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Japan Logistics fund allocates 7 billion yen to real estate trust beneficiary right - (31/08/2010)

Japan Logistics Fund has announced that it is borrowing seven billion yen to allot to acquisition capital and related cost of the real estate trust beneficiary right (Ichikawa distribution center ) on August 30.

They borrowed three billion yen from Mizuho Corporate Bank (for a period one year), two billion from Chuo Mitsui Trust (for a period one month), 2 billion yen form Mitsubishi UFJ Trust (for a period one month).

The balance of liabilities with interest before borrowing is 30.2 billion and after borrowing would be 37.2 billion which indicates that the balance of liabilities with interest will increase to 7 billion yen.

 

Bank borrowing

(1) Mizuho Corporate Bank (period one year)

amount of loan: JPY 3 billion

Interest rate: one month JPY TIBOR+0.200%

date of loan: September 2, 2010

payment deadline: August 31, 2011

Method of borrowing/repayment: Unsecured loanunguaranteed / lump-sum payment


(2) Chuo Mitsui trust Bank (period one month)

amount of loan: JPY 2 billion

Interest rate: one month JPY TIBOR+0.200%

date of loan: September 2, 2010

payment deadline: September 30, 2010

Method of borrowing/repayment: borrowing under commitment line contract in August 2, 2010 Unsecured loanunguaranteed / lumpsum payment


(3)Mitsubishi UFJ trust Bank (period one month)

amount of loan: JPY 2 billion

Interest rate: one month JPY TIBOR+0.200%

date of loan: September 2, 2010

payment deadline: September 30, 2010

Method of borrowing/repayment: borrowing under commitment line contract in August 2, 2010 Unsecured loanunguaranteed / lumpsum payment



+ Kawanishi Warehouse to sell Nagoya land - (31/08/2010)

On 30 August 2010, Kawanishi Warehouse Co., Ltd. announced that it intends to sell 1,599.22 m2 of land at Irifune, Minato-ku, Nagoya. The carrying value of the land is 1 million yen and currently leased as a pay parking lot).


Source: Kawanishi

+ Japan Logistics Fund: Ichikawa Logistics Center II - (30/08/2010)

Transaction Analysis

Key Points of the Transaction

· Property name: Ichikawa Logistics Center II

· Announcement/contract date: 12 August 2010/3 September 2010 (anticipated)

· Buyer/Seller: Japan Logistics Fund (JLF) J-REIT / ProLogis (Ichikawa II SPC)

· Interest acquired: 90% of Trust Beneficiary Interest (TBI)

· Acquisition price: JPY 17.415 bn. (90% of TBI)

· Reported NOI: JPY 978 mn. (90% of NOI)

· Reported NOI cap rate: 5.6%


Key point 1: second transaction with ProLogis since their pipeline support plan on 31 August 2009

Key point 2: regarded as one of the best logistics facilities in the Tokyo Metropolitan Area

Key point 3: the best property in the JLF portfolio in terms of value & quality (Casbee “A” rated)

 

Property Details

Building quality

High specification M/T facility (Grade S)

Levels

5 (two spiral ramps accessing all floors)

GFA/GLA

76,842.37 sqm/73,886.66 sqm

Built

9 October 2009 (<1 year old)

Occupancy

100% (2 tenants)

PML

4.2%



Source: Japan Logistics Fund (J-REIT)

 

Site Details

Address

Chiba Prefecture, Ichikawa City, Takahama-machi 1

Land area

38,727.25 sqm

Closest IC

Adjacent to the Chidori-cho IC on the Wangan Metropolitan Expressway

Location premium

Prime (for Tokyo)

Zone

Industrial

FAR/BAR

200% / 70%


Lease Details

Tenant

Leased Area

Lease Term

TOMY Co. Ltd

57,112.86 sqm

10 year fixed-term lease (until 1 November 2019)

JR East Logistics Co. Ltd

16,773.80 sqm

7 year fixed-term lease (until 31 May 2017)

WALE (on area)

approx. 8.5 yrs.


TOMY Co. Ltd., a major toy manufacturer, uses the subject property as its nationwide distribution centre, while JR East Logistics Co. Ltd uses the subject property as a distribution centre for its convenience stores in and around the major JR railway stations in the Tokyo metropolitan area. The subject property, therefore, is functionally vital for the logistics needs of these major Japanese firms.

