For Translation Purposes Only
March 24, 2015

For Immediate Release
Nomura Real Estate Master Fund, Inc.
Satoshi Yanagita, Executive Director(Securities Code: 3285)
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Yasuaki Fukui, President and Chief Executive Officer
Inquiries: Motomi Uki, General Manager, NMF Investment Management
TEL: +81-3-3365-8767
EMAIL: nmf3285@nomura-re.co.jp

Notice Concerning Acquisition of Investment Assets (Equity Interest in Silent Partnership)
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced today thatit has determined the acquisition of silent partnership equity interest (the “Acquisition”), as statedbelow.
1. Summary of the Asset to be Acquired
(1)
(2)
(3)
(4)
(5)
(6)
(7)

Type of asset: Equity interest in silent partnership investing mainly in real estate in trust
beneficiary interest
Name of asset: Godo Kaisha Osaka Hirakata Project Silent Partnership Equity Interest (Note 1)
Target property: Hirakata Logistics Center (Note 2)
Scheduled investment amount: ¥100 million (approximately 10.6% of total investment amountin the silent partnership)
Scheduled date of agreement: March 27, 2015
Scheduled date of acquisition of equity interest: March 30, 2015
Financing: Cash on hand (planned)(Note 1) The asset is a silent partnership equity interest (the “Silent Partnership Equity Interest”) in a silent
partnership (the “Silent Partnership”) operated by G.K. Osaka Hirakata Project (the “G.K.”). For details
concerning the Silent Partnership, please refer to “3. Overview of the Asset to be Acquired (1) Overview
of Silent Partnership Equity Interest” below.
(Note 2) The G.K. is scheduled to acquire a trust beneficiary interest (the “Trust Beneficiary Interest”) in mainly realestate in trust (the “Property”) on March 31, 2015. Furthermore, the Trust Beneficiary Interest together
with the Property, are referred to as the “Trust Beneficiary Interest, etc.”

2. Grounds
Nomura Master Fund has determined that the investment in the Silent Partnership Equity Interest
will contribute to securing steady earnings over the medium-term and to stable growth of the assets
under management, and decided to acquire the asset in accordance with the Fund’s “AssetManagement Target and Policy” as stipulated in the Fund’s Articles of Incorporation.
The Acquisition is expected to contribute to enabling flexible acquisitions of properties andsecuring the Fund’s external growth opportunities in the future from the perspective of securing
opportunities to acquire prime properties from various sellers.

- 1 -As a member of the Silent Partnership, Nomura Master Fund can expect investment earning byreceiving profit in the form of dividends, backed by rental income and other income from thelessees of the Property, from the operator of the Silent Partnership with the Acquisition. In addition,
the Fund will be granted by the G.K. a preferential negotiation right concerning the acquisition of
the Trust Beneficiary Interest, etc. (the “Preferential Negotiation Right”) with the Acquisition (fordetails, please refer to “3. Overview of the Asset to be Acquired (1) Overview of Silent Partnership
Equity Interest” below). The Preferential Negotiation Right is expected to contribute to the
expansion of the Fund’s portfolio and the improvement of profitability from a medium-term
perspective, ensuring that the Fund secure an opportunity to acquire a prime logistics facility in the
future. The Preferential Negotiation Right is deemed as a right owned by Nomura Master Fund andthe Fund shall not be obliged to acquire the Trust Beneficiary Interest, etc. Furthermore, the Fundhas not determined to acquire the Trust Beneficiary Interest etc. and the Fund does not guarantee toacquire the Trust Beneficiary Interest etc. as of today.
For the Acquisition, Nomura Master Fund evaluated the following points regarding the individual
characteristic of the Property.
(1) Location
・Hirakata City, where the Property stands, is located between Osaka City and Kyoto City andthus has the two largest markets in the Kansai area within its reach. The Property is locatedclose to National Route 1 and 4.3km from Hirakata-Higashi IC of Daini Keihan Road,
enjoying access to a broad area and high convenience.
・The Property is located in an industrial park in an exclusive industrial area, and there is little
concern for issues such as noise pollution and mechanical vibrations due to the location’slong history of being a place where industrial facilities such as factories and logistics
warehouses, etc. have been concentrated, allowing for 24-hour operations. In addition, it is alocation appropriate for logistics facility management as it can expect to secure sufficient
employment as residential districts spread outside the industrial area.
(2) Property features
・The Property allows for an efficient loading/unloading, transfer of cargo within the facility

and storage due to the two-story structure (three-story when including the office, etc.) of
storage area and the installment of vertical conveyance equipment (2 elevators and 3 verticalconveyor machines), in addition to its high-functioning logistics warehouse specifications
such as 7.0-7.5m effective height under a lower beam, 1.5t/m2 floor load and 1.0m raised
floor.

