For Translation Purposes Only August 4, 2015

For Immediate Release United Urban Investment Corporation Hitoshi Murakami Executive Officer (Securities Code: 8960)

Asset Management Company: REIT Advisors Co., Ltd. Ikuo Yoshida President and CEO Inquiries: Kenichi Natsume Chief Financial Officer TEL: +81-3-5402-3680

Notice Concerning Acquisition of Property (Shin-Narashino Logistics Center)

United Urban Investment Corporation (“United Urban”) hereby announces that Japan REIT Advisors Co., Ltd. (“JRA”), the asset management company to which United Urban entrusts asset management services, has decided today to acquire a property as set forth below.

1. Acquisition of the Property United Urban will acquire the trust beneficial interests in the following real estate (the “Asset to be Acquired”).

Estimated Scheduled Estimated Post- Scheduled Property Type of Use Acquisition Property Name Location NOI Yield Depreciation Acquisition Number (Note 1) Price (Note 3) Yield Date (Note 2) (Note 4) Shin-Narashino Logistics Narashino, ¥2,555 August 7, E8 Warehouse 5.0% 4.1% Center million 2015 (Notes) 1. Of the types indicated on the real estate register, the primary type is shown. 2. The prices are shown in the amount excluding acquisition costs, property taxes, city planning taxes and consumption taxes and other costs. 3. “Estimated NOI Yield” indicates the value arrived at when the result of dividing the “Estimated NOI (yearly)” by the scheduled acquisition price is expressed as a percentage and rounded to first decimal place. “NOI (Net Operating Income)” means the figure equal to an amount subtracting the rental expenses (excluding depreciation and amortization) from the rental revenues. “Estimated NOI (yearly)” means an estimated figure for 1 year from the acquisition by United Urban, which is calculated based on the terms and conditions of leasing after the acquisition by United Urban. 4. “Estimated Post-Depreciation Yield” indicates the value arrived at when the result of dividing (i) an amount deducting “Estimated Depreciation and Amortization” from “Estimated NOI (yearly)” by (ii) the scheduled acquisition price is expressed as a percentage and rounded to first decimal place. “Estimated Depreciation and Amortization” means the estimated figure of the depreciation and amortization for 1 year after the acquisition by United Urban, which is calculated under the straight-line method by applying the depreciation ratio to be derived for each depreciable asset of the Asset to be Acquired in accordance with the useful life thereof, based on the accounting policy of United Urban.

2. Details of Acquisition (1) Reason for Acquisition In accordance with the basic asset-management policy and its investment approach prescribed in its Articles of Incorporation, United Urban will acquire the Asset to be Acquired (hereinafter, the property with regard to the Asset to be Acquired will be referred to as the “Property”) for the purpose of expanding its portfolio of logistics facilities which falls into the category of “Others” further. In making the decision to acquire the Property, the following aspects were especially appreciated.

1. Location The Property is a logistics facility located near the “Shin-Narashino” Station on the JR Keiyo Line. The Property is located in an area in which logistics centers are concentrated, due to its convenient access to central Tokyo and the .

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The Property has an advantage as a logistic facility, as it is located near the “Wangan-Narashino I.C.” and “Wangan-Chiba I.C.” of the Higashi Kanto Expressway, and is also accessible to Keiyo Road via the “Makuhari I.C.” and “Hanawa I.C.” And being located within a 3-minute walk from the nearest station, the Property has advantage in securing employee.

2. Building The Property is a logistic facility which was completed in 1991. The building has 6 stories above the ground with an aggregated floor area of 13,268.65m2. It features a ceiling height of 5.5m (partly 5.05m), a floor weight capacity of 1.5t/m2, and a column span of 8.8 x 9.6m. It is also equipped with truck berths which can accommodate 20 trucks, and two freight elevators and three vertical carrier machines and thus has a versatility that enables an efficient operation by the tenants.

3. Tenants, etc. The Property has been leased in its entirety to a major logistics provider listed on the Tokyo Stock Exchange, 1st Section. The bay area of , including Shin-Narashino, is easily accessible to central Tokyo area, ports and airports in the Greater Tokyo Area, and all over the Greater Tokyo Area itself. Therefore, continued demands from logistics providers who deliver goods to central Tokyo and Greater Tokyo Area and manufacturers are anticipated, enabling us to operate the Property in a stable manner in the long term.

