The Investment Policy of the Astro Group is designed to maintain and enhance securityholder returns.  The main elements of this policy are:

  • Acquire interest in properties which:
    • are expected to provide sustainable earnings;
    • offer opportunities to create securityholder value including through redevelopment, repositioning and applying more pro-active and cost-effective asset management; or
    • are development projects where the risks associated with such projects can be reasonably mitigated through joint ventures, pre-commitments from tenants or other measures.
  • Hold interests in property in the form of:
    • Trust Beneficiary Interest;
    • ownership of legal title;
    • lessee under a long-term lease;
    • investment through one or more contractual relationships which hold assets in the form of Trust Beneficiary Interest, ownership of legal title or as lessee under a long-term lease; or 
    • ownership directly or indirectly of shares in a special purpose vehicle.
  • Properties are to be acquired at no more than fair market value as determined by an independent qualified Japanese property appraiser.
  • All acquisitions shall be subject to due diligence on the properties, consistent with prudent Japanese market practice, in particular to ensure that each property has no material:
    • compliance or statutory problems;
    • unmitigated environmental problems;
    • issues related to title or survey; and
    • legal impediments which may prevent ownership being transferred.
  • The Astro Group will review its Investment Policy from time to time and may amend its policy