAR.

4

Demographic analysis etc., market analysis and independent analysis by the Asset Manager(1) Demographic analysis etc.
The population and the number of households in Tsurumi-ku, Yokohama-shi is increasing, and the Asset Manager believes
that it is an area where the population and the number of households will continue to grow stably going forward.
<Population and number of households at Tsurumi-ku, Yokohama-shi>
300,000
140,000

290,000
280,000

120,000

270,000
260,000

100,000

250,000
240,000

80,000230,000
220,000

60,000210,000
200,000

40,0002012年 2013年 2014年 2015年 2016年 2017年 2018年 2019年 2020年

Population(left axis)
人口（左軸）

No. of households (right axis)
世帯数（右軸）(Note) For the years 2012 and 2013, the figures stated are as of the end of each fiscal year (March 31), and for the years from2014 to 2020, the figures stated are as of January 1 of each year.
Source: Prepared by the Asset Manager based on the “Survey on Population, Demography and Number of Households basedon the Basic Resident Registration Cards” published by the Ministry of Internal Affairs and Communications Statistics
Bureau.
(2) Market analysis
As shown in the transition of the rent index shown in the graph below, rent levels in Yokohama-shi of Kanagawa Prefecture
have been more or less flat from the latter half of 2015 and has remained stable.
Regarding vacancy rates, as shown in the transition of vacancy rates in the graph below, it increased towards the first half of2016; however, since then beginning from the first half of 2017, rent levels have stabilized at low levels of around 3.0%. Given
the historical trend in the surrounding area, the Asset Manager believes that vacancy rates will continue to be flat going
forward.

5

< Yokohama-shi, Kanagawa Prefecture –Rent Index & Vacancy Rates >
110.0

14.0%

100.0

12.0%

90.0

10.0%

80.0

8.0%
6.0%

70.0

4.0%

60.0

2.0%

50.0

0.0%
2015年 2016年 2016年 2017年 2017年 2018年 2018年 2019年 2019年 2020年
2H

1H

2H

1H

2H

1H

Rent
Index (left axis)
賃料インデックス（左軸）

2H

1H

2H

1H

空室率（右軸）Vacancy
Rates (right axis)(Note) 1H means 1st half of the year (January to June), and 2H means latter half of the year (July to December)
Source: Prepared by Japan Real Estate Institute (“JREI”) based on data disclosed by listed REITs (for residences in Yokohama-shi
of Kanagawa Prefecture (however, excluding any properties which were sold or purchased during the above periods)).
(3) Independent analysis by the Asset Manager
The number of passengers using JR "Tsurumi" station has remained flat since fiscal year 2015, and the Asset Manager
believes that this trend will continue going forward.
<Daily Average of Number of Passengers using Tsurumi Station>

100,000

81,05680,7942015年度
2016年度
2017年度
2018年度
1日平均乗車人員数
Daily
Average Number of Passengers

2019年度

79,67280,90480,18250,000Source: Prepared by the Asset Manager based on “Yokohama-shi Statistics”.

6Comprehensive evaluation by SAR: Evaluation on income stability
Due to the reasons stated below, SAR believes that the property will be able to obtain stable income in the mid- to long-term, andgrowth in income can be anticipated in the future through increase in rents etc.
(1)

The Tsurumi area where the property is located is popular because Tsurumi station is directly accessible by train to
major business areas such as Kawasaki, Yokohama, and Shinagawa, and is within school and work commuting distancefrom the central Tokyo metropolitan area. Also, the floorplans of all housing units are either 2LDK or 3LDK, and theproperty is equipped with an indoor kids’ room, and SAR believes that it is a residence particularly appealing to families
with small children. Furthermore, the property was fully renovated in 2016, and housing equipment in both thecommon-use areas and exclusive areas have been fully replaced, and SAR has determined that the property will becompetitive in the market.

(2)

The rental housing market in Yokohama city has been stable, and vacancy rates are transitioning at low levels. Also, thepopulation and the number of households in Tsurumi-ku, Yokohama-shi is increasing, and the Asset Manager believes
that it is an area where the population and the number of households will continue to grow stably going forward.

4.

Details of Asset to be Transferred
LGC-06 Funabashi Nishiura Logistics 1

Property
No.

LGC-06

Property
nameFunabashi Nishiura Logistics 1

Type

Logistics

Overview of specified asset
Type of specified asset

Beneficiary interest in trust

TrusteePlannedPlanned sales price

3,030 million yen

Location

2-6-4 Nishiura, Funabashi-shi, Chiba

Indication of residential

2-15-11 Nishiura, Funabashi-shi, Chibatransfer date

Sumitomo Mitsui Trust Bank, Limited
December 23, 2020

address
Nearest station
Land

Type ofownership
Site area

Approx. 4.8 km from “Chidori-cho” IC on Metropolitan Expressway Bay Shore Route
Proprietary ownership
7,142.00 ㎡

Use district

Building
coverage

Floor area

60%

ratio

ratio
Building

Type ofownership
Total floor
area(note 1)

Exclusive industrial zone
200%

Proprietary ownership
14,018.82㎡ (Total)
Office: 188.22㎡
Warehouse: 13,830.60㎡ (includes the

Use

Office / Logistics

pump room)
Office: light weight steel structure with

Construction
completion

October 11, 1985

Structuregalvanized steel sheet roof, 2 stories.

and floors

Warehouse: Steel structure with galvanizedsteel sheet roof, 4 stories.

