July 19, 2013
To All Concerned Parties
Issuer of Real Estate Investment Trust Securities
1-1, Nihonbashi-Muromachi 2-chome, Chuo-Ku,
Tokyo 103-0022
Nippon Accommodations Fund Inc.
Executive Director
Nobumi Tobari(Code Number 3226)
Investment Trust Management Company
Mitsui Fudosan Accommodations Fund Management Co., Ltd.
President and CEO
Kosei Murakami
Contact CFO and Director
Satoshi Nohara(TEL. 03-3246-3677)

Notification Concerning Acquisition of Domestic Real Estate Property
This is a notification that Nippon Accommodations Fund Inc. (“NAF”) decided on and completed the acquisition ofreal estate property in Japan as shown below.
1. Reason for Acquisition
Based on the provisions for investments and policies on asset management provided in the Articles ofIncorporation, the decision to acquire the following property was made to ensure the steady growth of the assets
under management, and for the diversification and further enhancement of the investment portfolio.
2. Overview of Acquisition(1) Name of property acquired (Note 1)

Park Cube Kitahama(2) Type of property acquired (Note 2)

Real Estate(3) Acquisition price (Note 3)¥1,970,000 thousand(4) Appraised value (Note 4)¥2,040,000 thousand(5) Date of conclusion of sales contract

July 19, 2013

(6) Date of handoverJuly 19, 2013(7) Seller

MG Whale TMK(8) Acquisition funds

Borrowings and own funds(9) Method of payment

Full payment at time of delivery(Note 1) The current name of the property acquired is “my atria Kitahama.” NAF plans to rename the property as stated above without delay
after it has acquired the property.
(Note 2) NAF plans to terminate the trust on the same day, after it has acquired the trust beneficiary interest for which the trust property is thereal estate.
(Note 3) “Acquisition price” denotes the trading value (exclusive of miscellaneous expenses for acquisition, fixed property taxes, urban
planning taxes, consumption taxes and local consumption taxes) specified in the trust beneficiary interest sales contract for theproperty acquired.
(Note 4) “Appraised value” is based on the amount mentioned in the real estate appraisal report (date of value appraisal on May 31, 2013)
which Daiwa Real Estate Appraisal Co., Ltd. prepared for the property acquired.

1

3. Description of Property Acquired(1) Outline of the property acquired
Name of property acquired
Type of property acquired
Appraisal company
Appraised value (Note 1)
Date of value appraisal (Note 1)
Location Residence indication
Building-to-land ratio (Note 2)
Floor area ratio (Note 2)

Park Cube Kitahama
Real estate
Daiwa Real Estate Appraisal Co., Ltd.
¥2,040,000 thousand
May 31, 2013
2-35 Higashi Koraibashi, Chuo-ku, Osaka-shi, Osaka
80%
800%

Land

ZoningCommercial district

Site area (Note 3)
Ownership form
Completion date (Note 4)

772.60m
Proprietorship
January 16, 2007

Structure / number of stories (Note 5)

Flat-roof reinforced concrete structure / 15 stories

Uses (Note 5)
Gross floor area (Note 5)

Ownership form
Rentable units
Rentable area
Existence of security interests

Apartment building, bicycle parking area, parking garage2
5,480.29m
Proprietorship
138
4,683.33m2
None

Special affairs (Note 6)

None

Special features of the property

The property is approximately a 6-minute walk from
Kitahama Station of the Osaka Municipal Subway SakaisujiLine. Kitahama Station has access to two train lines, theOsaka Municipal Subway Sakaisuji Line and Keihan MainLine. The property has very good access to central
commercial areas and business areas, as from Kitahama
Station it is approximately a 4-minute ride to Higashi Umeda
Station and approximately a 7-minute ride to Namba Station
with a train line transfer.
The property has good living convenience with a “Life”
supermarket store nearby and convenience stores andbanks are located within about a 5-minute walking distance.
Demand is expected mainly from such segment types asbusiness people and corporations.

Building

Details of tenants(Note 7)

Total number of tenants
Rentable units
Rented units

1
138

Rentable area

4,683.33m

2

Rented area

4,329.95m
92.5%

2

Occupancy rate
Deposit / Security deposit
Total rental revenues(Note 1)
(Note 2)2

128

¥11,055 thousand
Please refer to <Attached Document 1> Summary of theappraisal report on the amount of the property acquired.