(2) Summary of Acquisition

1. Asset to be Acquired : Trust beneficial interest in real estate 2. Property Name : Shin-Narashino Logistics Center 3. Scheduled Acquisition Price : ¥2,555 million 4. Scheduled Agreement Date : August 7, 2015 (conclusion of the purchase and sale agreement of the trust beneficial interest) 5. Scheduled Acquisition Date : August 7, 2015 (transfer of the trust beneficial interest) 6. Seller : PLC TMK 7. Financing : Borrowing (Note) 8. Date of Payment : August 7, 2015 (scheduled) (Note) Please refer to the press release “Notice Concerning Debt Financing” dated today for details of the borrowing.

(3) Outline of the Property

Property Name Shin-Narashino Logistics Center Type of the Property Trust beneficial interest in real estate Trustee Mizuho Trust & Banking Co., Ltd. Period of Trust Agreement From October 21, 2013 to August 31, 2025 Lot number 2-19-16 Akanehama, Narashino, Chiba Location (Note 1) Residential 2-3-6 Akanehama, Narashino, Chiba Access 3-minute walk from Shin-Narashino Station (JR Keiyo Line) Use (Note 1) Warehouse, Office Land 6,968.26 m2 Site Area (Note 1) Building 13,268.65 m2 Structure and Scale (Note 1) S 6F Land: Proprietary Ownership Type of Ownership Building: Proprietary Ownership Completion Date (Note 1) June 1991 Initial Building Owner Ochi Transport Co. Ltd. Constructor Mitsubishi Construction (currently P.S. Mitsubishi Construction Co., Ltd.) Scheduled Acquisition Price ¥2,555 million Appraisal Value ¥2,570 million Date of Value Estimate July 1, 2015 Appraisal Agency Appraisal by Japan Real Estate Institute (Appraisal Method) Probable Maximum Loss (PML) 10% Collateral None

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(Administrative laws and regulations) ・As the Property is located in a zone to which the municipal ordinance regarding the regulation of buildings stipulated pursuant to the plan of Narashino City applies, the use of the land, height of the building, location of the walls, etc., of the Property are subject to certain restrictions and standards.

(Boundaries) ・The boundary with regard to the land adjacent to the west of the Property has not been confirmed. A memorandum of understanding with the Special Notations titleholder of the land adjacent to the west side of the Property has not yet been signed.

(Others) ・Arsenic and lead were detected from the site of the Property at levels exceeding designated levels. However, as the subject portion of the site is currently covered by buildings and asphalt, etc., soil ingestion and soil scattering are thought to be unlikely. In addition, as the water supply and sewage systems are fully organized, groundwater is unlikely to be used as drinking water. Expert opinion has been obtained to the effect that there is no harm to the ongoing use of the land. Details of Tenant (Note2) Total Number of Tenants (Note3) 1 Security Deposit Undisclosed (Note4) Total Rental Revenues (yearly) Undisclosed (Note4) Total Leasable Floor Space 12,909.90 m2 (Note5) 2 Total Leased Floor Space (Note5) 12,909.90 m Occupancy Ratio (Note6) 100% Reference Estimated NOI (yearly) (Note7) ¥128 million Estimated NOI Yield (Note7) 5.0% (Notes) 1. Each piece of information in the “Location (Lot number),” “Use,” “Site Area,” “Structure and Scale” and “Completion Date” is described as it appears on the real estate register. 2. “Details of Tenant” indicate figures as of July 1, 2015. 3. A pass-through-type master lease agreement has been concluded between the trustee and the lessee (master lessee) with regard to the Property. Therefore, the “Total Number of Tenants” figure is stated by aggregating the number of end tenants subleased to by the master lessee (where such lease agreements are only relevant to the parking lot facility, then excluding the number of tenant for such agreements). 4. Not disclosed, due to unavoidable circumstances where the consent for the disclosure has not been obtained from the tenant. 5. “Total Leasable Floor Space” means the total figure of leasable floor space in the space acquired by United Urban, and “Total Leased Floor Space” is the total figure of space subject to lease, which is stated in the lease agreement between the lessee (master lessee) and the tenant. 6. “Occupancy Ratio” means the percentage obtained by dividing “Total Leased Floor Space” by “Total Leasable Floor Space”. 7. For the definition of “NOI (Net Operating Income)” and “Estimated NOI (yearly)”, please refer to Note 3 of “ 1. Acquisition of the Property” above. The estimated occupancy ratio is 100%.