Property managementcompany

Master lease

CBRE K.K.

company

7

SAR

Type of master lease

Pass-throughTrust expiration date

January 31, 2026

Security

Unsecured

Status of leasing (as of end of October 2020)
Total
Total leasable area

14,018.82 ㎡

number of1

tenants
Monthlyrent(including
Total leased area

non – disclosure (note 2)commonnon - disclosure (note 2)

area
maintenance fee)
Security and guarantee
deposits

non - disclosure (note 2)

CBRE K.K.

Occupancy rate
June

July

AugustSeptember

October

2020

2020

2020

2020

2020

100.0%

100.0%

100.0%

100.0%

Special notation(Note 1)
(Note 2)

Under the register, the warehouse and pump room is registered as an annexed building of the office.
Not disclosed, as consent has not been obtained from the end tenant.

8

100.0%

5. Summary of Appraisal Report
Urban Park Mitsuike Koen
(Unit：Yen)
Summary of Real Estate Appraisal Report
Property nameUrban Park Mitsuike Koen

Appraisal value

3,330,000,000

Appraisal firm

The Tanizawa Sogo Appraisal Co., Ltd.

Date of value

October 31, 2020
Item

Indicated value by income approach

Indicated value of direct
capitalization approach

Details
3,330,000,000

3,360,000,000(a)Gross potential income

266,530,112(b) Vacancy loss, etc.

23,807,468(2) Operating expenses

68,448,432

Utilities expenses
Repair expenses

Property management fee
Tenant leasing cost, etc.

Property taxes
Insurance premium
Other expenses(3) Net operating income(NOI=(1)−(2))(4) Financial interests on deposits(5) Capital expenditures(6) Net cash flow
(NCF=(3)+(4)−(5))(7) Capitalization rate

Indicated value of DCF method

15,543,000
2,486,880
12,089,010
4,675.398
10,743,321

capitalization rate. The mid- to long-term stable net income was assessed by

Appraised based on fair rent levels recognized as being stable in the mid- to longterm.
Appraised based on the occupancy status and trends in the demand of similar realestate properties, and the status of occupancy of the subject real estate property etc.

Booked based on the MLPM agreement and actual results of income andexpenditures.
Appraised based on actual results of income and expenditures.
In addition to costs for restoration to the original state, booked taking into accountthe ER and levels of similar real estate properties.
Booked based on MLPM agreements.
Booked based on administration fees etc. for the finding new tenants and leaserenewal of tenants.

17,535,400

Booked based on taxes and public dues related materials.

520,970

Booked insurance premiums based on insurance contracts.

4,854,453

Booked based on actual results of income and expenditures.

174,274,212
170,103
13,095,000

Investment yield appraised at 1.0%.
Appraised taking into consideration the ER and the levels at similar real estate
properties.

161,349,315

4.8%

Appraised by comparing and considering the transaction yield of similar real estate
properties.

3,310,000,000

Discount Rate

4.9 %Terminal capitalization rate

5.0 %Indicated value by cost approach

method, and verified using the direct capitalization method.

reduction using
242,722,644

Fee

The preliminary calculation has been made based on the income price using the DCF

Appraised by reduction of mid- to long-term stable net income using the(1)Operating revenue ((a)−(b))

Maintenance and management

Description, etc.

2,930,000,000

Appraised by calculating the base yield of apartment housing based on the yield offinancial products, and taking into account individual risks.
Appraised based on the capitalization rate and by making adjustments for future
unforeseeable uncertainties.
Preliminary calculation conducted by adjusting the replacement cost for value

9reduction aspects.
Ratio of land

72.7 %

Ratio of building

27.3%

Matters considered in reconciliation of indicated values andDetermined based on the income approach value, and verified using the integrated

determination of appraisal values

price.

10

Funabashi Nishiura Logistics 1(Unit：Yen)
Summary of Real Estate Appraisal Report
Property name

Funabashi Nishiura Logistics 1

Appraisal value

3,020,000,000

Appraisal firm

DAIWA REAL ESTATE APPRAISAL CO.,LTD.

Date of value

July 31, 2020
Item

Indicated value by income approach
Indicated value of direct
capitalization approach

Details

Description, etc.

3,020,000,000

167,931,324(a)Gross potential income

167,931,324(b) Vacancy loss, etc.

0(2) Operating expenses

14,538,877

Fee
Utilities expenses
Repair expenses

Property management fee

Tenant leasing cost, etc.
Property taxes

0

Not booked, as cost is borne by tenant.

0

Not booked, as cost is borne by tenant.

2,065,000

2,400,000
09,608,200

Insurance premium

265,677

Other expenses

200,000(3) Net operating income(NOI=(1)−(2))(4) Financial interests on deposits(5) Capital expenditures(6) Net cash flow
(NCF=(3)+(4)−(5))(7) Capitalization rate

Indicated value of DCF method

verified using price under the direct capitalization method.

