Australia-based Goodman Group has acquired an industrial site in Hong Kong for HK2.75bn (€292m).

Goodman won the tender on behalf of its wholesale fund, the Goodman Hong Kong Logistics Partnership (GHKLP), following a tender process conducted by the Hong Kong Lands Department.

Kristoffer Harvey, Chief Executive Officer Greater China at Goodman Group, said: “The opportunity to acquire such a strategically-located logistics land site is rare in Hong Kong.”

Harvey said the acquisition will enable the group to capitalise on the continued strength of the logistics market.

Goodman is unable to meet pent-up customer demand within its fully occupied existing portfolio, he said.

The logistics giant plans to build a high-quality, modern logistics facility on the 32,000sqm prime logistics site at Tuen Mun, in the New Territories.

Harvey said the group is currently in active discussion with a number of its e-commerce and logistics customers to take up space in the Tuen Mun development.

Goodman holds a 20% equity interest in the GHKLP. The remaining 80% is held by global capital partners, which include Canada Pension Plan Investment Board.