February 7, 2022
For Immediate Release

Real Estate Investment Trust Securities Issuer
1-6-5 Marunouchi, Chiyoda-ku, Tokyo
Mitsubishi Estate Logistics REIT Investment Corporation
Representative: Ken Takanashi, Executive Director(Securities Code: 3481)
Asset Management Company
Mitsubishi Jisho Investment Advisors, Inc.
Representative: Haruhiko Araki, President & CEO
Contact:
Ken Takanashi, Director, General Manager,
Logistics REIT Management Department
TEL: +81-3-3218-0030

Notice Concerning Acquisition of Domestic Real Estate Trust Beneficiary Interestsand Lease Contracts with New Tenants
Mitsubishi Jisho Investment Advisors, Inc. (the “Asset Management Company”), to which Mitsubishi Estate Logistics REIT
Investment Corporation (“MEL”) entrusts the management of its assets, announces today that it has decided to acquire two
properties (the “Two New Properties”) in the form of trust beneficiary interests and, subsequently, to enter into lease
contracts with new tenants, as described below.
1. Overview of acquisition

Category

Property Name

AnticipatedAcquisition Price(Millions of yen)

Location(Note 1)

Logistics
Facilities

Appraisal
Value(Millions ofyen)(Note 2)

Appraisal
NOI Yield(%)

Brokerage(Note 3)

LOGIPORT Kawasaki Bay(45% trust beneficiaryco-ownership interest) (Note 4)

Kawasaki,Kanagawa

36,00040,365

4.3

N/A

Logicross Atsugi II

Atsugi,
Kanagawa

9,838

10,5004.4

N/A(Note 1) “Anticipated Acquisition Price” indicates the purchase price of the respective trust beneficiary interests of the Two New Properties stated in therelevant sale and purchase agreement, rounded down to the nearest million yen and does not include national or local consumption taxes or
expenses which will be incurred in connection with the acquisition.
(Note 2) “Appraisal Value” shows the appraisal value stated on each real estate appraisal report with the price as of December 20, 2021. The appraisals of
the Two New Properties were conducted by Tanizawa Sogo Appraisal Co., Ltd or Japan Real Estate Institute.
(Note 3) “Appraisal NOI Yield” is the ratio of appraisal NOI using the direct capitalization method to the anticipated acquisition price of each property ineach real estate appraisal report, rounded to the first decimal place.
(Note 4) Anticipated acquisition price and appraisal value of LOGIPORT Kawasaki Bay (45% trust beneficiary co-ownership interest) indicate the figurescorresponding to MEL’s anticipated acquisition of 45% trust beneficiary co-ownership interest.

(1)
(2)
(3)
(4)

Date of Sale and Purchase Agreements:
Anticipated Acquisition Date:
Seller:Funds for Acquisition:(5)

Settlement Method:

February 7, 2022
March 1, 2022
Please refer to the below, “4. Seller Profile”
Proceeds from issuance of investment units (Note 1), theborrowings (Note 2) and cash on hand
To be paid in a lump sum on the acquisition date

(Note 1) For details of issuance of investment units, please refer to the press release titled “Notice Concerning Issuance of New Investment Units(Green Equity Offering) and Secondary Offering of Investment Units” announced today.
(Note 2) For details of the borrowings, additional press release will be announced as soon as they are determined.