3,040,0000(1)Operating revenue ((a)−(b))

Maintenance and management

Preliminary calculation made mainly based on price under the DCF method, andThe repair expense stated in the ER has been booked as it has been determined to beadequate.
Booked based on the determination that the current contract amount is adequate, byreferring to the PM fee levels of similar real estate properties,
Not booked, as it is assumed that tenant will stay for a long period.
Evaluated taking into reference actual past amounts.
Actual past amount paid has been booked, as it has been determined to be adequate.

153,392,447
0
13,510,967

No guarantee money deposited.
The renewal expense stated in the ER has been booked as it has been determined tobe adequate.

139,881,480

4.6％

Appraised based on the method of deriving the rate using the comparison approachfor transactions of similar real estate properties.

3,010,000,000
Appraised by combining the method of deriving the rate using the comparison

Discount Rate

4.3％

approach for transactions of similar real estate properties, and the method of deriving
the rate by taking the yields of financial assets and adjusting them taking into accountthe individual characteristics of real estate properties.

Terminal capitalization rate

Indicated value by cost approach

4.7％

1,670,000,000

Appraised based on the capitalization rate, and comprehensively taking into accountmarket uncertainties etc.
Preliminary calculation made by adjusting the replacement cost for value reduction
items.

11

Ratio of land

82.4％

Ratio of building

17.6％

Matters considered in reconciliation of indicated values andDetermined based on the income approach value, while also referring to thedetermination of appraisal values

integrated price.

12

6.

Profile of the seller and planned buyer(1) Seller Profile (Urban Park Mitsuike Koen)
Name

Godo Kaisya SAPR8

Location

Capital5-1-4 Toranomon, Minato-ku, Tokyo
Representative partner: Ippanshadanhoujin SAPR Holding8
Operational executor: Takaaki Fukunaga
1. Acquisition, ownership, and disposition of beneficiary interest in trust of real estate
2. Acquisition, ownership and disposition of loan claims
3. Acquisition, ownership and disposition of corporate bonds, silent partnership interest
and other securities
4. Sales, leasing, management, acquisition, ownership, disposition and use of real estate
5. All business incidental to the above
300,000 yen

Established

October 17, 2018

Representative
Main Business Description

Net Asset
Total Asset

The information is undisclosed as consent to disclosure has not been obtained from the

Major shareholder andseller.

ratio of shareholding
Relationship with SAR or the Asset Manager
Capital Relationship

There is no capital relationship to report.

Personnel

There is no personnel relationship to report.

Relationship
Business Relation

There is no business relationship to report.

Related party or not

The seller does not fall under the category of interested person, etc. as provided in Act on
Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended,hereinafter referred to as the “Investment Trusts Act”)(2) Planned buyer profile (Funabashi Nishiura Logistics 1)
The planned buyer is a special purpose company established by a foreign company, however, consent todisclose the company has not been obtained, so it is not disclosed. To note, there are no capital, personal, ortrading relationship between the planned buyer and SAR/Asset Manager which needs to be stated. The
planned buyer does not fall under the category of interested person, etc. as provided in Investment Trusts
Act.
7.

8.

Status of Parties Related to the Acquisition of the Property
The buyer of the property is not classified as a special related party of SAR and of the Asset Manager.
Overview of brokers(1) Urban Park Mitsuike Koen
① Broker Profile
Name

Star Asia Asset Advisors Co., Ltd.

Location

Atago Green Hills MORI Tower, 18th Floor, 2-5-1 Atago, Minato-ku, Tokyo

Representative

CEO Keiji Watanabe

Main business description

1. Consulting
2. Planning, design, development, structuring, sale and management of computer software,
hardware, and network
3. Internet-related services13

4. Buy/Sell, holding, and management of securities, real estate, and monetary claim
5. Information processing related services
6. Telecommunication business
7. Real estate brokerage
8. Type Ⅱ financial instruments business9. Investment advisory and agency
10. Lease, management and operation of real estate
11. – through 13. (Omitted)
14. All business incidental to the above
Capital50 million yen

EstablishedMay 2, 2008

Relationship with SAR or the Asset Manager
Capital Relationship

There is no capital tie to be noted between SAR / the Asset Manager and theabovementioned company, however the aforementioned company falls under the categoryof interested party prescribed in the “Rules on Transactions with Interested Parties”, whichis the voluntary rules set forth by the Asset Manager for preventing conflict of interests
regarding its management of SAR’s assets. Upon determination of retainance as broker, theAsset Manager has performed deliberation and approval in accordance with the voluntaryrules.

Personnel

There is no personnel relationship to report.

Relationship
Business Relationship

There is no business relationship to report.

Related party or not

The aforementioned company falls under the category of interested person, etc. asprovided in the Investment Trusts Act, and falls under the category of interested party
prescribed in the “Rules on Transactions with Interested Parties”, which is the voluntaryrules set forth by the Asset Manager for preventing conflict of interests regarding its
management of SAR’s assets. Upon determination of the retainance as broker, the AssetManager has performed deliberation and approval in accordance with the voluntary rules.

② Breakdown and value of the brokerage commission
Breakdown of Brokerage Fee

Brokerage fee for transfer of Trust Beneficiary Interest

Amount of Brokerage Fee

3,000,000 million yen (excluding consumption tax and local consumption tax.)(2)

Funabashi Nishiura Logistics 1

Name

Jones Lang LaSalle, Inc.

