For Translation Purposes Only

May 16, 2012

For Immediate Release United Urban Investment Corporation Yasuhiro Tanaka Executive Officer (Securities Code: 8960)

Asset Management Company: Japan REIT Advisors Co., Ltd. Hisamitsu Abe Chairman of the Board, CEO and COO Inquiries: Kenichi Natsume Chief Financial Officer TEL: +81-3-5402-3680

Notice Concerning Acquisition of Property (Yamada Denki Tecc Land Aoba (Site))

United Urban Investment Corporation (“United Urban”) hereby announces its decision to acquire a property as set forth below on May 16, 2012.

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

Scheduled Scheduled Property Name Location (lot number) Acquisition Price Acquisition Date (Note 1) Yamada Denki Tecc Land 2-3～11・14・15 Moegino, Aoba-ku, ¥2,150 million May 18, 2012 Aoba (Site) (Note 2) Yokohama, Kanagawa (Notes) 1. The scheduled acquisition price shown is based on the purchase price to be stated in the sale and purchase agreement for the acquisition of the Property to be Acquired. In addition, the price is shown in the amount excluding acquisition costs, property taxes, city planning taxes and consumption taxes and other costs. 2. The property which United Urban will acquire is mainly a site. Buildings and structures situated in the site of the Property to be Acquired are not included in the Property to be Acquired.

2. Details of Acquisition

(1) Reason for the Acquisition In accordance with the basic asset-management policy and its investment approach prescribed in its Articles of Incorporation, United Urban will acquire the Property to be Acquired for the purpose of expanding its portfolio of retail properties in Tokyo metropolitan Area. In making the decision to acquire such Property to be Acquired, the following aspects were appreciated.

1. Location The Property to be Acquired has excellent access as it is located about 8 minutes walk from Aobadai Station which is the express station on the Tokyu Den-en-toshi Line, and along a major arterial roadway (the national route 246). The area around the Aobadai Station is a popular residential area along the Den-en-toshi Line; it boasts a sound environment with a number of commercial facilities and other convenient facilities for living close-by the station, and rich greenery from its numerous parks. Located in such a convenient and fine environment, the Property to be Acquired is suitable as a site for various types of commercial facilities. In addition, due to such location, the Property to be Acquired

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can be developed and sold as condominiums for families in the future, and thus it has a high asset value as a site for condominium development.

2. Tenants, etc. The Property to be Acquired has a 20-year fixed term lease agreement (of which the remaining lease period is approximately 8 years) with Yamada Denki Co., Ltd. (the “Tenant”). “Yamada Denki Tecc Land Aoba,” operated by the Tenant, is one of the largest electronics retailers that boasts the highest sales volume in Kanagawa prefecture. Therefore the Property to be Acquired is anticipated to generate stable revenue after United Urban has acquired the Property to be Acquired.

(2) Summary of Acquisition

1. Asset to be Acquired : Real estate 2. Name of the property : Yamada Denki Tecc Land Aoba (Site) 3. Scheduled Acquisition Price : ¥2,150,000 thousand (excluding acquisition costs, property taxes, city planning taxes and consumption taxes and other costs) 4. Scheduled Agreement Date : May 18, 2012 (conclusion of the sale and purchase agreement） 5. Scheduled Acquisition Date : May 18, 2012 (transfer of ownership) 6. Seller : Tokyu Corporation 7. Financing : Cash on hand and debt financing (scheduled) 8. Date of Payment : May 18, 2012 (scheduled)