 

Valuation Summary

Value

JPY 18.3 bn. (100% of TBI)

Valuer

Tanizawa Sogo Appraisal Co. Ltd.

Date

31 May 2010

Discount rates (NCF)

5.0% (Yrs. 1~9) and 5.1% (Year 10)

Terminal cap rate (NCF)

5.3%

Direct cap rate (NCF)

5.0%


Cap rate analysis

· the Ichikawa leasing market is a strong market with high demand from occupiers, and if space becomes available it is usually released quickly;

· according to broker opinion the current market rents (effective) in this area for Grade A/S facilities like the subject property are about JPY 3,900 per Tsubo/month;

· based on the reported NOI of JPY 978 mn. for the JLF interest, the current passing rent for the subject property equates to approximately JPY 4,660 per Tsubo/month (assuming an OER of 15%);

· this rent is regarded as extremely high and is potentially not the effective passing rent;

· the “true” NOI cap rate of this transaction is probably closer to 5.0% assuming rents revert downwards to current market rents upon expiry of the existing leases about 8.5 yrs. from now.

 

JLF’s NOI (90%)

JPY 978 mn. (as reported)

JLF’s acquisition price (90%)

JPY 17.415 bn. (as reported)

Implied NOI cap rate

5.6% [JPY 978 mn. / JPY 17.415 bn.]

Property NOI (100%)

JPY 1.086 bn. [JPY 978 mn. / 90%]

Gross passing rent (15% OER)

JPY 1.250 bn. [JPY 1.086 bn. x 1.15]

Passing rental rate

JPY 4,660 per Tsubo/month [1.250 bn./12/22,350 Tsubo]

Gross market rent

JPY 1.046 bn. (at JPY 3,900 per Tsubo/month)

Property NOI at market rents

JPY 910 mn. [JPY 1.046 bn. / 1.15]

JLF’s NOI (90%) at market rents

JPY 819 mn. [JPY 910 mn. x 90%]

Implied NOI cap rate at market rents

4.7% [JPY 819 mn. / JPY 17.415 bn.]

True NOI cap rat

5.0% (assuming reversion to market rents in 8.5 yrs.)


Supporting this opinion, the independent appraiser that valued the subject property on 31 May 2010 applied a 5.0% NCF cap rate, which is approximately equivalent to a 5.1% NOI cap rate. Furthermore, this analysis does not account for any potential related party discounts between ProLogis and JLF which could imply that the open market price is even higher than what JLF has paid for it.


Conclusion

According to a source close to the subject property, this property would have been valued at about a 4.50 ~ 4.75% NOI cap rate at the top of the market in late 2007. Therefore, based on this prime Tokyo logistics transaction, the prime Tokyo logistics NOI cap rate has decompressed by less than 50 basis points since late 2007.

The JLF Narashino II transaction in February 2010 demonstrated that the prime Tokyo logistics NOI cap rate has decompressed by no more than about 50 basis points since late 2007. Although the quality of the JLF Narashino II property and the subject property are very similar compared to the rest of the JLF portfolio, the subject property would be regarded as more attractive to an investor due to its location, age & construction quality; tenant covenant strength, and WALE.

This transaction demonstrates that the prime Tokyo logistics cap rate currently stands at around 5.0% NOI and has compressed slightly since February.


Commentary: courtesy of Pelham Higgins SCA Japan Representative.

+ Singapore warehouse and logistics facility sold to Industrial REIT - (27/08/2010)

Singapore's AIMS AMP Capital Industrial REIT plans to buy a Singapore industrial property, which includes a warehouse and logistics facility for S$161 million ($118.8 million).

 

The property has an initial net property income yield of 7.7 percent and AIMS AMP Capital will finance the acquisition from debt and equity.

 

AIMS AMP was formerly known as MacarthurCook Industrial REIT.