Location

2-13-10, Nagata-cho, Chiyoda-ku, Tokyo

Representative

Toshinobu Kasai

Main business description

1. Consultant and research of real estate investment
2. Sales, trading, leasing, management of real estate; and agent and brokerage of such
3. Appraisal and consultant of real estate
4. through 24. (Omitted)
25. All business incidental to the above

Capital

195 million yen

Established

April 23, 1985

Relationship with SAR or the Asset Manager
Capital relationship

There is no capital relationship to report14Personnel

There is no personnel relationship to report

Relationship
Business Relation

There is no business relationship to report

Related party or not

The aforementioned company does not fall under the category of related party of SAR/theAsset Manager.

① Breakdown and value of the brokerage commission
Since the consent has not been obtained from the broker, the information is not disclosed as an
undisclosed case due to unavoidable reasons.
9.

Schedule for the Transactions(1)
Acquisition of Urban Park Mitsuike Koen
November 30, 2020
Acquisition decided
Sign the Trust Beneficial Interest Sale and Purchase Agreement
January 8, 2021
Acquisition of beneficiary interest in trust (planned)
Payment of acquisition price (planned)
Conclusion of a property management agreement (planned)(2)

Transfer of Funabashi Nishiura Logistics 1
November 30, 2020
Transfer decided
Sign the Trust Beneficial Interest Sale and Purchase Agreement
December 23, 2020
Transfer of ownership of real estate beneficiary interest in trust (planned)
Receipt of transfer price for ownership of real estate beneficiary interest in
trust (planned)

10. Settlement method
The settlement for the Asset to be Acquired is expected to take place by making lump-sum payment of theacquisition price on the scheduled acquisition date.
11. Impact on SAR’S finance in the case where the forward commitment etc. is not executed
The sale and purchase agreement related to the Asset to be Acquired falls under forward commitments etc.
(see Note) by investment companies set forth in the “Comprehensive Guidelines for Supervision of Financial
Instruments Business Operators, etc.” established by the Financial Services Agency.
Under the sale and purchase agreement, it is stipulated that if the agreement is terminated due to nonperformance by SAR of its obligations set forth in the same agreement, SAR is required to immediately pay
penalty of 10% of the total sales proceeds amount.
However, given that the acquisition of the Asset to be Acquired is expected to be settled using SAR’s own
capital and the sales proceeds from the transfer of the Asset to be Transferred, and also given that it isprovided for in the sales and purchase agreement related to the acquisition of the Asset to be Acquired thatin the case where SAR fails to procure funds for the purchase of the Asset to be Acquired under terms
satisfactory to SAR by the assignment execution date, that SAR may terminate the sale and purchaseagreement without having to bear any compensation for damages or any other obligations, it is believed thatpossibility is low that the sale and purchase agreement related to the Asset to be Acquired will have a material
adverse effect on the finance and distributions etc. of SAR.
(Note) “forward commitment etc.” refers to sales and purchase agreements with a forward date, whereby settlementand delivery of the property is to be made after 1 month or more after the signing date, and other similar agreements.

1512. Future outlook
The impact of the Asset Replacement is insignificant, and the impact on the forecast of operating results forthe fiscal period ending January 31, 2021 (August 1, 2020 to January 31, 2021) and the fiscal period ending
July 31, 2021 (February 1, 2021 to July 31, 2021)which was announced by SAR in the “(REIT) Financial Reportfor Fiscal Period Ended July 31, 2020” dated September 14, 2020 is minimal, and there are no changes to theforecast.

<Appendix>
・Reference Material 1
・Reference Material 2・Reference Material 3
・Reference Material 4・Reference Material 5

Summary of portfolio after the Transaction
Portfolio list after the Transaction
Summary of earthquake risk analysis
Location maps / photos of exterior of Asset to be Acquired
The terms used in the table of Description of Asset to be Acquired andAsset to be Transferred＊ Star Asia Investment Corporation website address:

http://starasia-reit.com/en/

This is an English translation of the announcement in Japanese dated November 30, 2020. However, noassurance or warranties are given for the completeness or accuracy of this English translation.

16

Reference Material 1

Summary of portfolio after the Transaction＜Asset type (use)＞
Asset type (use)Number of Property(Planned) Acquisition

Investment ratio (%)

Price (million yen)

(Note1)

Office18

68,05940.8

Retail3

15,2709.2

Residence

15

32,472

19.5

Logistics

930,365

18.2

Hotel
Total

8

20,544

12.3

53

166,710100.0＜Investment Areas＞
Area(Planned) Acquisition

Investment ratio (%)

Price (million yen)

(Note1)Five central wards
Tokyo Area

56,24833.7

65,42939.2

of Tokyo (Note 2)
Other areas in

73.0

Greater Tokyo
Other
Total

45,03327.0

166,710100.0(Note1) Ratios have been calculated based on the total acquisition price, and stated by rounding to the 2 nd decimal place.
Therefore, ratios may not add up to 100%.
(Note2) The five central wards of Tokyo are Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, and Shibuya-ku.

17

Reference Material 2 Portfolio list after the Transaction(Reflected the Asset Replacement to the existing portfolio of SAR at the date of this document)<Real Estate, etc.>

Property

Property Name

No.

