August 8, 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: Toku Kimura, General Manager, Planning Department
Phone: +81-3-3211-7921

Notice of Asset Acquisition
Announcement is hereby made that on August 8, 2008, Japan Real Estate Investment Corporation (the“Company”) decided to acquire the following asset and concluded an agreement for the acquisition oftrust beneficiary right thereof.

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

Trust beneficiary right in trust of real estate2) Name of asset:

Shin-Fujita Building3)Trustee

Mizuho Trust & Banking Co., Ltd. (Note)

4) Term of trust agreement
5) Acquisition price:

From September 30, 2005 to September 29, 2010 (Note)¥ 24,000 million

6) Scheduled acquisition date: September 1, 2008
7) Seller:

DOJIMA INVESTMENT YUGEN-GAISHA

8) Method of Settlement:

Lump sum payment at closing of acquisition

9) Acquisition funds:

Loans and own funds (scheduled)

Note: The Company plans to acquire the above trust beneficiary right after changing the trustee to The
Sumitomo Trust & Banking Co., Ltd. as of September 1, 2008. As for the trust agreement, thecompany plans to extend it through July 31, 2013.

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) Superior location
・The Dojima area, where the property is situated, is adjacent to the Umeda area, whichboasts the highest concentration of businesses in Osaka. In recent years, major
developments have taken place in Dojima, with the area growing even more as a businessdistrict. In particular, it offers convenient access by train; 9 minutes walking distance1

from JR Osaka Station, a terminal station, and Hanshin Main Line’s Umeda Station, and 5
minutes walking distance from JR Kitashinchi Station and Osaka Municipal Subway
Yotsubashi Line’s Nishi-Umeda Station. It is also only 5 minutes walking distance fromWatanabebashi Station of Keihan Electric Railway Nakanoshima Line, which isscheduled to launch operations in October 2008.
(2) Competitiveness in terms of its size and specifications
・With a total floor space of 45,411 m2 and standard floor area of 1,455 m2, the property has
superior size for the area.
・The property is expected to maintain its competitive edge as a rental office building overthe long run, with its high-grade specifications catered to the needs of tenants, artistic
exterior design of the building, and lavish open space allocated within the property site.
(3) Large-sized property in a regional major city, with diversified tenants
・Of all the properties held by the Company, this property is the largest among the properties
located in major cities other than those located in Tokyo Metropolitan Area, while theCompany has secured 38 tenants, a relatively large number of tenants, as of the scheduledacquisition date. Therefore, the property is expected to contribute stable revenue.

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
Usage
AreaLand
Building
Structure
Completion dateArchitect
Constructor
Building confirmationand inspection bodyType of ownership
Land
Building
Acquisition priceAppraisal value(Appraisal institution)(Evaluation method）
PML value
Collateral

2-20 Dojima, Kita-ku, Osaka City, Osaka Prefecture and4 other lots
Building
2-20 Dojima, Kita-ku, Osaka City, Osaka Prefecture and others
2-4-27 Dojima, Kita-ku, Osaka City, Osaka Prefecture
Office, ShopLand

6,159.61 m2
45,411.31 m2
Steel-framed , steel-framed reinforced concrete structure, flat roof
Above ground: 21 floors Below ground: 2 floors
April, 1995
Taisei Corporation First-class Registered Architect Office
Taisei Corporation
Osaka City
Ownership
Ownership¥ 24,000 million¥ 25,200 million(Daiwa Real Estate Appraisal Co., Ltd.)(Capitalization method: as of July 1, 2008)
4.0 % (Based on an earthquake risk assessment report issued by Tokio Marine& Nichido Risk Consulting Co., Ltd.）
Right of pledge is registered on the trust beneficiary right in trust of real estate.
(The right of pledge is scheduled to be released on the acquisition date.)

Property management
Mitsubishi Jisho Property Management Co., Ltd. (Note 2)company（Note 1)
Note 1: The property management company to be entrusted after the acquisition shall be described.

3

Note 2: Outline of the property management company

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

Mitsubishi Jisho Property Management Co., Ltd.
3-3-1 Marunouchi, Chiyoda-ku, Tokyo
Yutaka Hayashi, President¥60 million (as of March 31, 2008)
Mitsubishi Estate Co., Ltd. (as of March 31, 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 Property
Management” )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 Trusts
and 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

Trend in occupancy rates

38
28,414 m2
25,266 m2
March 31, 2006

95.2%

March 31, 2007

97.3%

March 31, 2008

90.2%

Scheduled acquisition date
88.9%
¥ 1,269 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.
(Notes)- NOI is the estimated amount under normal operation based on the terms andconditions of lease agreements as of the scheduled acquisition date, etc.
* Estimated occupancy rate: 94.8 %- The above figures (except NOI) are based on the data provided by the seller.