(3) Outline of the Property to be Acquired

Property Name Yamada Denki Tecc Land Aoba (Site) Type of the Property Real estate 2-3～11・14・15 Moegino, Aoba-ku, Yokohama, Location (Note 1) Lot number Kanagawa Access About 8 minute walk from Aobadai Station (Tokyu Den-en-toshi Line) Land 7,594.00 m2 Site Area (Note 1) Building - Type of Ownership Land: Proprietary Ownership Scheduled Acquisition Price ¥2,150,000 thousand Appraisal Value ¥2,300,000 thousand Date of Value Estimate April 15, 2012 Appraisal Agency Appraisal by Japan Real Estate Institute (Appraisal Method) Probable Maximum Loss (PML) - Collateral None Projected lines of an urban road under an authorized city plan run through the southeast of the Property to be Acquired, and construction of a Special Instructions building within the area affected by the related facilities under the city plan will be subject to certain limitations. Details of Tenant (Note 2) Total Number of Tenants 1 Security Deposit (Note 3) Total Rental Revenues (yearly) (Note 3) Total Leasable Floor Space 7,650.63 m2 (Note 4) 2 Total Leased Floor Space (Note 4) 7,650.63 m Occupancy Ratio (Note 5) 100.0% Reference Estimated NOI (yearly) (Note 6) ¥91,506 thousand (Notes) 1. Each piece of information in “Location (Lot number)” and “Site Area” is described as it appears on the real estate register.

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2. “Details of Tenant” are figures as of April 30, 2012. 3. “Security Deposit” and “Total Rental Revenues (yearly)” are not disclosed, as the consent by the Tenant, the leasing agreement of which United Urban will succeed, has not been obtained. 4. “Total Leased Floor Space” and “Total Leasable Floor Space” are described as they appear on the lease agreement with the Tenant. Therefore, they differ from the figures listed on the real estate register. 5. “Occupancy Ratio” means the percentage obtained by dividing “Total Leased Floor Space” by “Total Leasable Floor Space”. 6. “NOI (Net Operating Income)” means the figure equal to income from property leasing (rental revenues - rental expenses) plus depreciation and amortization. “Estimated NOI” means the estimated figure, during steady operation, which is calculated based on the terms and conditions of leasing as of April 30, 2012. The estimated occupancy ratio is 100.0%.

(4) Seller Profile

Company Name Tokyu Corporation Head Office Address 5-6 Nanpeidai-cho, Shibuya-ku, Tokyo Representative Hirofumi Nomoto, President and Representative Director Principal Business Railway and Real estate Capital ¥121,724 million (Note) Date of Foundation September 2, 1922 Net Asset ¥441,920 million (Note) Total Asset ¥1,984,591 million (Note) (As of September 30, 2011) Name Percentage Major Shareholder The Dai-ichi Life Insurance Company, Limited 6.13 % Nippon Life Insurance Company 5.51 % Japan Trustee Services Bank, Ltd. (trust account) 3.41 %

Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. Business Relationship United Urban acquired one property (acquisition price: ¥2,600 million) from Tokyo Corporation during the previous fiscal period ended on November 30, 2011. Standing to Related Party The seller, Tokyu Corporation, falls under neither the category of “related party, etc.” under the Act on Investment Trusts and Investment Corporations of Japan (the “Related Party”) nor the

category of sponsor/stakeholder under the self-imposed rules of Japan REIT Advisors Co., Ltd. (“JRA”), the asset management company (the “Sponsor/Stakeholder”). (Note) As of March 31, 2012

(5) Outline of Brokerage

1. Outline of Broker Company Name Marubeni Asset Management Co., Ltd. Address 2-2-1 Ohtemachi, Chiyoda-ku, Tokyo Representative Hitoshi Murakami, President Investment management services, investment advisory services and the second financial instruments business under Financial Instruments and Exchange Act, building lots and buildings transaction business under Principal Business the Building Lots and Buildings Transaction Business Act, real estate investment advisory business, purchase, management, leasing, renting and operation of real estate and trust beneficial interests, and the brokerage and consulting of such; etc. Capital ¥ 50 million (As of April 30, 2012) Date of Foundation November 14, 2007 Relationship with United Urban or JRA Capital Ties There are no significant capital ties. Personal Relationship There are no significant personal relationships. Business Relationship Marubeni Asset Management Co., Ltd. has served as a broker when