(Planned)

Real estate

Acquisition

appraisal

Investment

Location

Price

value

ratio

(Note 1)(million(million(%)(Note 4)

yen)

yen)

(Note 2)

(Note 3)

OFC-01

Minami-Azabu Shibuya Building

Minato - ku, Tokyo

2,973

3,070

1.8

OFC-03

Honmachibashi Tower

Osaka - Shi, Osaka

6,065

6,960

3.6

OFC-04

Nishi-Shinjuku Matsuya Building

Shibuya - ku, Tokyo

1,763

2,510

1.1

OFC-06

Shibuya MK Building

Shibuya- ku, Tokyo

2,042

3,260

1.2

OFC-08Asahi Building

Yokohama - Shi, Kanagawa

6,320

7,840

3.8

OFC-09Hakata-eki East Place

Yokohama - Shi, Kanagawa

2,286

2,630

1.4

OFC-10Nihonbashi Hamacho Park Building

Chuo - ku, Tokyo

1,450

1,550

0.9

OFC-11

Amusement Media Gakuin Honkan

Shibuya - ku, Tokyo

2,580

2,690

1.5

OFC-12

Higashi Kobe Center Building

7,440

7,530

4.5

OFC-13

Amusement Media Gakuin Shinkan

Shibuya- ku, Tokyo

1,020

1,160

0.6

OFC-14

Seishin BLDG.

Shinjyuku- ku, Tokyo

11,200

11,2006.7

OFC-15NK BLDG.

Chiyoda- ku, Tokyo

5,350

5,350

3.2

OFC-16

Tsukasamachi BLDG.

Chiyoda- ku, Tokyo

4,590

4,590

2.8

OFC-17

Takadanobaba AccessShinjyuku- ku, Tokyo

3,990

3,990

2.4

OFC-18

Azabu Amerex BLDG.

Minato- ku, Tokyo

2,780

2,780

1.7

OFC-19Hiei-Kudan BLDG.

Chiyoda- ku, Tokyo

2,400

2,400

1.4

OFC-20Shin-Yokohama Nara BLDG.

