Polaris Asia Real Estate Fund series

Basic Policy

We target real estate that is judged to be relatively reasonable under the present market environment (securitized real estate is included). We aim to manage properties for the medium term by raising property value in a comparably short period of time. We primarily select properties that are not being operated properly or ones where we can expect to make operational improvements. Additionally, we aim to perform an exit strategy with optimal timing by observing the current situations, such as where we are in the business cycle, as well as supply and demand of housing.

Property list

Investment Choises

Residence
Location	Six major metropolitan cities (the cities of Tokyo, Yokohama, Osaka, Nagoya, Fukuoka, Sapporo, and Sendai) are main targets of choice.　However, our current acquisition activites are focused on the 6 districts of central Tokyo (Chiyoda-ku, Chuo-ku, Minato-ku, Bunkyo-ku, Shibuya-ku, Shinjuku-ku).
Criteria	Middle-Class focused. We comprehensively evaluate a property’s location, grade, age, rent levels, etc. (Evaluation specifics include individual rent analysis, square footage and other specifications according to our criteria).

Office
Location	Central Tokyo
Criteria	We comprehensively evaluate a property’s location, grade, age, rent levels, etc. focusing on properties that are expected to be competitive in medium term.
Other	We individually evaluate hotels and commercial complexes by their location, operational performance, competitiveness and earning capacity in medium term.

Property list - Polaris Asia Real Estate Fund series

AGILIA Minami-Azabu J's
	Location	Minato-ku Tokyo
	Structure	SRC(steel framed reinforced concrete) 15Floor
	Unit Number	Total/87(1LDK/23units Studio/64units)
	Constructed year	August, 2008
	Date of Acquisition	July, 2009

AGILIA Ginza J's
	Location	Chuou-ku Tokyo
	Structure	SRC(steel framed reinforced concrete) 13Floor 1 basement floor
	Unit Number	Total/25
	Constructed year	April, 2008
	Date of Acquisition	November, 2009

AGILIA Yoyogi J's
	Location	Shibuya-ku Tokyo
	Structure	SRC(steel framed reinforced concrete) 10Floor
	Unit Number	Total/26
	Constructed year	July, 2008
	Date of Acquisition	November, 2009