December 3, 2021
For immediate release
Real Estate Investment Trust Securities Issuer: ITOCHU Advance Logistics Investment Corporation 3-6-5 Kojimachi, Chiyoda-ku, Tokyo, Japan
Representative: Junichi Shoji, Executive Director (Securities Code: 3493)
Asset Management Company:
ITOCHU REIT Management Co., Ltd.
Representative: | Junichi Shoji, Representative Director, |
President & CEO | |
Inquiries: | Hiromu Shinoda, GM, Finance &Planning |
Department |
TEL: +81-3-3556-3901
Notice Concerning the Securing of Preferential Negotiation Rights for Property Acquisition
ITOCHU Advance Logistics Investment Corporation ("IAL") announced that it has secured from its sponsors ITOCHU Corporation and ITOCHU Property Development, Ltd. ("ITOCHU Property Development") and Sanyo Electric Railway Co., Ltd. ("Sanyo Electric Railway"), the co-developer of this property, the right to conduct negotiations on a preferential basis ("Preferential Negotiation Rights") regarding the purchase and sale of the logistics facility provisionally named "i Missions Park Minoh (plan)" (called "Property"). Details are as follows.
1. Overview of the Preferential Negotiation Rights
Subject property | i Missions Park Minoh |
Location | 2-4-1 Shinmachi Nishi, Minoh City, Osaka, Japan |
Completion date (plan) | February 2023 (plan) |
Total floor area (plan) | 42,582.33 ㎡ (plan) |
Developer | ITOCHU Corporation, ITOCHU Property Development, |
Sanyo Electric Railway | |
Date of acquisition of preferential negotiation rights | December 3, 2021 |
Acquisition terms and conditions, including price and timing, are yet to be determined. ITOCHU REIT Management Co., Ltd. ("IRM"), IAL's asset management company, will conduct due diligence in advance of the acquisition. Acquisition decisions will be made in accordance with the requirements stated in IRM's Rules for Transactions with Interested Parties.
Please note that, while IAL has been granted Preferential Negotiation Rights to the Property, this does not mean that it will necessarily be able to acquire the Property and does not oblige it to purchase the Property.
IAL will make no payment to ITOCHU Corporation, ITOCHU Property Development or Sanyo Electric Railway for the acquisition of the Preferential Negotiation Rights.
2. Background
IAL secured the new Preferential Negotiation Rights to the Property based on the separate sponsor support agreements it has concluded with IRM and ITOCHU Corporation on one hand and with IRM and ITOCHU Property Development on the other.
This case is an example in practice of the "collaborative growth relationship" through which IAL and ITOCHU Group achieve mutual growth. Under this arrangement, the two closely connected ITOCHU Group sponsors use their Realty and Logistics Platform to realize land purchase and facility development, which secures for IAL further opportunities to acquire properties in the future. Through timely property acquisition of this kind, IAL aims to achieve external growth and increase in investor value.
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3. Property Details
- Overview of the Subject Property >
Property name | i Missions Park Minoh (plan) | ||
Location | 2-4-1 Shinmachi Nishi, Minoh City, Osaka, Japan | ||
Access | Approximately 1.5km from Minoh Todoromi IC of Shin-Meishin | ||
Expressway | |||
Completion of construction | February 2023 (plan) | ||
Site area | 20,166.91 ㎡(plan) | ||
Total floor area | 42,582.33 ㎡(plan) | ||
Structure/Scale | Steel frame, 4 floors, sloped logistics facility (berths on 1st and 2nd floors) | ||
(plan) | |||
Location | This property is approximately 1.5 km from Minoh Todoromi IC of | ||
Shin-Meishin Expressway. With Shin-Meishin Expressway slated to fully | |||
open in 2023, accessibility is expected to improve. Moreover, the | |||
increase in residential housing anticipated in the large housing | |||
development extending behind the property looks promising for | |||
employee retention. | |||
Image of completed facility (i Missions Park Minoh)
(Note) The above is a representational image of the completed facility, which may differ from the actual final appearance.
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Reference: IAL Pipeline and Sponsor owned/developing properties
Property name | Preferential | Location | (Planned) | Total floor | Occupancy | |
Negotiation Rights | Completion date | area | rate | |||
i Missions Park | Secured | Ichikawa City, | August 2019 | 57,724 m2 | 100.0% | |
Ichikawa-Shiohama | Chiba Prefecture | |||||
i Missions Park | Secured | Isehara City, | July 2022 | Approx | - | |
Atsugi 2 | Kanagawa Prefecture | 15,482 m2 | ||||
i Missions Park | Secured | Kazo City, | October 2022 | Approx | - | |
Kazo | Saitama Prefecture | 11,055 m2 | ||||
i Missions Park | New Secured | Minoh City, | February 2023 | Approx | - | |
Minoh | Osaka Prefecture | 42,582 m2 | ||||
i Missions Park | - | Kasugai City, | March 2023 | Approx | - | |
Kasugai | Aichi Prefecture | 14,496 m2 | ||||
i Missions Park | - | Kuwana City, | May 2023 | Approx | - | |
Kuwana | Mie Prefecture | 90,378 m2 | ||||
i Missions Park | - | Yoshikawa City, | September 2023 | Approx | - | |
Yoshikawa Minami | Saitama Prefecture | 17,848 m2 | ||||
Total (7 properties) | Approx | - | ||||
249,565m2 | ||||||
(Note) As of the date hereof, IAL has undertaken no specific negotiations with the ITOCHU Group regarding the above assets, has no current plans to acquire them, and has no guarantee of being able to acquire them in the future.
IAL's corporate website:https://www.ial-reit.com/en/
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Disclaimer
Itochu Advance Logistics Investment Corporation published this content on 03 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 December 2021 06:11:14 UTC.