TOKYO-Sydney-based Goodman has gained about $45 million in refinancing for its Macquarie Goodman Japan Logistics Fund, made up of 14 industrial properties in the country. Five Japanese banks provided the five-year finance facility.
The portfolio totals about 3.9 million square feet and an occupancy of 98%, according to a Goodman statement. The fund also manages one development property. All the sites are within Tokyo or Osaka.
Development Bank of Japan Inc. arranged the non-recourse facility, which has a one-year extension option. The other involved banks included the Bank of Tokyo Mitsubishi UFJ Ltd, Mitsubishi UJF Lease & Finance Co. Ltd., Mizuho Bank Ltd. and Sumitomo Mitsui Banking Corp.
Paul McGarry, president and CEO of Goodman Japan, said in a statement that the loan allows the company o reduce current interest expense. “The provision of this new finance facility on these attractive terms, particularly against the backdrop of the turmoil in European financial markets, demonstrates the strength of our Japanese platform and high quality nature of the modern logistics facilities that we own, develop and manage,” he said.
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