2. Rationale for Acquisition and Lease Contracts
MEL is sponsored by Mitsubishi Estate Co., Ltd. (“Mitsubishi Estate”) and entrusts the management of its assets to the
Asset Management Company. MEL believes that utilizing both Mitsubishi Estate’s competitive advantage as a developer
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 1 -as well as the Asset Management Company’s competitive advantage as a real estate asset management company (the“Hybrid Model”) characterizes its competitive strength. Making use of such Hybrid Model, MEL aims to realize steady
growth of its portfolio and stable management of its assets (including the total (Anticipated) Acquisition Price; the same
shall apply throughout this document) by adjusting to fluctuating market conditions and business cycles and maximizing
unitholder value.
Acquisition of the Two New Properties is an investment in logistics facilities, which are state-of-the-art and developedby Mitsubishi Estate. Through the acquisition of the Two New Properties, MEL’s asset size will reach 216.2 billion yen, andMEL believes that the acquisition will contribute to the continued steady growth of its portfolio and growth of its
unitholder value.
MEL confirmed that all the tenants of the Two New Properties have satisfied MEL’s tenant selection criteria guidelines.
For more details on the guidelines, please refer to MEL’s “Report on the Management Structure and System of the Issuerof Real Estate Investment Trust Units and Related Parties (Japanese Only)” dated November 29, 2021.
In deciding the acquisition of the Two New Properties, the points described in “3. Details of the Two New Properties,(5) The characteristics of the respective Two New Properties” below were evaluated.
3. Details of the Two New Properties
The table below shows a summary of the Two New Properties individually (the “Individual Asset Table”). The terms
used in the Individual Asset Table are as follows; when referring to the Individual Asset Table, please refer to thefollowing explanation regarding the terms used therein.
In principle, unless otherwise noted, all information included in the Individual Asset Table is current as of November 30,
2021.
(1) Explanation concerning classification·“Category” represents the purpose of each the Two New Properties in accordance with the classification prescribed in
MEL’s investment policy.
(2) Explanation concerning summary of specified assets·“Type of specified assets” is the type of real estate and other assets as specified assets.
·“Anticipated acquisition date” indicates the anticipated acquisition date of the Two New Properties stated in therelevant sale and purchase agreement.
·“Anticipated acquisition price” indicates the purchase price of the respective trust beneficiary interests of the Two New
Properties stated in the relevant sale and purchase agreement, rounded down to the nearest million yen and does
not include national or local consumption taxes or expenses which will be incurred in connection with the acquisition.
·“Overview of trust beneficiary interest” includes the name of the trustee, the entrustment date and the trust maturity
date for each of the Two New Properties, as of the acquisition date for each of the Two New Properties.
·“Location” of “Land” is based on the register (one parcel of land, if more than one address was assigned).
·“Land area” of “Land” is the lot area recorded in the register.
·“Zoning” of “Land” indicates the type of zoning as set forth in Article 8-1-1 of the City Planning Act (Act No. 100 of 1968,
as amended).
·“Floor-area ratio” of “Land” is the ratio of the total floor area of the building to the Land area, as stipulated in Article
52 of the Building Standards Act (Act No. 201 of 1950, as amended) (the “Building Standards Act”), and indicates theupper limit of the floor area ratio determined by city planning in accordance with zoning and other factors (designatedfloor-area ratio) (all of the ratios if there is more than one). Designated floor-area ratios may be relaxed or restricted
due to the width of roads adjacent to the land or some other reason, and designated floor-area ratios may be different
from the actual applied floor-area ratios.
·“Building coverage ratio” of “Land” is the ratio of the building area of buildings to the Land area, as stipulated in Article
53 of the Building Standards Act, and is the upper limit of the building coverage ratio determined by city planning inaccordance with the zoning and other factors (designated building coverage ratio). Designated building coverage ratios
may be relaxed or restricted due to being a fire-resistant building in a fire control area or some other reason, anddesignated building coverage ratios may be different from the actual applied building coverage ratios.
·“Ownership form” of “Land” and “Building” indicates the type of rights owned by the trustee.
·“Construction date” of “Building” is the date of construction of the building as shown in the register. If there is morethan one main building, the construction date is the oldest date shown in the register.
·“Total floor area” of “Building” is based on the record in the register. “Total floor area” is the total floor area of the mainbuilding and annex. If there is more than one main building, the total floor area is the sum of the total floor area for
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 2 -each main building.
·“Structure / No. of stories” and “Property type” of “Building” refer to those recorded in the register. If there is morethan one main building, the structure / No. of stories and property type are those recorded in the register with respect
to the main building that has the largest total floor area.
·“Collateral” outlines a summary description of collateral, if applicable.
·“Appraisal value” shows the appraisal value stated on each real estate appraisal report with the appraisal value as ofDecember 20, 2021.
·“Property management company” is the property management company (“PM Company”), which entered into or isscheduled to enter into a property management agreement (“PM Agreement”), for each of the Two New Properties.
·“Number of tenants” in “Description of tenancy” is the total number of lease agreements indicated in each leaseagreement for the building of each Two New Properties as of November 30, 2021. If a master lease agreement has
been or is scheduled to be entered into for each of the Two New Properties, the total number of end-tenants will be
indicated. However, if one lessee enters into multiple lease agreements for the same building for each of the Two New
Properties, the total number of tenants will be calculated on the assumption that such lessee is one party. Leaseagreements for shops, vending machines, photovoltaic power generation facilities and parking lots are not included in
the calculations of the “Number of tenants”.
·“Name of major tenant” in “Description of tenancy” is the name of the tenant with the largest leased floor area in therelevant lease agreement for the buildings of each of the Two New Properties.
·“Annual rent” in “Description of tenancy” represents the sum of annualized amount of rent which is 12 multiplied by
the monthly rent (including common area expenses), rounded down to the nearest million yen, indicated in therelevant lease agreement for the buildings of each of the Two New Properties as of November 30, 2021. However, if
there are different provisions for monthly rent (including common area expenses), depending on the term in each leaseagreement for the building of each of the Two New Properties, the annualized amount of rent will be calculated basedon the monthly rent (including common area expenses) for November 30, 2021 shown in the relevant lease agreement.
The rent-free periods and annual rent holiday periods (i.e., rent payments for specific months that are waived) as ofNovember 30, 2021 shall not be included.
·“Tenant leasehold/security deposits” in “Description of tenancy” represent the sum of the outstanding amounts ofleasehold/security deposits rounded down to the nearest million yen, indicated in the relevant lease agreement forthe buildings of each of the Two New Properties as of November 30, 2021. However, if there are different provisions
for the sum of outstanding leasehold/security deposits, depending on the term in each lease agreement for thebuilding of each of the Two New Properties, the amount of tenant leasehold/security deposits for November 30, 2021
shown in the relevant lease agreement is indicated.
·“Total leased area” in “Description of tenancy” is the sum total of leased area shown in the relevant lease agreement
for the buildings of each of the Two New Properties as of November 30, 2021, for the building of each of the Two New
Properties (the figures corresponding to the trust beneficiary co-ownership interest ratio if any of the Two New
Properties will be held in the form of trust beneficiary.) (excluding the lease agreements for shops, vending machines,
photovoltaic power generation facilities and parking lots).
·“Total leasable area” in “Description of tenancy” is the total floor area that is deemed to be leasable based on therelevant lease agreement for the buildings of each of the Two New Properties or floor plan, etc. as of November 30,
2021, and does not include the leasable area indicated in the lease agreements concerning shops, vending machines,
photovoltaic power generation facilities and parking lots.
·“Occupancy rate” in “Description of tenancy” is the ratio of leased area of each of the Two New Properties toleasable area of each of the Two New Properties, rounded to the first decimal place, as of November 30, 2021.
(3) Special Notes·“Special notes” are matters that are deemed to be material considering the potential impact on the entitlements,
usage, safety, etc. of the Two New Properties as well as the appraisal value, profitability or disposability thereof as ofthe date hereof.
(4) Explanation of Summary of appraisal report·“Summary of appraisal report” describes the summary of the appraisal report of each property which was appraised
upon request from MEL and the Asset Manager. Such appraisal report only represents the judgment and opinion of theappraiser as of a certain point in time, and the validity and accuracy of its contents, as well as the feasibility of atransaction at the appraisal value, are not guaranteed. The numbers included in the summary of the appraisal report
are rounded down to the nearest unit, and the ratios are rounded to the first decimal.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 3 -(5) The characteristics of the respective Two New Properties
The characteristics of the respective Two New Properties are as follows:
1. LOGIPORT Kawasaki Bay
・Easy to access to two major consumption areas as this property is located approx. 27 km (approx. 30 mins)
from central Tokyo (Tokyo Station), approx. 21 km (approx. 25 mins) from central Yokohama (Yokohama
Station)・Easy to access major logistics infrastructure in the Tokyo metropolitan area as this property is located within
Kawasaki Port, approx. 18 km (approx. 25 mins) from Yokohama Port (Honmoku Wharf), approx. 15 km (approx.
20 mins) from Tokyo Port (Oi Wharf), approx. 11 km (approx. 20 mins) from Haneda Airport
・One of the largest scale multi-tenanted logistics facilities, with direct access from 1st to 5th floors via double
ramp-way. Its effective ceiling height of 5.5 m (only the 5th floor has a low floor and effective ceiling height of
5.0- 6.5 m), floor weight capacity of 1.5 t/m2, making it a versatile facility and the floor can be divided into
sections with the minimum area size of 730 tsubo, meeting the needs of small to mid-sized floor
・ Equipped with state-of-the-art features such as a seismic control structure, emergency generators andamenities for workers such as parking spaces accommodating 686 cars in addition to shops and lounges
・Easy to secure workforce as this property is easily accessible from Kawasaki Station by bus, and is equippedwith amenities for the workers
・Located approx. 500 m from “Higashi Ogishima IC” on Metropolitan Expressway Bayshore Route・Located approx. 5.3 km from Sangyo-doro Ave. and approx. 8.3 km from National Route 15
2. Logicross Atsugi II・Located in an area suitable for logistics facilities in the central Kanagawa prefecture, approx. 64 km (approx.
50 mins) from central Tokyo (Tokyo Station), approx. 47 km (approx. 40 mins) from central Yokohama(Yokohama Station)
・Located approx. 51 km (approx. 45 mins) from Yokohama Port (Honmoku Wharf), approx. 58 km (approx. 55mins) from Haneda Airport
・This property is 4-storey above ground, has two main entrances and truck berths on both north-west andsouth-east sides of this property. Equipped with 3 freight elevators and 4 vertical conveyers, which makes it
easy to divide up floors
・With a floor weight capacity of 1.5 t/m2, effective ceiling height of 5.5 m and pillar span of 10.0 m × 10.7 m,
this property is highly versatile
・Securing workforce through easy bus access to Kanagawa Nairiku Industrial Park by bus, and this property isequipped with parking spaces accommodating 72 cars
・Located approx. 2 km from “Sagamihara Aikawa IC” on the Ken-o Expressway
・Located approx. 600 m from National Route 129 and approx. 9 km from National Route 16

