UNITED URBAN INVESTMENT : Notice Concerning Sale of Property (SK Nagoya Building and 6 other properties)

For Translation Purposes Only

September 15, 2017

For Immediate Release

United Urban Investment Corporation

Ikuo Yoshida 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

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 on the sale of property today as set forth below.

1. Overview of the Sale

   United Urban sold the trust beneficial interests in the property shown below (referred to as individually or collectively, the "Asset to be Sold").

   (million yen (rounded down to unit stated))

   Property Number	Type of Use (Note 1)	Property Name	Location	Book Value (as of July 31, 2017)	Anticipated Sale Price (Note 2)	Difference between Book Value and Anticipated Sale Price (Note 3)	Date of Sale (Anticipated)
   B2	Office Buildings	SK Nagoya Building	Nagoya, Aichi	5,493	4,970	－523	Oct. 11, 2017
   B33		Nagoya Nishiki City Building		2,393	2,480	86
   D8	Residencial Properties	Narashino Residence	Funabashi, Chiba	993	840	－153
   D11		UUR Court Chiba Soga	Chiba, Chiba	577	600	22
   D12		Higashi-kurume Dormitory Shinkan	Higashikurume, Tokyo	457	390	－67
   D13		Nanzan Court Ichigokan	Nagoya, Aichi	918	950	31
   D14		Nanzan Court Nigokan		377	430	52
   Total				11,211	10,660	－551

   (Notes)

2. Type of Use is shown as per United Urban's determination.

3. Anticipated Sale Price is shown without miscellaneous expenses for the sale, consumption tax, etc. The word is used with the same definition in this release.

4. "Difference between Book Value and Anticipated Sale Price" shows an indicative amount calculated by using the book value as of July 31, 2017. Therefore, such amount is different from the actual gains or losses. The amount is rounded down to the nearest million yen. The word is used with the same definition in this release.

5. Reason of the Sale

   United Urban has eagerly worked to improve quality and profitability of its portfolio through replacement of the properties, taking into account the stability of cash flows of each property and other factors in addition to the portfolio composition, profitability, etc.

   United Urban has been considering possibility of sale of the Asset to be Sold under the above policy. United Urban received many offers from the potential buyers. After comprehensively examining terms and conditions of the each offer, situation of the real estate market and the impact of such sale on United Urban's performance, we have decided to sell the Asset to be Sold because the sale of the Asset to be Sold (the "Sale") is thought to be in interest to United Urban in the long perspective. The reason of the sale is being as follows.

   United urban will use the proceeds from the Sale to acquire the properties or to repay the interest bearing debt considering the unitholders' interest of the rent revenues in the future.

   "SK N agoya Building" and "N agoya Nishiki City Buildin g"

   Taking account of (1) increase of the rent revenues in the future cannot be expected because the current rent level is above or equal to the current market in the area, (2) specification would be inferior with lapse of time after the buildings' construction and there is some concern about the maintenance and management cost increase and (3) there is a tendency for nucleus of offices in Nagoya to move to "Meieki" area, United Urban decided it would be appropriate to sell at this time.

   "Narashino Residence" and "Higashi-kurume Dormitory Shinkan"

   TAIHEIYO CEMENT CORPORATION has been the lessee of the Asset to be Sold based on the fixed term lease agreements (the expiry date: October 25, 2019 and February 7, 2018). TAIHEIYO CEMENT CORPORATION will leave on the termination of the agreements. Taking account of the difficulty of the tenant leasing after the leave of TAIHEIYO CEMENT CORPORATION, United Urban decided it would be appropriate to sell at this time.

   "UUR Court Chiba Soga"

   MIRAIT Corporation has been the lessee of the Asset to be Sold based on the fixed term lease agreement. The Asset to be Sold (Acquisition price of ¥620 million) is less than the minimum investment amount for a residence (¥1 billion per property) stipulated in the Asset Management Guideline of JRA and there is some concern about the location as the resident building, United Urban decided it would be appropriate to sell at this time.

