The Property has freehold tenure and comprises a fourteen-storey, high quality commercial building, which includes retail on level one, an auditorium and meeting room facilities on levels two and three and offices on levels four to fourteen. The Property also has two basement parking areas with multiple mechanical car stackers providing 234 car parking spaces. The Property’s total net lettable area is 6,308.62 tsubo or 224,482.57 sq ft(1) with an average office floor plate of approximately 16,339.75 sq ft.

The Property is located in Nanko Cosmo Square, within Suminoe Ward, Osaka. The Property is linked by undercover sheltered walkways to a train station on the Nanko Port Town Line and to the surrounding buildings including the adjacent 5-star Hyatt Regency Hotel. The Nanko Port Town Line is part of the Mass Transit system of Osaka which currently serves the area from Central Osaka Station to Trade Center – Mae, with a 20 to 25 minute commuting time. Travelling time by taxi from central Osaka to the Property is approximately 15 minutes. The Property is being acquired on an assumed initial property yield of 5.19% for the first twelve
months.

3. Value of the Property
The Property was independently valued at ¥6.57 billion (S$83.3 million(2)) as at 30 May 2007 by K.K. Halifax Associates in accordance with instructions issued by British and Malayan Trustees Limited, as trustee of Allco REIT (“Valuation”). The Valuation was prepared using the cost approach, income capitalisation approach and discounted cash flow analysis.

(1) Calculated as 1 tsubo = 34.5 sq ft (Tsubo is a unit of measure in Japan.)
(2) ¥6.57 billion based on an exchange rate of S$1.00:¥78.9 as at 31 July 2007.

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