The Logicom Group has introduced a holding company system on October 1, 2016 and Logicom, Inc. is now renamed to LC Holdings, Inc.
The sublease business and the property management business of the old Logicom, Inc. have been transferred to a newly established "Logicom, Inc.," which started its operations on the same day.
The Logicom Group has vigorously promoted real estate fund business as its second core business next to the subleasing business under the slogan of "From ‘Creating stability’ to ‘Creating Growth’" for these two years. The root of this idea was a sense of impending crisis to only outlive our usefulness in an ever-changing economic environment if we continue the same business operations merely to maintain stability. We daringly steered in that direction for the future of the Group and for the improvement of its corporate value.
Owing to the cooperation of our officers and employees as well as other stakeholders in these two years, I believe that we have managed to get the real estate fund business on track, although it is still at the early stage.
Taking advantage of the introduction of the holding company system, the real estate fund business will enter the next important stage for further growth, which is the implementation of exit strategies for the assets that have been purchased by our funds. The exit strategy that the Group contemplates is to sell the assets of our funds to a listed REIT (real estate investment trust) that the Group will organize. As a result, the listed REIT will be able to acquire more assets more stably and, at the same time, the Group can increase the number of properties under our asset management and property management services. I am also convinced that the REIT that we aim to organize will have a significant value to society.
Lastly, I deeply appreciate the continued understanding and cooperation of our stakeholders given to our business in such uncertain economic conditions and your further guidance and cooperation will be much appreciated.
President and Chief Executive Officer
LC Holdings, Inc.