Portfolio List｜Portfolio｜Star Asia Investment Corporation

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Property No.	Asset Type	Property Name	Location	Acquisition Route	Acquisition Price (JPY million)	Investment Ratio	Appraisal NOI yield （％）
Property No.	Asset Type	Property Name	Location	Ascending descending	Ascending descending	Ascending descending	Ascending descending
OFC-01Office	Office	Minami-Azabu Shibuya Building	Minato-ku, Tokyo	■1	2,9732,973,000,000		4.74.7
OFC-03Office	Office	Honmachibashi Tower	Osaka-shi, Osaka	■1	6,0656,065,000,000		5.15.1
OFC-04Office	Office	Nishi-Shinjuku Matsuya Building	Shibuya-ku, Tokyo	■1	1,7631,763,000,000		6.46.4
OFC-06Office	Office	Urban Center Shibuya East	Shibuya-ku, Tokyo	■1	2,0422,042,000,000		5.95.9
OFC-08Office	Office	Urban Center Yokohama West	Yokohama-shi, Kanagawa	■1	6,3206,320,000,000		5.05.0
OFC-09Office	Office	Hakata-eki East Place	Fukuoka-shi, Fukuoka	■1	2,2862,286,000,000		5.25.2
OFC-10Office	Office	Nihonbashi Hamacho Park Building	Chuo-ku, Tokyo	★2	1,4501,450,000,000		4.74.7
OFC-11Office	Office	Amusement Media Gakuin Honkan	Shibuya-ku, Tokyo	■1	2,5802,580,000,000		4.04.0
OFC-12Office	Office	Higashi-Kobe Center Building	Kobe-shi, Hyogo	★2	7,4407,440,000,000		5.85.8
OFC-13Office	Office	Amusement Media Gakuin Shinkan	Shibuya-ku, Tokyo	■1	1,0201,020,000,000		4.04.0
OFC-14Office	Office	Seishin BLDG.	Shinjuku-ku, Tokyo	●4	11,20011,200,000,000		3.73.7
OFC-15Office	Office	Urban Center Kanda Suda-cho	Chiyoda-ku, Tokyo	●4	5,3505,350,000,000		3.93.9
OFC-16Office	Office	Urban Center Kanda Tsukasamachi	Chiyoda-ku, Tokyo	●4	4,5904,590,000,000		3.93.9
OFC-17Office	Office	Takadanobaba Access	Shinjuku-ku, Tokyo	●4	3,9903,990,000,000		4.14.1
OFC-18Office	Office	Azabu Amerex BLDG.	Minato-ku, Tokyo	●4	2,7802,780,000,000		3.83.8
OFC-19Office	Office	Hiei-Kudan BLDG.	Chiyoda-ku, Tokyo	●4	2,4002,400,000,000		4.04.0
OFC-20Office	Office	Urban Center Shin-Yokohama	Yokohama-shi, Kanagawa	●4	2,3002,300,000,000		4.84.8
OFC-21Office	Office	The Portal Akihabara	Chiyoda-ku, Tokyo	●4	1,5101,510,000,000		4.04.0
OFC-22Office	Office	Urban Center Tachikawa	Tachikawa-shi, Tokyo	★■3	1,8041,804,000,000		5.25.2
OFC-23Office	Office	Urban Center Hakata	Fukuoka-shi, Fukuoka	■1	2,8702,870,000,000		4.44.4
OFC-24Office	Office	Urban Center Fujisawa	Fujisawa-shi, Kanagawa	★2	2,0542,054,000,000
RTL-01Retail facilities	Retail facilities	La Park Kishiwada	Kishiwada-shi, Osaka	●4	5,4005,400,000,000		7.37.3
RTL-02Retail facilities	Retail facilities	Suroy Mall Chikushino	Chikushino-shi, Fukuoka	●4	6,5506,550,000,000		5.85.8
RTL-03Retail facilities	Retail facilities	Seiyu Minakuchi	Koka-shi, Shiga	●4	3,3203,320,000,000		7.47.4
RTL-05Retail facilities	Retail facilities	BAGUS Ikebukuro West	Toshima-ku, Tokyo	■1	2,9842,984,000,000		4.14.1
RTL-06Retail facilities	Retail facilities	abeno nini (Retail)	Osaka-shi, Osaka	★2	9,5009,500,000,000		4.14.1
RSC-01Residence	Residence	Urban Park Azabujuban	Minato-ku, Tokyo	■1	2,0452,045,000,000		4.44.4
RSC-02Residence	Residence	Urban Park Daikanyama	Shibuya-ku, Tokyo	■1	6,3156,315,000,000		4.84.8
RSC-05Residence	Residence	Urban Park Namba	Osaka-shi, Osaka	★2	1,4901,490,000,000		5.45.4
RSC-07Residence	Residence	Urban Park Kashiwa	Kashiwa-shi, Chiba	★■3	1,1861,186,000,000		5.05.0
RSC-08Residence	Residence	Urban Park Ryokuchi Koen	Suita-shi, Osaka	■1	1,5501,550,000,000		5.75.7
RSC-10Residence	Residence	Urban Park Ichigao	Yokohama-shi, Kanagawa	★2	1,8101,810,000,000		4.74.7
RSC-11Residence	Residence	Urban Park Gyotoku	Ichikawa-shi, Chiba	★2	1,4301,430,000,000		4.74.7
