December 10, 2025
To All Concerned Parties
REIT Issuer: Daiwa Securities Living Investment Corporation 6-2-1 Ginza, Chuo-ku, Tokyo 104-0061
Tetsuo Akuzawa, Executive Director
(Securities Code: 8986)
Asset Manager: Daiwa Real Estate Asset Management Co. Ltd. Yoshiki Nishigaki, President and Representative Director
Inquiries: Kentaro Azumi, General Manager, Acquisition and Asset Management Division
Tel: +81-3-6757-9680
Notice Concerning Acquisition of Domestic Trust Beneficiary Interests (Rental Housing 2 Properties)
Daiwa Securities Living Investment Corporation (hereinafter referred to as the “Investment Corporation”) hereby announces that Daiwa Real Estate Asset Management Co. Ltd. (hereinafter referred to as the “Asset Manager”), the asset manager of the Investment Corporation, has resolved to acquire the following properties (hereinafter referred to as the “Acquisition”). Details are provided below.
General Outline of the Acquisition
No.
Name of property
Location
Property type (Note 1)
Anticipated acquisition price
(A)
(JPY thousand) (Note 2)
Appraisal value (November, 2025) (B)
(JPY thousand)
Difference between anticipated acquisition price and appraisal value
(B) - (A)
(JPY thousand) ((A)/(B))
Seller
1
ELSTANZA Hirose-dori RESIDENCE
(Note 3)
Sendai, Miyagi
Residence (Studio)
1,585,000
1,800,000
215,000
(88.1%)
Undisclo sed (Note 4)
2
SEASON FLATS
Ichibancho (Note 3)
Sendai, Miyagi
Residence (Studio)
965,000
1,030,000
65,000
(93.7%)
Total
2,550,000
2,830,000
280,000
A general outline of the properties to be acquired is detailed in the table below. On December 10, 2025, the Investment Corporation has concluded the purchase agreement with the seller for acquisition of properties to be acquired of. The acquisition is scheduled to take place on December 19, 2025.
(Note 1) “Studio type” refers to residences in the 1R, 1K, 1DK, and 1LDK layouts. “Family type” refers to residences in the 2K, 2DK, 2LDK, and above layouts. If there are multiple types of residences are mixed in one building, they are classified as belonging to the type with the largest number of units.
(Note 2) Anticipated acquisition price does not include acquisition expenses, adjustments to property tax and city planning tax and consumption tax and local consumption tax. The same applies hereinafter.
(Note 3) The name of the property will be changed to “Gran Casa Hirosedori” and “Gran Casa Ichibancho” on January 31, 2026.
(Note 4) The transferee in the Acquisition is not disclosed as the consent has not been obtained. The seller, the Investment Corporation, does not fall under the category of “interested party, etc.” under the Enforcement Order of the Law Concerning Investment Trusts and Investment Corporations, nor does it fall under the category of “interested party, etc.” as stipulated in the Rules for Prevention of Conflicts of Interest, which are the internal rules of the Asset Manager.
(Note 5) There is no intermediary in the Acquisition.
(Note 6) Amounts are rounded to the nearest unit and percentages are rounded to the first decimal place. Unless stated otherwise, the same applies hereinafter.
Reason for the Acquisition
Based on the asset management objectives and policies set forth in the Investment Corporation Agreement, the Investment Corporation conducts business to ensure the steady growth of assets under management and stable earnings over the medium to long term. The properties to be acquired have been selected to diversify and enhance the portfolio with the aim of ensuring stable revenue. In addition, the tenants of the assets to be acquired meets the tenant selection criteria outlined in the Investment Corporation's Management System Report dated June 19, 2025.
Details of the Acquisition
The details of the asset to be acquired are summarized in the following individual property tables. The description of the items mentioned in the individual property tables is as follows.
“Location (residential indication)” is stated based on the residential indication in principle. Where residential indication is not shown, building location (if there is more than one, the location of one of the buildings) is shown in accordance with either the housing number indication or the registry (including the Registration Record; the same applies hereinafter).
“Form of ownership” for both Land and Building refers the type of rights held by the Investment Corporation for real estate and by the Trustee for real estate trust beneficiary interests.
“Zoning” for Land refers to the types of use districts stipulated by Item 1, Paragraph 1, Article 8 of the City Planning Act (Law No. 100 of 1968, including later amendments) (hereinafter referred to as the “City Planning Act”).
“Area” for Land is shown in accordance with the registry and may not correspond to the current reality.
“FAR” for Land refers to the ratio of the sum of the floor space of the building to the land area as stipulated in Article 52 of the Building Standards Act (Law No. 201 of 1950, including later amendments) (hereinafter referred to as the “Building Standards Act”), and the upper limit of floor-to-area ratio (designated floor-to-area ratio) as determined by city planning according to the use area. The designated floor-to-area ratio can be mitigated, increased, or reduced due to the width of roads connected to the site and other reasons, and may differ from the floor-to-area ratio that is actually in use.