(4) Seller Profile

Company Name PLC TMK Head Office Address 1-1-8, Motoakasaka, Minato-ku, Tokyo Representative Kenzo Yamamoto, Director Capital ¥200,000 (amount of specified capital) (as of July 21, 2015) Date of Foundation June 14, 2013 Net Assets Undisclosed (Note) Total Assets Undisclosed (Note) Major Shareholder(s) Undisclosed (Note) 1. Acquisition, management and disposition of specified assets based on asset securitization plan under the Act on Securitization of Assets. Principal Business 2. All business incidental or relating to the securitization of specified assets described in the preceding item. Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships.

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Business Relationship There are no significant business relationships. The seller falls under neither the category of “related parties, etc.” (the “Related Party”) under the Act on Investment Trusts and Investment Standing to Related Party Corporations of Japan (Act No. 198 of 1951, as amended) nor the category of the sponsor/stakeholder (“Sponsor/Stakeholder”) under the self-imposed rules (rules for conflicts of interest) of JRA. (Note) Figures, etc. are not disclosed due to unavoidable circumstances where the consent for disclosure has not been obtained from the seller.

(5) Standing of the Property Owners and Others

The Asset to be Acquired will not be acquired from special related parties of United Urban or JRA.

(6) Outline of Brokerage

1. Outline of Broker Company Name Mizuho Trust & Banking Co., Ltd. Address 1-2-1 Yaesu, Chuo-ku, Tokyo Representative Takeo Nakano, President & CEO Trust business, banking business and other businesses (purchase and Principal Business sale of trust beneficial interest, and brokerage of purchase and sale of real estate, etc.) Capital ¥247,369,709,634 (As of March 31, 2015) Date of Foundation May 9, 1925 Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. Mizuho Trust & Banking Co., Ltd. is the administrative agent of Business Relationship United Urban. In addition, United Urban borrows funds from Mizuho Trust & Banking Co., Ltd. The broker falls under neither the category of Related Party nor the Standing to Related Party category of Sponsor/Stakeholder.

2. Amount and Details of Commission The amount of commission is not disclosed, due to unavoidable circumstances where the consent for the disclosure has not been obtained from the broker. The amount of commission for the broker is an amount less than the upper limit (3% of the scheduled acquisition price plus 60,000 yen (excluding consumption taxes) stipulated in the Building Lots and Buildings Transaction Business Act.

(7) Transactions with Related Party and Sponsor/Shareholder Not applicable.

3. Method of Payment and Acquisition Schedule (1) Method of Payment The payment for the Asset to be Acquired will be a lump-sum payment upon the delivery using debt financing. Please refer to the press release “Notice concerning Debt Financing” dated today for details of the debt financing.

(2) Acquisition Schedule The schedule for acquisition of the Asset to be Acquired is as follows. Date of decision of acquisition August 4, 2015 Date of conclusion of purchase and sale agreement of trust beneficial interest August 7, 2015 Date of transfer of trust beneficial interest August 7, 2015 Date of payment

4. Outlook of Operating Condition

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United Urban does not make any changes to the forecasts of financial results for the twenty-fourth fiscal period (period ending November 30, 2015) and the twenty-fifth fiscal period (period ending May 31, 2016) as the effect of the acquisition of the Asset to be Acquired is immaterial.

5. Summaries of Appraisal Report

Summaries of Appraisal Report

Appraisal Value ¥2,570,000 thousand Appraisal Agency Japan Real Estate Institute Date of Value Estimate July 1, 2015

Details Item (thousand of yen, unless Grounds otherwise indicated) Income approach price 2,570,000 Price by Direct Capitalization Method 2,580,000 (1) Total revenues (Note) － (2) Total expenses (Note) － (3) Net operating income (NOI: (1)-(2) ) 137,046 － Assumed a number-of-month-equivalent lease deposits that will remain stably passable over the medium to long term based on the required number-of-month-equivalent lease deposits for the current lease terms and new lease contracts as appraised; and calculated an operating profit of lump-sum money by multiplying the assumed (4) Operating profit of lump-sum money 21 number-of-month-equivalent lease deposits as adjusted for the occupancy ratio by an investment yield. Moreover, we assessed 2.0% as being the appropriate investment yield from the perspective of fund management during the period of deposit, by taking into account the level of interest rate, etc. of both sides of investment and procurement. Renewal costs required for maintenance of the building to be recognized assuming that a projected average amount will be set aside every fiscal period, although (5) Capital expenditures (including the actual costs will arise on an irregular basis; and 10,676 routine repairs) assessed capital expenditures, taking into account the level of capital expenditure for similar real estate, building the age and the annual average amount of repair and renewal costs in the relevant engineering report. (6) Net cash flow (NCF: (3)+(4)-(5)) 126,391 －

