Star Asia Investment : Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units

August 1, 2022

For Immediate Release

Real Estate Investment Trust Securities Issuer

Star Asia Investment Corporation

Representative: Atsushi Kato, Executive Director

(Code: 3468)

Asset Management Company

Star Asia Investment Management Co., Ltd.

Representative: Atsushi Kato

President and CEO

Contact: Akiko Kanno

Director and CFO

TEL: [phone]

Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units

Star Asia Investment Corporation ("SAR") announces that it resolved at the Board of Directors meeting held on August 1,

2022 concerning issuance of new investment units and secondary offering of investment units as described below.

1．Issuance of new investment units through public offering (primary offering)

(1)	Total number of investment 132,300 units
	units to be offered:

1. Paid-inamount (issue amount):
2. Total paid-in amount (total issue amount):
3. Issue price (offer price):
4. Total issue price (total offer price):
5. Offering method:

To be determined

The paid-in amount shall be determined at a future Board of Directors

meeting.

To be determined

To be determined

The issue price (offer price) shall be determined considering the demand for new investment units and other circumstances.

To be determined

The offering of investment units shall be through a primary offering and

underwritten in full by an underwriting syndicate.

(7)	Payment date:	Four business days after the Pricing Date (a business day from August 9,
		2022 (Tuesday) to August 16, 2022 (Tuesday)), which will be one of the
		business days from August 16, 2022 (Tuesday) to August 22, 2022
		(Monday).
(8)	Delivery date:	The business day immediately following the payment date described in (7)
		above

Note:	This press release does not in any way constitute any part of an offering of securities for investment. This press
	release has been prepared for the purpose of announcing to the public certain matters relating to the issuance
	of new investment units and secondary offering of investment units, and not for the purpose of soliciting any
	investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in
	the United States. The securities referred to herein have not been, and will not be registered under the United
	States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United
	States absent registration or an exemption from registration under the Securities Act. No offering or sale of
	securities in the United States will be made in connection with the above-mentioned transactions. This press
	release is not for publication, distribution or release, directly or indirectly in or into the United States of
	America.
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1. Payment period for deposit From the business day immediately following the Pricing Date to the second

in securities:

business day following the Pricing Date.

1. The paid-in amount (issue amount), issue price (offer price) and other items necessary for the issuance of the new investment units shall be determined at a future Board of Directors meeting.
2. Each of the aforementioned items shall be subject to the securities registration statement taking effect in accordance with the Financial Instruments and Exchange Act of Japan.

2．Secondary offering of investment units (over-allotment) (please refer to 1. below.)

(1)	Total number of investment	14,644 units
	units to be offered:	The above-mentioned number indicates the maximum number of
		investment units to be offered through secondary offering through over-
		allotment. There may be cases where this number is reduced or the
		secondary offering through over-allotment itself may not take place at
		all, depending on the demand and other circumstances concerning the
		primary offering. The number of investment units to be offered through
		the secondary offering shall be determined at a future Board of
		Directors meeting taking into account the demand for the primary
		offering and other circumstances.
(2)	Seller:	A bookrunner of the primary offering
(3)	Offer price:	To be determined
		The offer price shall be same as the offer price for the primary offering.
(4)	Total offer price:	To be determined
(5)	Offering method:	Upon the primary offering, in consideration of the demand and other
		circumstances of the primary offering, a bookrunner of the primary
		offering, shall offer the investment units (up to 14,644 units) to be
		borrowed from Lion Partners Godo Kaisha ("Lion Partners").
(6)	Delivery date:	Same as the delivery date for the primary offering.
(7)	Payment period for deposit	Same as the payment period for deposit in securities for the primary
	in securities:	offering.

1. The offer price and other items necessary for the secondary offering through over-allotment shall be determined at a future Board of Directors meeting.
2. Each of the aforementioned items shall be subject to the securities registration statement taking effect in accordance with the Financial Instruments and Exchange Act of Japan.

Note:	This press release does not in any way constitute any part of an offering of securities for investment. This press
	release has been prepared for the purpose of announcing to the public certain matters relating to the issuance
	of new investment units and secondary offering of investment units, and not for the purpose of soliciting any
	investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in
	the United States. The securities referred to herein have not been, and will not be registered under the United
	States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United
	States absent registration or an exemption from registration under the Securities Act. No offering or sale of
	securities in the United States will be made in connection with the above-mentioned transactions. This press
	release is not for publication, distribution or release, directly or indirectly in or into the United States of
	America.
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1．Details of the secondary offering through over-allotment

Secondary offering through over-allotment is the offering through which a bookrunner of the primary offering shall offer the investment units (up to 14,644 units) borrowed from Lion Partners, upon the primary offering after taking into account the demand and other circumstances concerning it. The number of investment units to be offered in the secondary offering through over-allotment is scheduled to be 14,644 units, but the number is the maximum amount. The number may be reduced or the secondary offering through over-allotment itself may not take place at all, depending on the demand and other circumstances.

If the secondary offering through over-allotment is conducted, Lion Partners will grant such bookrunner a right to acquire additional investment units (the "Greenshoe Option"), up to the maximum number of investment units offered in the secondary offering through over-allotment, separate from the investment units for the primary offering. The Greenshoe Option shall be exercised between the delivery date of the primary offering and secondary offering through over-allotment and September 9, 2022 (Friday).

In addition, such bookrunner may, within a specified period, purchase investment units up to the maximum number of investment units offered in the secondary offering through over-allotment on the Tokyo Stock Exchange, Inc. (the "Syndicate Cover Transaction") with the aim of returning the investments units borrowed from Lion Partners (the Borrowed Investment Units). Investment units purchased by such bookrunner through the Syndicate Cover Transaction shall be appropriated in full for returning the Borrowed Investment Units. Such bookrunner, at its discretion, may choose not to enter into any Syndicate Cover Transaction, or to terminate the Syndicate Cover Transaction prior to reaching the maximum number of investment units to be offered in the secondary offering through over-allotment during the Syndicate Cover Transaction Period.

Further, such bookrunner may conduct stabilizing transactions in connection with the primary offering and secondary offering through over-allotment, and appropriate all or part of the investment units that are purchased through such stabilizing transactions to return the Borrowed Investment Units.

Any Borrowed Investment Units remaining after allocation of investments units acquired through Syndicate Covering Transaction and stabilizing transaction shall be returned by such bookrunner exercising the Greenshoe Option.

Such bookrunner will conduct the transactions described above upon consultation with the other bookrunners.

2．Specific use of the funds to be procured and scheduled expenditure date

Net proceeds from the primary offering will be appropriated to a portion of the acquisition of the property described in "Notice Concerning Acquisition of Real Estate Beneficiary Interests in Trust and entering into Lease Contracts", which was released today. The remainder will be treated as cash on hand and will be appropriated to a portion of the funds to acquire specified assets in the future.

*SAR HP URL: http://starasia-reit.com/en/

Note:	This press release does not in any way constitute any part of an offering of securities for investment. This press
	release has been prepared for the purpose of announcing to the public certain matters relating to the issuance
	of new investment units and secondary offering of investment units, and not for the purpose of soliciting any
	investment, within or outside of Japan. Additionally, this press release is not an offer of securities for sale in
	the United States. The securities referred to herein have not been, and will not be registered under the United
	States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United
	States absent registration or an exemption from registration under the Securities Act. No offering or sale of
	securities in the United States will be made in connection with the above-mentioned transactions. This press
	release is not for publication, distribution or release, directly or indirectly in or into the United States of
	America.
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