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 4 -LOGIPORT Kawasaki Bay (45% trust beneficiary co-ownership interest)
Property name

LOGIPORT Kawasaki Bay

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests (45% of trust beneficiary coownership interest)

Anticipated acquisition date

March 1, 2022

Anticipated acquisition price

36,000,000,000 yen

SellerDomestic business company (Note 1)

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Mitsubishi UFJ Trust and Banking Corporation

Entrustment date

December 20, 2019

Trust maturity dateNovember 30, 2029

Ownership form

Proprietary ownership

Location

7-1, Higashi Ogishima, Kawasaki, Kawasaki, Kanagawa

Land area

134,831.45 m2

ZoningExclusive industrial districts

Floor-area ratio

200%

Building coverage ratio

40%

Ownership form

Proprietary ownership

Construction date

May 9, 2019

Total floor area

289,900.59 m2

Structure/No. of stories
Property type

Steel-frame reinforced concrete building with alloy-plated steel sheet roof
/ 5 story building
Warehouse, Office

Collateral

Not applicable

Appraisal value

40,365,000,000 yen (as of December 20, 2021)

Real estate appraiser

Japan Real Estate InstituteProbable maximum loss (PML)
Property management company

Description oftenancy

3.6 % (obtained from the earthquake risk assessment report prepared by
Tokio Marine dR Co., Ltd.)XYMAX Corporation

Number of tenants

14

Name of major tenant

Not disclosed (Note 2)

Annual rent
Tenant leasehold/security
deposits

1,728 million yen (Note 3)

Total leased area

117,762.91 m2 (Note 3)