“Appraised value” and “Date of value appraisal” are based on the amount mentioned in the real estate appraisal report which Daiwa
Real Estate Appraisal Co., Ltd. prepared for the property acquired.
“Building-to-land ratio” is the ratio of the building’s construction area to the site area as stipulated in Article 53 of the Building

2

(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)

Standards Act. The figures are indicated as stipulated by city planning in accordance with zoning, etc. “Floor-area ratio” is the ratioof the building’s gross floor area to the site area as stipulated in Article 52 of the Building Standards Act. The figures are indicated as
stipulated by city planning in accordance with zoning, etc.
“Site area” of the “Land” column denotes the land area as entered in the real estate register.
“Completion date” of the “Building” column denotes the date as entered in the real estate register.
“Structure / number of stories,” “Uses,” and “Gross floor area” are stated based on the entries in the register.
“Special affairs” include issues considered to be important by NAF as of today, with consideration to influence on the rights, uses,
and appraisal values as well as profits of the property that NAF acquired.
Description of the “Details of tenants” column:(i) “Total number of tenants” is denoted as “1” where a master lease contract (blanket lease contract) has been concluded with amaster lease company. As to the property acquired, NAF has today concluded a master lease contract with the master lease
company, that is, Mitsui Fudosan Housing Lease Co., Ltd. The above “Total number of tenants” means the total number oftenants after conclusion of the said master lease contract.
(ii) “Rentable units” denotes the number of rentable units in the property acquired.
(iii) Figures for “Rented units,” “Rented area,” and “Deposit / Security Deposit” are based on information provided by the seller,
valid as of June 30, 2013.
(iv) “Rentable area” denotes the total rentable area of the building of the property acquired.
(v) “Occupancy rate” is the ratio of “Rented area” to “Rentable area” and is rounded to one decimal place.

(2) Outline of investigations into the state of the building, etc.

Investigations
into the state ofbuilding

Earthquake risk
Diagnosis

Tokio Marine & Nichido Risk Consulting Co., Ltd.

Consigned investigating company
Investigation report date
Urgent repair cost
Short-term repair cost

July 4, 2013－－

Repair and renewal costs expected
to be necessary within 12 years¥70,769 thousand

Replacement value¥1,090,800 thousand

Consigned investigating company

Sumitomo Mitsui Construction Co., Ltd.

Investigation report dateJune 28, 2013

PML value (Note)

11.0%(Note) The report on earthquake risk diagnosis only states the views of the consigned investigating company and does not provide any
guarantee for its contents. PML (Probable Maximum Loss) represents the rate of probable maximum loss to be caused by earthquakes.
In this case, it means the extent of damage to be caused by one of the biggest earthquakes anticipated to happen within the expected
duration of service (the biggest earthquake which happens once every 475 years = 10% chance of a big earthquake happening once
every 50 years) represented by the rate (%) of the estimated cost of restoration from the damage to the replacement cost.

Profile of third party investigative body
Name
Address
Representative

Tokio Marine & Nichido Risk Consulting Co., Ltd.
2-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo
Ken Kamikouchi, President and Chief Executive Officer

Description of principal
operations

Research, study, provision of information, assessment, consulting, holding of
seminars, publishing, provision of training, etc. on security, disaster prevention,
sanitation, environment, product safety and information management, etc.

CapitalRelationship with NAF
or investment trust
management company¥100 million

Name
Address
Representative

Sumitomo Mitsui Construction Co., Ltd.
1-6, Tsukuda 2-chome, Chuo-ku, Tokyo
Yoshiyuki Norihisa, President and Chief Executive Officer

Description of principal
operations

Design and construction of civil engineering, building, prestressed concrete workand related operations and others

CapitalRelationship with NAF
or investment trust
management company¥12,003 million

None

None

3

4. Outline of Seller
Name

MG Whale TMK

Address

18-18, Roppongi 7-chome, Minato-ku, Tokyo

Representative

Not Disclosed (Note)

Purpose

1. Transfer of specified asset according to securitization plan based on the Act on
Securitization of Assets, and business related to its management and disposal.
2. Other business associated with above securitization of specified asset.

