February 21, 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 February 21, 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
Building: ownership
MM Park Building3) Acquisition price:¥37,400 million

4) Scheduled acquisition date: March 24, 2008
5) Seller:

Mitsubishi Estate Co., Ltd.

6) Method of settlement:

Lump sum payment at closing of acquisition

7) Acquisition funds:

Proceeds from issuance of new investment units and loans(scheduled)

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 in Minato Mirai District in Yokohama, which has rapidly grown as abusiness district in recent years. In particular, the property has a competitive edge in termsof location as it is directly connected to the Minatomirai Station on the Minatomirai Line
operated by Yokohama Minatomirai Railway Company. It offers convenient access not onlyin the direction of Yokohama Station and the central districts of Yokohama City, including
the Motomachi area, but also has direct access to Shibuya in central Tokyo via the Tokyu
Toyoko Line. Further improvement in accessibility to the central districts of Tokyo can bealso expected in the future when the Toyoko Line is linked with the Tokyo Metro
Fukutoshin Line, which is scheduled for 2012.
Disclaimer: This document is intended to serve as a press statement to make available the information on asset acquisition of Japan Real Estate
Investment Corporation (the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer
to purchase any unit or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit
issuance (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

• In addition to its proximity to Minatomirai Station, the property is also located withinwalking distance of the JR and Yokohama Municipal Subway Sakuragicho Station via a
dedicated pedestrian walkway.
(2) Large, newly constructed building• The property offers superior layout efficiency with its U-shaped design and a large, standard
floor area of 2,735 m2 and is thus able to be utilized for variety of purposes to meet a wide
range tenant needs.
• It meets the latest specifications for a rental office building, including ceiling height of
2,800 mm, an OA floor of 100 mm, a multi-zoned air-conditioning system on each floor thatcan be operated 24 hours a day and an IC-card based security system.
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 shown in land
registry
Address
Usage
Area
Land
Building
Structure
Completion dateArchitect
Constructor
Building confirmation andinspection bodyType of ownership
Land
Building
Acquisition priceAppraisal value(Appraisal institution)(Evaluation method)
PML value
Collateral
Property managementcompany (Note 1)

3-6-2 Minatomirai, Nishi-ku, Yokohama City,
Kanagawa Prefecture
3-6-2 Minatomirai, Nishi-ku, Yokohama City,
Building
Kanagawa Prefecture
3-6-3 Minatomirai, Nishi-ku, Yokohama City, Kanagawa
Prefecture
Office, Shop, and Clinic
Land6, 825.77 m2
49,037.51 m2
Steel-framed, steel-framed reinforced concrete structure, flat
roof
Above ground: 15 floors Below ground: 1 floor
December 2007
Mitsubishi Jisho Sekkei Inc.
Taisei Corporation
The Building Center of Japan
Ownership
Ownership¥37,400 million¥37,400 million(Daiwa Real Estate Appraisal Co., Ltd.)(Capitalization method: as of January 1, 2008)
3.48% (Based on an earthquake risk assessment report issued
by Tokio Marine & Nichido Risk Consulting Co., Ltd.)
None
Mitsubishi Estate Co., Ltd. (Note 2)

The Company, on March 24, 2008, will pay ¥241 million(excluding consumption taxes) to the seller, Mitsubishi Estate
OthersCo., Ltd. as part of the settlement money for anti-radio
interference measures related to the property.
Note 1: The property management company to be entrusted after the acquisition shall be described.

Disclaimer: This document is intended to serve as a press statement to make available the information on asset acquisition of Japan Real Estate
Investment Corporation (the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer
to purchase any unit or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit
issuance (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

Note 2: Outline of the property management company
Corporate name
Mitsubishi Estate Co., Ltd.
Address of the registered1-6-1 Otemachi, Chiyoda-ku, Tokyo
head office
Representative
Keiji Kimura, President & CEO
Paid in capital¥136,534 million (as of September 30, 2007)
Major shareholders
The Master Trust Bank of Japan Ltd. (trust account)
State Street Bank and Trust Company
Meiji Yasuda Life Insurance Company(as of September 30, 2007)
Principal business
Real estate business
Relationship with the
A principal shareholder (holding 36% of shares) of Japan Real
Company
Estate Asset Management Co., Ltd. (the asset management
or the asset managementcompany) to which the Company entrusts the management of its
company
assetsMitsubishi Estate Co., Ltd. does not fall within the related partyof the asset management company under the Cabinet Order ofthe Enforcement of Law Concerning Investment Trusts andInvestment Corporations of Japan but falls within the related
party under the internal rules of the asset managementcompany.
As of September 30, 2007, Mitsubishi Estate Co., Ltd. holds
10,160 investment units of the Company (2.48% of total
outstanding investment units).
(2) Tenant details
Total number of tenants
19
Total leasable space
38,665 m2
Total leased space
27,024 m2
Occupancy rate on the scheduled 69.9 % (projection)acquisition date
NOI (Net Operating Income)¥1,792 million per year
- Total number of tenants, total leasable space, total leased space andoccupancy rate on the scheduled acquisition date are projections as of thescheduled acquisition date.