RSC-12Residence	Residence	Shiroi Logiman	Shiroi-shi, Chiba	●4	2,4702,470,000,000		5.75.7
RSC-13Residence	Residence	Urban Park Sekime	Osaka-shi, Osaka	●4	2,1502,150,000,000		5.25.2
RSC-14Residence	Residence	Urban Park Imazato	Osaka-shi, Osaka	●4	993993,000,000		5.35.3
RSC-15Residence	Residence	Urban Park Yoyogi	Shibuya-ku, Tokyo	●4	1,7401,740,000,000		3.83.8
RSC-16Residence	Residence	Urban Park Tokiwadai Koen	Yokohama-shi, Kanagawa	★2	3,5063,506,000,000		5.65.6
RSC-17Residence	Residence	Urban Park Mitsuike Koen	Yokohama-shi, Kanagawa	★2	3,1603,160,000,000		5.55.5
RSC-18Residence	Residence	Urban Park Ryogoku	Sumida-ku, Tokyo	★2	1,1151,115,000,000		4.64.6
RSC-19Residence	Residence	Urban Park Mizonokuchi	Kawasaki-shi, Kanagawa	★2	2,0192,019,000,000		4.94.9
RSC-20Residence	Residence	Urban Park Miyamaedaira	Kawasaki-shi, Kanagawa	■1	1,0601,060,000,000		4.84.8
RSC-21Residence	Residence	Urban Park Tsurumi	Yokohama-shi, Kanagawa	★2	1,1131,113,000,000		5.25.2
RSC-22Residence	Residence	Urban Park Mitaka	Mitaka-shi, Tokyo	■1	743743,000,000		5.05.0
LGC-01Logistics facility	Logistics facility	Iwatsuki Logistics	Saitama-shi, Saitama	■1	6,9426,942,000,000		4.84.8
LGC-02Logistics facility	Logistics facility	Yokohama Logistics	Yokohama-shi, Kanagawa	■1	3,5603,560,000,000		5.75.7
LGC-03Logistics facility	Logistics facility	Funabashi Logistics	Funabashi-shi, Chiba	■1	7,8757,875,000,000		5.35.3
LGC-04Logistics facility	Logistics facility	Baraki Logistics	Ichikawa-shi, Chiba	■1	4,7004,700,000,000		4.34.3
LGC-05Logistics facility	Logistics facility	Tokorozawa Logistics	Tokorozawa-shi, Saitama	★2	1,3001,300,000,000		5.75.7
LGC-07Logistics facility	Logistics facility	Funabashi Nishiura Logistics II	Funabashi-shi, Chiba	■1	821821,000,000		7.07.0
LGC-08Logistics facility	Logistics facility	Matsubushi Logistics	Kitakatsushika-gun, Saitama	■1	2,7552,755,000,000		5.55.5
LGC-09Logistics facility	Logistics facility	Funabashi Hi-Tech Park Factory Ⅰ	Funabashi-shi, Chiba	●4	1,7101,710,000,000		6.56.5
HTL-01Hotel	Hotel	R&B Hotel Umeda East	Osaka-shi, Osaka	■1	2,0692,069,000,000		5.55.5
HTL-02Hotel	Hotel	Smile Hotel Namba	Osaka-shi, Osaka	■1	1,7501,750,000,000		4.34.3
HTL-03Hotel	Hotel	REMBRANDT STYLE Tokyo Nishikasai	Edogawa-ku, Tokyo	■1	3,8273,827,000,000		4.34.3
HTL-04Hotel	Hotel	BEST WESTERN Yokohama	Yokohama-shi, Kanagawa	■1	3,2483,248,000,000		4.54.5
HTL-05Hotel	Hotel	The BREAKFAST HOTEL FUKUOKA TENJIN	Fukuoka-shi, Fukuoka	■1	1,9701,970,000,000		4.44.4
HTL-06Hotel	Hotel	GLANSIT AKIHABARA	Chiyoda-ku, Tokyo	■1	2,5002,500,000,000		3.93.9
HTL-07Hotel	Hotel	REMBRANDT STYLE Tokyo Nishikasai Grande	Edogawa-ku, Tokyo	■1	3,1803,180,000,000		4.04.0
HTL-08Hotel	Hotel	KOKO HOTEL Osaka Namba	Osaka-shi, Osaka	■1	2,0002,000,000,000		3.83.8
HTL-09Hotel	Hotel	abeno nini (Hotel)	Osaka-shi, Osaka	★2	3,6003,600,000,000		4.94.9
HTL-10Hotel	Hotel	KOKO HOTEL Ginza 1-Chome	Chuo-ku, Tokyo	■1	17,80017,800,000,000		4.04.0
HTL-11Hotel	Hotel	KOKO HOTEL Sapporo Ekimae	Sapporo-shi, Hokkaido	■1	6,7006,700,000,000		4.94.9
HTL-12Hotel	Hotel	KOKO HOTEL Fukuoka Tenjin	Fukuoka-shi, Fukuoka	■1	5,0005,000,000,000		4.94.9
HTL-13Hotel	Hotel	KOKO HOTEL Hiroshima Ekimae	Hiroshima-shi, Hiroshima	■1	4,1004,100,000,000		5.25.2
HTL-14Hotel	Hotel	KOKO HOTEL Kagoshima Tenmonkan	Kagoshima-shi, Kagoshima	■1	3,8003,800,000,000		6.16.1
HTL-15Hotel	Hotel	Fino Hotel Sapporo Odori	Sapporo-shi, Hokkaido	■1	4,2004,200,000,000		4.64.6
HTL-16Hotel	Hotel	Best Western Plus Fukuoka Tenjin-minami	Fukuoka-shi, Fukuoka	■1	3,8003,800,000,000		6.76.7
Total							-