Date of establishment
Specified CapitalPreferred Capital
Investor
Relationship with Seller
and NAF or theInvestment TrustManagement Company

March 12, 2007
¥10,051,300 thousand¥8,669,000 thousand
Not Disclosed (Note)
There are no capital, personal or business relationships to report between the seller
and NAF, the investment trust management company or any related parties or
associated companies of NAF and the investment trust management company.
Also, the seller, any related parties or associated companies of the seller do not fallunder the category of related parties of NAF or the investment trust managementcompany.

(Note) “Representative” and “Investor” are not disclosed as consent for disclosure could not be obtained from the seller.

5. Transactions with Related Parties and the Like
The property acquired has not been acquired from a party classified as having a relationship of special
interest with NAF or the investment trust management company. Since Mitsui Fudosan Housing Lease Co.,
Ltd., which became the master lease company and property management company of the acquired property,
falls under “Related parties and the like” (Note), in accordance with NAF’s self-established rules on asset
management relevant to transactions with related parties and the like, the conclusion of a master lease contract
and a property management contract have been carried out through deliberation and approval by thecompliance committee of the investment trust management company and the investment committee.
(Note) “Related parties and the like” means related parties and the like of an investment trust management company which has concluded an
asset management contract with NAF, as determined in the Order for Enforcement of the Act on Investment Trust and Investment
Corporation, Article 123.

6. Situation of the Acquirer of the Property
The property acquired is not an acquisition from a party classified as having a relationship of special interest
with NAF or the investment trust management company, therefore the situation of the acquirer is not
mentioned.
7. Earthquake Resistance Matters
NAF outsourced the inspection and verification of the details of earthquake-resistant structures including
structural calculation sheets and, for the building of the property acquired, obtained confirmation that, no
falsification is suspected in the structural calculation and structural drawings with respect to its structure, which
ensures earthquake resistance as per the Building Standards Act.
In addition NAF always performs earthquake risk diagnosis based on reviewing drawings using structuraldesign drawings, structural calculation sheets, etc., as well as on on-site inspection and the like during thecourse of due diligence upon acquisition of properties, from perspectives that are different to building
certification investigations performed by an inspection and certification agency.
8. Outline of Brokerage
Not applicable.
9. Outlook for Management after Acquisition of the Property
As stated in “Notification Concerning Revision to Financial Results Forecast for the Period Ending August 31,
2013 (15th Period) and Period Ending February 28, 2014 (16th Period)” released as of today.
4





Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (KabutoClub) and the press club of the Ministry of Land, Infrastructure, Transport and Tourism and to the pressclub for construction publications of the Ministry of Land, Infrastructure, Transport and Tourism.
NAF website: http://www.naf-r.jp/english/index.html

Please note that this English translation of the Japanese original document is provided solely for information
purposes. In the event of any discrepancy between the Japanese original and this English translation, theJapanese original shall prevail.
<Attached Documents>
1. Summary of the appraisal report on the amount of the property acquired
2. Portfolio list after the acquisition of the property is completed (on an acquisition price basis)
3. Photos of exterior and entrance, and map of the property acquired5<Attached Document 1> Summary of the appraisal report on the amount of property acquired(unit: Thousands of yen)Appraised value (specified value)
Assessment item(a) Unit rental revenues, including commons area fees(b) Utilities revenues

Details
151,2870(c) Parking lot revenues

2,304(d) Other revenues
Revenues from key money, etc.

Operatingrevenues

2,040,000

Revenues from renewal fees
Other revenues

1,716
1,655
0
60

(1): (a)+(b)+(c)+(d)(e) Total loss from vacancies, etc.

155,3077,9960(f) Loss on bad debts(2) Operating revenues [(1)-(e)-(f)]147,311(g) Maintenance expense

3,569(h) Utilities expense

2,549(i) Repair expense

4,030(j) Property management fees

5,097

Operating(k) Tenant soliciting fee, etc.
expenses(l) Taxes and public dues

5,030
8,665

(m) Property insurance fee

224(n) Other expenses

849(3) Operating expenses[(g)+(h)+(i)+(j)+(k)+(l)+(m)+(n)](4) Net operating income [(2)-(3)]30,019117,292(o) Earnings from temporary deposit