・The Property has a facility specification that takes the employees’ working environment
into consideration such as onsite parking space, office space, dining room and changing
room, etc.

- 2 -

3. Overview of the Asset to be Acquired(1) Overview of Silent Partnership Equity Interest
Operator
Term of thesilent partnershipagreement
Total amount ofinvestment insilent partnership
equityOverview of thesilent partnership
equityGodo Kaisha Osaka Hirakata Project
Until March 31, 2018 (scheduled)¥945 million
Overview of the silent partnership equity is as follows.
Godo Kaisha Osaka Hirakata Project
Beneficiary interest in real estatein trust, etc.
¥3,692 million(Note 1) (Note2)

Non-recourse loans¥2,747 million
Silent partnership equity, etc.
¥945 million (Note 3)(Note 1) The G.K. is scheduled to acquire the Trust Beneficiary Interest on March 31, 2015.
(Note 2) The appraisal value of the real estate in trust is 3,540 million yen as of February 28, 2015
(The appraisal value was acquired by the G.K.). The “Beneficiary interest in real estate intrust, etc.” above includes the cost of acquiring the Trust Beneficiary Interest, theestablishment cost of the silent partnership, and the reserve fund, etc.
(Note 3) Nomura Master Fund is scheduled to invest 100 million yen (approx. 10.6%) in the silent
partnership equity, etc. There is no special relationship between the G.K. and other silent
partnership members.
(Note 4) Mizuho Trust & Banking Co., Ltd. is planned to be the asset manager of the G.K.

Calculation period:
January 1 to March 31; April 1 to June 30; July 1 to September 30; and October 1
to December 31 of each year. However, the first calculation period shall be fromthe initial investment payment date to June 30, 2015, and in case the silent
partnership agreement terminates, the termination date shall be the lastcalculation period.
Distribution of profits and losses:
If profits arise in each calculation period, the operator shall distribute the profits
to the silent partners (including Nomura Master Fund, same hereinafter)
according to their respective investment ratio as of the end of each calculation
period. If cumulative loss exists in the operator or the silent partners, the profits
shall precede the distribution mentioned above and shall first (i) be allocated tooperator’s cumulative loss amount, then (ii) be allocated to the silent partners’
cumulative loss amount according to their respective investment ratio as of theend of each calculation period. In addition, if losses arise in each calculation
period, the operator shall first distribute the losses, with the amount of losses as
the limit, to the silent partners according to their respective investment ratio asof the end of each calculation period until the outstanding investment amount issatisfied. However, if the cumulative amount of losses distributed to the silent
partners exceeds the outstanding investment amount, the entire exceeding
amount shall be distributed to the operator.
(Note 1) The Silent Partnership agreement stipulates that any right to demand payment by the silent
partners against the operator shall be subordinated to loans payable concerning the Silent
Partnership bore by the operator.

- 3 -Overview of thePreferential
Negotiation Right

Overview of Preferential Negotiation Right granted with the acquisition of the Silent
Partnership Equity Interest
Contents of thePreferential
Negotiation Right

Exercise period of
the Preferential
Negotiation Right(scheduled)
Exercising conditionof the Preferential
Negotiation Right

Nomura Master Fund may propose to acquire the Trust
Beneficiary Interest, etc. (please refer to “(2) Overview of theTrust Beneficiary Interest, etc.” below) under the conditions
described in the “Exercising condition of the Preferential
Negotiation Right” below, and the G.K. shall not refuse toconsent to the transfer to the Fund without rational reasons, aslong as such conditions are satisfied.
From March 31, 2015 to March 31, 2017 (However, thetransaction date of the Trust Beneficiary Interest, etc. under the
exercise of the Preferential Negotiation Right shall be on or after
April 1, 2016).
All of the conditions stipulated in the preferential sales negotiationagreement with the G.K., including the following conditions, shallbe satisfied.
(1)Achieving the specified target yield for the silent partners
concerning the Silent Partnership business shall be reasonably
determined.
(2)The property sales price toward the Fund shall be more than theamount equivalent to the book value of the Trust BeneficiaryInterest, etc. added with the sales costs, etc.