(Notes)- NOI is the estimate amount under the normal operation based on the terms andconditions of lease agreements as of the scheduled acquisition date, etc.
* Estimated occupancy rate: 98.6%- The above figures (except NOI) are based on the data provided by the seller.
- After the acquisition of the property, the Company will lease the entire officespace of the property to the seller, Mitsubishi Estate Co., Ltd., and Mitsubishi
Estate Co., Ltd. will sublease the space to tenants.

(3) Specifications for rental floor space
Ceiling heightStandard floor area
Office automation floor
Electric capacity
Air conditioning system
Floor load
Others2,800 mm2,735 m2
100 mm50 VA/m2
Individual air conditioning (maximum 5 zones per floor)
500 kg/m2
Around-the-clock entry and exit

Disclaimer: This document is intended to serve as a press statement to make available the information on asset acquisition of Japan Real Estate
Investment Corporation (the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer
to purchase any unit or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit
issuance (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

(4) Outline of the engineering report
i. Outline of repair items
Date of report

January 22, 2008

Preparer of report
Repairing expenses/Capital
expenditure for the next 15 years(Annual average)

Shimizu Corporation
Repairing expenses¥27 million

Capital expenditure¥6 million

Total¥33 million

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

None

4. Outline of seller
Same as the outline of the property management company described in (Note 2) of 3. (1).
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

MM Park Building(3-6-3 Minatomirai, Nishi-ku, Yokohama City,
Kanagawa Prefecture)
Mitsubishi Estate Co., Ltd.
Principal shareholder of the asset managementcompany
Newly built in December 2007-

6. Acquisition schedule
August 2006
September 2006
February 21, 2008
February 29, 2008
March 24, 2008

Submitting of a bid to the seller
Chosen as a candidate purchaser
The acquisition of the property was determined.
Execution of an agreement for the acquisition of the property(scheduled)
Closing of acquisition (scheduled)

Please refer to “Notice of Revision of Forecast Results for the 13th Period (March 31, 2008) andthe 14th Period (September 30, 2008)” announced on February 21, 2008 for the performance forthe 13th Period ending March 2008 after the acquisition of this property and the issuance ofinvestment units announced on February 21, 2008.
Please refer to “Announcement of Public Offering of Units”, announced on February 21, 2008
for the details of the issuance of investment units.
This notice is the English translation of the announcement in Japanese dated February 21, 2008 on
our website. However, no assurance or warranties are given for the completeness or accuracy of thisEnglish translation.
Disclaimer: This document is intended to serve as a press statement to make available the information on asset acquisition of Japan Real Estate
Investment Corporation (the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer
to purchase any unit or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit
issuance (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

Reference materials (attachments)• Outline of appraisal report• Photo: Outside view of MM Park Building and floor plan
• Information map• List of all the assets of the Company after the acquisition of this asset

Disclaimer: This document is intended to serve as a press statement to make available the information on asset acquisition of Japan Real Estate
Investment Corporation (the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer
to purchase any unit or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit
issuance (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

(Reference) Outline of appraisal report
Appraisal value
Appraisal institution
Date of appraisal¥37,400,000 thousand
Daiwa Real Estate Appraisal Co., Ltd.
January 1, 2008

Item
Profit price
Value in direct capitalization method
Net revenue
Capitalization yield
Value in DCF method
Discount rate
Final capitalization yield
Integration value
Percentage for land
Percentage for building

Value/%¥37,400,000 thousand¥37,900,000 thousand¥1,821,372 thousand
4.8%¥37,200,000 thousand
4.5%
5.0%
¥27,300,000 thousand
56.0%
44.0%

*Values below a thousand yen are cut off.

Disclaimer: This document is intended to serve as a press statement to make available the information on asset acquisition of Japan Real Estate
Investment Corporation (the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer
to purchase any unit or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit
issuance (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

(Reference) Outside View of MM Park Building and floor plan
<Photo><Floor plan>
Standard Floor Area: 2,735 m2

Disclaimer: This document is intended to serve as a press statement to make available the information on asset acquisition of Japan Real Estate
Investment Corporation (the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer
to purchase any unit or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit
issuance (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

(Reference) Information map

Disclaimer: This document is intended to serve as a press statement to make available the information on asset acquisition of Japan Real Estate
Investment Corporation (the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer
to purchase any unit or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit
issuance (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

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,
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