220(p) Capital expenditures

4,288(5) Net income [(4)+(o)-(p)]113,224(6) Cap rate
Value of earnings calculated by the direct capitalization method [(5)÷(6)]Value calculated by discounted cash flow method

5.5%
2,060,000
2,030,000

Discount rate

5.3%

Terminal cap rate

5.7%

Cost method value

1,340,000

Total value of land and building

1,336,252

Land value
Building value
Adjustment

441,927
894,325
0

NAF requested a real estate appraisal by Daiwa Real Estate Appraisal Co., Ltd. for the property acquired, based on the Act on Real EstateAppraisal (1963 Act No. 152, including later amendments) and real estate appraisal standards. The above figures are a summary of the
prepared real estate appraisal report. The appraisal valuation is the judgment and opinion of the appraiser at a fixed point in time, with noguarantees as to the validity or accuracy of the report, nor the possibility of transactions at the appraised value.
Yen amounts are rounded down to the nearest thousand yen.

6

<Attached Document 2> Portfolio list after the acquisition of the property is completed (on an acquisition price basis)
1. Rental Apartments
Name

Location

Acquisition
Portfolio Share
price
(%)
(millions of yen)
(Note 2)
(Note 1)

Okawabata Apartment Communities

Chuo-ku, Tokyo

29,696

11.1

Park Axis Gakugei Daigaku

Setagaya-ku, Tokyo

1,760

0.7

Park Axis Shibuya Jinnan

Shibuya-ku, Tokyo

3,230

1.2

Park Axis Aoyama Kotto DoriMinato-ku, Tokyo

1,730

0.6

Park Axis Kagurazaka Stage

Shinjuku-ku, Tokyo

1,400

0.5

Park Axis Shirokanedai

Minato-ku, Tokyo

5,140

1.9

Park Axis Bunkyo Stage

Bunkyo-ku, Tokyo

4,440

1.7

Park Axis Tsukishima

Chuo-ku, Tokyo

930

0.3

Park Axis Otsuka

Toshima-ku, Tokyo

1,655

0.6

Park Axis Minami Azabu

Minato-ku, Tokyo

3,939

1.5

Park Axis Shibuya

Shibuya-ku, Tokyo

1,282

0.5

Park Axis Nihonbashi Stage

Chuo-ku, Tokyo

7,557

2.8

Park Axis Hamamatsucho

Minato-ku, Tokyo

2,025

0.8

Park Axis Hongo No Mori

Bunkyo-ku, Tokyo

2,910

1.1

Park Axis Tameike Sanno

Minato-ku, Tokyo

2,860

1.1

Park Axis Roppongi Hinokicho Koen

Minato-ku, Tokyo

2,170

0.8

Park Axis Ochanomizu Stage

Bunkyo-ku, Tokyo

9,710

3.6

Park Axis Okachimachi

Taito-ku, Tokyo

1,070

0.4

Park Cube Hongo

Bunkyo-ku, Tokyo

1,760

0.7

Park Cube Kanda

Chiyoda-ku, Tokyo

2,454

0.9

Park Cube Ichigaya

Shinjuku-ku, Tokyo

1,949

0.7

Park Cube Asakusa Tawaramachi

Taito-ku, Tokyo

2,508

0.9

Park Cube Ueno

Taito-ku, Tokyo

2,233

0.8

Park Cube Ikebukuro Kanamecho

Toshima-ku, Tokyo

1,608

0.6

Park Axis Meguro Honcho

Meguro-ku, Tokyo

1,810

0.7

Park Axis Shin Itabashi

Itabashi-ku, Tokyo

3,430

1.3

Park Axis Akihabara

Chiyoda-ku, Tokyo

1,200

0.4

Park Axis Toyocho

Koto-ku, Tokyo

3,950

1.5

Park Axis Takinogawa

Kita-ku, Tokyo

1,820

0.7

Park Axis Asakusabashi

Taito-ku, Tokyo

2,717

1.0

Park Axis Nihonbashi Hamacho

Chuo-ku, Tokyo

5,540

2.1

