GlobeSt.com: What in the Japanese market says that this is the time to strike up such a JV?
Mintz: We've tried to create a vehicle to house assets that are substantially larger than we normally would purchase on our own. We also wanted to create something that was programmatic, with a partner in place. Previously we had solicited partnerships on a one-by-one basis, but given the size and growth of our portfolio, we needed something more stable, more certain.
In terms of Shinsei, under Japanese law they can't own more than 50% of a real estate vehicle, so they needed a partner to pursue the kinds of transactions they want. So we each had various reasons why it made sense.
GlobeSt.com: What do you mean by programmatic?
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