ICHIGO OFFICE REIT INVESTMENT CORPORATION 
By Creating peace of mind through honest and committed management.
[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.
January 29, 2013
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891
Ichigo Real Estate Investment Corporation ("Ichigo REIT") has executed a comprehensive refinancing ("Refinancing") with respect to its existing loans, including a major loan with GE Japan Corporation, per the following:
1. Background
As part of Stage II of its Growth Strategy (Full-Scale Growth) through October 2013, Ichigo has sought to reduce borrowing costs via a comprehensive refinancing, improve its loan terms, and strengthen its lender base. This refinancing represents significant progress towards these goals, significantly reducing Ichigo REIT's borrowing costs and strengthening its lender base to accelerate the growth of Ichigo REIT.
In addition to today`s refinancing Ichigo REIT's sponsor, Ichigo Group Holdings Co., Ltd. ("Ichigo Group"), is supporting Ichigo REIT via a sponsor loan of 1,100 million yen and the provision of an additional commitment line to Ichigo REIT of 500 million yen.
Going forward, as part of its Stage III Growth Strategy (Solidify Market Position) through October 2014, Ichigo REIT intends to obtain a credit rating and seek to further increase Ichigo REIT's dividend, asset base, and share liquidity via an accretive public offering.
2. Details of Borrowings
With a new SMBC Syndicate Loan of 14,000 million yen, a Shinsei Bank Syndicate Loan of
5,579 million yen, and an Ichigo Group sponsor loan of 1,100 million yen, Ichigo REIT is partially repaying its GE Japan Corporation loan as well fully repaying its loans with Mizuho Trust & Banking Co., Ltd. (Loan Backed by Trust Assets) and Prudential LPS for a total repayment of 21,738 million yen. The terms of the loan with GE Japan Corporation with respect to the remaining loan amount of 12,500 million yen will also be amended.
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SMBC Syndicate Loan - Term Loan 3 (2 year, 9 month maturity)
Lenders Sumitomo Mitsui Banking Corporation; Mizuho Bank, Ltd.; Mizuho Trust & Banking Co., Ltd.; Resona Bank, Limited; Aozora Bank, Ltd.; The Tokyo Star Bank, Limited; ORIX Bank Corporation
Loan Amount 7,000 million yen
Use of Proceeds Repayment of existing loans
Loan Date January 31, 2013
Principal Repayment Date October 31, 2015
Principal Repayment Terms 17,500,000 yen of the principal will be repaid on each Partial Principal Repayment Date, and the remainder will be repaid in full on the Principal Repayment Date.
Partial Principal Repayment Date Same as the Interest Payment Date
Interest Rate 3 M JPY TIBOR + 1.00 % (p.a.)
Interest Payment Date Final business day of January, April, July and October following the Loan Date (The first payment date will be the end of April 2013, and the last payment date will be the same as the Principal Repayment Date)
Collateralized Yes
(Note) The interest rate from January 31, 2013 through April 29, 2013 is 1.29417%. The interest for the subsequent periods will be announced later.
SMBC Syndicate Loan - Term Loan 4 (4 year, 9 month maturity)
Lenders Sumitomo Mitsui Banking Corporation; Mizuho Trust & Banking Co., Ltd.; Resona Bank, Limited; The Tokyo Star Bank, Limited
Loan Amount 7,000 million yen
Use of Proceeds Repayment of existing loans
Loan Date January 31, 2013
Principal Repayment Date October 31, 2017
Principal Repayment Terms 17,500,000 yen of the principal will be repaid on each Partial Principal Repayment Date, and the remainder will be repaid in full on the Principal Repayment Date.
Partial Principal Repayment Date Same as the Interest Payment Date
Interest Rate 1.64777% (fixed)
Interest Payment Date Final business day of January, April, July and October following the Loan Date (The first payment date will be the end of April 2013, and the last payment date will be the same as the Principal Repayment Date)
Collateralized Yes
Shinsei Bank Syndicate Loan (4 year, 10 month maturity)
Lenders Shinsei Bank, Limited; MetLife Alico, Prudential Mortgage Asset Holdings 1 Japan LPS; Shinsei Trust & Banking Co., Ltd. (funded by Investment LPS managed by AXA Real Estate Investment Managers Japan KK)
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Loan Amount 5,579 million yen
Use of Proceeds Repayment of existing loans
Loan Date January 31, 2013
Principal Repayment Date November 30, 2017
Principal Repayment Terms 25,000,000 yen of the principal will be repaid on each Partial Principal Repayment Date, and the remainder will be repaid in full on the Principal Repayment Date.