United Urban acquired three properties and sold two properties during

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the fiscal period ended November 30, 2011. In addition, it has served as a broker when United Urban acquired one property during the current fiscal period ending May 31, 2012. Standing to Related Parties Marubeni Asset Management Co., Ltd. falls under the category of Related Party. Moreover, Marubeni Asset Management Co., Ltd. falls

under the category of the Sponsor/Stakeholder, and therefore, is abiding by the predetermined limitations and procedures of JRA. (Note) (Note) With a view to avoiding conflicts of interest, JRA sets forth limitations and procedures for transactions, etc. between United Urban and Sponsor/Stakeholder in its internal rules on transactions with Sponsor/Stakeholder, which are called the “Investment Committee Rules on Transactions with Sponsor/Stakeholder.” The specific limitations set forth include the following: (i) When acquiring assets from Sponsor/Stakeholder, the acquisition price shall be the same as or less than the appraisal value; (ii) When selling assets to Sponsor/Stakeholder, the sale price shall be the same as or more than the appraisal value; and (iii) When Sponsor/Stakeholder is involved in the brokerage, etc. with good reason, the commission for the acquisition or sale of assets shall be no more than 3% of the acquisition or sale price. In addition, specific procedures set forth are that, when United Urban and Sponsor/Stakeholder engage in a transaction, etc., the deliberation and resolution of the Investment Committee (the JRA’s autonomous body that enters into deliberations and makes decisions on asset management, asset management evaluations, etc.) shall be required, and that the resolution must be passed by the unanimous agreement of the members of Investment Committee. The internal rules also set forth that meetings of the Investment Committee shall be attended by the Chief Compliance Officer, who is in charge of compliance duties, to monitor the status of the compliance with laws, regulations, guidelines, internal rules, etc.

2. Amount and Details of Commission Commission: ¥64,500 thousand (excluding consumption taxes)

(6) Transactions with Related Party

Broker : Marubeni Asset Management Co., Ltd. Marubeni Asset Management Co., Ltd. falls under the category of the Related Party and the Sponsor/Stakeholder, and therefore is abiding by the predetermined limitations and procedures of JRA. (Note) At the acquisition of the Property, United Urban will pay Marubeni Asset Management Co., Ltd. 64,500 thousand yen (consumption tax is separately added) as a brokerage commission. Property Management : Marubeni Community Co., Ltd. Company Marubeni Community Co., Ltd. falls under the category of the Related Party and the Sponsor/Stakeholder, and therefore is abiding by the predetermined limitations and procedures of JRA. (Note) (Note) Please refer to section “(5) Outline of Brokerage, 1.Outline of Broker, (Note)”.

(7) Method of Payment

The payment for the Property to be Acquired is scheduled to be a lump-sum payment upon the delivery of the Property to be Acquired, using cash on hand and debt financing.

(8) Acquisition Schedule

The schedule for acquisition of the Property to be Acquired is as follows.

Date of decision of acquisition May 16, 2012 Date of conclusion of sale and purchase agreement May 18, 2012 Date of acquisition May 18, 2012 Date of Payment May 18, 2012

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3. Outlook of Operating Condition

United Urban does not make any change to the forecasts of financial results for the seventeenth fiscal period (period ending May 31, 2012) as the effect of the acquisition of the Property to be Acquired on the result of operations for the seventeenth fiscal period is immaterial. Moreover, the acquisition of the Property to be Acquired is expected to increase rental revenues, operation income, ordinary income, etc., but United Urban does not make any change to the forecasts of financial results for the eighteenth fiscal period (period ending November 30, 2012) as United Urban will maintain its distribution amount by adjusting the amount of reserve for distribution (negative goodwill) to be distributed.

