February 10, 2010
To whom it may concern:<Investment Corporation>
Japan Real Estate Investment Corporation
Taketo Yamazaki, Executive Director(TSE code: 8952)<Asset Management Company>
Japan Real Estate Asset Management Co., Ltd.
Kazuhiko Arahata, CEO & President
Contact: Toru Kimura, General Manager, Planning Department
Phone: +81-3-3211-7921

Notice on Acquisition of Domestic Real Estate
Announcement is hereby made that on February 10, 2010, Japan Real Estate Investment Corporation (the“Company”) decided to acquire the following domestic real estate.

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

2) Name of asset:

Domestic Real Estate
Land: Ownership (share of co-ownership)
Building: compartmentalized building units (share of co-ownership(ownership percentage for building: 22.957%)) (Note)*It includes the right of use the unused capacity of the adjacent New
National Theatre, Tokyo
Tokyo Opera City Building3) Acquisition price:¥ 22,426,831,885

4) Scheduled acquisition date: March 24, 20105) Seller:

Odakyu Electric Railway Co., Ltd.

6) Method of Settlement:

Lump sum payment at closing of acquisition

7) Acquisition funds:

Loans and own funds
Note: The Company acquired a share of ownership of the property (8.368% of the share of ownership of thebuilding) on September 13, 2005. Following the above acquisition of an additional share, theCompany’s share of ownership of the building will be 31.325%.

1

2. Reason for the acquisition
The Company will acquire the asset based on the basic policies and investment attitude for acquisition
under the Articles of Incorporation of the Company. In particular, the following points have beenhighly evaluated in the determination of the acquisition.
(1) Improvements in efficiency of property management and operation as well as asset value
・Since the Company currently holds a share of ownership of the property (8.368% of the shareof ownership of the building), it is aware of the characteristics and details of management
and operation of this property as a compartmentalized building unit title holder. Moreover,
the Company is granted the preferential negotiating right to acquire other co-owners’ shares.
The Company is therefore positioned to expeditiously acquire an additional share in theproperty when the seller proposes to sell its share while, to a certain extent, mitigating therisk of acquiring the asset. In addition, improvements in efficiency of property management
and operation as well as the asset value can be expected with the Company increasing its
share in the property to 31.325%.
(2) High competitiveness as an office building・This property is located in Nishi-Shinjuku, one of the major business districts in Japan where
high-rise office buildings are concentrated. Being directly connected to Hatsudai station ofKeio New line on the underground level, the building is highly convenient in terms of accessand its location is superior as an office building.
・With 54 floors above ground, total floor area of over 70,000 tsubo, and rental area ofapproximately 600 to 700 tsubo for a standard floor, this property offers a large space andfacilities such as ceiling height of 2,700mm and OA floor of 100mm, boasting top classcompetitive edge as an office building.

2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 mainusages listed in the land registry.
(1) Details of the real property
Location
Address shown inland registry
Address
Usage
Area
Land
Building
Structure
Completion dateArchitect

Constructor
Building confirmationand inspection bodyType of ownership
Land

Building

Acquisition priceAppraisal value(Appraisal institution)(Evaluation method）
PML value

3-20-2 Nishi-shinjuku, Shinjuku-ku, Tokyo and other 20 lots
(The 20 lots out of the total 21 lots are owned by otherco-owners of the compartmentalized building units.)
Building
3-20-2 Nishi-shinjuku, Shinjuku-ku, Tokyo and others
3-20-2 Nishi-shinjuku, Shinjuku-ku, TokyoOffices, shops, concert hall and art museumLand

