Sale of Property

24 September 2013

Japan Residential Investment Company Limited

(the "Company")

Sale of Property - Branche Ookayama II

The Company announces the sale of Branche Ookayama II for ¥370 million (£2.3 million), a 35.5% premium to the latest valuation.

Japan Residential Investment Company Limited (AIM: JRIC) is a closed-ended Guernsey registered company established to make and hold investments in residential property in Japan. The Company, its subsidiaries and entities in which it has a beneficial interest are referred to collectively as the "Fund".

Today, the Fund sold Branche Ookayama II (the "Property"), a 14 unit apartment building located in Ota Ward, Tokyo. The sale price of ¥370 million (£2.3 million) excluding taxes and sales costs represents a 35.5% premium over the asset's latest valuation of ¥273 million (£1.7 million) as at 31 May 2013.

Year-to-date the Fund has sold three Tokyo assets for ¥1,300 million (£8.2 million) representing a 24% premium to appraisal value. On 20 September, the Fund purchased a Tokyo asset for ¥1,460 million (£9.2 million) with a prospective yield of 5.1%.

These transactions are part of the Fund's capital rotation strategy where select non-core assets are sold and proceeds used to purchase assets that enhance operating efficiency, income, and overall portfolio quality.

Note: Sterling denominated values are based on an exchange rate of ¥158.80/£1.

Enquiries: