December 15, 2008
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 of Asset Acquisition
Announcement is hereby made that on December 15, 2008, Japan Real Estate Investment Corporation(the “Company”) decided to acquire the following asset.

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

Trust beneficiary right in trust of real estate (quasi-co-ownership 10%)2) Name of asset:

Shiodome Building3)Trustee

Mitsubishi UFJ Trust and Banking Corporation

4) Term of trust agreement
5) Acquisition price:

From March 22, 2004 to March 21, 2014
¥ 21,250 million

6) Scheduled acquisition date: December 19, 2008
7) Seller:

MARE.Y.K.

8) Method of Settlement:

Lump sum payment at closing of acquisition

9) Acquisition funds:

Loans and own funds (scheduled)

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) Large-sized recently completed property within the three central wards of Tokyo
・The property is the last large-sized building constructed under Shiodome SIO-SITE(specifically, the Shiodome Land Readjustment Project), which is the largest-scale
redevelopment project in the nation, covering a vast 31-hectare site extending from theformer Shiodome Freight Station site to JR Hamamatsucho Station. The project was
carried out under unified efforts of the Tokyo Metropolitan Government and the privatesector. The building, favorably situated in front of JR Hamamatsucho Station, constitutes
the south gateway to the Shiodome area.
・Completed in December 2007, the building is only 1 year old.
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・With a total floor space of 115,930.83 m2 (35,069.07-tsubo) for the entire building, theproperty has an advantage in its large scale, which may well be considered as having
scarcity value among inner-Tokyo large-sized buildings. In addition, the standard floorarea for its office zone, covering the fourth floor to the 24th floor, constitutes a large
no-pillar space with an effective floor area of exceeding 1,000-tsubo with a ceiling heightof 2,900 mm for the office area and additional 100 mm for the office automation floor.
・With a commercial zone named “HAMASITE Gurume,” which is now at the center ofattention as a new gourmet spot on the first and second floors, and a private office zone as
an industrial support center to foster and support emerging businesses on part of thirdfloor, the property emerges as a newest complex building that provides the functionalityof a city as well as an office building.
(2) Transportation convenience to nationwide destinations
・The property is a three-minute walk from JR Hamamatsucho Station and Toei Subway
Daimon Station, with a number of transportation routes available from there, including
the Toei Subway Oedo Line and the Toei Subway Asakusa Line, as well as the JR
Yamanote Line. In this way, its convenient location provides easy access to principal
parts of Tokyo.
・Moreover, it only takes 5 to 6 minutes to go to Tokyo Station and Shinagawa Station fromthere, both key stations for the Shinkansen bullet train, and approximately 25 minutes togo to Haneda Airport by monorail, which is indicative of the easy accessibility towide-area transportation networks and very high transportation convenience.

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 main
usages listed in the land registry.
(1) Details of the real property that will be the asset held in trust
Location
Address shown inland registry
Address
UsageAreaLand
BuildingStructure
Completion dateArchitectConstructor
Building confirmationand inspection bodyType of ownership
Land
Building
Acquisition priceAppraisal value(Appraisal institution)(Evaluation method）
PML value
CollateralLand
1-7-1 Kaigan, Minato-ku, Tokyo and 17 other lots (Note 1)
Building
1-7-1 Kaigan, Minato-ku, Tokyo and others
1-2-20 Kaigan, Minato-ku, Tokyo
Office, Shopapprox. 12,046m2 (Total land area of the building site) (Note 1)
115,930.83 m2 (Total floor space of the entire building)
Steel-framed structure, steel-framed reinforced concrete structure, flat roof
Above ground: 24 floors Below ground: 2 floors
December, 2007
Mitsubishi Jisho Sekkei Inc. and Nikken Sekkei Ltd.
Taisei Corporation
The Building Center of Japan
OwnershipOwnership¥ 21,250 million¥ 22,100 million(Daiwa Real Estate Appraisal Co., Ltd.)(Capitalization method: as of December 1, 2008)
1.4 % (Based on an earthquake risk assessment report issued by Tokio Marine& Nichido Risk Consulting Co., Ltd.）
Right of pledge has been registered on the trust beneficiary right in trust of realestate. (The right of pledge on the share to be acquired is scheduled to bereleased before the acquisition.)

