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IIF to Acquire Six Properties in Japan

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IIF to Acquire Six Properties in Japan Industrial & Infrastructure Fund Investment Corporation (Tokyo Stock Exchange Company Code: 3249) News Release – January 16, 2013 IIF to Acquire Six Properties in Japan Industrial & Infrastructure Fund Investment Corporation (“IIF”) announced today that it has decided to acquire the following five domestic real estate and trust beneficiary interests in real estate and to submit a bid to acquire one domestic real estate property pursuant to procedures established by the seller (collectively, the “Anticipated Acquisitions”) as outlined below. 1. Summary of Anticipated Acquisitions Property number L-17 L-18 L-19 (Note 1) Property name IIF Kobe Logistics Center IIF Higashi-Osaka Logistics Center IIF Kashiwa Logistics Center (Location) (Note 2) (Kobe-shi, Hyogo) (Higashi-Osaka-shi, Osaka) (Kashiwa-shi, Chiba) Trust beneficiary interests Type of asset in real estate Real Estate Real Estate Acquisition price 5,193 million yen 2,280 million yen 1,810 million yen Appraisal value 5,900 million yen 2,630 million yen 2,290 million yen NOI yield (Note 3) 6.7% 7.1% 7.5% NOI yield after (Note 3) 5.4% 6.6% 6.6% depreciation Completion date (Note 4) January 16, 2013 January 16, 2013 January 16, 2013 of contract Acquisition date February 7, 2013 April 12, 2013 February 4, 2013 Toshiba Logistics Corporation (Note 5) Kobe City (land) (unit ownership of building) (Note 6) Seller NISSIN CORPORATION (building) NREG Toshiba Building Co., Ltd. SPC (land and unit ownership of building) Property number F-6 I-5 I-6 (Note 1) Property name IIF Kawasaki Science Center IIF Osaka Toyonaka Data Center IIF Osaka Nanko IT Solution Center (Location) (to be developed) (Note 2) (Note 7) (Toyonaka-shi, Osaka) (Osaka-shi, Osaka) (Kawasaki-shi, Kanagawa) Trust beneficiary interests Trust beneficiary interests Type of asset Real Estate in real estate in real estate (Note 8) Acquisition price 2,040 million yen 5,600 million yen 1,150 million yen (Note 9) Appraisal value 2,500 million yen 6,030 million yen 2,030 million yen (Note 3) 7.6% (after completion of the NOI yield building ) (Note 8) 7.5% 8.6% NOI yield after 5.6% (after completion of the (Note 3) (Note 8) 6.7% 6.9% depreciation building) Completion date (Note 10) (Note 4) February 7, 2013 January 16, 2013 January 16, 2013 of contract (Note 10) Acquisition date February 7, 2013 February 7, 2013 February 7, 2013 Urban Renaissance Agency (“UR”) (Note 6) Seller (land) SPC Nomura Research Institute, Ltd. Note: This press release is intended as general information for the press regarding IIF’s acquisition of real estate and trust beneficiary interest in real estate in Japan, and has not been prepared for the purpose of solicitation of investment. 1 Portfolio before and after Anticipated Acquisitions Property Acquired As of the end of June in 11th Period and After Anticipated 2012 (10th fiscal period) Anticipated Acquisitions Acquisitions (Note 11) Number of properties 22 ＋ 7 ＝ 29 Total acquisition price 145,514 million yen ＋ 19,843 million yen ＝ 165,357 million yen (Note 7) Average NOI yield 5.9% 7.3% 6.1% (Note 3, 7) Average NOI yield after 4.9% 6.2% 5.0% depreciation (Note 3, 7) (Total appraisal value） - - +4,326 million yen - (Total acquisition price) (Note 3) Ratio of Top 3 tenants (Note 12) 42.6% - 35.5% (Note 1) "Property number" classifies existing properties and properties to be acquiring through Anticipated Acquisitions (“Anticipated Properties”) into three categories, L (logistics facilities), F (manufacturing and research and development facilities), and I (infrastructure facilities). (Note 2) IIF will assign property names to respective properties after the Anticipated Acquisitions. (Note 3) For “NOI yield”, “NOI yield after depreciation”, “Average NOI yield”, “Average NOI yield after depreciation” and “(Total appraisal value) - (Total acquisition price)”, please refer to “Reference: Definitions of individual calculation formulas” herein below. (Note 4) Among the Anticipated Acquisitions, purchase and sale agreements of real estate or trust beneficiary interest in real estate have been signed for IIF Kobe Logistics Center, IIF Higashi-Osaka Logistics Center, IIF Kashiwa Logistics Center, IIF Osaka Toyonaka Data Center and IIF Osaka Nanko IT Solution Center. As for IIF Kawasaki Science Center (to be developed), on January 16, 2013, IIF made a determination to submit a bid to purchase the vacant land for IIF Kawasaki Science Center (to be developed) pursuant to procedures established by the seller, Urban Renaissance Agency (“UR”) and executed an agreement with Johnson & Johnson K.K. Medical Company (“J&J”) pursuant to which, if IIF is selected to purchase the vacant land for the IIF Kawasaki Science Center (to be developed) in