For Translation Purposes Only August 31, 2015 For Immediate Release United Urban Investment Corporation Hitoshi Murakami Executive Officer (Securities Code: 8960) Asset Management Company: Japan REIT Advisors Co., Ltd. Ikuo Yoshida President and CEO Inquiries: Kenichi Natsume Chief Financial Officer TEL: +81-3-5402-3680 Notice Concerning Acquisition of Properties (Toyoko Inn Kawasaki Ekimae Shiyakusho-dori and 2 Other Properties) 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 properties, and that United Urban has completed the acquisition as set forth below. 1. Acquisition of the Properties United Urban acquired the following trust beneficial interests in real estate (referred to as individually or collectively, the “Acquired Asset”). Estimated Type of Acquisition Estimated Post- Property Acquisition Use Property Name Location Price NOI Yield Depreciation Number Date (Note 1) (Note 2) (Note 3) Yield (Note 4) Toyoko Inn Kawasaki Kawasaki, ¥2,655 C10 Hotel 4.6% 3.4% Ekimae Shiyakusho-dori Kanagawa million Toyoko Inn Hiroshima Hiroshima, ¥2,113 Aug. 31, C11 Hotel 5.4% 3.8% Heiwa-odori Hiroshima million 2015 Toyoko Inn Naha Naha, ¥745 C12 Hotel 5.8% 4.1% Kokusai-dori Miebashi-eki Okinawa million ¥5,513 5.0% 3.7% Total/Average — million (Note 5) (Note 5) (Notes) 1. The types of use indicated on the real estate register 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 acquisition price is expressed as a percentage and rounded to first decimal place. “NOI (Net Operating Income)” means the figure equal to income from property leasing (rental revenues - rental expenses) plus depreciation and amortization. “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 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 Acquired Asset in accordance with the useful life thereof, based on the accounting policy of United Urban. 5. “Estimated NOI Yield” and “Estimated Post-Depreciation Yield” shown in the “Average” column indicates the values arrived at when the “Estimated NOI Yield” and “Estimated Post-Depreciation Yield” of each Acquired Asset are weighted averaged by the acquisition price of This press release has been prepared for the purpose of announcing to the public certain matters relating to borrowings and has not been prepared for the purpose of solicitation for investment. United Urban asks that investors make investment decisions only after they have made sure to refer to the prospectus for the issue of new investment units and secondary offering of investment units as well as amendments thereto (if any) prepared by United Urban, and that the investment decisions are made at their discretion and responsibility. 1/ 14 each Acquired Asset and are expressed as a percentage and rounded down to first decimal place. 2. Details of Acquisition A. Toyoko Inn Kawasaki Ekimae Shiyakusho-dori (1) Reason for Acquisition In accordance with the basic asset-management policy and its investment approach prescribed in its Articles of Incorporation, United Urban acquired the Acquired Asset for the purpose of expanding its portfolio of hotel. In making the decision to acquire the Acquired Asset, the following aspects were especially appreciated. 1. Location The property with regard to the Acquired Asset (hereinafter, the “Property” in this section A) is located within a 5-minute walk from Keikyu Kawasaki Station on the Keikyu Line and a 6-minute walk from Kawasaki Station on the JR Lines. Kawasaki City is home to a number of major companies and their affiliates who have large-scale production facilities and research and development centers. The neighborhood of the Property is an area in which Kawasaki City Office and Kawasaki Ward Office, financial institutions and offices are concentrated. In addition, having good access to Haneda Airport, the Property is situated in a location in which demand from business travelers and tourists, both domestic and international, is anticipated. 