18,236.94m2 (total land area for the building site)
232,996.81m2 (total floor space for the entire building)
Steel-framed, steel-framed steel-reinforced concrete and steel-reinforced
concrete structure
flat roof, galvanized sheet steel roof
Above ground: 54 floors Below ground: 4 floors
July 1996
Tokyo Opera City Design Joint Venture
・ NTT Facilities Inc.
・ Urban Planning and Design Institute Co.
・ TAK Associated Architects Inc.
Takenaka Corporation, Obayashi Corporation, Kajima Corporation, Shimizu
Corporation, Taisei Corporation and other 6JVTokyo Metropolitan GovernmentOwnership(share of co-ownership: 73.2873% of 5,565.18m2 (1 lot) )Compartmentalized building units*The entire structure is made up of T Building (offices and shops), C Building(concert hall) and A Building (art museum and shops) and connected on theunderground level. The Corporation acquires the share of co-ownership ofthe compartmentalized building units (23.687% of office spaces etc. on thefloors 7 to 52 in T Building, 22.957% of commercial facilities, concert hall,and art museum in parts of A, C, or T Buildings, and 17.5851% of thecommon facility (Galleria)), and 22.957% of co-ownership in specified
common area (parking lots, storages, and machine rooms) in accordance withthe building management rules.
* Share: 22.957%¥ 22,426,831,885¥ 24,300 million(Daiwa Real Estate Appraisal Co., Ltd.)(Capitalization method: as of February 1, 2010)
2.0 % (Based on an earthquake risk assessment report issued by Tokio Marine& Nichido Risk Consulting Co., Ltd.）
NoneCollateral
Property management
Tokyo Opera City Property Management Co., Ltd. (Note )company3Note: Outline of the property management company

Corporate name
Address of the registered head
officeRepresentative
Paid-in capital
Major shareholder
Principal business
Relationship with the Company
or the asset managementcompany

Tokyo Opera City Property Management Co., Ltd.
3-20-2 Nishi-shinjuku, Shinjuku-ku, Tokyo
Otani Mitsuharu, Chief Executive Officer¥20 million (as of September 30, 2009)
Nippon Life Insurance Company (as of September 30, 2009)
General management of buildings
The Company acquired 33 shares (acquisition price: ¥2,797,000) ofTokyo Opera City Property Management Co., Ltd. (the “Propertymanagement company” in this chart) when the Company acquired
the property on September 13, 2005.
The Property management company does not fall within the related
party of the asset management company under the Cabinet Order ofthe Enforcement of Law Concerning Investment Trusts andInvestment Corporations of Japan, and also does not fall within therelated party under the internal rules of the asset managementcompany.

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

96
25,789 m2
23,035 m2
September 30, 2005

Trend in occupancy rates

96.0 %

September 30, 2006
97.6 %
September 30, 2007
96.8 %
September 30, 2008
98.3 %
September 30, 200990.6 %
Scheduled acquisition date
89.3 %¥ 1,328 million per year
NOI（Net Operating Income）(Estimated under normal leasing operation)- Total number of tenants, total leasable space, total leased space and occupancy
rate on the scheduled acquisition date are projections as of the scheduledacquisition date.
- NOI is estimated conservatively for the share to be acquired by the Corporation(Notes)
under normal operation based on the terms and conditions of lease agreements as ofthe scheduled acquisition date, etc.
* Estimated occupancy rate: 93.7 %- The above figures (except NOI) are based on the data provided by the seller.
(The figures are applicable only for the share to be acquired by the Company.)4(3) Specifications for rental floor space
Ceiling height
2,700 mmStandard floor area
2,158 m2
Office automation floor
100 mmElectric capacity
40VA/m2
Air conditioning system
Individual air conditioning (maximum 5 zones per floor)
Floor load
300 kg/m2 (partly 400 kg/m2)Others
Around-the-clock entry and exit by card security (IC card key)(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

Repairing expenses
Capital expenditure
Total(Annual average for the share to be acquired by the company)

ii. Description concerning utilization status of asbestos(Description on the possible use of asbestos）
Sprayed materials with asbestos

4. Outline of seller
Corporate name
Address of the registered head
officeRepresentative
Paid-in capital
Establishment dateMajor shareholder

January 18, 2010
Shimizu Corporation¥ 60 million¥ 222 million¥ 283 million

NoneOdakyu Electric Railway Co., Ltd.
2-28-12 Yoyogi, Shibuya-ku, Tokyo

Yorihiko Osuga, Executive President¥60,359 million (as of September 30, 2009)
June 1, 1948
The Dai-ichi Mutual Life Insurance Company
Nippon Life Insurance Company
The Master Trust Bank of Japan, Ltd.(Retirement benefit trust
account of Mitsubishi Electric Corporation account)Principal businessTransportation, real Estate and other business
Relationship with the Company or the asset management company
Capital relationship

None

Personal relationship

None

Business relationship

None

Applicability torelated parties

None5

5. Acquisition schedule
February 10, 2010 The acquisition of the asset was determined.
March 1, 2010
Execution of agreement for the acquisition of the property (scheduled)
March 24, 2010
Closing of acquisition (scheduled)

6. OtherAccompanying the acquisition of Tokyo Opera City Building, the Company is scheduled to acquire 4,931
shares of Tokyo Opera City Heat Supply Co., Ltd. (supply and sale of hot and cold water, and steam forair conditioning and heating) and 91 shares of Tokyo Opera City Property Management Co., Ltd. (generalmanagement of buildings) on the asset acquisition date. Those acquisition prices will be ¥ 565,644,872
and ¥ 7,523,243.

