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Sanritsu to announce new construction of large-scale LC with Daiwa House - (20/09/2011)

On September 12 Sanritsu has announced that it would demolish Yokohama operation Keihin Center located in Kanagawa-ku Yokohama-shi, and construct new large-scale Logistics Center for efficient use with annexed Daiwa House land.

Sanritsu will intend to use efficiently its asset upon facing the dynamic change on the logistics circumstance in the neighbor area around Keihin Center. It builds large scale logistics center with high logistics function including annexed 10,000 m2 Daiwa House land.

Sanritsu estimates 655 million extraordinary loss for demolishing center on March 2012. 

 

Overview

1. Demolishing property

Name: Yokohama operation Keihin Center
Location: 1-1 Ebisu-cho Kanagawa-ku Yokohama-shi Kanagawa
Construction: RC flat roof 4F / Total floor space: 7,131.56 m2

2. Builder

Daiwa House Industry co., Ltd

3. Demolition terms

After 2011.09.12

Source: Sanritsu (Edited and translated by Bear Logi)


+ GLP and CPPIB form joint venture to develop modern logistics facilities in Japan - (05/09/2011)

On September 1st Global Logistic Properties Limited (“GLP”) and the Canada Pension Plan Investment Board (“CPPIB”) announced that they have formed a joint venture (“Japan Development Fund” or the “Fund”) to develop and hold institutional quality, modern logistics facilities. Each partner will invest US$250 million of equity over a projected three year investment horizon. 

The targeted leverage is 50% loan-to-value (after stabilization) and the Fund is open-ended with a long-term investment horizon. The Japan Development Fund will focus on building multi-tenant and build-to-suit facilities mainly in the greater Tokyo and Osaka areas in Japan. An attractive site in Tokyo has been identified as the first potential development for the Fund.
 
GLP is the market leader in modern logistics facilities in China and Japan. CPPIB is a global investment management organization that invests the assets of the Canada Pension Plan and manages a fund that totals C$153.2 billion.

Mr. Jeffrey H. Schwartz, Deputy Chairman and Chairman of the Executive Committee of GLP said: “Developing logistics facilities in Japan is an attractive use of capital and we are extremely pleased to launch our Japan development program. The Fund will be GLP’s exclusive vehicle for logistics development in Japan. We are seeing solid demand for logistics development in Japan driven by our strong customer relationships, solid track record and deep experience. We are delighted to have formed a long-term strategic partnership with CPPIB, a leading global investment manager, which will enable GLP to earn solid returns on its capital while managing risk.”

Graeme Eadie, Senior Vice-President, Real Estate Investments, CPPIB, said: “The Japan Development Fund provides CPPIB an entry into Japan’s logistics facilities market and represents our first direct real estate investment in this country. The growing demand in Japan for modern third party logistics facilities provides an attractive investment opportunity for us. We look forward to partnering alongside GLP who has a proven track record and is aligned with our strategy to develop and hold these assets over the long term.” 

M3 Capital Partners (HK) Limited served as exclusive financial advisor to Global Logistic Properties in connection with the formation of the Japan Development Fund.

Source: GLP (Edited and translated by Bear Logi)

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