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The Arlington Business Parks Partnership Sells 392,000 sq ft HQ in Reading and Announces Amendments to CMBS Facility

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LONDON, Oct. 7, 2011 /PRNewswire-Asia/ —

Arlington Business Parks Partnership Fund (ABPP) is pleased to announce two new strategic initiatives for the Fund.

 — The completion of the sale of Verizon’s 392,000 sq ft office headquarter’s (HQ) complex at Reading International Business Park to overseas clients of RREEF

 — Amendments to CMBS loan covenants securing the option to extend the loan maturity from July 2012 to July 2014

Sale of Verizon

A sale price in excess of GBP140 million was agreed for the HQ facility, which comprises phases I and II of Reading International Business Park, and is let to global communications provider Verizon for 10 years and houses its European Headquarters.

ABPP, which is managed by Goodman and operated by Legal & General Property, will retain the adjacent land for Phase III of the Park, which will provide up to 300,000 sq ft of office space for pre-let opportunities.

Paul Edwards, Director, Legal & General Property, said: “This sale is consistent with our ongoing strategy of concentrating on providing a good balance of high quality investment assets and development opportunities across the ABPP fund to service the needs of our investors.  It clearly demonstrates that despite uncertain economic times, there is still good demand from investors for high quality out of town office developments and is a resounding endorsement from an overseas investor as to the strong underlying fundamentals that the Thames Valley offers.”

Jim Johnston, Managing Director UK Business Parks, said: “Despite the challenging economic climate we are beginning to see the re-emergence of the big pre-let, with evidence of tight grade-A office supply in some locations across the UK. This sale will help to rebalance the distribution of assets in the ABPP fund, helping to maintain an efficient capital structure and a strong financial position. The proceeds will be recycled as part of an on-going strategy to enhance investor returns and help to facilitate future commercial development opportunities across our 8 million sq ft consented land bank on a pre-let basis. We are currently on site with over GBP100 million of committed development to Centrica at Oxford Business Park, Greater Manchester Police at Manchester Central Park and other opportunities are expected to come forward in the near future.”

CMBS Update

ABPP’s GBP800m CMBS, issued by Epic Opera (Arlington) Limited, in August 2007 has subsequently been paid down through a combination of voluntary prepayments and asset sales to GBP401.7m of outstanding loans as at 28 July 2011.

Under the terms of the agreement, ABPP at its election may request a two year extension of the repayment date from July 2012 to July 2014, subject to meeting criteria including Loan to Value, Interest Cover and Net Worth covenants.

Amendments to the extension conditions have been agreed at no incremental cost to ABPP and substantially reduce any risk of non compliance.

In consideration to these amendments, ABPP has agreed to reduce the outstanding CMBS loans from GBP401.7m to GBP300m by January 2012 and GBP275m by April 2012. However, the net proceeds from the sale of Verizon’s HQ at Reading International will now be applied to reduce the outstanding loans to circa GBP270m in October 2011.

ABPP will seek to further reduce the loans to GBP200m during 2013 and note that there are no default consequences if loan reductions are not delivered.

James Cornell, CFO for Goodman in the UK, said: “The proceeds of the sale reduce leverage and provide certainty that the remaining CMBS debt can be extended, if required, to July 2014. Utilising these sale proceeds, ABPP will have repaid circa GBP530m of the GBP800m CMBS issued in August 2007. The resulting financial flexibility places ABPP in a very strong position to deliver enhanced risk adjusted returns.”

Strutt and Parker advised ABPP, with the purchaser advised by DTZ and RREEF, the real estate investment management business of Deutsche Bank’s Asset Management division.

About Arlington Business Parks Partnership

The Arlington Business Parks Partnership fund (ABPP) is a UK business park fund created in 2003, which is owned by investment partners Goodman, Legal & General Property, Prudential and Adia. ABPP owns a unique portfolio of high quality business parks in a managed environment located across the UK.

About Goodman Group (ASX: GMG)

Please visit: www.goodmanbusinessparks.co.uk / www.goodman.com

For further information on Goodman please contact:
Joanna Spinks
+44-20-7269-9348
jo.spinks@fticonsulting.com

Richard Stocks
+44-20-7269-9355
richard.stocks@fticonsulting.com

SOURCE Goodman Group

Written by asiafreshnews

October 7, 2011 at 4:31 pm

Posted in Business & Finance

ChipSiP Unveils Cutting-edge SiP Solutions to Experience an Unlimited Sharing Life

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TAIPEI, Oct. 6, 2011 /PRNewswire-Asia/ — ChipSiP Technology Co, Ltd. (Taiwan: 3637), a leading company in turnkey SiP solutions, launched three new products featuring optimum slimness, portability and connectivity for a connected life of cloud computing through the integrated design of Logic, RF and Turnkey solutions. SiP is bringing a smart, connected life to consumers who will be able to share special moments of their lives with ease through various connected devices such as smartphones, digital cameras, camcorders, tablet PCs and TVs.

ChipSiP Chairperson Feng Lai said: “With mounting anticipation for multimedia devices such as tablet PCs and smartphones, we are launching the most high-density 7-in-1 SiP, a slimmest tablet PC with 9.85mm and the most light-weighted WiDi in the world weighing only 90 grams. In addition to the breakthrough in multi-chip design technology and device dimension, we have proven yet again that SiP technology embedded in daily life can be fun, easy and exciting, and the use of these multimedia applications will enable consumers to embrace a new lifestyle, thanks to those simple-to-use smart devices.”