Property management
Mitsubishi Jisho Property Management Co., Ltd. (Note 2)company (Note 3)
Note 1: As the Property lies within an area designated for execution of the Shiodome Land Readjustment
Project under the Tokyo Metropolitan Urban Land Development Business Plan, the addressof the Property mentioned above is the one shown in the land registry for the relevant land, and theland area for the building site mentioned above is a total of the land area of designated provisional
replotting. A part of the land has a compartmentalized surface right created to protect railroad
structures and to build a subway.
Note 2: The property management company entrusted by the trustee shall be described.

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Note 3: 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

Mitsubishi Jisho Property Management Co., Ltd.
3-3-1 Marunouchi, Chiyoda-ku, Tokyo
Yutaka Hayashi, President¥60 million (as of September 30, 2008)
Mitsubishi Estate Co., Ltd. (as of September 30, 2008)
General management of buildings
Mitsubishi Estate Co., Ltd., a major shareholder that holds a 36 %stake of Japan Real Estate Asset Management Co., Ltd. (the assetmanagement company), to which the Company entrusts themanagement of its assets, hold a 100 % stake in Mitsubishi Jisho
Property Management Co., Ltd.(“Mitsubishi Jisho PropertyManagement” )Mitsubishi Jisho Property Management does not fall within therelated party of the asset management company under the Cabinet
Order of the Enforcement of Law Concerning Investment Trustsand Investment Corporations of Japan, but falls within the related
party under the internal rules of the asset management company.

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

26
8,037 m2
7,965 m2
March 31, 2008

Trend in occupancy rates

98.8 %

Scheduled acquisition date
99.1 %¥ 910 million per year
NOI（Net Operating Income）- 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 the estimated for the share to be acquired by the Corporation under normal(Notes)
operation based on the terms and conditions of lease agreements as of the scheduledacquisition date, etc.
* Estimated occupancy rate: 96.7 %- 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
2,900 mm (partly 3,200 mm)
Standard floor area
3,501 m2
Office automation floor
100 mm (partly 400 mm)
Electric capacity
60VA/m2
Air conditioning system
Individual air conditioning (maximum 102～104 zones per floor)Floor load
500 kg/m2 (partly 1,000 kg/m2)
OthersAround-the-clock entry and exit by card security (contactless 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 headoffice
Representative
Paid-in capital
Major shareholder
Principal business
Relationship with the Company
or the asset managementcompany

July 30, 2008
Shimizu Corporation¥ 6 million¥ 1 million¥ 7 million

NoneMARE.Y.K.
1-4-1 Nihonbashi, Chuo-ku, Tokyo
Nihonbashi 1Chome Building
Akira Sugai, Director¥3 million (as of November 30, 2008)
YUGEN SEKININ CHUKAN HOJIN Kaigan 1Chome
Kaihatsu holds a 100% stake in MARE.Y.K.
Acquisition, holding and disposal of real estate trust beneficialrights, etc.
Mitsubishi Estate Co., Ltd., a shareholder that holds a 36 %stake of Japan Real Estate Asset Management Co., Ltd. (theasset management company), to which the Company entrusts
the management of its assets, and MITSUI & CO., LTD., ashareholder that holds a 10 % stake of the asset managementcompany, have invested in MARE.Y.K. in accordance with a
Tokumei Kumiai Agreement.
MARE.Y.K. does not fall within the related party of the asset
management company under the Cabinet Order of theEnforcement of Law Concerning Investment Trusts andInvestment Corporations of Japan but falls within the related
party under the internal rules of the asset managementcompany.

