J-REP secures Yen 1.9 billion non-recourse

J-REP secures Yen 1.9 billion non-recourse 3-year finance facility to fund the construction of J-REP Logistation Moriya in Japan

TOKYO, Apr. 7, 2011 /PRNewswire-Asia-AsiaNet/ --

J-REP, a specialist provider of Japanese logistics solutions, majority owned by Macquarie Goodman Japan Pte Ltd, today announces that it has secured a non-recourse 3-year senior term loan of 1.9 billion Yen from ING Bank N.V., Tokyo Branch. The facility will be used to fund the construction of J-REP Logistation Moriya in Japan.

On completion, J-REP Logistation Moriya will provide over 33,000 sqm of high specification warehouse space for Nippon Express. The facility is ideally located approximately 50 kilometers north-east of Tokyo on the Joban Expressway providing easy access to the Saitama, Tokyo, Chiba and Ibaraki Prefectures. The facility will be used by Nippon Express as their integrated document storage centre providing same day and next day services to its clients in the greater Tokyo region.

Paul McGarry, Representative Director and CEO of J-REP, said: "We are very pleased to expand our banking relationships by partnering with ING Bank on this transaction. The financing terms provided are very attractive and reflect the high quality of this development. We are keen to work with ING Bank again and are in discussions with them in relation to the financing of a number of potential future projects in Japan."

Christine Tran, Managing Director, ING Commercial Banking, Real Estate Finance commented: "This high quality project provided us with an opportunity to expand our relationship with Goodman Group by supporting their operations in Japan. We are looking forward to the next transaction with the Japan team."

ENDS

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