On November 26, KIC Holdings announced that it had signed a joint venture (JV) agreement to receive 60 million euros (approximately 10 billion yen) in equity investment (investment in exchange for shares) from a major US fund, and that it plans to develop a logistics facility for frozen and refrigerated goods.
This joint venture will invest a total of approximately 45 billion yen over the next three years through additional equity investment and debt financing to develop refrigerated and frozen logistics facilities throughout Japan, as well as acquire existing logistics facilities using a value-add approach (strategies to increase the value of the property after acquisition).
In addition, the company plans to develop a refrigerated and frozen logistics facility in Kasukabe City, Saitama Prefecture, as its first project, and will sequentially proceed with acquiring development sites in Kyushu and the Yokohama Bay area, as well as existing value-added properties.