- 4 -(2) Overview of the Trust Beneficiary Interest, etc.
Property Name
Asset type
Trustee
Trust term
Registry
Location(Note 1)StreetAccessCompletion Date (Note 1)
Use (Note 1)
Structure (Note 1)

Hirakata Logistics Center
Trust beneficiary interest in mainly real estateMizuho Trust & Banking Co., Ltd.
From March 31, 2015 to March 31, 2025
1-7 Shodai-Tachika, Hirakata City, Osaka
1-7 Shodai-Tachika, Hirakata City, Osaka
4.3km from Hirakata-Higashi IC and on the Daini Keihan Road
April 2003
Storage, office
S 3F
8.6%
Seismic Risk (PML) (Note 2) (Toki Marine & Nichido Risk Consulting Co, Ltd.’s Earthquake PMLAppraisal Report as of January 2015)
Architect
Daiken Sekkei, Inc.
Structural Strength Calculator Daiken Sekkei, Inc.
Constructor
Kajima Corporation, Kansai Branch
Building Inspection Agency
K.K. Japan Kakunin Kensa Center
Land
14,315.70 m2 (4,330.49 tsubo)
Area (Note 1)
Building
19,628.03 m2 (5,937.47 tsubo)Land
Ownership
Type ofOwnership
Building
Ownership
Building Coverage Ratio
70% (Note 3)
Floor Area Ratio
200%
A pledge with the lender of the non-recourse loan as the pledgee isCollateralscheduled to be established to the Trust Beneficiary Interest.
Property Management
Nomura Real Estate Development Co., Ltd, Nomura Real Estate Partners
Company (Note 4)Co., Ltd.
From the amendment agreement of the lease agreement between the sellerof the Trust Beneficiary Interest (“Seller”) and the tenant, where theposition of the agreement has been transferred to the trustee by theentrustment, notice to and agreement by the tenant is needed whentransferring the Property or the Trust beneficiary Interest, or having acollateral on the Asset (However, if the tenant does not appeals the reasonalgrounds not agreeing the said transfer or the collateral, it is able to have theNotestransfer or the collateral).
The agreement of the transfer of the Trust Beneficiary Interest from G.K to
Nomura Master Fund has been obtained by the tenant in the said
amendment agreement of the lease agreement, however, after Nomura
Master Fund acquired Trust Beneficiaty Interest from the G.K, tenant
agreement will be needed when the Fund transfers the Trust Beneficiaty
Interest to the third party, and transfers the Property after cancelling thetrust agreement then receiving the Property and transfers to the third party.
¥3,540 million
Appraisal Value and Method (Based on the capitalization approach as of February 28, 2015)(Appraiser: Japan Real Estate Institute)
Leasing Status (As of March 24, 2015)
Total Number of Tenants1(Note 5)Tenant Name
Itochu Logistics Corp.
Total Rental Income (Note 6) Undisclosed
Security Deposits (Note 7)
Undisclosed
Occupancy Rate (Note 8)
100.0%
Total Leased Floor Space
19,807.18 m2 (5,991.67 tsubo)(Note 9)Total Leasable Floor Space
19,807.18 m2 (5,991.67 tsubo)(Note 10)
Occupancy Rates in the Past
February 28, February 28, February 28, February 28, February 28,(Note 11)
2011
2012
2013
2014
2015

- 5 -

100.0%100.0%

100.0%

100.0%

100.0%(Note 1)

Location (registry) and Several Other Items“Location (registry)”, “Completion Date”, “Structure” and “Area” are based on the information in the realestate registry. Use is based on the main use of the type of building indicated in the real estate registry.

(Note 2)

PML (Probable Maximum Loss)PML shows the probable losses caused by a major earthquake, as a percentage of the expected recovery cost to
the replacement cost. PML is calculated based on the statistical assumption that within next 475 years there is a
0.211% annual chance (10% probability of once every 50 years, i.e., average life time of buildings) of major
earthquake occurring.

(Note 3)

Building Coverage Ratio

The Property is located in an exclusive industrial district where the building coverage ratio is 60% in principle.
As the building is on a corner lot, however, an increased ratio of 70% applies.

(Note 4)

Property Management Company
Refers to the Property Management Company that is scheduled to be appointed after the acquisition.

(Note 5)

Total Number of Tenants
Indicates the total number of tenants to which the Property’s building is actually being leased as of today.

(Note 6)

Total Rental Income
Undisclosed as consent has not been obtained from the tenant.

