Star Asia Investment : Notice Concerning Determination of Prices and Other Conditions with Regard to Issuance of New Investment Units and Secondary Offering of Investment Un

August 9, 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 Determination of Prices and Other Conditions with Regard to Issuance of

New Investment Units and Secondary Offering of Investment Units

Star Asia Investment Corporation ("SAR") announces that at the Board of Directors meeting held today, SAR determined the offer price and other conditions concerning issuance of new investment units and secondary offering of investment units of SAR that were approved at the Board of Directors meeting held on August 1, 2022, as described below.

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

(1)	Paid-in amount (issue	52,968 yen per unit
	amount):
(2)	Total paid-in amount (total	7,007,666,400 yen
	issue amount):
(3)	Issue price (offer price):	54,795 yen per unit
(4)	Total issue price (total offer	7,249,378,500 yen
	price):

(Note) The underwriters shall underwrite the investment units at the paid-in amount (issue amount) and publicly offer

the investment units at the issue price (offer price).

2. Secondary offering of investment units (over-allotment)

(1)	Total number of	14,644 units
	investment units to be
	offered:
(2)	Offer price:	54,795 yen per unit
(3)	Total offer price:	802,417,980 yen

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. Calculation of offer prices
(1)	Calculation date and price:	August 9, 2022	56,200 yen
		(Tuesday)
(2)	Discount rate:	2.50%

1. Total number of investment units to be offered in the primary offering
   132,300 units
2. Use of the funds to be procured

Net proceeds from the primary offering will be appropriated to a portion of the acquisition of the properties described in "Notice Concerning Acquisition of Real Estate Beneficiary Interests in Trust and entering into Lease Contracts", which was released on August 1, 2022. The remainder, if any, 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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