accordance with the bid process established by Urban Renaissance Agency, (i) IIF will enter into a temporary land lease with J&J, and (ii) J&J will enter into an agreement with a construction company for construction of the facility (“Construction Agreement”, with planned completion date of April, 2014. IIF has agreed to assume the Construction Agreement from J&J upon completion of the building. (Note 5) IIF will acquire the beneficially right of the land and the building from NISSIN CORPORATION after NISSIN CORPORATION acquires the land from Kobe city. (Note 6) Not disclosed per seller’s request. (Note 7) IIF made a determination to submit a bid to acquire the vacant land for IIF Kawasaki Science Center (to be developed) pursuant to procedures established by the seller, UR on either January 21 or 22, 2013. As the seller is scheduled to decide a buyer on January 23, 2013, there can be no assurance that we will ultimately be selected as the purchaser. (Note 8) As the facility for IIF Kawasaki Science Center (to be developed) has not been developed, the anticipated acquisition price, NOI yield and NOI yield after depreciation are estimated amounts calculated based on the survey report prepared by the real estate appraiser under the assumption that the facility will be completed as scheduled and the fixed-term lease agreement will be entered into with J&J and the estimated construction and other related costs, of the facility that is described in the agreement with J&J on January 16, 2013 will be incurred. There can be no assurance that the actual construction cost for the facility nor appraisal report after the completion of the facility will be equal to the estimated construction cost used to calculate the anticipated acquisition price for the facility and the survey report respectively. As a result, the actual acquisition price of IIF Kawasaki Science Center (to be developed), as well as the actual total acquisition price for the Anticipated Acquisitions, may be materially different from the anticipated acquisition price for the property and the Anticipated Acquisitions. The NOI yield calculated by the land lease until the completion of the facility after IIF being selected as a purchase of the land is different from the one calculated after the completion of the facility. (Note 9) As the facility for IIF Kawasaki Science Center (to be developed) has not yet been developed, the survey report is based on the assumption that the facility is completed pursuant to the primary design document and that the building lease has commenced under the fixed-term building lease agreement and occupied based on Japanese Real Estate Appraisal Standards. In addition, IIF has separately obtained an appraisal report regarding the land from Japan Real Estate Institute. (Note 10) Refers to the scheduled date of land purchase and sale agreement by and between UR as well as the delivery date of the land if IIF is selected as the purchaser of the land. The construction of such building is yet to be commenced as of January 16, 2013. Concurrent with the completion of the building as scheduled in April 2014, IIF will assume the status of the contractor under the building construction agreement which J&J shall enter into by and between a construction company. (Note 11) Including IIF Kawaguchi Logistics Center which IIF acquired on December 25, 2012 (Note 12) Represents the top three tenant of respective timing on an annual rent basis Note: This press release is intended as general information for the press regarding IIF’s acquisition of real estate and trust beneficiary interest in real estate in Japan, and has not been prepared for the purpose of solicitation of investment. 2 2. Rationale for Acquisition IIF has decided to acquire the Anticipated Properties based on the judgment that the characteristics of the properties are aligned with IIF’s investment strategies (acquisition of quality assets which can contribute to the increase of distribution per unit). We expect the average NOI yield of our portfolio will improve to 6.1% after the Anticipate Acquisitions. The forecast distributions per unit for the 12th fiscal period (ending June 2013) is JPY 15,567, and in the 13th fiscal period (ending December 2013) which will include the profit from the Anticipated Properties on a full-term basis, is JPY 16,029, whereas the distributions per unit in the 11th fiscal period (ended in December 2012) is expected to be JPY 14,263. With regard to the forecast for the 12th and 13th fiscal periods, please see the press release titled “Notice Concerning Forecasts of Operating Results and Distributions for the June 2013 (12th) and December 2013 (13th) Fiscal Periods”. In our decision to acquire the six properties, we evaluated the properties mainly in terms of profitability, long-term usability and versatility. Please refer
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