Total leasable area

117,762.91 m2 (Note 3)

Occupancy rate

100.0 %

398 million yen (Note 3)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 5 -Special notes

・Regarding the acquisition of this property (45% trust beneficiary co-ownershipinterest in this property), MEL will succeed to the status and rights andobligations (which are based on the Co-ownership Beneficiary Rights
Agreement (referred to as this “Agreement” in this Special notes) signed withother co-owners of the trust beneficiary interests of this property) of thetransferor of this property up to its trust beneficiary co-ownership interest
ratio. The key provisions of this Agreement are as follows:(1) Covenants prohibiting partition of the trust beneficiary interests (5 years
from December 20, 2019, and will be renewed until there is an intention
to refuse renewal thereafter)(2) If each co-owner wishes to sell its trust beneficiary co-ownership interest
to a third party, the proposed sale price and other key conditions forselling the trust beneficiary co-ownership interest shall be conveyed toother co-owners or other persons who have preferential negotiationrights under this Agreement (referred to as the “Preferred Negotiator” inthis Special notes), and the Preferred Negotiator may purchase its trust
beneficiary co-ownership interest on the notified condition by notifying
to the co-owner.
(3) If each co-owner wishes to sell its trust beneficiary co-ownership interest
to a third party other than the Preferred Negotiator, and the other coowners also wish to sell its trust beneficiary co-ownership interest subject
to the same conditions as the sale to the third party, the co-ownerwishing to sell must have the third party also acquire the trust beneficiaryco-ownership interest owned by the other co-owners.
(4) Even if each co-owner transfers a part of its own trust beneficiary coownership interest to the person stipulated in this Agreement, the coowner may not transfer part of the trust beneficiary co-ownershipinterest by subdividing the whole trust beneficiary interest into 1/15 ormore without consent from other co-owners. When each co-ownertransfers its trust beneficiary co-ownership interest to a third party otherthan those stipulated in this Agreement, the co-owner may not transfer
part of the trust beneficiary co-ownership interest separately without
consent from other co-owners.
(5) The restrictions on the transfer of co-ownership interests described in (2)to (4) above are not applicable in the case of creation and execution ofcollateral on the trust beneficiary co-ownership interests held by each coowner and the forced sale by collateral holders for whom the collateral
has been created. The consent of other co-owners to exercise the power
to sell the shared interests in the trust property led by the lenders of eachco-owner or MEL’s creditor in respect of investment corporate bonds
according to the interest ratio of the co-owners is not required.
・”LOGIPORT” and “ロジポート” used as the name of this property, areregistered trademarks (Trademark registration number 5515363 and 5515364,
hereinafter, the “Trademark” in these Special notes). In order to use the nameas a property display etc., MEL has concluded a license agreement for the useof such Trademark with LaSalle Investment Management, which has a license
to use the Trademark. Outline of the agreement is as follows:(1) Term: From the date of the conclusion of this license agreement to thedate when the Target Property no longer exists due to the transfer or
disposal of the real estate or trust beneficiary interests by MEL, unless
this license agreement is terminated before the transfer or disposal. The“Target Property” means a property in which MEL holds an ownershipinterest (including a co-ownership interest) or a trust beneficiary interest(including a quasi co-ownership interest), and that is a logistics facility inJapan with the name of the Trademark developed by a special purpose
company for which LaSalle Investment Management is entrusted withasset management business.
(2) Licensed service: Warehouse lending, etc.
(3) Licensed territory: Japan(4) License fee: Free of charge

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 6 -・MEL has concluded a superficies contract on a portion of land for thisproperty with Ministry of Land, Infrastructure, Transport and Tourism as theright holder, for construction of a harbor road. No compensation is expected tooccur with respect to such superficies
・MEL has concluded a rooftop lease agreement for installing photovoltaic
power generation facilities(1) Lessee: Ricoh Leasing Company, Ltd.
(2) Term: From May 1, 2021 to April 30, 2041
(3) Monthly rent fee: 916,667 yen
・MEL has concluded a rooftop lease agreement for installing photovoltaic
power generation facilities(1) Lessee: Ricoh Leasing Company, Ltd.
(2) Term: From July 1, 2022 to December 31, 2042
(3) Annual rent fee: 1,000,800 yen
・MEL has concluded a land lease agreement for a portion of land to be used asa site for an underground natural gas pipeline(1) Lessee: JERA Co., Inc.
(2) Term: From May 1, 1982 to March 31, 1987 (will automatically renew
unless the lessee declares its will to terminate the renewal)(3) Monthly rent fee: 125,000 yen
・MEL has concluded a land lease agreement for a portion of land to be used asa sidewalk for National Route 357(1) Lessee: Delegated Officer, Head of Yokohama National Route Office,Kanto Regional Development Bureau(2) Term: From the date of commencement of management to March 31,
2020 (will automatically renew unless the lessee declares its will toterminate the renewal)(3) Annual rent fee: None
・MEL has concluded a land lease agreement for use for a portion of land to be
used as a construction yard for harbor road construction project(1) Lessee: Delegated Treasury Officer, Head of Keihin Port Office(2) Term: From April 1, 2021 to March 31, 2022
(3) Annual rent fee: 37,696,296 yen(Note 1) Not disclosed as the consent of the seller, a domestic company, has not been obtained.
(Note 2) Not disclosed as the lessee’s consent has not been obtained.
(Note 3) “Annual rent”, “Tenant leasehold/security deposits”, “Total leased area” and “Total leasable area” indicate the figures corresponding to MEL’s
anticipated acquisition of 45% trust beneficiary co-ownership interest.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 7 -(Thousands of yen)
Summary of appraisal report
LOGIPORT Kawasaki Bay