5,000,000

1.0%Real property

February 24, 2006

81,555,500

15.7%Real property

May 31, 2002

9,520,000

1.8%Real property

August 15, 2002

4,810,000

0.9%Real property

April 1, 2005

14,700,000

2.8%Real property

March 28, 2007

44,700,000

8.6%
1.3%

Real property

July 29, 2005

7,000,000
10,200,000

Real property

January 31, 2005
April 3, 2006
Total

10,700,000

4.0%Real property

August 1, 2003

7,200,000

1.4%

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

1.0%

Ginza Sanwa Building

Chuo-ku, Tokyo

Real property

March 10, 2005

16,830,000

3.2%

Ryoshin Ginza East Mirror Building

Chuo-ku, Tokyo

Real property

March 15, 2005

5,353,500

1.0%

Harumi Center Building

Chuo-ku, Tokyo

Real property

December 18, 2007

26,800,000

5.2%

Aoyama Crystal Building

Minato-ku,
TokyoReal property

March 14, 2003

7,680,000

1.5%

September 10, 2001

4,859,000

0.9%

September 25, 2001

2,808,000

0.5%Real property

September 1, 2004

7,830,000

1.5%Real property

September 13, 2005

9,350,000

1.8%

Shiba 2Chome Daimon Building

Minato-ku,TokyoCosmo 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

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

1.1%

Omori-Eki Higashiguchi Building

Ota-ku, Tokyo

Trust beneficiaryright in trust ofreal estate

September 10, 2001

5,123,000

1.0%Real property

March 24, 2004

6,670,000

1.3%Real property

April 1, 2004

8,700,000

1.7%Real property

November 22, 2002

4,885,000

0.9%Real property

October 9, 2003

12,200,000

2.4%Real property

November 30, 2001

34,600,000

6.7%

3,740,000

Real property

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

8,500,000

1.6%

September 25, 2001

3,541,000

0.7%

September 25, 2001

1,728,000

0.3%

August 2, 2004

4,500,000

0.9%

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

Percentage
by area

20,900,000

Chiyoda-ku,
Tokyo

Yurakucho Denki BuildingTokyo
metropolitan
area(23 wards)

Location

360,000

74.8%

0.8%

4,100,000

Disclaimer: This document is intended to serve as a press statement to make available the information on asset acquisition of Japan Real Estate
Investment Corporation (the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer
to purchase any unit or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit
issuance (and its amendments, if any) and make any investment decisions at their own risk and responsibility.

Hachioji First Square

Saitama Urawa BuildingTokyo
metropolitan
area(excluding
23 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

7.2%

Trust beneficiaryright in trust ofreal estate

September 25, 2001

3,375,000

0.7%Real property

March 25, 2008

4,000,000

0.8%

441,132,112

85.0%

85.0%
1.4%

Real property

Real property

Total: Tokyo metropolitan area
Hokkaido

8 • 3 Square Kita Building
Jozenji Park Building

TohokuregionSendai Honcho Honma
Building

Hokuriku
regionKanazawa Park Building

Nishiki Park Building
Chubu
regionHirokoji Sakae Building
Nagoya Hirokoji Building
Nagoya Misono Building
Kyoto Shijo Kawaramachi Building

Sapporo City,
Hokkaido
Sendai City,
MiyagiPrefecture

2,379,112

1.1%

5,679,112
1,232,000
1,342,000

0.5%

2,574,000

Real property

June 1, 2007

7,100,000

1.4%Real property

January 31, 2005

1,000,000

0.2%

Sendai City,
MiyagiPrefecture

Trust beneficiaryright in trust ofreal estate

2,924,000

Kanazawa City,
Ishikawa
Prefecture

Real property

Nagoya City,
Aichi Prefecture

Real property

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

Real property

September 22, 2006

1,680,000

0.3%Real property

September 10, 2001

14, 533,000

2.8%Real property

August 8, 2003

1,865,000

0.4%Real property

December 20, 2001

2,650,000

0.5%

2,264,000

14,314,000

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

250,000

10.2%

0.8%
0.6%

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

0.9%

0.9%

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

1.0%

5,150,000
4.5%

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

0.7%

Total: Other major cities

77,837,000

15.0%

15.0%

Total: Portfolio

518,969,112

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
Prefecture
Fukuoka City,
Fukuoka
Prefecture

1,900,000

0.8%

4.1%

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

1,450,000

2.8%

0.9%
1.4%
0.5%

2,770,000

2.0%(Note) In addition to the assets outlined in the above list, the Company acquired the preferred capital contribution certificatesissued 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.

Disclaimer: This document is intended to serve as a press statement to make available the information on asset acquisition of Japan Real Estate
Investment Corporation (the “Company”), and does not constitute and should not be construed as an offer to sell or solicitation of an offer
to purchase any unit or other investment of the Company. Prospective investors are advised to read the Company's prospectus for new unit
issuance (and its amendments, if any) and make any investment decisions at their own risk and responsibility.