Partial Principal Repayment Date Same as the Interest Payment Date
Interest Rate 1.74777% (fixed)
Interest Payment Date Final business day of February, May, August and November following the Loan Date (The first payment date will be the end of February
2013, and the last payment date will be the same
as the Principal Repayment Date) Collateralized Yes
Shinsei Trust Loan (funded by Ichigo Group) (2 year, 10 month maturity)
Lender Shinsei Trust & Banking Co., Ltd. (funded by
Ichigo Group) Loan Amount 1,100 million yen
Use of Proceeds Repayment of existing loans
Loan Date January 30, 2013
Principal Repayment Date November 30, 2015
Principal Repayment Terms Bullet payment at Principal Repayment Date
Interest Rate 2.85% (fixed)
Interest Payment Date Final business day of January, April, July and October following the Loan Date (The first payment date will be the end of April 2013, and the last payment date will be the same as the Principal Repayment Date)
Collateralized None
3. Details of Commitment Line
Commitment Line (1 year maturity)
Lender Shinsei Trust & Banking Co., Ltd. (funded by
Ichigo Group) Maximum Amount 500 million yen
Use of Proceeds Operational Expenses (as necessary)
Term of Contract From January 31, 2013 to January 31, 2014
Principal Repayment Terms Bullet payment at Principal Repayment Date
Interest Rate 2.85% (fixed)
Interest Payment Date Same as the Principal Repayment Date
Collateralized None
4. Details of Amended Loan Terms for Existing Loan
GE Japan Loan (2 year, 10 month maturity)
Lender GE Japan Corporation
Loan Amount 12,500 million yen (Before Change: 28,460 million yen)
Principal Repayment Date November 30, 2015 (Before Change: May 30,
3
2014)
Principal Repayment Terms Bullet payment at Principal Repayment Date
Interest Rate 3 M JPY LIBOR + 2.30 % (p.a.)
Interest Payment Date 25th day of March, June, September and
December following the Loan Date, or the last business day immediately before the day if the day falls on business holiday (Before Change: Final business day of March, June, September and December following the Loan Date)
Collateralized Yes
4. Details of Existing Loan Repayments
GE Japan Loan
Lender GE Japan Corporation
Loan Amount Before Refinancing 28,460 million yen (As of January 29, 2013) Loan Amount After Refinancing 12,500 million yen
Loan Date November 30, 2010
Refinancing Date January 31, 2013 (expected) Interest Rate 3 M JPY LIBOR + 2.30 % (p.a.) Collateralized Yes
Tokyo Star Bank Loan
Lender The Tokyo Star Bank, Limited
Loan Amount Before Refinancing 2,880 million yen (As of January 29, 2013) Loan Amount After Refinancing None
Loan Date November 30, 2010
Refinancing Date January 31, 2013 (expected) Interest Rate 3 M JPY LIBOR + 2.50 % (p.a.) Collateralized Yes
Mizuho Trust & Banking Co., Ltd. (Loan Backed by Trust Assets) / Prudential LPS Loan
Lender Prudential Mortgage Asset Holdings 1 Japan
LPS
Trustee Mizuho Trust & Banking Co., Ltd.
Loan Amount Before Refinancing 2,898,056,000 yen (As of January 29, 2013) Loan Amount After Refinancing None
Loan Date November 30, 2010
Refinancing Date January 31, 2013 (expected) Interest Rate 2.81% (fixed)
Collateralized Yes
6. Future Outlook
Due to the refinancing, there were revisions to Ichigo REIT's earnings and dividend forecast for the Fiscal Period ending April 2013 (November 1, 2012 - April 30, 2013) as announced in "Financial Report for the Fiscal Period ending October 2012" which was released on December
17, 2012. For details of the revisions, please refer to today's announcement, "Revision of
Earnings and Dividend Forecast for the Fiscal Period Ending April 2013."
7. Other
Risks related to this refinancing have no material impact on the "Investment Risks" described in
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the latest Securities Report (submitted on January 28, 2013).
Reference 1: Loan Structure after Refinancing