Property nameAppraisal value

Appraiser

40,365,000
Items

Valuation date
Details
40,365,000

Appraisal value based on direct
capitalization method

40,770,000(1) Operating Revenue(Effective gross income①+②+③+④-⑤-⑥)

1,896,862

45,000③Parking lot income

32,022④Other income

6,615⑤Losses due to vacancies

51,011⑥Bad debt loss

0(2) Operational expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)

340,976⑦Building maintenance costs

54,900⑧Utility expenses

57,449⑨Repair expenses

4,500
201,711⑪Property management fees

4,320

⑫Tenant soliciting fees etc.

10,148⑬Insurance premiums

3,115⑭Other expenses

4,831(3) Net operating income(NOI: (1)-(2))

Assessed by using the direct capitalization method and the DCF
method.

1,864,237②Utility income⑩Property tax

As of December 20, 2021
OutlineAppraisal value based on income method①Gross potential income
Rental revenue, Common service
charges

Japan Real Estate Institute

Assessed based on actual property tax amount.

1,555,885(4) Earnings from temporary deposits

4,263

Assessed by assuming the investment yield is 1.0%

(5) Capital expenditure

10,800Assessed based on the medium and long term repair andmaintenance costs in the engineering report.

(6) Net cash flow
(NCF: (3)+(4)-(5))

1,549,349(7) Capitalization rate
Appraisal value based on discounted cash
flow method

3.8%

39,960,000

Discount rate

3.5%

Terminal capitalization rate
Integrated value based on cost method

Assessed based on a comprehensive consideration of such factors
as the marketability of the target real estate and real estate
investment market trend and others.

3.9%
38,475,000

Proportion of land

57.4%

Proportion of building

42.6%
The value of this property was assessed using the income method,
and the cost method was used as a reference, on the basis that theincome method could more accurately reproduce the priceformation process in terms of profitability.

Other matters for consideration by the appraiser(Note) indicated figures corresponding to MEL’s anticipated acquisition of 45% trust beneficiary co-ownership interest in this property.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 8 -Logicross Atsugi II
Property name

Logicross Atsugi II

Category

Logistics facilities

Type of specified assets

Real estate trust beneficiary interests

Anticipated acquisition date

March 1, 2022

Anticipated acquisition price

9,838,000,000 yen

SellerDomestic business company (Note 1)

Overview oftrust
beneficiaryinterest

Land

Building

Trustee

Sumitomo Mitsui Trust Bank, Limited

Entrustment date

April 23, 2021

Trust maturity date

March 31, 2032

Ownership form

Proprietary ownership

Location

1043-1, Kamiechi Yatosakaue, Atsugi, Kanagawa

Land area

17,383.35 m2

ZoningIndustrial districts

Floor-area ratio

200%

Building coverage ratio

60%

Ownership form

Proprietary ownership

Construction dateJuly 10, 2019

Total floor area

35,067.64 m2

Structure/No. of stories

Steel-frame building with steel sheet roof / 4 story building

Property type

Warehouse

Collateral

Not applicable

Appraisal value

10,500,000,000 yen (as of December 20, 2021)

Real estate appraiser

Tanizawa Sogo Appraisal Co., Ltd

Probable maximum loss (PML)
Property management company

Description oftenancy

7.7 % (obtained from the earthquake risk assessment report prepared by
Tokio Marine dR Co., Ltd.)
Mitsubishi Estate Co., Ltd.

Number of tenants

Not disclosed (Note 2)

Name of major tenant

NIPPON EXPRESS CO., LTD.

Annual rent
Tenant leasehold/security
deposits

Not disclosed (Note 2)

Total leased area

Not disclosed (Note 2)

Total leasable area

34,580.85 m2

Occupancy rate

100.0 %

Not disclosed (Note 2)

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 9 -Special notes

・The logo of “Logicross” that is used for this property is the registeredtrademark (Trademark registration number 5674165). In order to use the logo
as a property display, etc., MEL has concluded a license agreement for the useof such trademark with Mitsubishi Estate, which has a license to use thetrademark. The outline of the agreement is as follows;(1) Term: 5 years from July 5, 2017. Provided, however, that if the parties do
not give written notice of their desire to terminate this Agreement by six
months prior to the expiration date of the term of the agreement, theagreement shall be renewed for another two years with the same contents,
and the same shall apply thereafter.
(2) Licensed service: Management of real estate investment, etc.
(3) Licensed territory: Japan(4) License fee: Free of charge·MEL has concluded a rooftop lease agreement for installing photovoltaic power
generation facilities.
(1) Lessee: SymEnergy Inc.
(2) Term: From July 31, 2019 to July 30, 2039
(3) Annual rent fee: 1,300,000 yen(Note 1) Not disclosed as consent of the seller, a domestic company, has not been obtained.
(Note 2) Not disclosed as the lessee’s consent has not been obtained.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 10 -

(Thousands of yen)
Summary of appraisal report
Property name

Logicross Atsugi II

Appraiser

Appraisal value

10,500,000

Valuation date

Items

Tanizawa Sogo Appraisal Co., Ltd
As of December 20, 2021

Details

OutlineAppraisal value based on income method

10,500,000

Assessed by using the direct capitalization method and the DCF method.