“Building-to-land ratio” for Land shows the ratio of the building area to the land area as stipulated in Article 53 of the Building Standards Act, and the upper limit of building-to-land ratio (designated building-to-land ratio) as determined by city planning according to the use area. The designated building-to-land ratio can be mitigated, increased, or reduced due to fireproofed structures in a fire prevention districts and other factors, and may differ from the building-to-land ratio that is actually in use.
“Use” for Building refers to the building type recorded in the registry.
“Structure/Floors” for Building is based on records in the registry.
“Number of leasable units” (in the case of residence) indicates the number of units that can be leased as of October 31, 2025 for the Asset to Be Acquired.
“Number of leasable compartments” (in case of healthcare facilities) indicates the number of compartments of a building where a lease contract has been concluded, and includes retail stores, offices, etc., if any.
“Total floor area” for Building is based on records in the registry and does not include the floor area of annexed buildings.
“Construction completion” for Building refers to the date of completion recorded in the registry.
“Estimated emergency repair expenses,” “Estimated short-term repair expenses,” and “Estimated long-term repair expenses” are rounded down to the thousands, while ratios are rounded to the first decimal place.
“PML” data was acquired from Tokyo Marine dR Co., Ltd. in November 2025.
“Property manager” is the property management company entrusted with, or scheduled to be entrusted with the property management operations.
“Master lessee” is the party that has, or is scheduled to enter into a master lease agreement concerning the asset in question.
“Type of master lease” is either “Pass through” or “Guaranteed rent” “Pass through” is a master lease agreement where the master lessee passes on the rent equivalent to rent paid by the end tenant, and “Guaranteed rent” is a master lease agreement in which the master lessee pays a fixed rent.
“Real estate rent revenue” is the monthly rental income (rent, common service fee, parking lot income, etc.) rounded down to less than 1,000 yen based on the figures and information available as of October 31, 2025 of the Asset to Be Acquired.
“Lease and guarantee deposits, etc.” are the lease or guarantee deposits (residences, retail stores, offices, parking lots, etc.) rounded down to less than 1,000 yen based on the figures and information available as of October 31, 2025 of the Asset to Be Acquired.
“Leasable area” shows the leasable area of each of the Asset to Be Acquired as of October 31, 2025 excluding area used by storage spaces, parking spaces, custodian areas, signboards, vending machines, antennas and other spaces leased to the lessee in addition to their main use, or other areas leased for the maintenance and supervision of the relevant property (including loan for use). Furthermore, leasable area is calculated using the center line of the wall, and includes the meter boxes and pipe spaces allotted to each unit.
“Number of tenants” shall be one if a master lease agreement has, or is scheduled to be concluded with a master lessee.
“Total leased area” is the sum of the area leased through lease agreements with end tenants (however, in cases where properties are wholly leased to realtors through guaranteed rent agreements or where a master lessee wholly leases it to another company, lease agreements where properties are wholly leased to a lessee) at the Asset to Be Acquired that are in effect as of October 31, 2025.
“Occupancy rate” is the figure obtained by dividing the total leased area by the leasable area for the asset to be acquired as of October 31, 2025, rounded down to the first decimal place.
The “Collateral” section denotes if there is collateral to be borne by the Investment Corporation for the asset to be acquired, or if there is collateral to be borne after the acquisition.
The “Features” sections have been prepared based on the analyses of the Asset Manager and the appraisal reports of the real estate appraiser concerning the Asset to Be Acquired.
The “Special Notes” section denotes important factors upon considering the rights, appraisal values, the impact on profitability and disposability, etc., concerning the Asset to Be Acquired.
ELSTANZA Hirose-dori RESIDENCE
Overview of the Property
Category of anticipated property for acquisition
Trust beneficiary interests
Trustee
Sumitomo Mitsui Trust Bank, Limited (planned)
Term of trust agreement
undecided
Scheduled acquisition price
JPY 1,585 million
Scheduled acquisition date
December 19, 2025
Appraisal value (appraisal date)
JPY 1,800 million
(as of November 30, 2025)
Appraisal firm
Tanizawa Sogo Appraisal CO., Ltd.
Location
(Residential indication)
2-13-12, Omachi, Aoba-ku, Sendai-shi, Miyagi
Access
Approximately 450 m from “Omachi Nishi-koen” Station on the Sendai Subway Tozai Line
Land
Form of ownership
Ownership
Zoning
Commercial District
Area
484.92m²
FAR/Building-to-land ratio
500% / 80%
Building
Form of ownership
Ownership
Use
Condominium, shop
Structure/Floors
RC, 10-story building with flat roof
Number of leasable units
73 units
Total floor area
2,375.55 m²
Construction completion
August 23, 2019
Building engineer
Higashinihon Branch, Institute of New Architecture Inc.
Constructor
Tohoku Branch Office, FUKUDA CORPORATION
Building inspection agency
Bureau Veritas Japan Co., Ltd.
