J-REP and Macquarie Goodman Asia have increased their footprint in the Japanese logistics properties sector.
J-REP has bought a portfolio of 14 logistics properties across
Goodman Group’s chief executive Greg Goodman said the transaction represents excellent progress since for the JV since it was formed in May 2007 between J-REP and Macquarie Goodman Asia, which is the JV between Macquarie Group and Goodman Group.
Goodman owns a 25% interest in J-REP, specialist logistics property company listed on the Tokyo Stock Exchange.
“Securing this high quality portfolio is a significant milestone in establishing a robust Japanese unlisted fund management platform for institutional investors.
“Following the sale of our A-REIT investment, we will continue to focus on unlisted funds,” he added.
The acquisition of the portfolio of logistics properties will be funded via an equity investment by J-REP of ¥24.1 billion ($A267 million).
A non recourse ¥45 billion ($A499 million) syndicated debt facility has been secured with a four year term, arranged by the Development Bank of Japan and other local financial institutions.
In addition, both Goodman Group and Macquarie Group, have each provided a 50% share of a ¥10.5 billion ($A116 million) credit facility on an arms length basis.
Australian Property Journal
