January 29, 2008
To whom it may concern:
Japan Real Estate Investment Corporation
Taketo Yamazaki, Executive Director(TSE code: 8952)
Contact: (Asset Management Company)
Japan Real Estate Asset Management Co., Ltd.
Kazuhiko Arahata, CEO & President
Haruhiko Araki, General Manager, Planning Department
Phone: +81-3-3211-7921

Notice of Asset Acquisition
Announcement is hereby made that on January 29, 2008, Japan Real Estate Investment Corporation(the “Company”) decided to acquire the following asset:

1. Outline of the acquisition
1) Asset to be acquired:

2) Name of asset:

Real property
Land:
Ownership (share of co-ownership)
Building: Compartmentalized building units(share of co-ownership [ratio of share of ownership:34.32%]) (Note)
Musashi Kosugi STM Building3) Acquisition price:¥ 4,000 million

4) Scheduled acquisition date: March 25, 2008
5) Seller:

Sohgo Housing Co., Ltd.

6) Method of Settlement:

Lump sum payment at closing of acquisition

7) Acquisition funds:

To be determined
Note: The Company is scheduled to acquire 40% ownership of the property owned by Sohgo HousingCo., Ltd. as of January 29, 2008 (ratio of share of ownership 85.80%).

2. Reason for the acquisition
The Company will acquire the asset based on the basic policies and investment attitude foracquisition under the Articles of Incorporation of the Company. In particular, the following points
have been highly evaluated in the determination of the acquisition.
(1) Superior location• The property is located facing Musashi-Kosugi Station, a railway transportation junction ofTokyu Line (Toyoko Line and Meguro Line) and JR Nambu Line, offering convenient
access to central districts of Tokyo metropolitan area, Yokohama, Kawasaki, and Tama.
• In addition, a new station on the JR Yokosuka Line is scheduled to open at a location withinwalking distance from the property, and a connecting road is also planned for construction
between the new station and Musashi-Kosugi Station. With the scheduled joint operation of1

the Tokyu Toyoko Line and the Tokyo Metro Fukutoshin Line in 2012, even moreconvenient access to central Tokyo metropolitan area, Yokohama and Kawasaki can beexpected.
(2) Rarity value• Boasting a total floor space of 22,839m2 and a standard floor area of 2,046 m2, the property
has a rare value in the area with strong appeal to prospective tenants in terms of its large
leasing space.
3. Details of the Asset to be acquired
The relevant information is as set out below; provided that the information on “area,” “structure” and“completion date” is derived from the land registry and “usage” described below is among the main
usages listed in the land registry.
(1)Details of the asset to be acquired
Location
Address shownin land registry
Usage
Area
Land
BuildingStructure

1-403-9 Kosugi-machi, Nakahara-ku, Kawasaki City,
Kanagawa Prefecture and 4 other lots
1-403-9 Kosugi-machi, Nakahara-ku, Kawasaki City,
Building
Kanagawa Prefecture and others
Office, ShopLand

3,552.15 m2 (Total land area of the building site)
22,839.61 m2 (Total floor space of the entire building)
Steel-framed reinforced, steel-reinforced concrete structure, flat roof
Above ground: 8 floors
Below ground: 2 floors
October, 1990
Mitsubishi Estate Co., Ltd.
Takenaka Corporation, Toda Corporation

Completion dateArchitect
Constructor
Building confirmation
Kawasaki Cityand inspection bodyType of ownership
LandOwnership (share of co-ownership in 4 lots/2,779.10 m2: 4/10)
Compartmentalized building units(share of co-ownership in 11,653.73 m2 on 3rd to 8th floors:
35,388/100,000,Building
share of co-ownership in 3,000.61 m2 in part of spaces on
below-ground 1st floor to above-ground 2nd floors: 4/10,
ratio of share of ownership: 34.32%)
Acquisition price¥ 4,000 million
Appraisal value¥ 4,000 million(Appraisal institution) (Daiwa Real Estate Appraisal Co., Ltd.)(Evaluation method） (Capitalization method: as of January 1, 2008)12.73% (Based on an earthquake risk assessment report issued by Tokio
PML value
Marine & Nichido Risk Consulting Co., Ltd.）
None (Flexible mortgage is provisionally registered on the share ofCollateralother co-owner.)
Property
Sohgo Housing Co., Ltd. (Note 2)
managementcompany（Note 1)
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Note 1: The property management company to be entrusted after the acquisition shall be described.
Note 2: Outline of the property management company