55. Information on property owners, etc.
Name of property(Address)
Previous property owner
Corporate name

Relationship with related parties

Reason for acquisition, etc.
Acquisition price
Acquisition date

Shiodome Building(1-2-20 Kaigan, Minato-ku, Tokyo)
MARE.Y.K.
Mitsubishi Estate Co., Ltd., a shareholder that holds
a 36 % stake of the asset management company, andMITSUI & CO., LTD., a shareholder that holds a
10 % stake of the asset management company, haveinvested in MARE.Y.K. in accordance with aTokumei Kumiai Agreement.
Newly built in December 2007
-6. Acquisition schedule
December 15, 2008 The acquisition of the asset was determined.
December 17, 2008 Execution of agreement for the acquisition of trust beneficiary right
December 19, 2008 Closing of acquisition (scheduled)

As the impact on the Company’s management performance for the fiscal period from October 1, 2008 toMarch 31, 2009 is minimal, no revision of the forecast performance will be made.
This notice is the English translation of the announcement in Japanese dated December 15, 2008 on ourwebsite. However, no assurance or warranties are given for the completeness or accuracy of this English
translation.

Reference materials (attachments)• Outline of appraisal report• Photo: Outside view of Shiodome 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¥ 22,100,000 thousand
Daiwa Real Estate Appraisal Co., Ltd.
December 1, 2008

Item
Capitalized value
Value in direct capitalization method

Value/%¥ 22,100,000 thousand¥ 22,000,000 thousand

Net cash flow

¥ 879,055 thousand

Cap rate

4.0%

Value in DCF method¥ 22,100,000 thousand

Discount rate

3.7%

Terminal cap rate

4.2%

Integration value¥ 20,500,000 thousand

Percentage for land

82.8%

Percentage for building

17.2%* Values below a thousand yen are cut off.

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(Reference) Photo: Outside view of Shiodome 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

Tokyometropolitan
area(23 wards)

Location
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
TokyoType of asset

Acquisition date orscheduled acquisitiondate

Acquisition
price(thousand yen)

Percentage
of portfolio

Real property

October 31, 2002

5,000,0000.9%

Real property

February 24, 2006

81,555,500

14.5%Real property

May 31, 2002

9,520,000

1.7%Real property

August 15, 2002

4,810,000

0.9%Real property

April 1, 2005

14,700,000

2.6%Real property

March 28, 2007

44,700,000

7.9%Real property

July 29, 2005

7,000,000

1.2%

January 31, 2005
April 3, 2006
Total

10,200,000

Real property

10,700,000

3.7%

20,900,000

Yurakucho Denki Building

Chiyoda-ku,Tokyo

Real property

August 1, 2003

7,200,000

1.3%

Kodenmacho Shin-Nihonbashi
Building

Chuo-ku, Tokyo

Trust beneficiaryright in trust ofreal estate

September 25, 2001

3,173,000

0.6%

Burex Kyobashi Building

Chuo-ku, Tokyo

Real property

July 22, 2002

5,250,000

0.9%

Ginza Sanwa Building

Chuo-ku, Tokyo

Real property

March 10, 2005

16,830,0003.0%

Ryoshin Ginza East Mirror Building(Note )

Chuo-ku, Tokyo

Real property

March 15, 2005

5,353,500

0.9%

Harumi Center Building

Chuo-ku, Tokyo

Real property

December 18, 2007

26,800,000

4.7%

Aoyama Crystal Building

Minato-ku,
TokyoReal property

March 14, 2003

7,680,000

1.4%

Shiodome Building

Minato-ku,
Tokyo

December 19, 2008

21,250,000

3.8%

Shiba 2Chome Daimon Building

Minato-ku,
Tokyo

September 10, 2001

4,859,000

0.9%

Cosmo Kanasugibashi Building

Minato-ku,
TokyoShinwa Building
Tokyo Opera City Building

Shinjuku-ku,
TokyoShinjuku-ku,
TokyoTrust beneficiaryright in trust ofreal estate
Trust beneficiaryright in trust ofreal estate
Trust beneficiaryright in trust ofreal estate