4(3) Specifications for rental floor space
Ceiling height
2,600 mmStandard floor area
1,455 m2
Office automation floor
100 mmElectric capacity
50VA/m2
Air conditioning system
Individual air conditioning (maximum 4 zones per floor)
Floor load
500 kg/m2Others
Around-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

Repairing expenses
Capital expenditure
Total(Annual average )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 shareholderPrincipal business
Relationship with the Company
or the asset managementcompany

July 2, 2008
Shimizu Corporation¥ 27 million¥ 171 million¥ 199 million

None

DOJIMA INVESTMENT YUGEN-GAISHA
c/o The Tokyo Kyodo Accounting Office, 3-2-3 Marunouchi,
Chiyoda-ku, Tokyo
Takeshi Morita, Director¥3 million (as of May 31, 2008)
MJIA YUGEN SEKININ CHUKAN HOJIN holds a 100%
stake in DOJIMA INVESTMENT YUGEN-GAISHA
Acquisition, holding and disposal of real estate trust beneficial
rights, etc.
Mitsubishi Estate Co., Ltd., a major shareholder that holds a36 % stake of Japan Real Estate Asset Management Co., Ltd.
(the asset management company), to which the Company
entrusts the management of its assets, has invested in
DOJIMA INVESTMENT YUGEN-GAISHA (“DOJIMAINVESTMENT”) in accordance with a Tokumei Kumiai
Agreement.
Mitsubishi Jisho Investment Advisors Inc., in which Mitsubishi
Estate Co., Ltd. holds a 75% stake and Mitsubishi Real Estate
Services Co., Ltd., a 100% subsidiary of Mitsubishi Estate Co.,
Ltd. holds the remaining 25% stake, provides investment
advisory service to DOJIMA INVESTMENT.
DOJIMA INVESTMENT 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, and the internal rules ofthe asset management company.
55. Outline of the brokerage(1) Broker:
OFFICE TAKE CO., LTD.
(2) Relationship with the Company or the asset management company:
None(3)Commission:
The information on brokerage commission is not disclosed because thepermission of the broker has not been obtained.
6. Acquisition schedule
August 8, 2008
The acquisition of the asset was determined.
Execution of agreement for the acquisition of trust beneficiary right
September 1, 2008 Closing of acquisition (scheduled)

As the impact on the Company’s management performance for the fiscal period from April 1, 2008 to
September 30, 2008 is minimal, no revision of the forecast performance will be made.
This notice is the English translation of the announcement in Japanese dated August 8, 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 Shin-Fujita 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¥ 25,200,000 thousand
Daiwa Real Estate Appraisal Co., Ltd.
July 1, 2008

Item
Capitalized value
Value in direct capitalization method

Value/%¥ 25,200,000 thousand¥ 26,000,000 thousand

Net cash flow

¥ 1,220,129 thousand

Cap rate

4.7%

Value in DCF method¥ 24,800,000 thousand

Discount rate

4.4%

Terminal cap rate

4.9%

Integration value¥ 16,800,000 thousand

Percentage for land

55.2%

Percentage for building44.8%* Values below a thousand yen are cut off.

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(Reference) Photo: Outside view of Shin-Fujita 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,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
Tokyo
Chiyoda-ku,
TokyoType of asset

Acquisition date orscheduled acquisition
dateAcquisition
price(thousand yen)

Percentage
of portfolio

Real property

October 31, 2002

5,000,0000.9%

Real property

February 24, 2006

81,555,500

15.0%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

2.7%Real property

March 28, 2007

44,700,000

8.2%
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

3.8%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

3,173,0000.6%

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

3.1%

Ryoshin Ginza East Mirror Building(Note )

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

4.9%

Aoyama Crystal Building

Minato-ku,Tokyo

Real property

March 14, 2003

7,680,000

1.4%

September 10, 2001

4,859,000

0.9%

September 25, 2001

2,808,000

0.5%Real property

September 1, 2004

7,830,000

1.4%

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

Real property

September 13, 2005

9,350,000

1.7%

September 25, 2001

2,738,000

0.5%

Takanawadai Building

Shinagawa-ku,
Tokyo

Trust beneficiaryright in trust ofreal estate

Higashi-Gotanda 1Chome Building

Shinagawa-ku,Tokyo

Real 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

1.6%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

6.4%

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

0.8%

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

10

Percentage
by area

20,900,000

Chiyoda-ku,
Tokyo

Yurakucho Denki BuildingTokyo
metropolitan
area(23 wards)

Location

360,000

0.8%

4,100,00071.5%

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
PrefectureKawasaki 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

6.9%

Trust beneficiaryright in trust ofreal estate

September 25, 2001

3,375,000

0.6%Real property

March 25, 2008

4,000,000

0.7%

441,132,112

81.2%

81.2%
1.3%

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
Chuburegion

Hirokoji Sakae Building
Nagoya Hirokoji Building
Nagoya Misono Building
Kyoto Shijo Kawaramachi Building

Shin-Fujita Building
Kinki region

Sapporo City,
Hokkaido
Sendai City,
MiyagiPrefecture

2,379,112

1.0%

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

0.5%

2,574,000

Real property

June 1, 2007

7,100,000

1.3%Real property

January 31, 2005

1,000,0000.2%

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

2.7%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

4.4%

2,264,000

14,314,000

Nagoya City,
Aichi Prefecture
Nagoya City,
Aichi Prefecture
Nagoya City,
Aichi Prefecture
Kyoto City,
Kyoto
Prefecture
Osaka City,
OsakaPrefecture

250,000

9.8%

0.8%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
4.3%

8.3%

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

0.3%Real property

June 1, 2005

5,000,000

0.9%Trust beneficiaryright in trust ofreal estate

September 10, 2001

3,657,000

0.7%

Total: Other major cities

101,837,000

18.8%

18.8%

Total: Portfolio

542,969,112

100.0%

100.0%

Lit City Building
ChugokuregionNHK Hiroshima Broadcasting
Center Building
Tosei Tenjin Building

KyushuregionTenjin 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

0.8%

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

1,450,000

2.6%

0.9%
1.4%
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.

111.9%