Corporate name
Address of the registeredhead office
Representative
Paid-in capital
Major shareholders

Principal business
Relationship with theCompanyor the asset managementcompany

Sohgo Housing Co., Ltd.
2-8-1 Nishi-Gotanda, Shinagawa-ku, Tokyo
Tetsujiro Hayashi, President and Representative Director¥100 million (as of November 30, 2007)
Tokyu Land Corporation
The Dai-ichi Building Co., Ltd.
Takenaka Corporation
J and S Insurance Service Co., Ltd.
(as of November 30, 2007)
Real estate business
The Dai-ichi Mutual Life Insurance Company, a major
shareholder that holds a 27% stake of Japan Real Estate AssetManagement Co., Ltd. (the asset management company), towhich the Company entrusts the management of its assets, andDai-ichi Mutual Life Insurance Company’s closely related parties
hold a 19.5 % stake (of which 5% is directly held by Dai-ichi
Mutual Life Insurance Company) in Sohgo Housing Co., Ltd.
Sohgo Housing Co., Ltd. does not fall within the related party ofthe asset management company under the Cabinet Order of theEnforcement of Law Concerning Investment Trusts andInvestment Corporations of Japan and the internal rules of theasset management company.

3(2) Tenant details
Total number of tenants
Total leasable space
Total leased space

Trend in occupancy rates

255,394 m2
5,394 m2
September 30, 2005

99.5%

September 30, 2006

100.0%

September 30, 2007

100.0%

Scheduled acquisition date

100.0%¥ 230 million per year
NOI（Net Operating Income）- Total number of tenants, total leasable space, total leased space andoccupancy rate on the scheduled acquisition date are projections as of thescheduled acquisition date.
- NOI is the estimated amount for the share to be acquired by the Company on thescheduled acquisition date, and under normal operation based on the terms andconditions of lease agreements as of the scheduled acquisition date, etc.
* Estimated occupancy rate: 96.0%(Notes)- The above figures (except NOI) are based on the data provided by the seller.
(The figures are applicable only for the share of ownership to be acquired bythe Company.)- The Company plans to lease back the entire leasable space to be acquired by
the Company to the seller, Sohgo Housing, Co., Ltd. and Sohgo Housing
plans to sublease the leasable space on the 3rd to 8th floors, including its own
space and the space owned by co-owner, to tenants.

(3) Specifications for rental floor space
Ceiling height
2,600mm (2,525mm for office automation floor space)Standard floor area
2,046 m2Office automation floor
Partially equipped (75mm)
Electric capacity
20VA/m2
Air conditioning system
Air conditioning by zone
Floor load
300 kg/m2
OthersAround-the-clock entry and exit
(4) Outline of the engineering report
i. Outline of repair items
Date of report
Preparer of report
Repairing expenses/Capital expenditure forthe next 15 years(Annual average for the share to be acquired by the Company)

Repairing expenses
Capital expenditure
Totalii. Description concerning utilization status of asbestos(Description on the possible use of asbestos）
Sprayed materials with asbestos

4December 4, 2007
Shimizu Corporation¥ 5 million¥ 26 million¥ 31 million

None4. Outline of seller
Same as the outline of the property management company described in (Note 2) of 3. (1).
5. Acquisition schedule
January 29, 2008
The acquisition of the asset was determined.
February 14, 2008 Execution of an agreement for the acquisition of the asset (scheduled)
March 25, 2008
Closing of acquisition (scheduled)

As the impact on the Company’s management performance for the fiscal period from October 1,
2007 to March 31, 2008 is minimal, no revision of the forecast performance will be made.
This notice is the English translation of the announcement in Japanese dated January 29, 2008 on ourwebsite. However, no assurance or warranties are given for the completeness or accuracy of thisEnglish translation.

Reference materials (attachments)• Outline of appraisal report• Photo: Outside view of Musashi Kosugi STM Building• Information map• List of all the assets of the Company after the acquisition of this asset

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(Reference) Outline of appraisal report

Appraisal value
Appraisal institution
Date of appraisal¥ 4,000,000 thousand
Daiwa Real Estate Appraisal Co., Ltd.
January 1, 2008

ItemProfit price
Value in direct capitalization method

Value/%¥ 4,000,000 thousand¥ 4,070,000 thousand

Net revenue¥ 215,675 thousand

Capitalization yield

5.3％

Value in DCF method¥ 3,970,000 thousand

Discount rate

5.0%

Final capitalization yield

5.5%

Integration value¥ 3,230,000 thousand

Percentage for land

63.0％

Percentage for building

37.0％* Values below a thousand yen are cut off.