Park Cube Yoyogi Tomigaya

Shibuya-ku, Tokyo

1,975

0.7

Park Axis Monzen Nakacho

Koto-ku, Tokyo

1,700

0.6

Park Cube Itabashi Honcho

Itabashi-ku, Tokyo

4,170

1.6

Park Cube Gakugei Daigaku

Meguro-ku, Tokyo

910

0.3

Park Cube Oimachi

Shinagawa-ku, Tokyo

1,440

0.5

Park Axis Nishigahara

Kita-ku, Tokyo

840

0.3

Park Axis Kinshicho

Sumida-ku, Tokyo

1,448

0.5

Park Axis Tatsumi Stage

Koto-ku, Tokyo

7,464

2.8

Park Axis Kameido

Koto-ku, Tokyo

2,359

0.9

Park Axis Honancho

Nakano-ku, Tokyo

745

0.3

Park Axis Itabashi

Kita-ku, Tokyo

1,448

0.5

7

Name

Location

Park Axis Oshiage

Sumida-ku, Tokyo

Park Axis Takadanobaba
Park Axis Toyosu

Acquisition
Portfolio Share
price
(%)
(millions of yen)
(Note 2)
(Note 1)
1,193

0.4

Toshima-ku, Tokyo

1,222

0.5

Koto-ku, Tokyo

14,300

5.3

Park Axis Hatchobori

Chuo-ku, Tokyo

1,760

0.7

Park Axis Itabashi Honcho

Itabashi-ku, Tokyo

987

0.4

Park Axis Sumiyoshi

Sumida-ku, Tokyo

1,006

0.4

Park Cube Yotsuya Sanchome

Shinjuku-ku, Tokyo

2,749

1.0

Park Cube Hatchobori

Chuo-ku, Tokyo

4,200

1.6

Park Axis Kamata Ichibankan

Ota-ku, Tokyo

1,069

0.4

Park Axis Taito Negishi

Taito-ku, Tokyo

672

0.3

Park Axis Komagome

Toshima-ku, Tokyo

1,389

0.5

Park Axis Itabashi Honcho
Nibankan

Itabashi-ku, Tokyo

1,859

0.7

Shibaura Island Air Tower

Minato-ku, Tokyo

7,905

3.0

Park Cube Higashi Shinagawa

Shinagawa-ku, Tokyo

6,060

2.3

Park Cube Sasazuka

Shibuya-ku, Tokyo

2,200

0.8

Park Axis Higashi Jujo

Kita-ku, Tokyo

1,700

0.6

Park Cube Heiwadai

Nerima-ku, Tokyo

1,204

0.5

Park Cube Meguro Tower

Meguro-ku, Tokyo

9,000

3.4

Park Cube Nihonbashi Suitengu

Chuo-ku, Tokyo

2,711

1.0

Park Cube Ginza East

Chuo-ku, Tokyo

2,269

0.8

Park Cube KayabachoChuo-ku, Tokyo

1,105

0.4

Park Cube Honjo Azumabashi

Sumida-ku, Tokyo

1,252

0.5

Park Axis Kiyosumi Shirakawa

Koto-ku, Tokyo

696

0.3

Park Axis Asakusabashi Nichome

Taito-ku, Tokyo

1,079

0.4

Park Axis Nishi Sugamo

Kita-ku, Tokyo

1,439

0.5

Park Axis Ueno

Taito-ku, Tokyo

1,389

0.5

Park Axis Akihabara East

Taito-ku, Tokyo

1,369

0.5

Park Axis KayabachoChuo-ku, Tokyo

1,809

0.7

Park Axis Kinshicho Shinsui Koen

Sumida-ku, Tokyo

1,369

0.5

Park Cube Kasuga Andozaka

Bunkyo-ku, Tokyo

2,670

1.0

Park Cube Kameido

Koto-ku, Tokyo

Tokyo 23 wards total

3,020

1.1

223,636

83.6

Park Cube Keio Hachioji II

Hachioji-shi, Tokyo

1,130

0.4

Park Axis Nishi Funabashi

Funabashi-shi, Chiba

1,020

0.4

Park Axis Yokohama Idogaya

Minami-ku, Yokohama-shi,
Kanagawa

1,419

0.5

Park Axis Chiba Shinmachi

Chuo-ku, Chiba-shi, Chiba

1,679

0.6

Park Axis Chiba

Chuo-ku, Chiba-shi, Chiba

970

0.4

Park Cube Kita Matsudo

Matsudo-shi, Chiba

1,200

0.4

Park Cube Musashi Kosugi

Nakahara-ku,
Kawasaki-shi, Kanagawa

2,250

0.8

Park Axis Yokohama Tanmachi
Koen

Kanagawa-ku,
Yokohama-shi, Kanagawa

1,119

0.4

Greater Tokyo Total (Note 3)

