Anderson Mori & Tomotsune has been involved in the J-REIT market since its earliest stages. Our Firm provides the full complement of legal services in relation to J-REITs including advice on formation, licensing, financing, property acquisition and disposition, listing, corporate governance, periodic reporting and disclosure, M&A and restructuring. Our clients include REITs, asset managementcompanies, sponsors, securities underwriters and arrangers, lenders, institutional investors, investment funds and financial advisors. We also routinely advise on the regulatory issues arising out of the day to day operation and management of a J-REIT.

J-REITs are in many ways hybrid investment vehicles regulated by a number of entities including the Japan Financial Services Agency and relevant stock exchanges. This kind of legal and regulatory environment requires advice from lawyers with experience and knowledge in a number of areas, such as asset manager licensing, securities regulation and tax. AM&T has lawyers who are experienced in each respective area and accustomed to handling J-REIT matters in a multi-disciplinary fashion. We can assemble a competent and flexible multi-lingual team depending on the nature of the matter, always consistent with our core philosophy of efficiently providing high-quality legal services in relation to J-REIT matters.

Representative J-REIT transactions include advising the following clients:

• Daiwa Securities SMBC and Morgan Stanley Japan Securities on the global IPO of Nippon Commercial Investment Corporation in the amount of approximately 115 billion;
• Nippon Building Fund on the public offering of its shares in February 2011 in the amount of approximately JPY 29 billion;
• Citigroup and JP Morgan as joint global coordinators and Nomura as POWL manager in a Singapore IPO and public offering in Japan of Global Logistics Properties Limited in the aggregate amount of approximately USD 27 billion; and
• A major investment fund on the subscription of newly issued units in Japan Rental Housing Investments Inc. in the amount of approximately JPY3.1 billion.