6

(Reference) Photo: Outside view of Musashi Kosugi STM Building7

(Reference) Information map8

List of all the assets of the Corporation after the acquisition of this asset
AreaNameGenki Medical Plaza
Kitanomaru Square
MD Kanda Building
Kandabashi Park Building
Nibancho Garden
Mitsubishi UFJ Trust and Banking
Building
Burex Kojimachi Building
Sanno Grand Building

Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo

Acquisition
price(thousand yen)

Percentage
of portfolio

October 31, 2002

5,000,000

1.0%Real property

February 24, 2006

81,555,500

16.9%Real property

May 31, 2002

9,520,000

2.0%Real property

August 15, 2002

4,810,000

1.0%Real property

April 1, 2005

14,700,000

3.1%Real property

March 28, 2007

44,700,000

9.3%
1.5%

Type of asset

Acquisition date orscheduled acquisition
dateReal property

Real property

July 29, 2005

7,000,000
10,200,000

Real property

January 31, 2005
April 3, 2006
Total

10,700,000

4.3%Real property

August 1, 2003

7,200,000

1.5%

Kodenmacho Shin-Nihonbashi
Building

Chuo-ku, Tokyo

Trust beneficiaryright in trust ofreal estate

September 25, 2001

3,173,000

0.7%

Burex Kyobashi Building

Chuo-ku, Tokyo

Real property

July 22, 2002

5,250,000

1.1%

Ginza Sanwa Building

Chuo-ku, Tokyo

Real property

March 10, 2005

16,830,000

3.5%

Ryoshin Ginza East Mirror Building

Chuo-ku, Tokyo

Real property

March 15, 2005

5,353,500

1.1%

Harumi Center Building

Chuo-ku, Tokyo

Real property

December 18, 2007

26,800,000

5.6%

Aoyama Crystal Building

Minato-ku,Tokyo

Real property

March 14, 2003

7,680,000

1.6%

September 10, 2001

4,859,000

1.0%

September 25, 2001

2,808,000

0.6%Real property

September 1, 2004

7,830,000

1.6%

Shiba 2Chome Daimon Building

Minato-ku,Tokyo

Cosmo Kanasugibashi Building

Minato-ku,
TokyoShinwa Building
Tokyo Opera City Building

Shinjuku-ku,
TokyoShinjuku-ku,
Tokyo

Trust beneficiaryright in trust ofreal estate
Trust beneficiaryright in trust ofreal estate

Real property

September 13, 2005

9,350,000

1.9%

Trust beneficiaryright in trust ofreal estate

September 25, 2001

2,738,000

0.6%

Takanawadai Building

Shinagawa-ku,
Tokyo

Higashi-Gotanda 1Chome Building

Shinagawa-ku,
TokyoReal property

November 1, 2004

5,500,000

1.1%

Ota-ku, Tokyo

Trust beneficiaryright in trust ofreal estate

September 10, 2001

5,123,000

1.1%Real property

March 24, 2004

6,670,000

1.4%Real property

April 1, 2004

8,700,000

1.8%Real property

November 22, 2002

4,885,000

1.0%Real property

October 9, 2003

12,200,000

2.5%Real property

November 30, 2001

34,600,000

7.2%

November 14, 2003
April 1, 2004
Total

3,740,000

Real property

February 28, 2005

8,500,000

1.8%

September 25, 2001

3,541,000

0.7%

September 25, 2001

1,728,000

0.4%

August 2, 2004

4,500,000

0.9%

Omori-Eki Higashiguchi Building
Nippon Brunswick Building
Yoyogi 1Chome Buildingda Vinci Harajuku
Jingumae Media Square Building
Shibuya Cross Tower
Ebisu Neonato

Shibuya-ku,
TokyoShibuya-ku,
TokyoShibuya-ku,
TokyoShibuya-ku,
TokyoShibuya-ku,
TokyoShibuya-ku
TokyoHarmony Tower

Nakano-ku
TokyoOtsuka Higashi-Ikebukuro Building

Toshima-ku,
Tokyo

Ikebukuro 2Chome Building

Toshima-ku,
Tokyo

Ikebukuro YS Building

Toshima-ku,
TokyoReal property
Trust beneficiaryright in trust ofreal estate
Trust beneficiaryright in trust ofreal estate
Real property