Appraisal value based on direct
capitalization method

10,600,000(1) Operating revenue(Effective gross income①+②+③+④-⑤-⑥)

Not disclosed(Note)①Gross potential income
Rental revenue, Common service
charges

Not disclosed(Note)②Utility income

Not disclosed(Note)③Parking lot income

Not disclosed(Note)④Other income

Not disclosed(Note)⑤Losses due to vacancies

Not disclosed(Note)⑥Bad debt loss

Not disclosed(Note)(2) Operational expenses(⑦+⑧+⑨+⑩+⑪+⑫+⑬+⑭)

Not disclosed(Note)⑦Building maintenance costs

Not disclosed(Note)⑧Utility expenses

Not disclosed(Note)⑨Repair expenses

Not disclosed(Note)⑩Property tax

51,992⑪Property management fees

Not disclosed(Note)⑫Tenant soliciting fees etc.

Not disclosed(Note)⑬Insurance premiums

Not disclosed(Note)⑭Other expenses

Not disclosed(Note)(3) Net operating income(NOI: (1)-(2))(4) Earnings from temporary deposits(5) Capital expenditure

435,0255129,925(6) Net cash flow
(NCF: (3)+(4)-(5))

425,612(7) Capitalization rate

4.0%

Appraisal value based on discounted cash
flow method
Discount rate

Assessed based on actual property tax amount.

Assessed by assuming the investment yield is 1.0%
Assessed based on the medium and long term repair and maintenancecosts in the engineering report.

Assessed based on a comprehensive consideration of such factors as themarketability of the target real estate and real estate investment market
trend and others.

10,400,000
3.9%
4.1%

Assessed based on the individual risks of the target real estate. Assessed as
3.9% for the first to third years and 4.1% for the fourth year and thereafter.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 11 -

Terminal capitalization rate
Integrated value based on cost method

4.2%
10,200,000

Proportion of land

59.0%

Proportion of building

41.0%
In deciding the appraisal value (fair value) of this property, the appraiser
used an income method that appropriately reflects investors’ investment
profitability as a standard, after verifying the value indicated by the cost
method, taking into account the price formation process that focuses on the
profitability of the target real estate for the market participants(consumers), reasons for MEL as a real estate investor to obtain theappraisal, and the classification as “house for rent and its premises”.

Other matters for consideration by the appraiser(Note) Not disclosed as MEL holds information that is subject to confidentiality obligations with the lessees and such information can be used to
calculate confidential information, and if the confidential information is disclosed, MEL may suffer damages for breaching its confidentiality
obligations, which in turn could negatively impact the interests of unitholders.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 12 -

4. Seller Profile
LOGIPORT Kawasaki Bay and Logicross Atsugi II
The company name has not been disclosed as the consent of the seller, a domestic company, has not been obtained. MEL
and the Asset Management Company have no capital, personnel, or business relationship with the seller that should be noted.
In addition, the seller does not fall under the category of an Interested party, etc. stipulated in the Act on Investment Trusts
and Investment Corporations (Act No. 198 of 1951, as amended), or an Interested Party as set forth in the Rules Regarding
Related-party Transactions of the Asset Management Company.
5. Status of the Seller
Not applicable as the LOGIPORT Kawasaki Bay and Logicross Atsugi II are not acquired from any related parties with MEL
or the Asset Management Company.
6. Brokerage
Not applicable.
7. Outlook
For more details on the business outlook of MEL, please refer to the “Notice Concerning Revisions to Forecast for the Fiscal
Period Ending August 31, 2022 and Forecast for the Fiscal Period Ending February 28, 2023” announced today.

For more information about Mitsubishi Estate Logistics REIT Investment Corporation, please visit:https://mel-reit.co.jp/en/<Attachments>
1. Overview of the Investment Portfolio
2. Surrounding Area Maps and Photographs of the Two New Properties
3. Outline of the Building Inspection Reports and Earthquake Risk Assessment Reports

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 13 -

<Attachments>
1. Overview of the Investment Portfolio
Category

Logistics
Facilities

Property Name

Location(Anticipated)
Acquisition Price(Millions of yen)
(Note 1)(%) (Note 2)

Investment
Ratio

Appraisal Value(Millions of yen)
(Note 3)

Appraisal
NOI Yield(%)(Note 4)

Type ofAssets(Note 5)

Logicross Fukuoka
Hisayama

Hisayama,
Kasuya,Fukuoka

5,770

2.7

7,480

6.1

Multi

Logicross Atsugi

Atsugi,
Kanagawa

8,440

3.9

9,420

4.5

Multi

Logicross Kobe Sanda

Kobe,
Hyogo

3,900

1.8

4,310

5.1

BTS

Logicross Osaka (Note 6)

Osaka,
Osaka(a)5,874(b)3,868
Total: 9,743

4.5

10,100

4.3

Multi

Logicross Nagoya
Kasadera (Note 6)

Nagoya,Aichi(a)8,705(b)5,719
Total: 14,424

6.7

16,5005.0

Multi

Logicross Narashino

Narashino,
Chiba

11,851

5.5

12,400

4.3

Multi

Logicross Atsugi II

Atsugi,
Kanagawa

9,838

4.5

10,500

4.4

Multi

LOGIPORT Sagamihara(Note 7)