Yokohama - Shi, Kanagawa

2,300

2,300

1.4

OFC-21The Portal Akihabara

Chiyoda- ku, Tokyo

Higashinada- ku,
Kobe - Shi, Hyogo

Office Subtotal

1,510

1,510

0.9

68,05973,32040.8

RTL-01

La Park Kishiwada

Kishiwada - Shi, Osaka

5,400

5,400

3.2

RTL-02

Suroy Mall Chikushino

Chikushino - Shi, Fukuoka

6,550

6,550

3.9

RTL-03

Seiyu Minakuchi

Koka - Shi, Shiga

3,320

3,320

2.0

15,27015,270

9.2

Retail Subtotal
RSC-01

Urban Park Azabujuban

Minato- ku, Tokyo

2,045

2,480

1.2

RSC-02

Urban Park Daikanyama

Shibuya- ku, Tokyo

6,315

8,310

3.8

RSC-05

Urban Park Namba

Osaka - Shi, Osaka

1,490

1,650

0.9

RSC-06

Urban Park Gokokuji

Toshima- ku, Tokyo

1,460

1,510

0.9

RSC-07

Urban Park Kashiwa

Kashiwa - Shi, Chiba

1,186

1,190

0.7

RSC-08

Urban Park Ryokuchi Koen

Suita - Shi, Osaka

1,550

1,620

0.9

RSC-09Urban Park Koenji

Suginami- ku, Tokyo

1,167

1,180

0.7

RSC-10Urban Park Ichigao

Yokohama - Shi, Kanagawa

1,810

1,850

1.1

RSC-11

Urban Park Gyotoku

Ichikawa - Shi, Chiba

1,430

1,500

0.9

RSC-12

Shiroi Logiman

Shiroi - Shi , Chiba

2,470

2,470

1.5

RSC-13

Urban Park Sekime

Osaka - Shi, Osaka

2,150

2,150

1.3

RSC-14

Urban Park Imazato

Osaka - Shi, Osaka

993

993

0.6

RSC-15

Urban Park Yoyogi

Shibuya- ku, Tokyo

1,740

1,740

1.0

18

RSC-16

Urban Park Tokiwadai Koen

Yokohama - Shi, Kanagawa

3,506

3,770

2.1

RSC-17

Urban Park Mitsuike Koen

Yokohama - Shi, Kanagawa

3,160

3,330

2.1

Residence Subtotal

32,47235,74319.5

LGC-01

Iwatsuki Logistics

Saitama - Shi, Saitama

6,942

7,310

4.2

LGC-02

Yokohama Logistics

Yokohama - Shi, Kanagawa

3,560

4,170

2.1

LGC-03

Funabashi Logistics

Funabashi - Shi, Chiba

7,875

8,650

4.7

LGC-04

Baraki Logistics

Ichikawa - Shi, Chiba

4,700

4,870

2.8

LGC-05Tokorozawa Logistics

Tokorozawa - Shi, Saitama

1,300

1,350

0.8

LGC-07

Funabashi Nishiura Logistics Ⅱ

Funabashi - Shi, Chiba

821

850

0.5

LGC-08

Matsubushi Logistics

Kitakatsushika, Saitama

2,755

2,860

1.7

LGC-09Funabashi Hi-Tech Park Factory Ⅰ

Funabashi - Shi, Chiba

1,710

1,710

1.0

LGC-10

Funabashi Hi-Tech Park Factory Ⅱ

Funabashi - Shi, Chiba

702

702

0.4

Logistics facility Subtotal

30,36532,472

18.2

HTL-01R&B Hotel Umeda East

Osaka - Shi, Osaka

2,069

2,270

1.2

HTL-02

Smile Hotel Namba

Osaka - Shi, Osaka

1,750

1,430

1.1

HTL-03

BEST WESTERN Tokyo Nishikasai

Edogawa- ku, Tokyo

3,827

3,660

2.3

HTL-04

BEST WESTERN Yokohama

Yokohama - Shi, Kanagawa

3,248

3,220

1.9

HTL-05

Hotel WBF Fukuoka Tenjin Minami

Fukuoka - Shi , Fukuoka

1,970

1,940

1.2

HTL-06

GLANSIT AKIHABARA

Chiyoda- ku, Tokyo

2,500

2,450

1.5

Edogawa- ku, Tokyo

3,180

3,130

1.9

Osaka - Shi, Osaka

2,000

1,520

1.2

Hotel Subtotal

20,544

19,620

12.3

Total

166,710

176,425

100.0

HTL-07
HTL-08BEST WESTERN Tokyo Nishikasai
GrandeHotel WBF Art Stay Namba(Note1) “Location” states the minimum individual administrative division in the region where the assets held by SAR as of today (hereinafter“Already Acquired Assets (Real Estate Etc.)”) and the Asset to be Acquired are located.
(Note2) ”Acquisition price” means the sale and purchase proceeds described in the sale and purchase agreement related to each acquired asset(real estate properties etc.), and “Planned Acquisition Price” means the planned sale and purchase proceeds as stated in the agreement
signed with the Seller in relation to the Asset to be Acquired, and each price is stated by rounding the amounts of less than 1 million yen
to the nearest 1 million yen. The Acquisition Price and the Planned Acquisition Price do not include consumption tax, local consumption
tax, or expenses required for acquisition. However, with respect to “Minami-Azabu Shibuya Building”, as it is based on a sale and purchaseagreement for multiple properties where no price is established for each individual property, the amount derived by prorating the total
sales price of the multiple properties based on the ratio of the appraisal values of each individual property as of the time of theiracquisition is stated as the “Acquisition Price”.
(Note3) ”Real estate appraisal value” states the appraisal values stated in the real estate appraisal reports based on the price as of July 31, 2020,
for already acquired properties, and the appraisal value stated in the real estate appraisal report based on the price as of October 1,
2020 with respect to the Asset to be Acquired.
(Note4) “Investment ratio” shows the ratio of the (planned) acquisition price of each of acquired assets or Asset to be Acquired against the sumof the (planned) acquisition price for acquired assets and Asset to be Acquired rounded to the first decimal place.

Reference Material 3
Type

OfficePropertyno.

Summary of earthquake risk analysis
PML(%)

Property name

OFC-01

Minami-Azabu Shibuya Building

11.6

OFC-03

Honmachibashi Tower

5.5

OFC-04

Nishi-Shinjuku Matsuya Building

5.5

19

Retail

Residence

Logistics

OFC-06

Shibuya MK Building

7.2

OFC-08Asahi Building

6.2

OFC-09Hakata-eki East Place

4.7

OFC-10Nihonbashi Hamacho Park Building

7.4

OFC-11

Amusement Media Gakuin Honkan

7.6

OFC-12

Higashi Kobe Center Building

8.6

OFC-13

Amusement Media Gakuin Shinkan

9.6

OFC-14

Seishin BLDG.

5.5

OFC-15NK BLDG.

8.4

OFC-16

Tsukasamachi BLDG.

9.4

OFC-17

Takadanobaba Access

3.5

OFC-18

Azabu Amerex BLDG.

10.2

OFC-19Hiei-Kudan BLDG.

3.6

OFC-20Shin-Yokohama Nara BLDG.

4.4

OFC-21The Portal Akihabara

8.2

RTL-01

La Park Kishiwada

14.8

RTL-02

Suroy Mall Chikushino

2.2

RTL-03

Seiyu Minakuchi

4.2

RSC-01

Urban Park Azabujuban

7.5

RSC-02

Urban Park Daikanyama

8.1

RSC-05

Urban Park Namba

8.1

RSC-06

Urban Park Gokokuji

5.1

RSC-07

Urban Park Kashiwa

4.9

RSC-08

Urban Park Ryokuchi Koen

6.4

RSC-09Urban Park Koenji

10.4

RSC-10Urban Park Ichigao

9.8

RSC-11

Urban Park Gyotoku

5.1

RSC-12

Shiroi Logiman

3.5

RSC-13

Urban Park Sekime

11.5

RSC-14

Urban Park Imazato

12.0

RSC-15

Urban Park Yoyogi

7.7

RSC-16

Urban Park Tokiwadai Koen

9.6

RSC-17

Urban Park Mitsuike Koen

9.7

LGC-01

Iwatsuki Logistics

3.9

LGC-02

Yokohama Logistics

13.0

LGC-03

Funabashi Logistics

5.7

LGC-04

Baraki Logistics

3.8

LGC-05Tokorozawa Logistics

9.5

LGC-07

Funabashi Nishiura Logistics Ⅱ

2.9

LGC-08

Matsubushi Logistics

2.2

20

Hotel

LGC-09Funabashi Hi-Tech Park Factory Ⅰ

5.7

LGC-10

Funabashi Hi-Tech Park Factory Ⅱ

5.6

HTL-01R&B Hotel Umeda East

9.0

HTL-02

Smile Hotel Namba

9.2

HTL-03

BEST WESTERN Tokyo Nishikasai

9.0

HTL-04

BEST WESTERN Yokohama

11.1

HTL-05

Hotel WBF Fukuoka Tenjin Minami

5.0

HTL-06

GLANSIT AKIHABARA

3.7

HTL-07

BEST WESTERN Tokyo Nishikasai Grande

6.1

HTL-08

Hotel WBF Art Stay Namba

6.7

Entire portfolio (53 properties) (Note)

2.6(Note) The figure in the entire portfolio column is the PML for the entire portfolio of the Existing Assets and Asset to be
Acquired (except for Asset to be Transferred) based on “portfolio earthquake risk evaluation report” prepared by
TOKIO MARINE & NICHIDO RISK CONSULTING CO., LTD. dated November 2020.

21

Reference Material 4

Location maps /photos of exterior of Asset to be Acquired

Urban Park Mitsuike Koen
<Exterior>

<Map>

22

Reference Material 5

The terms used in the table of Description of Asset to be Acquired and Asset to beTransferreda.

Explanation on “Property no.” and “Type”

Property Number column and Type column: Each of Asset to be Acquired and Asset to be Transferred by SAR iscategorized by use of OFC (office), RTL (commercial / retail), RSC (residence), LGC (logistics), or HTL (hotel). Then,for each category, serial numbers are given to the assets in the category. In case of a property which could
straddle two or more categories, it shall fall under the category from which the property generates the largest
sum of assumed rent income.
b.

Explanation on “Overview of specified asset”(a)“Trust expiration date” column: Herein is shown the planned date of trust expiration as of theplanned acquisition date. As for Asset to be Transferred, the trust expiration date which is stipulated
in the existing contract as of today is shown.

(b)“Planned Acquisition price” column: Herein is shown the planned acquisition price of the Asset to
be Acquired as described in the purchase agreement of the Asset to be Acquired (excluding
consumption taxes, local consumption taxes, and expenses necessary for the acquisition), afterrounded to the nearest million yen.
“Planned Transfer price” column: Here in shown the planned transfer price of Asset to beTransferred as described in the purchase agreement of the Asset to be Transferred (excluding
consumption taxes, local consumption taxes and expenses necessary for the transfer), after rounded
to the nearest million yen.

(c)“Planned Acquisition Date” column: Herein is shown the planned MMDDYY of acquisition by SAR.
“Planned Transfer Date” column: Herein is shown the planned MMDDYY of transfer by SAR.

(d)“Location” column: Herein is shown the certified address in registry. “Indication of residential
address” column: Herein is shown the postal address. If postal address is not available, registeredaddress of the property (if there are two or more of them, one is selected) is shown.

(e)“Land” column:(ⅰ) “Type of ownership” column: Herein is shown the type of right(s) held by respective trusteeof the Asset to be Acquired or of the Asset to be Transferred.
(ⅱ) “Site area” column: Herein is shown the land area as recorded in registry, unless otherwise
noted. For this reason, it possibly might not be equal to the actual.
(ⅲ) “Use district” column: Herein is shown the type of use in accordance with Article 8, Paragraph
1 and Item 1 of the Urban Planning Act (Act No.100 of 1968; including its amendments)(“Urban Planning Act”).
(ⅳ) “Building coverage ratio” column and “Floor area ratio” column: Herein is shown the pertinent
figure in each column in accordance with the relevant laws and regulations (the BuildingStandards Act, the Urban Planning Act, etc.)(f) “Building” column:(ⅰ) “Type of ownership” column. Herein is shown the type of right(s) or the type of planned
right(s) held by respective trustee of the Asset to be Acquired or the Asset to be Transferred(ⅱ) “Total floor area” column: Herein is shown the sum total of floor areas as recorded in registry,
unless otherwise noted. For this reason, it possibly might not be equal to the actual figure.
(ⅲ) “Use” column: Herein is shown the registered use or, if multiple uses are registered the23representative use from what are recorded in registry, it possibly might not be equal to theactual representative use.
(ⅳ) “Construction completion” column: Herein is shown MMDDYY of the representative building
first built as recorded in registry.
(ⅴ) “Structure and floors” column: Herein is shown the structure of the representative building,etc. as recorded in registry. It possibly might not be equal to the actual structure. As for thebuilding with compartmentalized ownership, the structure and the number of floors forthe entire building are shown.
(g)“Property management company” column: Herein is shown the name of property managementcompany (“PM Company”), to which property management operation is (planned to be) entrusted
as of today.

(h)“Master lease company” column: Herein is shown the name of the master lease company, to whichmaster lease operation is (planned to be) entrusted, as of today.

c.