(Note 7)

Security Deposits
Undisclosed as consent has not been obtained from the tenant.

(Note 8)

Occupancy Rate
Indicates the ratio of the Total Leased Floor to the Total Leasable Floor Space (rounded to the first decimal
place).

(Note 9)Total Leased Floor Space
Indicates the floor space that is being leased to tenants as of today.

(Note 10) Total Leasable Floor Space
Indicates the total area of leasable spaces of logistics property (including the area of common-use spaces, etc.
if they are leased). The Total Leasable Floor Space is not an indication on the registry but shows the area
indicated in the lease agreements or the calculated areas based on the building completion drawings and otherdocuments. As such, the Total Leasable Floor Space is not necessarily equal to the Total Floor Space based on
the indications in the registry and may occasionally surpass the Total Floor Space.
(Note 11) Occupancy Rates in the Past
Based on the information from the seller.

(3) Overview of the operator of the silent partnership
Company Name
Head OfficePrincipal Business

Godo Kaisha Osaka Hirakata Project3-2-5 Kasumigaseki, Chiyoda-ku, Tokyo
1. Acquisition, holding, sale of real estate
2. Leasing and management of real estate
3. Acquisition, holding and sale of real estate trust beneficiary rights
4. All operations pertaining to or associated with each of business listed above
Representative
General Incorporated Associations Osaka Hirakata Project, Managing Partner
Takehisa Tei, Functional Manager
Capital¥100,000
EstablishedFebruary 20, 2015
Relationship with the Fund and/or NREAM
There is no capital involvement between the said company and the Fund or asset
management company. There is also no capital involvement between related
Capitalparties of the said company and related parties of the Fund or asset managementcompany.
There is no personnel involvement between the said company and the Fund or
asset management company. There is also no personnel involvement between
Personnel
related parties of the said company and related parties of the Fund or asset
management company.

- 6 -Transactions
Status ofRelated Parties

There is no transaction between the said company and the Fund or asset
management company. There is also no transaction between related parties ofthe said company and related parties of the Fund or asset management company.
The said company is not considered a directly associating party of the Fund.
Also, the said company is not considered a Related Party, etc., of the asset
management company under the Investment Trusts Act.

4. Transaction with Related Parties
None. The current owner of the Trust Beneficiary Right, etc. is a Japanese company, and there is no
special relation between the said company and the Fund or asset management company.
5. Broker Profile
Company Name
C&M Securities Co., Ltd.
Head Office
2-30-15 Hatchobori, Chuo-ku, Tokyo
Representative
Masaki Nishioka, Representative Director
Principal Business
Brokerage of securities, etc. and handling of private placement businesses.
Registration Number of
Director General of Kanto Local Finance Bureau (Kin-sho) No. 73
Securities Dealer
Capital¥300 million
EstablishedJuly, 2000
Relationship with the Fund and/or NREAM
There is no capital involvement between the said company and the Fund or asset
Capitalmanagement company. There is also no capital involvement between related partiesof the said company and related parties of the Fund or asset management company.
There is no personnel involvement between the said company and the Fund or asset
management company. There is also no personnel involvement between related
Personnel
parties of the said company and related parties of the Fund or asset managementcompany.
There is no transaction between the said company and the Fund or asset
Transactions
management company. There is also no transaction between related parties of thesaid company and related parties of the Fund or asset management company.
The said company is not considered a directly associating party of the Fund. Also,
Status ofthe said company is not considered a Related Party, etc., of the asset management
Related Parties
company under the Investment Trusts Act.
Brokerage fee
Undisclosed as consent has not been obtained from the brokerage company.

6. Form of Payment, etc.
The Fund is scheduled to pay the operator the entire amount of the initial investment for the Silent
Partnership in full on the scheduled settlement date for the acquisition of Silent Partnership Equity
Interest (March 30, 2015) from cash on hand.
7. Forecasts of Financial Results
As the impact of the acquisition of the Silent Partnership Equity Interest on Nomura Master Fund’s
forecasts of financial results for the fiscal period ending February 28, 2015 (September 1, 2014 to
February 28, 2015) and the fiscal period ending August 31, 2015 (March 1, 2015 to August 31, 2015)
will be minimal, there is no revision to the forecast of financial results.