10,787

4.0

Park Axis Meieki Minami

Nakamura-ku, Nagoya-shi,
Aichi

2,440

0.9

Park Axis Marunouchi

Naka-ku, Nagoya-shi, Aichi

1,920

0.7

Park Axis Ropponmatsu

Chuo-ku, Fukuoka-shi,
Fukuoka

1,515

0.6

8

Name
Park Axis Hakataeki Minami
Park Axis Naka Gofukumachi
Park Axis Shirakabe
Park Axis Sendai
Park Axis Hakata Minoshima
Park Axis Takamiya Higashi
Park Axis Sapporo Shokubutsuen
MaePark Axis Shin Sapporo
Park Axis Esaka HiroshibachoPark Axis Utsubo Koen
Park Cube Kitahama

LocationHakata-ku, Fukuoka-shi,
Fukuoka
Hakata-ku, Fukuoka-shi,
Fukuoka
Higashi-ku, Nagoya-shi,
Aichi
Wakabayashi-ku,
Sendai-shi, Miyagi
Hakata-ku, Fukuoka-shi,
FukuokaMinami-ku, Fukuoka-shi,
Fukuoka
Chuo-ku, Sapporo-shi,
Hokkaido
Atsubetsu-ku,
Sapporo-shi, Hokkaido
Suita-shi, Osaka
Nishi-ku, Osaka-shi,Osaka
Chuo-ku, Osaka-shi,
Osaka

Acquisition
Portfolio Share
price
(%)
(millions of yen)
(Note 2)
(Note 1)
1,890

0.7

742

0.3

1,547

0.6

2,320

0.9

960

0.4

605

0.2

1,650

0.6

827

0.3

2,369

0.9

2,399

0.9

1,970

0.7

Other Major Cities Total (Note 4)

23,154

8.7

Rental Apartments Total

257,577

96.3

Location

Acquisition price(millions of yen)
(Note 1)

Portfolio Share(%)(Note 2)Ashiya-shi, Hyogo

928

0.3

991

0.4

916

0.3

374

0.1

2. Other Accommodation Assets
Name
Dormy Ashiya
Kawaijuku Kyoto Gakushin Ryo
Sundai Horikawa Ryo

Nakagyo-ku, Kyoto-shi,
Kyoto
Kamigyo-ku, Kyoto-shi,
Kyoto

Dormitory Rakuhoku

Kita-ku, Kyoto-shi, Kyoto

Rikkyo University International
Dormitory (RUID) Shiki

Shiki-shi, Saitama

1,478

0.6

Dormy Naka Itabashi

Itabashi-ku, Tokyo

1,041

0.4

Itabashi-ku, Tokyo

1,249

0.5

1,152

0.4

540

0.2

1,160

0.4

9,829

3.7

267,406

100.0

Phirosophia Nishidai
Dormy Musashi Kosugi
Artis Sendai Kakyoin
Artis Sendai Kimachi DoriNakahara-ku,
Kawasaki-shi,
Kanagawa
Aoba-ku, Sendai-shi,
MiyagiAoba-ku, Sendai-shi,
MiyagiOther Accommodation Assets Total
Grand Total(Note 1)“Acquisition Price” refers to the sale price (exclusive of miscellaneous expenses for acquisition, fixed property tax, urban
planning tax, consumption tax and local consumption tax) of the property acquired.
(Note 2) “Portfolio Share” means the percentage of the acquisition price of the respective property acquired compared with the total
amount, rounded to the nearest one decimal place.
(Note 3) “Greater Tokyo” refers to four prefectures, Tokyo (excluding Tokyo 23 wards), Kanagawa, Saitama, and Chiba.
(Note 4) “Other Major Cities” indicates major cities across Japan and their surrounding areas, excluding the Tokyo area.

9<Attached Document 3> Photos of exterior and entrance, and map of the property acquired10Nakanoshima Park
Minami Tenma Park

Kaihei Elementary School
Tenmabashi Station
Tenmabashi Station

Chuo Senior High School

Nakaoe Elementary School
Nakaoe Park11