2. Tenants, etc. The Property is a limited service hotel (economy hotel) operated by Toyoko Inn Co., Ltd. (“Toyoko Inn”), a famous and major hotel operator in Japan which operates 249 hotels, or 48,832 guest rooms both in Japan and overseas (as of the end of March 2015). Toyoko Inn has a 30-year, long term building lease agreement with the trustee of the Property (the remaining lease period thereof is approximately 20 years), and thus a stable occupancy is anticipated. (2) Summary of Acquisition 1. Acquired Asset : Trust beneficial interest in real estate 2. Property Name : Toyoko Inn Kawasaki Ekimae Shiyakusho-dori 3. Acquisition Price : ¥ 2,655 million 4. Agreement Date : August 31, 2015 (conclusion of the purchase and sale agreement of the trust beneficial interest） 5. Acquisition Date : August 31, 2015 (transfer of the trust beneficial interest) 6. Seller : Undisclosed (Please refer to “3.Seller Profile” below.) 7. Financing : Cash on hand 8. Date of Payment : August 31, 2015 (3) Outline of the Property Property Name Toyoko Inn Kawasaki Ekimae Shiyakusho-dori Type of the Property Trust beneficial interest in real estate Trustee Sumitomo Mitsui Trust Bank, Limited. Period of Trust Agreement From August 6, 2007 to August 31, 2025 2-11-14 ～ 16 ・ 27 Isago, Kawasaki-ku, Kawasaki Lot number Location (Note 1) Kanagawa Residential 2-11-15 Isago, Kawasaki-ku, Kawasaki, Kanagawa (Note2) 5-minute walk from Keikyu Kawasaki Station (Keikyu Line) Access 6-minute walk from Kawasaki Station (JR Lines) Use (Note 1) Hotel (279 rooms) (attached building: water tank room and parking) Land 639.19 m2 Site Area (Note 1) Building 4,785.93 m2 (attached building: 150.61 m2) SRC B1/14F Structure and Scale(Note 1) (attached building: (water tank room)SRC 1F (parking)S 2F) Type of Ownership Land: Proprietary Ownership This press release has been prepared for the purpose of announcing to the public certain matters relating to borrowings and has not been prepared for the purpose of solicitation for investment. United Urban asks that investors make investment decisions only after they have made sure to refer to the prospectus for the issue of new investment units and secondary offering of investment units as well as amendments thereto (if any) prepared by United Urban, and that the investment decisions are made at their discretion and responsibility. 2/ 14 Building: Proprietary Ownership Completion Date (Note 1) September 2005 Initial Building Owner Toyoko Inn Co., Ltd. Constructor Maeda Corporation Scheduled Acquisition Price ¥2,655 million Appraisal Value ¥2,910 million Date of Value Estimate August 1, 2015 Appraisal Agency Appraisal by Daiwa Real Estate Appraisal Co., Ltd. (Appraisal Method) Probable Maximum Loss (PML) 14.5% Collateral None (Rights relations, etc.) ・United Urban and the tenant of the Property agreed to the effect that if Special Notations United Urban seeks to sell the Property, United Urban shall grant the tenant a preferential negotiation right to acquire the Property. Details of Tenant (Note 3) Total Number of Tenants (Note 4) 1 Security Deposit Undisclosed (Note 5) Total Rental Revenues (yearly) Undisclosed (Note 5) Total Leasable Floor Space 4,874.28 m2 (Note 6) 2 Total Leased Floor Space (Note 6) 4,874.28 m Occupancy Ratio (Note 7) 100.0% Reference Estimated NOI (yearly) (Note 8) ¥120 million Estimated NOI Yield (Note 8) 4.6 % (Notes) 1. Each piece of information in the “Location,” “Use,” “Site Area,” “Structure and Scale” and “Completion Date” is described as it appears on the real estate register. The same shall apply hereinafter. 2. The location of the Property shows the location indicated on the real estate register for the building because the Property is not assigned an indication of residential address. 3. “Details of Tenant” indicates figures as of August 31, 2015. The same shall apply hereinafter. 4. “Total Number of Tenants” is the number of tenants that conclude a building lease agreement directly with the trustee (where there are lease agreements for only the parking lot facility, then excluding the number of tenants of such agreements). The same shall apply hereinafter. 5. “Security Deposit” and “Total Rental Revenues (yearly)” are not disclosed due to unavoidable circumstances where consent for the disclosure has not been obtained from the tenants of the Property. The same shall apply hereinafter. 6. “Total Leasable Floor Space” means the total figure of leasable floor space in the space to be acquired by United Urban, and “Total Leased Floor Space” is the total figure of space subject to lease, which