【Attached Materials】 1. Summaries of Appraisal Report 2. Portfolio after Acquisition of Property to be Acquired 3. Photo

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Reference Material 1

Summaries of Appraisal Report

Property Name Yamada Denki Tecc Land Aoba (Site) Appraisal Value ¥2,300,000 thousand Appraisal Agency Japan Real Estate Institute Date of Value Estimate April 15, 2012

Price by leasehold ratio allocation method Item Details 1. Comparable price by sales comparison approach 2,690,000 thousand yen 2. Price by development approach 2,680,000 thousand yen Raw land price...I 2,690,000 thousand yen Ratio of term leasehold interest sought by asset valuation basic notice...II 10% Price of term leasehold interest...III (I x II) 269,000 thousand yen 2,421,000 thousand yen Price by leasehold ratio allocation method (I - III) ≒2,420,000 thousand yen

Profit price by Discounted Cash Flow method Item Details Grounds Sum of present value of NCF during the 598,205 thousand yen appraisal period...I Recorded the raw land price as of the date of value Sale price (i) 2,690,000 thousand yen estimate. Recorded the sales expenses (3% of the sale price) Sale expenses (ii) 80,700 thousand yen deemed necessary to sell the property. Calculated by subtracting the sale expenses from the Terminal value (i-ii) 2,609,300 thousand yen sale price. Discounted the terminal value to be realized at the Present value of terminal value...II 1,705,699 thousand yen end of appraisal period by using the compound present value rate. Based on yields from similar real estate deals, etc., adjusting it considering all the factors such as risks Discount rate 5.4% and future trend of the subject property, and future trend of real estate price and rent (land rent). Profit price by Discounted Cash Flow method 2,303,904 thousand yen (I+II) ≒2,300,000 thousand yen

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Reference Material 2 Portfolio after Acquisition of Property to be Acquired As of May 18, 2012 Acquisition Acquisition Price Share in Property Share in Type Name of Property Date (Millions of yen) acquisition No. type (Note 1) (Note2) price A1 Daiei Himonya Dec. 25, 2003 15,300 3.6％ A2 Joy Park Izumigaoka Dec. 22, 2003 6,770 1.6％ A3 Daimaru Peacock Ashiya Kawanishi Dec. 22, 2003 769 0.2％ A4 Re-LAND Shopping Center Sep. 17, 2004 5,200 1.2％ A5 AEON MALL Uki (Note3) Dec. 3, 2004 11,100 2.6％ A6 TENJIN LUCE Apr. 14, 2006 6,500 1.5％ A7 Yamada Denki Tecc Land Sakai Honten Apr. 28, 2006 3,210 0.8％ A8 Miyamae Shopping Center Feb. 19, 2007 5,312 1.3％ A9 KONAMI SPORTS CLUB Korigaoka Jun. 29, 2007 2,040 0.5％ A10 ACTIOLE Minami-ikebukuro Sep. 27, 2007 3,760 0.9％ A11 Tip’s Machida Building Dec. 27, 2007 4,100 1.0％ A12 Daiei Takarazuka Nakayama Jan. 30, 2008 4,284 1.0％ Retail maricom-ISOGO / SYSTEM PLAZA A13 Feb. 18, 2008 6,883 1.6％ 31.9％ Properties YOKOHAMA (Site) (retail portion) A14 ACTIOLE Kannai Jun. 30, 2008 2,410 0.6％ A15 Shinsaibashi OPA Honkan Dec. 1, 2010 22,800 5.4％ A16 Shinsaibashi OPA Kireikan Dec. 1, 2010 2,770 0.7％ A19 Albore Jingumae Dec. 1, 2010 1,580 0.4％ A20 Albore Sendai Dec. 1, 2010 2,590 0.6％ A21 Mallage Kashiwa Dec. 1, 2010 7,040 1.7％ A23 Ito-Yokado Owariasahi Dec. 1, 2010 4,840 1.1％ A24 Nitori Yokohama Kariba I.C. Dec. 1, 2010 2,500 0.6％ A25 Luz Jiyugaoka Jun. 15, 2011 5,090 1.2％ A26 ACTIOLE Ichikawa Jun. 15, 2011 3,350 0.8％ A27 VIVAHOME Yokohama Aoba (Site) Oct. 25, 2011 2,600 0.6％ A28 Yamada Denki Tecc Land Aoba (Site) May 18, 2012 2,150 0.5％ B1 T&G Hamamatsucho Building Dec. 26, 2003 2,257 0.5％ B2 SK Nagoya Building Dec. 26, 2003 5,400 1.3％ B3 Fukuoka Eartheon Building Dec. 26, 2003 2,080 0.5％ B4 Marumasu Kojimachi Building Mar. 29, 2004 2,350 0.6％ B5 Rokubancho K Building Mar. 30, 2004 2,150 0.5％ B6 Shin-Osaka Central Tower (office portion) Dec. 2, 2004 14,279 3.4％ B7 Kawasaki Toshiba Building Dec. 20, 2004 19,200 4.5％ Office ％ maricom-ISOGO / SYSTEM PLAZA 46.4 (A13) Buildings Feb. 28, 2008 5,021 1.2％ YOKOHAMA (Site) (office portion) B8 UUR Toyocho Building (Note4) Jun. 30, 2008 8,500 2.0％ B9 FOUR SEASONS BLDG Dec. 25, 2009 4,200 1.0％ B10 Hitachi High-Tech Building Dec. 1, 2010 14,800 3.5％ B11 Pacific Marks Shinjuku Parkside Dec. 1, 2010 12,100 2.9％ B12 Pacific Marks Tsukiji Dec. 1, 2010 6,860 1.6％ B13 Pacific Marks Tsukishima Dec. 1, 2010 6,080 1.4％

