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Goodman, Macquarie target Japanese logistics

A joint venture between Australian firms, The Goodman Group and Macquarie Group, is capitalising on continued demand in Japan’s logistics property sector through two new real estate funds. The vehicles have already received A$106m of committed capital to date.

The Goodman Group and Macquarie Group, along with publicly-listed logistics company, Japan Representative (J-REP), have launched two real estate funds to invest in logistics properties in Japan.

The vehicles, Macquarie Goodman Japan Logistics Fund FCP-FIS and J-REP Logistics Wholesale Fund, have received A$106 million ($65.6 million; €52.8 million) of committed equity to date. 

Macquarie Goodman Japan Logistics Fund FCP-FIS will be managed by Goodman and Macquarie and will be open to non-Japanese institutional investors. The J-REP Logistics Wholesale Fund will be managed by logistics real estate company J-REP – in which Goodman and Macquarie own 53 percent – and will be open to Japanese institutional investors. Goodman said its target was to have external investors own around 70 percent of the funds.

The vehicles have initial investment in 15 properties, totaling A$1,154 million. According to local media, the joint venture spun-off 15 Japanese logistics properties into the newly launched funds.

Goodman’s Japan move has been in the works since last year, said chief executive officer Gregory Goodman. “The long term fundamentals of the Japanese logistics market remain attractive,” he said in a statement. “As companies invest in their supply chains, it continues to support demand for modern well located premises.”