As the impact of the Company’s management performance for the fiscal period from October 1, 2009 toMarch 31, 2010 is minimal, no revision of the forecast performance will be made.

This notice is the English translation of the announcement in Japanese dated February 10, 2010 on ourwebsite. However, no assurance or warranties are given for the completeness or accuracy of this Englishtranslation.

Reference materials (attachments)• Outline of appraisal report• Photo: Outside view of Tokyo Opera City Building• Information map• List of all the assets of the Company after the acquisition of this asset6

(Reference) Outline of appraisal report

Appraisal value
Appraisal institution
Date of appraisal¥ 24,300,000 thousand
Daiwa Real Estate Appraisal Co., Ltd.
February 1, 2010

Item
Capitalized value
Value in direct capitalization method

Value/%¥ 24,300,000 thousand¥ 24,400,000 thousand

Net cash flow

¥ 1,217,789 thousand

Cap rate

5.0%

Value in DCF method¥ 24,300,000 thousand

Discount rate

4.8%

Terminal cap rate

5.2%

Integration value¥ 21,400,000 thousand

Percentage for land

58.7%

Percentage for building

41.3%* Values below a thousand yen are cut off.

7

(Reference) Photo: Outside view of Tokyo Opera City Building8

(Reference) Information map

9List of all the assets of the Company after the acquisition of this asset
Area

Name

Genki 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,
TokyoChiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
TokyoType of asset

Acquisition date orscheduled acquisitiondate

Acquisition
price(thousand yen)
(Note1)

Percentage
of portfolio

Real property

October 31, 2002

5,000,000

0.8%Real property

February 24, 2006

81,555,500

12.7%Real property

May 31, 2002

9,520,000

1.5%Real property

August 15, 2002

4,810,000

0.8%Real property

April 1, 2005

14,700,000

2.3%Real property

March 28, 2007

44,700,000

7.0%
1.1%

Real property

July 29, 2005

7,000,000
10,200,000

Real property

January 31, 2005
April 3, 2006
Total

10,700,000

3.3%Real property

August 1, 2003

7,200,000

1.1%

Kodenmacho Shin-Nihonbashi
Building

Chuo-ku, Tokyo

Trust beneficiaryright in trust ofreal estate

September 25, 2001

3,173,000

0.5%

Burex Kyobashi Building

Chuo-ku, Tokyo

Real property

July 22, 2002

5,250,000

0.8%

Ginza Sanwa Building

Chuo-ku, Tokyo

Real property

March 10, 2005

16,830,000

2.6%

Ryoshin Ginza East Mirror Building(Note )

Chuo-ku, Tokyo

Real property

March 15, 2005

5,353,500

0.8%

Harumi Center Building

Chuo-ku, Tokyo

Real property

December 18, 2007

26,800,000

4.2%

Aoyama Crystal Building

Minato-ku,
Tokyo

Shiodome Building

Minato-ku,
TokyoShiba 2Chome Daimon Building

Minato-ku,TokyoCosmo Kanasugibashi Building

Minato-ku,
TokyoShinwa Building

Shinjuku-ku,
TokyoReal property

March 14, 2003

7,680,000

1.2%

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

December 19, 2008
January 15, 2010
Total

21,250,000
54,600,000
75,850,000

11.8%

September 10, 2001

4,859,000

0.8%

September 25, 2001

2,808,000

0.4%Real property

September 1, 2004

7,830,000

1.2%

9,350,000
22,426,831
31,776,831

5.0%

75.8%

Tokyo Opera City Building

Shinjuku-ku,
TokyoReal property

September 13, 2005
March 24, 2010
Total

Takanawadai Building

Shinagawa-ku,
Tokyo

Trust beneficiaryright in trust ofreal estate

September 25, 2001

2,738,000

0.4%

Higashi-Gotanda 1Chome Building

Shinagawa-ku,
TokyoReal property

November 1, 2004

5,500,000

0.9%

Ota-ku, Tokyo

Trust beneficiaryright in trust ofreal estate

September 10, 2001

5,123,000

0.8%Real property

March 24, 20046,670,000

1.0%

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

Shibuya-ku,
TokyoShibuya-ku,
TokyoShibuya-ku,
TokyoShibuya-ku,
TokyoShibuya-ku,
TokyoReal property