   "Nanzan Court Ichigokan" and "Nanzan Court Nigokan"

   The Asset to be Sold has been leased to the current tenant (Undisclosed) based on the fixed term lease agreement. The Asset to be Sold was developed by Marubeni Corporation, for the corporate house and its specifications are slightly different from those of recent typical rental apartments. Also, there is concern the maintenance and management costs will increase with passing of time in the future. Therefore, United Urban decided it would be appropriate to sell at this time.

6. Details of the Sale

1. SK Nagoya Building

   1. Name of Asset	:	SK Nagoya Building
   2. Type of Asset	:	Trust beneficial interest in real estate
   3. Anticipated Sale Price	:	¥ 4,970 million
   4. Book Value	:	¥ 5,493 million (as of July 31, 2017)
   5. Difference between Book Value and Anticipated Sale price	:	－¥ 523 million
   6. Appraisal Value	:	¥ 4,970 million (Note)
   7. Date of Agreement	:	September 15, 2017 (conclusion of the sale and purchase agreement of the trust beneficial interst)
   8. Anticipated Date of Sale	:	October 11, 2017 (transfer of the trust beneficial interest)
   9. Buyer	:	TMK domiciled in Japan (Undisclosed)

2. Summary of the Sale

   (Note)

   The amount describes the appraisal value as of May 31, 2017 calculated by a real estate appraiser. The same shall apply hereinafter. Please refer to "9. Summaries of Appraisal Report" for details.

3. Outline of the Asset to be Sold

   Property Name	SK Nagoya Building
   Type of the Property	Trust beneficial interest in real estate
   Trustee	Sumitomo Mitsui Trust Bank, Limited
   Trust Agreement term	From March 23, 2001 to March 31, 2021
   Location (Note 1)	Lot number	1-305・1-306・1-307・1-308・1-309 Nishiki, Naka-ku, Nagoya, Aichi
   	Displayed Address	1-3-7 Nishiki, Naka-ku, Nagoya, Aichi
   Use of property (Note 1)	Office, Store
   Area (Note 1)	Land	1,361.96m2
   	Building	11,795.38m2
   Structure and Scale (Note 1)	SRC B1/9F
   Completion Date (Note 1)	February 1986
   Type of Ownership	Land	Proprietary Ownership
   	Building	Compartmentalized Ownership (Percentage of Ownership: 100%)
   Details of Tenant (Note 2)	Total Number of Tenants	13
   	Total Rental Revenues (yearly)	¥352 million
   	Security Deposit	¥259 million
   	Total Leasable Floor Space	8,708.52 m2
   	Total Leased Floor Space	8,573.57 m2
   	Occupancy Ratio	98.5%
   Other Special Notation	-

   (Notes)

4. Each piece of information in the "Location (Lot number)," "Use of property," "Area," "Structure and Scale" and "Completion Date" is described as it appears on the real estate register. The words are used with the same definition in this release. The same shall apply hereinafter.

5. Figures described in the "Details of Tenant" are as of July 31, 2017. Amounts are rounded down to the nearest digit, and the ratio is rounded to the nearest one decimal price. The words are used with the same definition in this release. Since "Total Rental Revenues (yearly)" is calculated by the contracted monthly rent being amount in effect as of July 31, 2017 (rental revenues and common area charges) multiplied it by 12, this amount may not necessarily be the same as the actual total amount of yearly rental revenues. The words are used with the same definition in this release. The same shall apply hereinafter.