AIMSAMP Industrial REIT


The property

* 5-storey ramp-up warehouse and logistic complex with a 9-storey annexed office block
Strategically situated within the Jurong Industrial Estate, one of the largest and most established industrial estates in Singapore

* Close proximity to Jurong Port, PSA Singapore Terminals, Jurong Island, complementary industrial facilities such as container yards, and the central business district of Singapore

* Serviced by two major expressways – Pan Island Expressway and the Ayer RajahExpressway, and accessible by public transportation via Jurong East Mass Rapid Transit Station

* Master lease to C&P Holdings with underlying end users including global logistics service providers such as DHL, CEVA, Kuehne + Nagel, Geodis and Yamato Transport

+ LaSalle Investment acquires Japanese Outlet Mall - (23/08/2010)

LaSalle Investment Management Inc. a leading real estate investment advisor announced the purchase of "Nasu Garden Outlet" located in Tochigi, north of Tokyo.


LaSalle Investment Management acquired Nasu Garden Outlet, an outlet mall in Nasu-Shiobara City, Tochigi Prefecture through its special purpose company, this is the LaSalle’s second investment in an outlet mall in Japan, following Chitose Outlet Mall Rera, which the company developed in Hokkaido.


那須アウトレット

Property Name: Nasu Garden Outlet

Opened: July 2007

Location : Shiobara City, Tochigi Prefecture, Japan

Site area: 193,070m2

Total floor area: 33, 117 m2

Retail Store area: 21, 306 m2

Number of stores:110                

Parking: approx. 3,000 cars, buses 20

The facility features a resort-type facility Outlet featuring Ladies, Mens, Kids, sports, outdoor goods, fashion goods, household goods, hobby goods and food .         

Home page: http://www.nasu-gardenoutlet.com


Source: LIM

+ Japan Rail Freight trend summary - (18/08/2010)

Record-setting heavy rain in mid-July has caused water-covered rail tracks and landslides  in Hiroshima and Yamaguchi, and soil loss the northern part of Tohoku region. As a result at total of 270 of high-speed freight trains and specialized freight ones were cancelled.


Regarding Japan freight movement, a recovery of corporate activity due to domestic and international demand increases and a record spell of hot weather in July in eastern Japan increased demand of seasonal products such as refreshing beverages and home electric appliances. Despite being influenced by natural disaster, as a whole, the month of July has grown over the previous year.


Regarding container cargo, although consolidated cargo was strongly influenced by the natural disaster falling below that of the previous year, automobile parts, pulp and paper have risen over the previous year, growing 104.5% over last year. The transportation of automobile parts has sharply increased because of the rebound of adjusted production from last year. Home electronic appliances like air conditioners etc has been strong due to extreme heat. As for agricultural products, fruits and vegetables rose over the previous year for the first time since October 2008 due to the shipment of government-controlled rice.


Regarding reserved freight cars, cement and limestone fell below the previous year and as a whole, 95.7% over last year.


Source: JR Freight

+ Sagawa Global Logistics signs lease on Yokohama industrial property - (12/08/2010)

Sagawa Global Logistics Co., Ltd. signed a lease contract for Yokohama Logistic Park (YLP) located at Daikoku-cho, Tsurumi-ku, Yokohama. Sagawa Global Logistics Co., Ltd. is going to move into the whole 6th floor of YLP, approximately 13,500m2 (approximately 4,100 tsubo).


Sagawa Global Logistics Co., Ltd. will be the first tenant for YLP after the completion in April 2009. In the future, Sagawa Global Logistics Co., Ltd. is welcomed to lease the other area of this facility. As well, the 1st to 5th and 7th floor are still available for leasing.


Source: RICM

+ Japanese machinery orders slow as economy cools - (11/08/2010)

Japanese machinery orders rose less than forecast in June, a sign that companies may be holding off on spending as the nation’s export-led recovery cools.

 

Orders, an indicator of business investment in three to six months, gained 1.6 percent from May when they dropped 9.1 percent, the biggest decline since August 2008, the Cabinet Office said today in Tokyo. The median forecast of 25 economists was for a 5.4 percent gain.

 Profits of exporters from Toyota Motor Corp. to Nissan Motor Co. are under threat from the rising yen, which is approaching a 15-year high against the dollar just as global demand starts to cool. Bank of Japan Governor Masaaki Shirakawa said yesterday that while companies have been coping with the yen’s advance, the central bank is aware of the risk it poses to the nation’s recovery.

 

“Factory orders could slow in the third quarter,” said Naoki Tsuchiyama, a market economist at Mizuho Securities Co. in Tokyo. “We need to be cautious as Asian demand, which drove Japan’s recovery since April 2009, is clearly slowing.”