April 1, 2004

8,700,000

1.4%Real property

November 22, 2002

4,885,000

0.8%Real property

October 9, 2003

12,200,000

1.9%Real property

November 30, 2001

34,600,000

5.4%

Shibuya-ku
Tokyo

November 14, 2003
April 1, 2004
Total

3,740,000Real property

February 28, 2005

8,500,000

1.3%

September 25, 2001

3,541,000

0.6%

September 25, 2001

1,728,000

0.3%

August 2, 2004

4,500,000

0.7%

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

10

Percentage
by area

20,900,000

Chiyoda-ku,
Tokyo

Yurakucho Denki BuildingTokyo
metropolitanarea(23 wards)

Location

360,0000.6%

4,100,000

Hachioji First Square

Saitama Urawa BuildingTokyo
metropolitanarea(excluding23 wards)

MM Park Building

Kawasaki Isago Building

Musahi Kosugi STM Building

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

Real property

March 24, 2008

37,400,000

5.8%

Trust beneficiaryright in trust ofreal estate

September 25, 2001

3,375,000

0.5%Real property

March 25, 2008

4,000,0000.6%

539,408,943

84.1%

84.1%
1.1%

Real property

Real property

Total: Tokyo metropolitan area
Hokkaido

8 • 3 Square Kita Building
Jozenji Park Building

TohokuregionHokuriku
regionReal property

January 31, 2005

1,000,0000.2%

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

2.3%Real property

August 8, 2003

1,865,000

0.3%Real property

December 20, 2001

2,650,000

0.4%

Trust beneficiaryright in trust ofreal estate

September 1, 2008

24,000,000

3.7%

2,264,000

14,314,000

Kanazawa Park Building

Real property

Nagoya City,
Aichi Prefecture

Real property

Nagoya Misono Building
Kyoto Shijo Kawaramachi Building

Shin-Fujita Building
Kinki region

0.4%

2,574,000

1.1%

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,
KyotoPrefecture
Osaka City,Osaka
Prefecture

1,232,000

June 1, 2007

Sendai City,
MiyagiPrefecture

Hirokoji Sakae Building

0.9%

5,679,112

Real property

Sendai Honcho Honma
Building

Nishiki Park Building
Chubu
regionSapporo City,
Hokkaido
Sendai City,
MiyagiPrefecture

2,379,112

250,000

8.3%

0.7%
0.5%

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

0.7%

0.7%

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

0.8%

5,150,000
3.6%

7.0%

Sakaisujihonmachi Building

Osaka City,
Osaka
Prefecture

Real property

Midosuji Daiwa Building

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

0.2%Real property

June 1, 2005

5,000,000

0.8%

Trust beneficiaryright in trust ofreal estate

September 10, 2001

3,657,000

0.6%

Total: Other major cities

101,837,000

15.9%

15.9%

Total: Portfolio

641,245,943

100.0%

100.0%

Lit City Building
ChugokuregionNHK Hiroshima Broadcasting
Center Building
Tosei Tenjin Building

KyushuregionTenjin Crystal Building

Hinode Tenjin Building(Note1)(Note2)

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

1,900,000

0.6%

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

1,450,000

2.2%

0.7%
1.2%
0.4%

2,770,000

Acquisition prices are expressed by cutting off the numbers below a thousand.
In addition to the investment assets outlined in the above list, the Company acquired and land and a building adjacent toRyoshin Ginza East Mirror Building at the price of ¥1,800 million as of July 4, 2008. Furthermore, the construction ofextension to Ryoshin Ginza East Mirror Building was started on the land adjacent to the building in August, 2009.
Moreover, the consideration from the transfer of a part of land of Jingumae Media Square Building executed on October 30,
2009 not been subtracted from the acquisition price of the property.

111.6%