Assessed based on a real-estate investment yield of the lowest investment risk by adjusting it with the spreads arising from location requirements, the standing of the (7) Cap rate 4.9% building and other conditions for the subject property and by taking into account any future uncertainties and yields from similar real estate deals, etc.

Price by Discounted Cash Flow method 2,560,000 － Discount rate 4.6% － Terminal cap rate 5.0% － Cost approach price 1,950,000 Land ratio: 67.8%, Building ratio: 32.2% Other specific matters the appraisal agency has paid attention in None appraising the property

(Note) JRA has deemed that disclosing this information would have an adverse effect on United Urban and may eventually harm the interests of the unitholders. Therefore, we do not disclose this information.

【Attached Materials】 1. Portfolio Summary 2. Photo and Map

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Reference Material 1 Summary of Portfolio As of November 13, 2015 (scheduled) [Distribution by Type of Use] (scheduled) Acquisition Price Type of Use Number of Properties (Note 1) Amount (Millions of yen) Ratio (Note 2) (Note 3) Retail Property 35 196,407 36.3% Office Building 39 198,954 36.8% Hotel 10 63,635 11.8% Residence 23 42,248 7.8% Others 8 39,175 7.2% Total 113 540,418 100.0%

[Distribution by Geographical Location] (scheduled) Acquisition Price Location (Note 4) Number of Properties Amount (Millions of yen) Ratio (Note 2) (Note 3) 6 Central Wards of Tokyo 26 125,637 23.2% 23 Wards of Tokyo 12 57,211 10.6% Tokyo Metropolitan Area 29 164,319 30.4% Other Regions 46 193,252 35.8% Total 113 540,418 100.0% Notes 1. Each of “maricom-ISOGO / SYSTEM PLAZA YOKOHAMA (Site),” a retail property/office building complex and “Shin-Osaka Central Tower,” an office building/hotel complex has been counted as one property for each type of use, while counted as one property in the total column, respectively. Therefore, the number of properties of each type does not always add up to the total. 2. Figures have been rounded to the nearest unit. Therefore the sum of each figure does not always add up to the total. 3. Ratios have been rounded to first decimal place. Therefore the sum of each ratio does not always add up to the total. 4. The definition of geographical location is as set forth below. Tokyo Metropolitan Area (Note a) Other Regions (Note b) 6 Central Wards of Tokyo 23 Wards of Tokyo Tokyo Metropolitan Area Major Japanese cities including government designated cities Chiyoda-ku, Minato-ku, 23 wards of Tokyo except Tokyo Metropolitan Area Chuo-ku, Shinjuku-ku, (excluding those in Tokyo for 6 Central Wards of excluding 23 wards of Metropolitan Area) and the Shibuya-ku, and Tokyo Tokyo Shinagawa-ku surrounding areas thereof Notes a. Tokyo Metropolitan Area refers to Tokyo as well as Kanagawa, Chiba, Saitama, Ibaraki, Gunma, Tochigi and Yamanashi prefectures. b. Including Osaka Prefecture, Nagoya, Fukuoka and other cities. 5. Properties to be acquired contained in the above charts are as follows; Scheduled Scheduled Acquisition Price Type of Use Location Property Name Acquisition Date Amount (Millions of yen) Ratio Tokyo Shin-Narashino Logistics Others Metropolitan Center August 7, 2015 2,555 0.5% Area Retail Tokyo September 30, Property Metropolitan Luz Shonan Tsujido 2015 3,938 0.7% Area

Others 6 Central Wards Quartz Tower (building) November 13, 1,165 0.2% of Tokyo 2015 6. The latest information about United Urban’s portfolio is disclosed on United Urban’s website. http://www.united-reit.co.jp/eng_cms/portfolio/port_list.html

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Reference Material 2 Photo and Map

[Photo]

[Map]

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