- 7 -8. Appraisal Summary
Property Name

Hirakata Logistics Center

Appraisal Value¥3,540,000,000

Japan Real Estate Institute

Appraiser
Appraisal Date

February 28, 2015
(Yen)
Item

Amount or percentage

Capitalization approach pricePrice calculated by the direct
capitalization approach(1) Operating income (a)-(b)(a) Gross rental income(b) Losses due to vacancies, etc.
(2) Operating expenses
MaintenanceUtilities costs
Repair costs
Property management fees
Advertisement for leasing, etc.
Taxes
Insurance premium
Other expenses(3) Net operating income fromleasing business (NOI=(1)-(2))(4) Profit through management of
temporary deposits, etc.
(5) Capital Expenditure Reserve(6) Net Cash Flow
(NCF = (3)+(4)-(5))(7) Capitalization rate

Grounds

3,540,000,000
3,560,000,000--

192,203,000
Assumed based mainly on the yield on investment ofsimilar logistics facilities while taking into consideration
the area characteristics and specific individual
characteristics of the Property

3,520,000000
4.9%

Terminal capitalization rate

5.4%

Matters noted inreconciliation ofindicated value anddetermination ofappraisal value(Note)-

Discount rate

Cost Approach Price
Ratio of land
Ratio of building(Note)

187,710,000

5.4%

Price calculated by the Discounted Cash
Flow Approach

In calculating, both the discounted cash flow approachand the direct capitalization approach are taken into
account
Calculated by capitalization rate based on a normalized net
cash flow (NCF)

Assumed by taking into consideration the individual risks,etc. of the Property
Assumed based on the capitalization rate as well as futureforecast uncertainty

3,350,000,000
58.1%
41.9%
Hirakata City, where the subject property stands, is located almost halfway between Osaka City and
Kyoto City and has prospered as a key logistics site over a long period of time. It still houses anumber of logistics centers and remains an important logistics base. The subject property is locatedclose to Keihan-Kokudo (National Route 1) with excellent proximity to central Osaka. The subject
building is equipped with a sufficient track berth on the first floor, and elevators and verticalconveyor machines are placed conveniently in the building, leaving no problems for efficiency ofcargo handling operations or divided operations as a logistics facility. Furthermore, the building ishighly versatile taking into account the building specifications such as its floor load and ceiling height.
Therefore, the subject property is sufficiently competitive compared to other alternative competitive
properties.
Taking into consideration the above, we adopted the capitalization approach price calculated using
the direct capitalization approach based on the rent level and occupancy rate that are stable over themid- to long-term, and capitalization approach price calculated using the discounted cash flow
approach which clearly specifies fluctuations of cash flow during the operating period, and havedetermined the appraisal value using the cost approach price only as reference.

- 8 -(Note) The Property is occupied only by a tenant who is a third party not having a special interest relationship with
Nomura Master Fund or the Asset Management Company. Thus information on these items have not been
disclosed since the lease conditions may be assumed by such and negatively affect the Godo Kaisha’s
competitiveness and possibly undermining the interests of Nomura Master Fund and unitholders. Furthermore, theinformation is not disclosed as consent has not been obtained from the tenant.

【Exhibits】
Exhibit 1
Exhibit 2
Exhibit 3

Portfolio after Acquisition of the Asset
Property Photo
Property Map* Nomura Real Estate Master Fund, Inc. URL:

http://www.nre-mf.co.jp/english- 9 -Exhibit 1
Portfolio after Acquisition of the Asset
Use

Logistics

Area(Note 1)

Greater Tokyo

Other areas

Property Name
Landport Urayasu
Landport Itabashi
Landport Kawagoe
Landport Atsugi
Sagamihara Tana Logistics Center
Sagamihara Onodai Logistics Center
Landport Hachioji
Landport Kasukabe
Funabashi Logistics Center
Atsugi-Minami Logistics Center B Tower
Hanyu Logistics Center
Kawaguchi Logistics Center B Tower
Kawaguchi Logistics Center A Tower
Atsugi-Minami Logistics Center A Tower
Ota Nitta Logistics Center
Ota Higashi-Shinmachi Logistics Center
Ota Kiyohara Logistics Center
Chiyodamachi Logistics Center

Yokosuka More’s City

13,640

Recipe SHIMOKITAEQUINIA Shinjuku

10,407
4,260
4,000
2,080
3,990
3,440
3,080
2,730
2,600
2,490
1,700
1,560
1,000
15,500
8,930
6,640
4,406
3,020
4,700
1,640
2,740
1,760
1,570
1,240
950
850
800
800
770
740
600
450
370
350
200
160
820
133,583
255,603