9Percentage
by area

20,900,000

Chiyoda-ku,
Tokyo

Yurakucho Denki BuildingTokyo
metropolitanarea(23 wards)

Location

360,000

0.9%

4,100,000

80.6%

Hachioji First SquareTokyo
metropolitanarea(excluding
23 wards)

Saitama Urawa Building

Kawasaki Isago Building

Musahi Kosugi STM Building

Hachioji City,Tokyo
Saitama City,
SaitamaPrefecture
Kawasaki City,
Kanagawa
Prefecture
Kawasaki City,
Kanagawa
Prefecture

March 31, 2005
March 19, 2008
Total
September 25, 2001
October 11, 2001
Total

3,300,000

Trust beneficiaryright in trust ofreal estate

September 25, 2001

3,375,000

0.7%Real property

March 25, 2008

4,000,000

0.8%

403,732,112

83.8%

83.8%
1.5%Real property

Real property

Total: Tokyo metropolitan area
Hokkaido

8･3 Square Kita Building
Jozenji Park Building

TohokuregionHokuriku
regionJanuary 31, 2005

1,000,000

0.2%

September 25, 2001
June 28, 2006
Total
February 28, 2002
March 3, 2003
Total
October 2, 2006
November 1, 2006
Total

2,924,000

Real property

September 22, 2006

1,680,000

0.3%Real property

September 10, 2001

14, 533,000

3.0%Real property

August 8, 2003

1,865,000

0.4%Real property

December 20, 2001

2,650,000

0.6%

2,264,000

14,314,000

Real property

Nagoya City,Aichi Prefecture

Real property

Kyoto Shijo Kawaramachi Building

3.2%

Real property

Kanazawa Park Building

Nagoya Misono Building

0.5%

2,574,000

1.5%

Kanazawa City,
Ishikawa
Prefecture

Nagoya Hirokoji Building

1,342,000

7,100,000

Trust beneficiaryright in trust ofreal estate

Nagoya City,
Aichi Prefecture
Nagoya City,
Aichi Prefecture
Nagoya City,
Aichi Prefecture
Kyoto City,
Kyoto
Prefecture

1,232,000

June 1, 2007

Sendai City,
MiyagiPrefecture

Hirokoji Sakae Building

1.2%

5,679,112

Real property

Sendai Honcho Honma
Building

Nishiki Park Building
ChuburegionSapporo City,
Hokkaido
Sendai City,
MiyagiPrefecture

2,379,112

250,000

0.9%
0.7%

3,174,000
2,880,000
1,700,000

1.0%

1.0%

4,580,000
3,850,000
1,300,000

1.1%

5,150,000
4.8%

Osaka City,
Osaka
Prefecture

Real property

Osaka City,
Osaka
Prefecture

Trust beneficiaryright in trust ofreal estate

September 25, 2001
December 26, 2003
Total
September 25, 2001
February 28, 2002
Total

Real property

February 1, 2006

4,650,000

March 25, 2004
March 3, 2008
Total

1,320,000

Real property

Real property

September 25, 2001

1,550,000

0.3%Real property

June 1, 2005

5,000,000

1.0%

Trust beneficiaryright in trust ofreal estate

September 10, 2001

3,657,000

0.8%

Total: Other major cities

77,837,000

16.2%

16.2%

Total: Portfolio

481,569,112

100.0%

100.0%

Kinki region

Sakaisujihonmachi Building

Midosuji Daiwa Building

Lit City Building
ChugokuregionNHK Hiroshima Broadcasting
Center Building
Tosei Tenjin Building

KyushuregionTenjin Crystal Building

Hinode Tenjin Building

Okayama City,
OkayamaPrefecture
Hiroshima City,
Hiroshima
Prefecture
Fukuoka City,
Fukuoka
Prefecture
Fukuoka City,
Fukuoka
PrefectureFukuoka City,Fukuoka
Prefecture

1,900,000

0.9%

4.4%

4,164,000
6,934,000
7,380,000

1,450,000

3.0%

1.0%
1.5%
0.6%

2,770,000

2.1%(Note) In addition to the assets outlined in the above list, the Company acquired the preferred capital contribution certificates issued by Harumi Front
Special Purpose Company on March 29, 2005, November 24, 2005, and November 24, 2006 for a total acquisition price of ¥ 1,270 million.

10