72.6%

September 25, 2001

2,808,000

0.5%Real property

September 1, 2004

7,830,000

1.4%Real property

September 13, 2005

9,350,000

1.7%

Takanawadai Building

Shinagawa-ku,
Tokyo

Trust beneficiaryright in trust ofreal estate

September 25, 2001

2,738,000

0.5%

Higashi-Gotanda 1Chome Building

Shinagawa-ku,
TokyoReal property

November 1, 2004

5,500,000

1.0%

Omori-Eki Higashiguchi Building

Ota-ku, Tokyo

Trust beneficiaryright in trust ofreal estate

September 10, 2001

5,123,000

0.9%Real property

March 24, 2004

6,670,000

1.2%Real property

April 1, 2004

8,700,000

1.5%Real property

November 22, 2002

4,885,000

0.9%Real property

October 9, 2003

12,200,000

2.2%Real property

November 30, 2001

34,600,000

6.1%

3,740,000

Real property

November 14, 2003
April 1, 2004
Total
February 28, 2005

8,500,000

1.5%

September 25, 2001

3,541,000

0.6%

September 25, 2001

1,728,000

0.3%

August 2, 2004

4,500,000

0.8%

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,
TokyoShibuya-ku
TokyoNakano-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

10Percentage
by area

360,000

0.7%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

6.6%

Trust beneficiaryright in trust ofreal estate

September 25, 2001

3,375,000

0.6%Real property

March 25, 2008

4,000,0000.7%

462,382,112

82.0%

82.0%
1.3%

Real property

Real property

Total: Tokyo metropolitan area
Hokkaido

8 • 3 Square Kita Building
Jozenji Park Building

TohokuregionHokuriku
regionReal property

January 31, 2005

1,000,000

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

2.6%Real property

August 8, 2003

1,865,000

0.3%Real property

December 20, 2001

2,650,000

0.5%

Trust beneficiaryright in trust ofreal estate

September 1, 2008

24,000,000

4.3%

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

0.5%

2,574,000

1.3%

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
Osaka City,
OsakaPrefecture

1,232,000

June 1, 2007

Sendai City,
MiyagiPrefecture

Hirokoji Sakae Building

1.0%

5,679,112

Real property

Sendai Honcho Honma
Building

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

2,379,112

250,000

9.4%

0.7%
0.6%

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

0.8%

0.8%

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

0.9%

5,150,000
4.1%

8.0%

Sakaisujihonmachi Building

Osaka City,
Osaka
Prefecture

Real property

Midosuji Daiwa Building

Osaka City,
Osaka
Prefecture

Trust beneficiaryright in trust ofreal estateSeptember 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

0.9%

Trust beneficiaryright in trust ofreal estate

September 10, 2001

3,657,000

0.6%

Total: Other major cities

101,837,000

18.0%

18.0%

Total: Portfolio

564,219,112

100.0%

100.0%

Lit City Building
ChugokuregionNHK Hiroshima Broadcasting
Center Building
Tosei Tenjin BuildingKyushu
regionTenjin Crystal Building

Hinode Tenjin Building(Note)Okayama City,
OkayamaPrefecture
Hiroshima City,
Hiroshima
Prefecture
Fukuoka City,
Fukuoka
Prefecture
Fukuoka City,
Fukuoka
Prefecture
Fukuoka City,
Fukuoka
Prefecture

1,900,000

0.7%

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

1,450,000

2.5%

0.8%
1.3%
0.5%

2,770,000

In addition to the investment assets outlined in the above list, the Company acquired land and a building adjacent toRyoshin Ginza East Mirror Building at the price of ¥1,800 million as of July 4, 2008. Furthermore, the Company plans
to dismantle the acquired building and then construct extension to Ryoshin Ginza East Mirror Building.

111.8%