4.1
1.7
1.6
0.8
1.6
1.3
1.2
1.1
1.0
1.0
0.7
0.6
0.4
6.1
3.5
2.6
1.7
1.2
1.8
0.6
1.1
0.7
0.6
0.5
0.4
0.3
0.3
0.3
0.3
0.3
0.2
0.2
0.1
0.1
0.1
0.1
0.3
52.3
100.0

Morisia Tsudanuma

Kawasaki More’s

RetailKinki Area

Other areas

Retail (landwithGreater Tokyo
leaseholdinterest)

Kinki Area
Retail Sub-total

Percentage to Total(%)(Note 3)
6.8
6.1
5.4
4.5
4.1
3.4
3.2
2.9
1.8
1.8
1.5
1.5
1.1
1.1
1.3
0.8
0.3
0.1
47.7
6.5
5.3

Logistics Sub-total

Greater Tokyo

Acquisition Price(million yen)
(Note 2)
17,40015,71013,70011,41010,600
8,700
8,250
7,340
4,660
4,590
3,810
3,750
2,830
2,690
3,430
2,170
650
330
122,020
16,600EQUINIA Ikebukuro
covirna Machida
Nitori Makuhari
Konami Sports Club Fuchu
FESTA SQUAREGEMS Shibuya
Sundai Azamino
EQUINIA Aobadai
Megalos Kanagawa
Universal CityWalk Osaka
Izumiya Senrioka
Merad Owada
Izumiya Yao
Izumiya Obayashi
Ichibancho Stear
EQUINIA Aobadori
Mitsubishi Motors Meguro
Mitsubishi Motors Chofu
Mitsubishi Motors Shibuya
Mitsubishi Motors Nerima
Mitsubishi Motors Kawasaki
Mitsubishi Motors Takaido
Mitsubishi Motors Katsushika
Mitsubishi Motors Higashi-Kurume
Mitsubishi Motors Setagaya
Mitsubishi Motors Suginami
Mitsubishi Motors Sekimachi
Mitsubishi Motors Higashi-Yamato
Mitsubishi Motors Motosumiyoshi
Mitsubishi Motors Kawagoe
Mitsubishi Motors Edogawa
Mitsubishi Motors Sayama
Mitsubishi Motors Ibaraki Maintenance Center
Total

Date of Acquisition
June 14, 2013
June 14, 2013
July 31, 2013
June 14, 2013
July 19, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
June 14, 2013
December 13, 2013
June 14, 2013
June 14, 2013
December 19, 2014
June 14, 2013
June 14, 2013
June 13, 2013
June 13, 2013
June 13, 2013
July 31, 2013
June 14, 2013
June 14, 2013
June 13, 2013
September 30, 2014
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 14, 2013
June 14, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013
June 13, 2013-

Investment
Securities

GreaterTokyo
Kinki Area

Ryoke Capital Godo Kaisha Silent Partnership
Equity Interest
Godo Kaisha Osaka Hirakata Project Silent
Partnership Equity Interest

500-

March 25, 2014

100-

March 30, 2015

600

-

-

(Note 1) “Greater Tokyo” refers to Tokyo Prefecture, Kanagawa Prefecture, Chiba Prefecture and Saitama Prefecture. “Kinki Area”
refers to Osaka Prefecture, Kyoto Prefecture, Hyogo Prefecture and Nara Prefecture. “Chukyo Area” refers to Aichi
Prefecture, Gifu Prefecture and Mie Prefecture. “Other Areas” refers to cabinet-order designated cities, prefectural capitals,
and cities having a population of at least 100,000 and their peripheral areas, excluding Greater Tokyo, Kinki Area and Chukyo
Area.
(Note 2) The Acquisition Price (Scheduled) is the amount (the amount of transaction payment of real estate, etc. described in the sales
agreement with condition precedent and the investment amount described in the Silent Partnership Agreement) excluding
costs required to acquire the properties, etc. and the Silent Partnership Equity Interest (transaction brokerage fee, taxes andpublic dues, etc.).
(Note 3) “Percentage to Total” indicates the ratio of the acquisition price (scheduled) of respective properties to the total acquisition
price (scheduled) of the entire portfolio (56 properties in total). The calculation of investment ratio excludes the Silent
Partnership Equity Interest. Furthermore, as the figures were rounded to the first decimal place, the total may not necessarilybe 100%.

Exhibit 2
Photo of Hirakata Logistics Center

Exhibit 3
Map of Hirakata Logistics Center