 

Slower growth in China and the U.S., Japan’s biggest markets, may be a drag on Japan’s export-led recovery. The world’s second-largest economy probably expanded at annualized 2.3 percent in the three months ended June 30, slowing from a 5 percent expansion in the first quarter, according to the median forecast of 18 economists surveyed by Bloomberg News.

 

The strong yen also may derail the recovery in corporate earnings. Companies are becoming cautions about increasing output amid growing uncertainty over the economic outlook in the U.S. and Europe.  

 

The Cabinet Office today forecast orders will increase 0.8 percent in the three months ending Sept. 30 after they rose 0.3 percent in the second quarter.

 

Source: Bloomberg

+ Japan plans to invest to strengthen key ports - (11/08/2010)

The transport ministry has chosen ports in two regions to promote as international shipping hubs through concentrated investment, but the sites face rough waters in the race to catch up with huge Asian rivals.

 

An expert panel of the ministry chose the Keihin region (Tokyo, Yokohama and Kawasaki ports) and the Hanshin region (Kobe and Osaka ports) as key strategic container ports.

 

Transport minister Seiji Maehara said Friday the government will focus funding and deregulation efforts to strengthen the capabilities of the two regions so Japan can return to "the status of a maritime nation."

 

The goal is to boost freight-handling volumes to grab top posts in the world from fast-growing, low-cost Asian rival ports, such as Busan and Singapore.

 

Assessing proposals from four regions, the expert panel gave 769 points out of the full 1,000 to Hanshin and 729 to Keihin.

 

Two other regions--Isewan (Nagoya port and Yokkaichi port in Mie Prefecture) and northern Kyushu (Hakata and Kita-Kyushu ports in Fukuoka Prefecture)--failed with 553 and 277 points, respectively.

 

For Keihin and Hanshin, the government will increase the state share of funding for port facilities improvement projects to deal with large cargo vessels.

 

It also plans to reduce fixed asset taxes for the two hubs alone after their port operators are privatized.

 

A bill to revise the Ports and Harbors Law to expand interest-free lending to port operators will also be introduced to the Diet next year.

 

But the ports' future is not rosy. Maehara admitted earlier that Japanese ports are "two laps behind" their overseas rivals.

 

The Hanshin region proposed improving inland container depots and support for container ship construction, which it said would help the ports regain most of the freight now flowing out of western Japan to Busan.

 

But it has yet to find funding for those programs.

 

The region also proposed privatizing the operators of Kobe and Osaka ports and integrating them, but no specifics have been set on how to merge operations of the export-oriented Kobe and import-heavy Osaka.

 

The Keihin region also plans to privatize the Yokohama Port Public Corp. and integrate it with the already privatized Tokyo Port Terminal Corp.

 

While it says unified operations and use of private-sector capital will help cut terminal rent fees by 40 percent, other major plans, such as a new Yokohama pier under construction, largely count on state funding.

 

Japanese ports ranked high globally until the 1980s, but by 2009, even Tokyo port had fallen to 26th, with freight volume only one-seventh of the first-ranked Singapore.

 

Source: Asahi

+ Sankyu, to open a new logistics center in Osaka Nanko - (10/08/2010)

Due to the acquisition of 3PL business and expansion of cargo volume in Kansai region, Sankyu Inc. is to open a “Nanko Naka DC” a new industrial warehouse property in Osaka Nanko in September.


This center is a leased facility which was constructed by AMB Property Japan, Inc. Together with “Nanko Logistics center” (24,670 m2) and ”General Distribution Center” (8,904 m2) located in the same area, it will be a base of Sankyu’s 3PL business in Kansai region, as well as an important base of international 3PL centering on China and Southeast Asia. It will continue to provide the most appropriate logistics service meeting the customers’ needs, not only domestically, but also internationally.



Nanko Naka DC Overview

Name: Sankyu Nanko Naka DC

Address: 6-3-15, Nanko-naka, Suminoe-ku, Osaka-shi, Osaka

Warehouse area: 9,443 m2

Handling cargo: General consumer goods such as apparel


Source: Sankyu


+ China’s Urbanization expected to fuel economy - (09/08/2010)

Accelerated urbanization can keep the country's economy on the fast track for another 15 to 20 years, as more than half of its population will live in cities and towns by 2015, a top Chinese think tank said on Thursday.