Estimated emergency repair expenses
JPY 0 thousand
Estimated short-term repair expenses
JPY 0 thousand
Estimated long-term repair
expenses
JPY 33,515 thousand
PML
5.3%
Property manager
Haseko Livenet, Inc. (planned)
Master lessee
G.K. Japan Rental Housing
Type of master lease
Pass through
Overview of Leasing
Real estate rent revenue
JPY 5,533 thousand
Lease and guarantee deposits
JPY 6,258 thousand
Total leasable area
2,195.57 m²
Number of tenants
1
Total leased area
1,740.63 m²
Occupancy rate
79.3%
Collateral
None
Features
Site features:
The property is a condominium building completed in August 2019, located a 6-minute walk from “Omachi Nishi-koen” Station on the Sendai Subway Tozai Line. The property offers good access to Sendai Station and the surrounding area has convenient daily facilities such as supermarkets and coin laundries, making it a suitable property for single occupants and DINKS.
Property features:
The 10-story reinforced concrete building consists of 54 1K units, 18 1LDK units and one shop. Common facilities such as auto-locking door, intercom with monitor, security camera, delivery box, water boilers with a reheating function, warm water washing toilet seat, etc., are equipped as standard, it is a property that provides residents with high quality and comfortable life.
Special Notes
None
SEASON FLATS Ichibancho
Overview of the Property
Category of anticipated
property for acquisition
Trust beneficiary interests
Trustee
Sumitomo Mitsui Trust Bank, Limited (planned)
Term of trust agreement
undecided
Scheduled acquisition price
JPY 965 million
Scheduled acquisition date
December 19, 2025
Appraisal value
(appraisal date)
JPY 1,030 million
(as of November 30, 2025)
Appraisal firm
Tanizawa Sogo Appraisal
CO., Ltd.
Location
(Residential indication)
1-16-8, Ichibancho, Aoba-ku, Sendai-shi, Miyagi
Access
Approximately 650 m from “Aoba-dori Ichibancho” Station on the Sendai Subway Tozai
Line
Land
Form of ownership
Ownership
Zoning
Commercial District
Area
329.27m²
FAR/Building-to-land ratio
400% / 80%
Building
Form of ownership
Ownership
Use
Condominium
Structure/Floors
RC, 12-story building with
flat roof
Number of leasable units
33 units
Total floor area
1,705.01 m²
Construction completion
May 22, 2023
Building engineer
Emuzukikaku Co., Ltd.
Constructor
Tohoku Branch Office, FUKUDA CORPORATION
Building inspection agency
JAPAN ERI CO.,LTD.
Estimated emergency repair expenses
JPY 0 thousand
Estimated short-term repair expenses
JPY 0 thousand
Estimated long-term repair expenses
JPY 11,386 thousand
PML
5.6%
Property manager
Haseko Livenet, Inc. (planned)
Master lessee
G.K. Japan Rental Housing
Type of master lease
Pass through
Overview of Leasing
Real estate rent revenue
JPY 3,593 thousand
Lease and guarantee deposits
JPY 3,160 thousand
Total leasable area
1,286.12 m²
Number of tenants
1
Total leased area
1,122.73 m²
Occupancy rate
87.3%
Collateral
None
Features
Site features:
The property is a condominium building completed in May 2023, located a 9-minute walk from “Aoba-dori Ichibancho” Station on the Sendai Subway Tozai Line. The property offers good access to Sendai Station, and the area around the station is equipped with convenient daily facilities, making it a property that is expected to have stable demand from single occupants and DINKS.
Property features:
The 12-story reinforced concrete building consists of 33 1LDK units. Common facilities such as auto-locking door, intercom with monitor, security camera, delivery box, water boilers with a reheating function, warm water washing toilet seat, etc., are equipped as standard, it is a property that provides residents with high quality and comfortable life.
Special Notes
None
Profile of the Counterparty
The information regarding the planned transferee for the Acquisition, a domestic business entity, is not disclosed since the consent for the disclosure has not been obtained. The undisclosed company has no capital, personnel, or business relationships with the Investment Corporation/the Asset Manager and is not related parties of either the Investment Corporation or the Asset Manager.
In addition, the undisclosed company does not fall under the category of “interested party, etc.” under the Enforcement Order of the Law Concerning Investment Trusts and Investment Corporations, and the category of “interested party, etc.” as stipulated in the Rules for Prevention of Conflicts of Interest, which are the internal rules of the Asset Manager.
Funds for Acquisition
Use cash on hand.
Schedule of the Acquisition
Decision of acquisition and conclusion of purchase agreement: December 10, 2025
Payment and acquisition: December 19, 2025
Settlement Method
A lump-sum settlement shall be made at the time of the Acquisition.
Forecasts
The impact on the operating and distributions forecast for the fiscal period ending March 2026 (40th fiscal period) from the Acquisition is currently under review and will be announced once the conditions including the above-mentioned events, have been determined. Furthermore, The Acquisition will have only a slight impact on the asset management condition for the fiscal period ending September 2026 (41st fiscal period), and there is no change in the asset management forecast.