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B14 Pacific Marks Yokohama East Dec. 1, 2010 7,050 1.7％ B15 Pacific Marks Shin-Urayasu Dec. 1, 2010 3,920 0.9％ B16 Omori City Building Dec. 1, 2010 4,120 1.0％ B17 Akasaka Hikawa Building Dec. 1, 2010 3,290 0.8％ B18 Pacific Marks Shibuya Koen-dori Dec. 1, 2010 2,570 0.6％ B19 Pacific Marks Nihonbashi-Tomizawacho Dec. 1, 2010 1,890 0.4％ B20 Pacific Marks Akasaka-mitsuke Dec. 1, 2010 2,210 0.5％ B21 Yokohama Aioicho Building Dec. 1, 2010 1,060 0.3％ B22 Pacific Marks Shin-Yokohama Dec. 1, 2010 1,710 0.4％ B23 Pacific Marks Shinkawa Dec. 1, 2010 2,790 0.7％ B25 Pacific Marks Kawasaki Dec. 1, 2010 9,890 2.3％ Dec. 1, 2010 5,850 1.4％ B26 Towa Hamamatsucho Building (Note5) Oct. 31, 2011 410 0.1％ total 6,260 1.5％ B27 Lila Hijirizaka Dec. 1, 2010 2,750 0.7％ B28 Pacific Marks Aobadai Dec. 1, 2010 1,620 0.4％ B29 Otsuka HT Building Dec. 1, 2010 1,160 0.3％ B30 Pacific Marks Shinjuku South-gate Dec. 1, 2010 2,460 0.6％ B31 Pacific Marks Nishi-Umeda Dec. 1, 2010 6,860 1.6％ B32 Pacific Marks Higobashi Dec. 1, 2010 4,570 1.1％ B33 Nagoya Nishiki City Building Dec. 1, 2010 2,670 0.6％ B34 Pacific Marks Esaka Dec. 1, 2010 9,590 2.3％ B35 Pacific Marks Sapporo Kita-Ichijo Dec. 1, 2010 1,790 0.4％ B36 Shin-Sapporo Center Building Dec. 1, 2010 987 0.2％ B37 ARENA TOWER Jun. 16, 2011 9,500 2.2％ C1 Shinjuku Washington Hotel Honkan Dec. 22, 2003 21,140 5.0％ (B6) Shin-Osaka Central Tower (hotel portion) Dec. 2, 2004 9,721 2.3％ C2 Toyoko Inn Shinagawa-eki Takanawa-guchi Feb. 18, 2005 1,884 0.4％ C3 Hotels MZ BLD. Apr. 10, 2008 3,800 0.9％ 12.6％ C4 HOTEL ROUTE INN Yokohama Bashamichi Jun. 30, 2008 4,720 1.1％ C5 Hotel JAL City Naha Oct. 25, 2011 7,650 1.8％ C6 Hotel JAL City Yotsuya Tokyo Dec. 26, 2011 4,200 1.0％ D1 T&G Higashi-ikebukuro Mansion Dec. 26, 2003 2,021 0.5％ D2 T&G Yotsuya Mansion Dec. 26, 2003 1,355 0.3％ D3 Excellia Magome Dec. 26, 2003 697 0.2％ D4 Komazawa Court Dec. 26, 2003 1,680 0.4％ D5 Ropponmatsu Court Dec. 26, 2003 757 0.2％ ％ D6 Residential Sky Court Shiba-Daimon Oct. 15, 2004 1,175 0.3 8.6％ D7 Properties Maison Ukima Oct. 26, 2004 3,530 0.8％ D8 Narashino Residence Oct. 26, 2004 1,140 0.3％ D9 Aprile Shin-Ohgi Ichibankan Apr. 13, 2005 3,031 0.7％ D10 UUR Court Sapporo Kita-Sanjo Mar. 16, 2006 1,278 0.3％ D11 UUR Court Chiba Soga (Note6) Feb. 8, 2006 620 0.1％ D12 Higashi-kurume Dormitory Shinkan Feb. 8, 2006 480 0.1％

