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Goodman launches in Japan


Industrial property company Goodman Group is to rebrand the Japanese property group J-REP Co. Ltd., listed on the Tokyo Stock Exchange, as Goodman Japan Limited.
 
The rebranding has been approved by the J-REP board of directors, subject to the approval of J-REP shareholders at an extraordinary meeting scheduled for 26 September 2011.
 
Goodman holds a 50% interest in Macquarie Goodman Japan Pte. Ltd. (“MGJ”), a joint venture with Macquarie Group Limited. MGJ is the majority and controlling shareholder of J-REP, holding 72% of its voting stock (83% on a fully diluted basis).
 
Goodman Group CEO Greg Goodman said: “As the third largest economy in the world, Japan is home to a number of major corporations and third-party logistics providers, who are driving demand for modern and flexible logistics space. The rebranding provides Goodman with the opportunity to grow our business in the Japanese logistics market. There are significant opportunities in Japan’s logistics real estate market to add technology, increase efficiency and expand the use of international best practice. Operating in Japan as a fully integrated part of the Goodman Group will enable us to use our financial resources and global expertise to serve a wider range of customers.”
 
J-REP currently has AUD 1.0 billion (YEN 87.4 billion) of assets under management across 27 logistics properties, predominantly in the Greater Tokyo and Osaka regions. With Goodman’s strengthened commitment in Japan and in response to a number of market trends, including ageing logistics stock, demand for larger facilities due to consolidation, and the undersupply of high quality, modern logistics facilities, Mr Goodman said it is the company’s intention to strategically grow the Japanese business by:
  • developing modern, investment grade logistics and distribution facilities; and
  • the potential acquisition of high quality completed facilities.
“We have size and scale, proven capability and an extensive international operating platform, together with strategic global customer and investor partnerships. We have access to capital, our Japanese platform is well established and our Japanese team is experienced and motivated with a proven track record. This positions us very well to work with customers looking to expand their businesses in and outside of Japan,” he said.
 
J-REP and Goodman are currently assessing a number of acquisition and development opportunities with an end value in excess of AUD 1.2 billion (YEN 100 billion).

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