The country's urbanization rate will hit 52 percent in 2015 and grow to 65 percent by 2030, the annual report on urban development by the Chinese Academy of Social Sciences (CASS) showed.

By the end of last year, the urbanization rate already hit 46.6 percent, with 620 million people living in cities and towns, the CASS reported.


"The growth potential of the vast middle and western regions, together with the rapid development of small cities and towns, could keep the economy on the fast track for at least 15 to 20 years," Wei Houkai, director of the center for China's regional development at the CASS, told China Daily.

The urbanization rate during the country's 12th Five-Year Plan period (2011-2015) will grow by 0.8 to 1.0 percent each year, the academy reported.

That means more than 10 million rural residents will move to cities and towns annually - a process that is expected to contribute 4 percentage points to the country's GDP growth each year.

Lu Jing, vice-president of Hong Kong-listed R&F Properties, said at a recent forum that he was quite optimistic about the long-term prospect of China's real estate industry, despite short-term adjustment because of recent tightening policies.

Last year, the disposable income of the urban population stood at 17,175 yuan per capita, but the net income of the rural population was 5,153 yuan per person.

Li Bingren, chief economist of the Ministry of Housing and Urban-Rural Development, said earlier that he expects China's urban infrastructure fixed-asset investment to top 1 trillion yuan ($146 billion) in 2010.

The country's rapid urbanization will result in the accelerated construction of urban public facilities, involving a total investment of up to 7 trillion yuan during the 12th Five-Year Plan period, Li said.

But imbalances in the process mean that the quality of the urbanization may be affected.

More attention will be given to the improvement of migrant workers' living standards, construction of environmentally friendly cities and building of city clusters in the next five-year plan, the CASS reported.

Source: China Daily

+ China widens property stress tests - (09/08/2010)

Chinese regulators have demanded stress tests on a wide range of industries, including cement and steel, whose fortunes are closely tied to the property market, according to Shanghai Securities News. 


It did not provide any details about the tests, but said they were part of a broader investigation into the economy's ability to withstand falls in property prices. China's banking regulator has ordered lenders to test the impact of an up to 50 per cent fall in house prices in key cities where prices have risen sharply, banking and regulatory sources said on Thursday.

 

Source: Reuters

+ Japan’s Current Account Surplus Falls 18.2% in June - (09/08/2010)

TOKYO - Japan's current account surplus fell 18.2% from a year earlier in June, the Ministry of Finance said Monday, as a higher trade balance could not offset a lower income surplus.


The surplus in the current account, the broadest measure of Japan's trade with the rest of the world, stood at Y1.047 trillion in June before seasonal adjustment, finance ministry data showed.


The result was worse than the median forecast for a 1.5% increase in the surplus to Y1.299 trillion in a survey of economists by Dow Jones Newswires and the Nikkei. In May, the surplus fell 8.1% to Y1.205 trillion.


Japan's exports rose by 29.2% from a year earlier in June, while imports gained by 29.6%, the data showed.


The current account measures trade in goods, services, tourism and investment. It is calculated by determining the difference between Japan's income from foreign sources against payments on foreign obligations and excludes net capital investment.


Source: Nikkei

+ Green Oak to target Japan distressed property - (06/08/2010)

Three of the world's most accomplished real estate bankers have set up Green Oak Real Estate ahead of an expected surge in distressed loan disposals, asset firesales and mortgage-backed security (MBS) workouts in its core target markets of Europe, Japan and the United States.

 

GreenOak has secured $110 million of seed capital, comprising a $10 million working capital loan and a $100 million co-investment commitment from Amsterdam-listed investment company Tetragon Financial Group Limited (TFG.AS), the closed-ended investor said in a statement on Monday.

 

GreenOak is initially likely to focus on securing advisory mandates in complex property restructuring cases across Europe and make an immediate play for distressed physical real estate and mortgage buys in Japan as a principal investor, market sources said.

 

Source: Reuters

+ New industrial property to be developed in northern Japan - (05/08/2010)

ProLogis an industrial real estate developer announced a new build-to suit distribution facility in Miyagi Prefecture Japan. The property will be known as "Tomiya ProLogis II". Miyagi co-operative will use of the facility when completed.