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D13 Nanzan Court Ichigokan Mar. 30, 2006 1,070 0.3％ D14 Nanzan Court Nigokan Mar. 30, 2006 450 0.1％ D15 CLIO Bunkyo Koishikawa Apr. 28, 2006 3,170 0.8％ D16 GRAND-ROUGE Sakae Nov. 30, 2006 1,570 0.4％ D17 GRAND-ROUGE Sakae II Dec. 26, 2007 1,300 0.3％ D18 MA Sendai Building Sep. 24, 2008 3,440 0.8％ D19 UUR Court Nagoya Meieki Sep. 30, 2008 1,473 0.3％ D20 UUR Court Sapporo Shinoro Ichibankan Nov. 11, 2008 870 0.2％ D21 Park Site IZUMI Nov. 21, 2008 900 0.2％ D22 UUR Court Osaka Juso-honmachi Feb. 26, 2009 1,570 0.4％ D23 Le Monde Koto (Note7) Jun. 15, 2011 2,900 0.7％ E1 Others Lilycolor Tohoku Branch May 29, 2006 2,050 0.5％ 0.5% Total 420,433 100.0% 100.0%

(Notes) 1. The “Acquisition Date” of succeeded properties from NCI is described as December 1, 2010, the effective date of the merger. 2. The acquisition prices are rounded to the nearest one million yen. 3. The name of this property was changed from “AEON Mall Uki Value” to “AEON MALL Uki” on October 21, 2011. 4. The name of this property was changed from “Haseman Building Toyocho” to “UUR Toyocho Building” on April 17, 2012. 5. United Urban made an additional acquisition of this property on October 31, 2011. Please refer to “Notification Concerning Acquisition of Property (VIVAHOME Yokohama Aoba (Site) and Towa Hamamatsucho Building: Additional Acquisition)” dated October 26, 2011. 6. The name of this property was changed from “Soga Dormitory” to “UUR Court Chiba Soga” on November 8, 2011. 7. The name of this property will be changed to “UUR Court Kinshicho” on June 1, 2012. 8. Other than the above portfolio properties, United Urban holds anonymous association (tokumei kumiai) equity interest of Godo Kaisha Kichijoji YCM Funding (2,200 million yen) and Godo Kaisha Euler (250 million yen). For details, please refer to the “Notice Concerning Acquisition of Interest for Anonymous Association,” dated December 26, 2011 and the “Notice Concerning Acquisition of Interest for Anonymous Association (Godo Kaisha Euler),” dated March 27, 2012.

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Reference Material 3 Photo

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