About Astro Japan Property Group
The Astro Japan Property Group (“Astro Group” or “the Group”) is a listed property fund that has a strategy of investing solely in the real estate market of Japan.
The Astro Group comprises the Astro Japan Property Trust (“AJT”) and Astro Japan Property Group Limited (“AJCo”), with the units in AJT being stapled to the shares in AJCo on a ‘one for one’ basis. The stapled securities are quoted on the ASX under the code ‘AJA’. The Responsible Entity of AJT is Astro Japan Property Management Limited.
AJT was initially established on 31 January 2005, and listed on the ASX on 4 April 2005. The subsequent formation of the Astro Group occurred on 12 November 2009, at which time the units in AJT were stapled to the shares in AJCo. At 31 August 2016, the Astro Group had 2,380 securityholders and a market capitalisation of approximately A$436.7 million.
At the time of its listing in 2005, AJT raised $280 million and acquired interests in a diversified portfolio of 12 office and retail properties located in the central and greater Tokyo area for ¥47 billion (approximately A$600 million). At 30 June 2016, the Astro Group held interests in a portfolio comprising 27 office, retail and residential properties with a book value of ¥83.0 billion (approximately A$1.08 billion).
Asset management services in Japan are generally undertaken by the Japanese entity Spring Investment Co., Ltd. (“Spring”), in which the Astro Group has a 25% economic interest. Spring has acted as the Japan asset manager for the Astro Group since inception.