 

Location

"ProLogis Tomiya II" is located in Tomiya-cho, Kurokawa-gun, Miyagi Prefecture, adjacent to Sendai. The industrial property is located about 1km from the Expressway interchange making it a convenient location for transportation logistics. After its completion in May 2011 the new facility will act as a base for delivery to six northeastern areas of Japan.

 

Facility Features

High efficiency - Equipped with a highly efficient temperature control system and centralized management system for a thorough quality control.

 

Environmentally friendly warehouse - Connection for electric vehicles, regenerative cooling, desiccant air conditioning, LED lighting, power standby and demand control.

 

Ensuring safety - Separating vehicles and trucks to ensure a safe movement, parking control, installation of security systems and cameras.

 

Barrier-free - Improved environment for wheelchair users.


Miyagi Warehouse
 

Property Overview

Name:                  ProLogis Tomiya II

Location:             Tamati Shigeru, Tomiya, Kurokawa-gun, Miyagi 9-7-4

Site area:             29,807m2 (approximately 9,016 tsubo)

Total floor area:   17,033m2 (approximately 5,152 tsubo)

Structure:            Steel frame, two stories above ground

Groundbreaking:  August 2010

Scheduled to be completed: May 2011

 

Source: Prologis

+ India freight rail gets loan from Japan - (03/08/2010)

India has received assistance from the Japan International Cooperation Agency, who signed a loan worth US$18.5 million to help develop the country's freight rail network.


It is the largest amount of ODA loan ever allocated by Japan to a single project, and will help build 552km of rail tracks for freight traffic in the country between Delhi and Mumbai.


The freight railway line will include automated signals and full communication systems. The loan will also fund high-speed trains for freight transportation and an initial review of the basic infrastructure design and tender preparation process.


This cooperative implementation by Japan and India will hopefully be a new symbol of partnership between the two countries.


Source: ProcurementAsia


+ China overtakes Japan to be to become the world's second-largest economy - (03/08/2010)

China has overtaken Japan to become the world's second-largest economy after the United States, the country's chief currency regulator said in remarks published on Friday.

The economy expanded 11.1 per cent in the first half of 2010, compared with a year earlier, and is likely to log growth of more than 9 per cent for the whole year, according to Yi Gang, head of the State Administration of Foreign Exchange.

"China, in fact, is now already the world's second-largest economy," he said in an interview posted on his agency's website, www.safe.gov.cn.

Yi said China's growth rate, which has averaged more than 9.5 per cent a year over the past 30 years, was bound to slow over time. If China could chalk up growth this decade of 7-8 per cent annually, that would still be a strong performance.

The issue was whether fast growth can be sustained, he said.

If China expands by 5-6 per cent a year in the 2020s, it will have maintained rapid growth for 50 years, which Yi said would be unprecedented in human history.

He said expectations of a stronger yuan, also known as the renminbi, had diminished. There was no basis for a sharp rise in the exchange rate, partly because the price level in China had risen steadily over the past decade.

Yi's remarks carried an echo of a report by the International Monetary Fund which said the Chinese authorities viewed the yuan right now as closer than ever to equilibrium.

Source: Reuters

+ Japan's unemployment rises - (02/08/2010)

Japan's unemployment rate rose to 5.3 per cent in June, rising by 0.1 percentage points from the previous month, government data showed on Friday.

The rate was higher than market expectations of 5.1 per cent, in an indication of the headwinds that Japan's fragile economic recovery faces.

Other data showed Japan's core consumer price index fell 1.0 per cent in June from a year earlier, marking the 16th straight month of decline.

The drop in core prices, which exclude volatile fresh food prices, was slightly smaller than market expectations of a 1.1 per cent decline as deflation continues to drag on recovery in the world's second-largest economy.

The internal affairs ministry also released June household spending data, showing average household spending in June was 0.5 per cent higher on-year and 2.9 per cent higher than the May.

Source: AFP

+ Orix REIT acquires Tokyo building for Y6.3bn - (02/08/2010)

Orix JREIT acquired the Orix Meguro Building in Meguro, Meguro-ku, Tokyo for 6.35 billion yen [$70 million]. The seller was A.T.S. YK, which was financed by Orix Real Estate. The building has ten stories above ground and one below with 11,119 m2 of total floor space and 6,119 m2 of rentable floor space.

Source: Nikkei

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