Advanced SiP technology shrinks PCB size by a whopping 80% from mainstream tablet PCs

ChipSiP leverages its core value of system integration and miniaturization design to successfully combine application processor, 2 units of DDR3, 2 units of NAND, WiFi, Bluetooth in a 7-in-1 SiP that is only 18 x 18mm in size. This design will usher in a brand-new chapter for lighter and slimmer tablet PCs and smartphone.

ChipSiP also announced its enhanced WiDi design, a WiDi dongle that weighs only 90 grams and features the WiFi MIMO technology to allow multimedia contents such as video, photos and web pages to be transmitted wirelessly from PCs, tablet PCs, and smartphones to television.

ChipSiP develops a new tablet PC turnkey solution featuring a thickness as thin as 9.85mm and only 47mm² in dimension to enable a lighter weight, better performance and better power-efficiency. With miniaturized memory SiP and RF SiP in combination with Android, consumers will enjoy more fun and convenience as a result of real-time sharing anytime, anywhere. In addition, ChipSiP will release a high-end tablet PC solution with CPU clock speed of 1GHz as well as the world’s thinnest design at 8.6mm in Q4.

Media Contact:

Fenny Chen Phone:
+886-2-8227-1799 ext. 2101
Email: fennychen@chipsip.com

SOURCE﹛ChipSiP Technology Co, Ltd.

Written by asiafreshnews

October 7, 2011 at 11:58 am

Posted in Uncategorized

New Online Marketplace “iichi” Brings Handmade Products by Japanese Craft-makers to the World with PayPal as the Exclusive Global Payment System

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TOKYO, Oct. 6, 2011 /PRNewswire-Asia/ –PayPal Japan announced today that “iichi” (iichi: http//www.iichi.com/ ), a new consumer-to-consumer marketplace targeting the overseas market offering high quality handmade products of artisans and craft-makers from all over Japan, has adopted one of the world’s largest online payment service “PayPal™” as the exclusive global payment method.

Handmade products sold at new online marketplace 'iichi' embody rich Japanese culture and tradition

“iichi” is a marketplace based on the philosophy of contributing to the creative activities of artisans and the Japanese craftsmanship culture. The craft makers can easily create their own page on the “iichi” website to introduce or sell their work. Overseas buyers can then purchase the work directly from the craft makers through the website.

“iichi” aims to introduce and sell Japanese crafts internationally from its beginning, so its corporate keyword is “Handmade in Japan”. Since many Japanese craft-makers want to be connected to the global marketplace, “iichi” is now available in English and accepts online payments via PayPal to open the marketplace for overseas buyers. “iichi” also ships to 40 countries around the world.

Handmade products found on the website vary from handicraft, jewelry, fashion items and art collections crafted by 50 participating craft makers, and there are approximately 200 handmade products at the time of its overseas launch. “iichi” is operated by iichi Limited Liability Partnership (iichi LLP), which was established by the Hakuhodo DY Group.

“iichi” adopts PayPal as the exclusive payment system because it considers secure, reliable overseas payments as a very important service for the Japanese craft-makers. PayPal is a safer and more convenient way for online payments with over 100 million active users in 190 markets worldwide and supports payments in 25 currencies. Moreover, PayPal has a reliable track record as a global online payment service as cross-border transactions accounted for 25% of their total transactions globally last year. Based on these considerations, PayPal meets the requirement of the overseas payment system of “iichi”.

Kentaro Iinuma, representative of iichi LLP says, “In the near future, people will seek new production and consumption lifestyle which focus on relationships between people and society. I think the shape of happiness in the next era is “pleasure of creation”, “pleasure to help people”, and “pleasure to connect with people and society”. For craft makers, the greatest pleasure is to please people with their handmade products. “iichi” was born with the philosophy to create a service which helps craft makers to meet people who want their creations. The environment to develop cross border business in Japan is improving as the internet and social media are becoming popular. However, it is difficult to deal with hurdles of language, payment and shipment for individuals who want to introduce their works internationally but we aim to solve such problems through our translation service, overseas payments by PayPal and international shipping.”

Kazumitsu Tanaka, a potter who is participating in the overseas marketplace of “iichi” says, “For individual crafters, it is difficult to introduce my own work internationally but “iichi” enables me to introduce and sell my work to overseas buyers. This is a chance for me to approach my work from a different angle as well as challenge myself to introduce my handmade products to people who appreciate craftsmanship.”

About “iichi”: http://www.iichi.com/about

About PayPal

PayPal is the faster, safer way to pay and get paid online. The service allows PayPal users to make payments for goods or services purchased without sharing financial information with the sellers, with the flexibility to pay using their account balances, bank accounts(Note1), credit cards or promotional financing(Note2). With over 100 million active accounts in 190 markets and 25 currencies around the world, PayPal enables global ecommerce.

More information about the company can be found at PayPal.com. PayPal is headquartered in San Jose, Calif. and its international headquarters is located in Singapore. PayPal is an eBay company.

Notes:

  1. At present, bank accounts are not available as a funding source in some countries and territories including Japan.
  2. At present, promotional financing is not available as a funding source in some countries and territories including Japan.
Media Contacts
Dickson Seow Idran Junadi
PayPal Asia Pacific The Hoffman Agency
Tel: +65-6510-6463 Tel: +65-6238-1851
Email: dseow@paypal.com Email: ijunadi@hoffman.com

 

SOURCE PayPal

Written by asiafreshnews

October 7, 2011 at 10:12 am

Posted in Uncategorized