(note)	The marks indicated in the acquisition column refer to the following. ■: Sponsor group (including related funds) ★: Unique route of the Asset Manager ★■: Warehousing properties ●:Former Sakura Sogo REIT Investment Corporation owned properties
(note)	“Appraisal NOI yield” is based on the NOI found in the indication of value by the direct capitalization method in the real estate appraisal report and expressed as a percentage of acquisition price, rounded to the first decimal point.
（Note1）	The property is a sectional ownership building. The building structure and number of stories of the entire building including the property acquired is stated. The exclusive ownership portion of the retail facility acquired by SAR is comprised of 5 floors, the 2nd basement floor and 1st to 4th floors (however, only a portion of the 2nd basement floor and 1st and 2nd floors).
（Note2）	The property is a sectional ownership building. The figure is calculated by multiplying the right of site ratio (233,199,448/1,000,000,000) of the retail facility portion of the sectional ownership building acquired by SAR, by the registered area of the land on which the building is located (2,718.29㎡), and rounded to the second decimal point.
（Note3）	The property is a sectional ownership building. The figure is calculated by multiplying the exclusive ownership area ratio of 19.6% as prescribed in the management bylaws of the retail facility portion acquired by SAR, by the gross floor area of the entire building (24,827.45㎡(the gross floor area of the entire building as stated in the register)), and rounded to the second decimal point.
（Note4）	The property is a sectional ownership building. The building structure and number of stories of the entire building including the property acquired is stated. The exclusive ownership portion of the hotel portion acquired by SAR is comprised of 10 floors, the 1st floor and the 3rd to 11th floors (however, only a portion of the 1st floor).
（Note5）	The property is a sectional ownership building. The figure is calculated by multiplying the right of site ratio (215,739,820/1,000,000,000) of the hotel portion of the sectional ownership building acquired by SAR, by the registered area of the land on which the building is located (2,718.29㎡㎡), and rounded to the second decimal point.
（Note6）	The property is a sectional ownership building. The figure is calculated by multiplying the exclusive ownership area ratio of 31.3% as prescribed in the management bylaws of the hotel portion acquired by SAR, by the gross floor area of the entire building (24,827.45㎡㎡(the gross floor area of the entire building as stated in the register)), and rounded to the second decimal point.

Investment Securities

Number	Investment Securities	Amount of Investment (JPY million)	Underlying Asset
Number	Investment Securities	Amount of Investment (JPY million)	Property Name	Location
TK-03	GSA JP Project 1 Tokutei Mokuteki Kaisha Preferred Equity Securities	1,562	HAKUSAN HOUSE	Bunkyo-ku, Tokyo
Total		1,562

(note)	Amounts are rounded down to the unit displayed.

Mezzanine debt

Number	Type	Name of Acquisition Asset（Assets Overview）	Acquisition Price (JPY million)	Yields(Note）
MEZ-07	Mezzanine (Mezzanine bond)	Star Asia Mezzanine Loan Debt Investment Series 7 － Haneda Hotel Development GK Series 2 Item A Unsecured Bonds －	400	Base rate +5.0%
MEZ-08	Mezzanine (Beneficial Interest)	Star Asia Mezzanine Loan Debt Investment Series 8 －CENTURION HOTEL GRAND AKASAKA Class B Beneficial Interest －	340	Base rate +7.3%
Total			740

(note)	Yields include dividend rate from the mezzanine loan debt investments.

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