Worldwide Developer Pembroke Real Estate Marks Completion
of First Residential Property in Tokyo    

TOKYO, September 12, 2002 – Pembroke Real Estate, a Boston-based unit of Fidelity Investments that specializes in the acquisition, design, development and management of signature properties worldwide, today announced the completion of its Hikawa Gardens luxury residences located in Akasaka, Tokyo.

The property, which is 70 percent leased to date, blends traditional features of Western living with Japanese aesthetics.  Hikawa Gardens residences are designed to appeal primarily to Western expatriates living and working in Japan.   

“We’re very pleased with the response to our first residential project in Tokyo,” said Peter Madsen, managing director of Pembroke Real Estate.  “We’ve taken a unique approach to the design and development of this property and that attention to detail has made a difference.”

Hikawa Gardens, a six-level residential apartment building, houses 17 units averaging 158 square meters (48 tsubo) of space.  Located in the Minato ward of Tokyo, the property is conveniently located near many international firms and restaurants and within walking distance to three subway stations.

The Hikawa Gardens complex offers residents a unique combination of Western amenities, including cable TV and full-sized appliances, alongside traditional Japanese stylings such as woven carpeting, a Japanese cleansing shower and soaking tub and sliding shoji panels.  Residences feature the highest quality materials and finishes, including hardwood floors and radiant-heated marble tiled bathrooms.  Each residence is designed with corner exposures and features a private outdoor garden area or balcony and access to a common rooftop terrace.

“We’ve had great success leasing the Hikawa Gardens residences in just eight weeks,” said Mark Takeuchi, vice president, Pembroke Real Estate.  “In fact, the high-quality, intimate feel of the residences has been particularly appealing to prospective tenants.”

Pembroke Real Estate, a Fidelity Investments company, is a real estate company specializing in the acquisition, design, development and management of signature properties in major metropolitan areas worldwide, including projects in London, Tokyo, San Francisco, Dallas and Boston.  The firm seeks development opportunities with high-quality, high profile properties in the office and residential sectors.

An interactive CD featuring a virtual tour of Hikawa Gardens is available upon request.