Explanation on “Status of leasing”(a)“Total leasable area” column: Herein is shown the sum total of leasable floor areas of building of
the Asset to be Acquired or of the Asset to be Transferred (in case common space is also leased,
area of that space is included in the total). The figure does not include from area of the land lots
leasable for parking and other purposes. Leasable area is counted not from registry data but
drawings of the buildings, so it possibly might not be equal to the total floor area as recorded inregistry.
Please note that the source data for the column represent what were provided by the current
owner(s) of the Asset to be Acquired as of October 31, 2020.

(b)“Total leased area” column: Herein is shown the sum total of the floor areas to be leased as
described in lease agreement for each of the Asset to be Acquired or Asset to be Transferred as of
October 31, 2020 out of the leasable area. The figure does not include the area of the land lots tobe leased for parking and other purposes. Please note that the source data for the column represent
what were provided by the current owner(s) of the Asset to be Acquired as of October 31,2020.

(c)“Occupancy rate” column: Herein is shown the percentage of total leased floor area over the total
leasable floor area of the Asset to be Acquired or of the Asset to be Transferred, after rounded to
the first decimal place. Please note that the source data for the column represent what were
provided by the current owner(s) of the Asset to be Acquired as of October 31, 2020.

(d)“Total number of tenants” column: Herein is shown the total number of tenants as confirmed withthe lease agreements effective as of October 31, 2020 of the Asset to be Acquired or the Asset tobe Transferred. In case a specific tenant uses two or more rooms in one of the Asset to be Acquiredor the Asset to be Transferred, such tenant is counted only once for the asset. Also, in case a specifictenant signs lease agreements for rooms in two or more assets, the tenant shall be counted for eachof the assets separately. In case a pass-through type of master lease agreement (a lease agreementin which the master lessee receives rent from end tenants and pay the same amount to the lessor)
is executed for any of the Asset to be Acquired or the Asset to be Transferred, total number of theactual (end) tenants under the master lease agreement for the asset is shown herein.

(e)“Monthly rent (including common area maintenance fee)” column: Herein is shown the total ofrent amounts as described in lease agreements with respective tenants as of October 31, 202024

(confined to room rents; excluding the charges for warehouses, sign boards and parking lots; but
including the common service expenses; and free rent cases as of the same date are not considered),
after rounded to the nearest thousand yen.
(f)“Security and guarantee deposits” column: Herein is shown the sum total of refundable deposits as
required in lease agreements effective as of October 31, 2020 (only for the tenants who actually
were in respective rooms at the time) of the Asset to be Acquired or of the Asset to be Transferred.
In case master lease agreement is executed for any of the Asset to be Acquired or Asset to beTransferred, sum total of refundable deposits as described in the individual lease agreements withrespective (end) tenants is calculated to be shown in the column.

d.

Explanation on “Special notations”
Special notation column: Herein is shown a description not only on the items considered material in
relation to the involved rights and assumed uses but also on the appraisal value of, profitability of, andthe other items considered material in relation to the disposability of the Asset to be Acquired or of theAsset to be Transferred.

e.

Explanation on “Summary of real estate appraisal report”(a)“Summary of real estate appraisal report” column: Herein is shown a summary of respective
appraisal report, which was prepared either by Japan Real Estate Institute and The Tanizawa Sogo
Appraisal Co., Ltd. for the Asset to be Acquired or the Asset to be Transferred.

(b)“Appraisal value” column: Herein is shown only the opinions on the value of respective property asof the date of appraisal, expressed by the appraiser who did the appraisal of the property, in
accordance with the Act on Real Estate Appraisal (Act No.152 of 1963; including its amendments)
and commonly accepted appraisal standards for real estate properties, etc.

(c)

In case appraisal is once again undertaken for the same property, its result could be different fromthe previous result because appraiser and/ or appraisal method and/ or appraisal timing is different.
Also, it is requested to note that any appraisal result for any property is not what guarantees orpromises the actual tradability of the property at the appraised value whether for right now or forany moment in the future.

(d)None of DAIWA REAL ESTATE APPRAISAL CO.,LTD.and The Tanizawa Sogo Appraisal Co., Ltd. who
conducted appraisal is an interested party of neither SAR nor the Asset Manager.

f.

Explanation of the Section entitled “Property Description and Acquisition Highlight based on theinvestigation by the Asset Manager”
The Asset Manager has described, by making reference to real estate appraisal reports and market
reports etc. and by taking into account the results of individual investigations made on its own, thebasic attributes and characteristics of the relevant properties, and has also described the backgroundleading to acquisition of the relevant properties (i.e. for those properties acquired from sponsor groups,
the name of the sponsor group, and with respect to properties acquired based on sale information
obtained by the Asset Manager individually and on its own, the background to such acquisition). The“<Sponsor Fund>” means it has been acquired from a sponsor group, “<Outside Acquisition>” means
it has been obtained from a third party, “<Bilateral Negotiated Transaction> means it has been acquired
based on bilateral negotiations from a third party, and “<Warehousing>” means that it has beenobtained by using the warehousing function of a sponsor group.
g.

Explanation regarding the Section “Demographic Analysis etc., Market Analysis, and the Asset25

Manager’s Individual Analysis”
The Asset Manager has described its own individual market analysis made based on informationfrom various real estate information specialized firms and disclosed materials.
h.

Explanation regarding the Section “Comprehensive Evaluation by SAR”
SAR’s own individual assessments are stated taking into account paragraphs f. and g. above.

26