Sagamihara,
Kanagawa

21,3649.9

24,0004.7

Multi

LOGIPORT Hashimoto(Note 8)

Sagamihara,
Kanagawa

18,2008.4

21,060

4.7

Multi(a)5,682(b)4,802
Total: 10,484

4.8

11,850

4.6

Multi

LOGIPORT Osaka Taisho(Note 9)Osaka,Osaka

LOGIPORT Kawasaki Bay(Note 10)

Kawasaki,Kanagawa

36,00016.6

40,365

4.3

Multi

MJ Logipark Funabashi 1

Funabashi,
Chiba

5,400

2.5

6,590

6.5

Multi

MJ Logipark Atsugi 1

Atsugi,
Kanagawa

6,653

3.1

7,190

4.5

Multi

MJ Logipark Kazo 1

Kazo,
Saitama

1,272

0.6

1,490

5.7

Multi

MJ Logipark Osaka 1

Osaka,
Osaka

6,090

2.8

7,130

5.1

Multi

MJ Logipark Fukuoka 1

Umi, Kasuya,
Fukuoka

6,130

2.8

6,610

5.4

Multi

MJ Logipark Tsuchiura 1

Tsuchiura,
Ibaraki

3,133

1.4

3,420

5.3

BTS

MJ Logipark Nishinomiya 1

Nishinomiya,
Hyogo

2,483

1.1

2,680

5.7

BTS

Kasugai,Aichi

13,6706.3

14,4004.8

Multi

MJ Logipark Kasugai 1

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 14 -

Others

MJ Logipark Kazo 2

Kazo,
Saitama

1,637

0.8

1,720

5.0

BTS

MJ Logipark Sendai 1

Tagajo,Miyagi

7,388

3.4

7,510

5.2

Multi

MJ Industrial Park Sakai(Land)

Sakai,
Osaka

5,600

2.6

5,780

3.8

Land

MJ Industrial Park Kobe
(Land)

Kobe,
Hyogo

4,970

2.3

5,690

5.1

Land

MJ Industrial Park ChibaKita (Land)

Chiba,
Chiba

1,800

0.8

1,970

4.4

Land

-

216,242100.0

240,165

4.7-

Total / Average(Note 1)“(Anticipated) Acquisition Price” indicates the purchase price of the respective trust beneficiary interest of the properties held and the Two
New Properties in the relevant sale and purchase agreement, rounded down to the nearest million yen and does not include national or local
consumption taxes or expenses, which have been incurred or will be incurred in connection with the acquisition.

(Note 2) “Investment Ratio” is the ratio of the (anticipated) acquisition price of each asset to the total (anticipated) acquisition price of properties held
and the Two New Properties rounded to the first decimal place and the aggregated figures may differ from actual total figures.
(Note 3)

“Appraisal Value” of the properties held shows the appraisal value stated on each real estate appraisal report as of August 31, 2021. “Appraisal
Value” of the Two New Properties shows the appraisal value stated on each real estate appraisal report as of December 20, 2021.

(Note 4)

“Appraisal NOI Yield” is the ratio of appraisal NOI using the direct capitalization method to the (anticipated) acquisition price of each property
in each real estate appraisal report, rounded to the first decimal place. “Total / Average” of “Appraisal NOI Yield” is calculated based upon
weighted average by (anticipated) acquisition price.

(Note 5)

In “Type of Assets“, “Multi” refers to multiple tenant type logistics facilities. “BTS” refers to build-to-suit type logistics facilities. “Land” refers
to land properties.

(Note 6)

The total of “Acquisition Price” and “Appraisal Value” of Logicross Osaka and Logicross Nagoya Kasadera indicate figures corresponding to
MEL’s acquisition of 100% trust beneficiary co-ownership interest. For “Acquisition Price”, figures for initial 60% trust beneficiary co-ownershipinterest acquired as of September 1, 2020 are described in (a), and figures for the additional 40% trust beneficiary co-ownership interest
acquired as of March 9, 2021 are described in (b).

(Note 7)“Acquisition Price” and “Appraisal Value” of LOGIPORT Sagamihara indicate the figures corresponding to MEL’s acquisition of 49% trust
beneficiary co-ownership interest.

(Note 8)“Acquisition Price” and “Appraisal Value” of LOGIPORT Hashimoto indicate the figures corresponding to MEL’s acquisition of 45% trust
beneficiary co-ownership interest.

(Note 9)The total of “Acquisition Price” and “Appraisal Value” of LOGIPORT Osaka Taisho indicate figures corresponding to MEL’s acquisition of 37.5%
trust beneficiary co-ownership interest. “Acquisition Price” in respect of 20% trust beneficiary co-ownership interest acquired as of October 9,2019 is described in (a), and “Acquisition Price” in respect of 17.5% trust beneficiary co-ownership interest acquired as of September 1, 2020
is described in (b).

(Note 10) “Anticipated Acquisition Price” and “Appraisal Value” of LOGIPORT Kawasaki Bay indicate figures corresponding to MEL’s anticipated acquisitionof 45% trust beneficiary co-ownership interest.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 15 -

2. Surrounding Area Maps and Photographs of the Two New Properties
LOGIPORT Kawasaki Bay

Logicross Atsugi II

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 16 -

3. Outline of the Building Inspection Reports and Earthquake Risk Assessment Reports
Building Inspection Reports
Category

Property NameER Inspection
Company

Inspection
Date

Tokio MarinedR Co., Ltd.

