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

Notice Concerning Transaction with Related Parties(Change of Master Lease & Property Management Companies)
TGR Investment Inc. (TGR) announces the decision made on May 23, 2008 by thecompany to which TGR entrusts the management of its assets, GrowthREIT Advisors, Ltd.
(hereinafter, the “Asset Management Company”), to change the master lease and property
management company (hereinafter, the “MLPM Company”) as follows.

1.

Details of Transaction with Related Parties

Of TGR’s portfolio assets, the MLPM Company will be changed for the 24 properties listed
in the tables below. Trustee has concluded a master lease contract (bulk lease contract)with the MLPM Company for lease of property combined with entrustment of themanagement of property management services to the MLPM Company.
[6 properties subject to the change that is to take effect on June 1, 2008]
Property
Property Name
Before Change
After Change
NumberBusho Sogo Kanri
A15
Court Core Yurigaoka
Co., Ltd.
Growth Maison
A18
Apamanshop Leasing
Waseda-TsurumakiCo., Ltd.
Apamanshop REIT Park
A19
Growth Maison Ginza
Inc.
A20

Claire Maison

1Property
Number

Property Name

A23

Fine Court Tateishi

A44

Belair Meguro

Before Change

After Change

Apamanshop REIT Park
Inc.
Busho Sogo KanriCo., Ltd.

Apamanshop Leasing
Co., Ltd.

[18 properties subject to the change that is to take effect on September 1, 2008]
Property
Property Name
Before Change
After Change
Number
A04

Park Villa Yakumo

A06

J-stage Wakabayashi

A14

Habitation Claire

A17

Comfort Naka-Meguro

A21

Inage Daiei Mansion

A26
A27

Apamanshop Leasing
Co., Ltd.

Best Property Co., Ltd.

Nisshin Palacestage
Daitabashi
Nisshin Palaistage
Higashi-Nagasaki

A31

Harmonie Ochanomizu

A32

Suncrest Shakujii-Koen

A38

Route Tachikawa

A39

Shibuya-Honmachi
Mansion

A40

City Heights Kinuta

A42

Capital Heights
Kagurazaka

A45

Wacore Tsunashima Ⅰ

A46

Foros Nakamura-bashi

B01

Asahi Building

B04

Nakano NK Building

B08

Kindai Kagaku Sha Building

Josai Co., Ltd.

Apamanshop LeasingCo., Ltd.

2

(1) Reason for Change
Apamanshop REIT Park Inc. is scheduled to hand over its parking business and property
management business to Apamanshop Leasing Co., Ltd., effective June 1, 2008. In
correlation, the MLPM Company for properties in the portfolio was reviewed. Both
Apamanshop REIT Park Inc. and Apamanshop Leasing Co., Ltd. are subsidiaries ofApamanshop Holdings Co., Ltd., which is the parent company of the Asset Management
Company. Please refer to the “Notice Concerning Transfer of Businesses between
Subsidiaries,” dated April 21, 2008, announced by Apamanshop Holdings Co., Ltd. fordetails.

The following points were positively evaluated in particular upon deciding on changing theMLPM Company for the concerned properties.
Apamanshop Leasing Co., Ltd.
• Savings in management costs resulting from entrusting 20 properties in bulk
• Property maintenance management, tenant management and leasing service
offering, and track record thereof• Maximum use of sponsor support from the Apamanshop GroupBest Property Co., Ltd.
• Property maintenance management, tenant management and leasing service
offering, and track record thereof• Concentrated supervision by the MLPM Company and risk diversification(2) Schedule for Change
May 23, 2008

Resolution by the Board of Directors at the Asset Management
CompanyMay 27, 2008
Deliberation by TGR’s Board of Directors
June 1, 2008
Change of MLPM Company to take effect for the 6 properties listed
above (planned)
September 1, 2008 Change of MLPM Company to take effect for the 18 properties listed
above (planned)2.

Details of Transaction with Related Parties

Of the companies that are to newly become a MLPM Company, Apamanshop Leasing Co.,
Ltd. constitutes a related party as defined in the Law Concerning Investment Trusts andInvestment Corporations (hereinafter, the “Investment Trust Law”).
Accordingly, in compliance with the regulations on transactions with related parties, theconcerned transaction with related parties has been through deliberation by the Compliance
Committee at a meeting held on May 23, 2008, followed by approval at a meeting of the3Board of Directors held on the same date at the Asset Management Company in view ofensuring that TGR is not at a disadvantage compared to a regular transaction. Moreover,the concerned transaction with related parties is subject to advance approval at a meeting ofTGR’s Board of Directors prior to the concerned change of MLPM Company taking effect.
As of May 23, 2008, Best Property Co., Ltd. does not constitute a related party as defined in
the Investment Trust Law, nor does it constitute a sponsor related party as defined in theAsset Management Company’s Regulations on Transactions with Related Parties.
[Profile of Related Party]
Company Name

Apamanshop Leasing Co., Ltd.

Office Address

Central Building, 1-1-5, Kyobashi, Chuo-ku, Tokyo

Representative

Koji Ohmura, President and CEOCapital

JPY 90 million

Major Shareholder

Apamanshop Holdings Co., Ltd.

Major Businesses

Rental brokerage and property management

Relationship with TGR andits Asset Management
Company

Apamanshop Leasing Co., Ltd. is a wholly-owned subsidiary of
Apamanshop Holdings Co., Ltd. Consequently, it constitutes a
related party as defined in the Investment Trust Law.
ApamanshopHoldings Co., Ltd. is the full parent company of PAREX Inc., whichis the full parent company of TGR’s Asset Management Company.

100.00%Note: This English language notice is a translation of the Japanese language notice released on May 23,
2008 and was prepared solely for the convenience of, and reference by, non-Japanese investors. No
warranties or assurance are given for its accuracy or completeness of this English translation.

4