6. Nagoya Nishiki City Building

   1. Name of Asset	:	Nagoya Nishiki City Building
   2. Type of Asset	:	Trust beneficial interest in real estate
   3. Anticipated Sale Price	:	¥ 2,480 million
   4. Book Value	:	¥ 2,393 million (as of July 31, 2017)
   5. Difference between Book Value and Anticipated Sale price	:	¥ 86 million
   6. Appraisal Value	:	¥ 2,470 million
   7. Date of Agreement	:	September 15, 2017 (conclusion of the sale and purchase agreement of the trust beneficial interst)
   8. Anticipated Date of Sale	:	October 11, 2017 (transfer of the trust beneficial interest)
   9. Buyer	:	TMK domiciled in Japan (Undisclosed)

7. Summary of the Sale

8. Outline of the Asset to be Sold

   Property Name	Nagoya Nishiki City Building
   Type of the Property	Trust beneficial interest in real estate
   Trustee	Sumitomo Mitsui Trust Bank, Limited
   Trust Agreement term	From February 21, 2000 to September 30, 2026
   Location	Lot number	1-605・1-606 Nishiki, Naka-ku, Nagoya, Aichi
   	Displayed Address	1-6-5 Nishiki, Naka-ku, Nagoya, Aichi
   Use of property	Office, Store, Parking lot
   Area	Land	1,342.54m2
   	Building	8,219.53m2
   Structure and Scale	SRC・RC・S B1/11F
   Completion Date	November 1991
   Type of Ownership	Land	Proprietary Ownership

   Building	Proprietary Ownership
   Details of Tenant	Total Number of Tenants	30
   	Total Rental Revenues (yearly)	¥182 million
   	Security Deposit	¥138 million
   	Total Leasable Floor Space	5,609.97 m2
   	Total Leased Floor Space	5,609.97 m2
   	Occupancy Ratio	100.0%
   Other Special Notation	-

9. Narashino Residence

   1. Name of Asset	:	Narashino Residence
   2. Type of Asset	:	Trust beneficial interest in real estate
   3. Anticipated Sale Price	:	¥ 840 million
   4. Book Value	:	¥ 993 million (as of July 31, 2017)
   5. Difference between Book Value and Anticipated Sale price	:	－¥ 153 million
   6. Appraisal Value	:	¥ 1,260 million
   7. Date of Agreement	:	September 15, 2017 (conclusion of the sale and purchase agreement of the trust beneficial interst)
   8. Anticipated Date of Sale	:	October 11, 2017 (transfer of the trust beneficial interest)
   9. Buyer	:	TMK domiciled in Japan (Undisclosed)

10. Summary of the Sale

11. Outline of the Asset to be Sold

    Property Name	Narashino Residence
    Type of the Property	Trust beneficial interest in real estate
    Trustee	Mizuho Trust & Banking Co., Ltd.
    Trust Agreement term	From December 26, 2000 to October 31, 2024
    Location	Lot number	4-447-1 Narashinodai, Funabashi, Chiba
    	Displayed Address	4-83-10 Narashinodai, Funabashi, Chiba
    Use of property	Apartment
    Area	Land	3,948.67m2
    	Building	6,840.86m2
    Structure and Scale	SRC B1/8F
    Completion Date	February 1990
    Type of Ownership	Land	Proprietary Ownership
    	Building	Proprietary Ownership
    Details of Tenant	Total Number of Tenants	1
    	Total Rental Revenues (yearly)	¥102 million
    	Security Deposit	¥34 million
    	Total Leasable Floor Space	6,840.86 m2
    	Total Leased Floor Space	6,840.86 m2
    	Occupancy Ratio	100.0%
    Other Special Notation	-

12. UUR Court Chiba Soga

    1. Name of Asset	:	UUR Court Chiba Soga
    2. Type of Asset	:	Trust beneficial interest in real estate
    3. Anticipated Sale Price	:	¥ 600 million
    4. Book Value	:	¥ 577 million (as of July 31, 2017)
    5. Difference between Book Value and Anticipated Sale price	:	¥ 22 million
    6. Appraisal Value	:	¥ 679 million
    7. Date of Agreement	:	September 15, 2017 (conclusion of the sale and purchase agreement of the trust beneficial interst)
    8. Anticipated Date of Sale	:	October 11, 2017 (transfer of the trust beneficial interest)

13. Summary of the Sale