May
2017
Jul.
2018
Jul.
2018
Dec.
2020
Dec.
2020
Dec.
2020
Dec.
2021
May
2017
May
2017
Mar.
2020
Dec.
2021
Nov.
2021
May
2017
May
2017
May
2017
May
2017
Jul.
2019
Aug.
2019
Aug.
2019
Mar.
2020
Mar.
2020

Logicross Fukuoka Hisayama
Logicross Atsugi
Logicross Kobe Sanda
Logicross Osaka
Logicross Nagoya
Kasadera
Logicross Narashino
Logicross Atsugi II

Logistics
Facilities

LOGIPORT Sagamihara(Note 3)
LOGIPORT Hashimoto(Note 4)
LOGIPORT Osaka Taisho(Note 5)
LOGIPORT Kawasaki Bay(Note 6)
MJ Logipark Funabashi 1
MJ Logipark Atsugi 1
MJ Logipark Kazo 1
MJ Logipark Osaka 1
MJ Logipark Fukuoka 1
MJ Logipark Tsuchiura 1
MJ Logipark Nishinomiya 1
MJ Logipark Kasugai 1
MJ Logipark Kazo 2
MJ Logipark Sendai 1

Others

MJ Industrial Park Sakai(Land) (Note 7)
MJ Industrial Park Kobe
(Land) (Note 7)
MJ Industrial Park Chiba-Kita(Land) (Note 7)
Total / Portfolio PML

Cost of Shortterm Repairs(thousands ofyen) (Note 1)

Earthquake Risk Assessment Reports
Cost of Longterm Repairs(thousands ofyen) (Note 2)-

43,908-56,156-58,556-

67,798-102,690-

78,787-

153,210-130,947-

48,432-

89,932
180,144-444,853-

84,914-

17,483-

210,511-

258,479-

26,244-

146,528-

91,931-

81,199-328,134

PML
Assessment
Company

Assessme
nt DateTokio MarinedR Co., Ltd.

Apr.
2017
Jun.
2018
Jun.
2018
Dec.
2020
Dec.
2020
Dec.
2020
Dec.
2021
Apr.
2017
Apr.
2017
Feb.
2020
Dec.
2021
Jul.
2016
Apr.
2017
Apr.
2017
Apr.
2017
Apr.
2017
Aug.
2019
Aug.
2019
Aug.
2019
Feb.
2020
Feb.
2020

PML (%)

1.0
11.2
7.7
8.4
1.7
2.8
7.7
0.6
1.6
9.5
3.6
4.8
5.2
0.3
9.8
0.8
1.9
5.1
4.9
3.2
2.6

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1.7
(Note 8)2,761,237(Note 1) “Cost of Short-term Repairs” includes the cost of urgent repairs and updating and repair work generally required within one year from theinspection date as shown in building inspection report.
(Note 2) “Cost of Long-term Repairs” includes the cost of updating and repair work required within twelve years from the inspection date as shownin the building inspection reports.
(Note 3) Estimated “Cost of Short-term Repairs” and “Cost of Long-term Repairs” of LOGIPORT Sagamihara indicate the figures corresponding to
MEL’s acquisition of 49% trust beneficiary co-ownership interest, rounded down to the nearest thousand yen.
Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 17 -

(Note 4) Estimated “Cost of Short-term Repairs” and “Cost of Long-term Repairs” of LOGIPORT Hashimoto indicate the figures corresponding to MEL’s
acquisition of 45% trust beneficiary co-ownership interest, rounded down to the nearest thousand yen.
(Note 5) Estimated “Cost of Short-term Repairs” and “Cost of Long-term Repairs” of LOGIPORT Osaka Taisho indicate the figures corresponding to
MEL’s acquisition of 37.5% trust beneficiary co-ownership interest, rounded down to the nearest thousand yen.
(Note 6) Estimated “Cost of Short-term Repairs” and “Cost of Long-term Repairs” of LOGIPORT Kawasaki Bay indicate the figures corresponding to
MEL’s anticipated acquisition of 45% trust beneficiary co-ownership interest, rounded down to the nearest thousand yen.
(Note 7) “Cost of Short-term Repairs”, “Cost of Long-term Repairs” and “PML” of MJ Industrial Park Sakai (Land), MJ Industrial Park Kobe (Land) andMJ Industrial Park Chiba-Kita (Land) are not calculated as MEL does not hold any building on the land.
(Note 8) “Portfolio PML” is based on “Portfolio Seismic Risk Review Report of 21 Properties” prepared by Tokio Marine dR Co., Ltd. as of December
2021. “Portfolio PML” is the percentage obtained by calculating the PML for a collection of 21 properties (excluding MJ Industrial Park Sakai(Land), MJ Industrial Park Kobe (Land) and MJ Industrial Park Chiba-Kita (Land)) in the same way as for individual properties.

Note: This press release has been prepared for the purpose of announcing to the public certain matters relating to the acquisition of domestic real estate
trust beneficiary interests and lease contracts with new tenants, and has not been prepared for the purpose of soliciting investment. Investors are asked
to ensure that they read the prospectus for the issuance of new investment units, as well as any amendments thereto, prepared by MEL before they
invest and that they make decisions on investment at their own discretion.

- 18 -