Logistics property specialist Goodman Group and Canada Pension Plan Investment Board (CPPIB) have increased their equity allocation to Goodman China Logistics Holding (GCLH) by an additional $500 mln (EUR 400 mln), with $400 mln contributed by CPPIB and $100 mln by Goodman.
Logistics property specialist Goodman Group and Canada Pension Plan Investment Board (CPPIB) have increased their equity allocation to Goodman China Logistics Holding (GCLH) by an additional $500 mln (EUR 400 mln), with $400 mln contributed by CPPIB and $100 mln by Goodman.
GCLH was formed in 2009 to invest in high-quality logistics properties in prime locations across mainland China. As of end-June 2012, GCLH has invested in 12 logistics projects in six Chinese markets: Shanghai, Beijing, Tianjin, Kunshan, Chengdu and Suzhou. The portfolio has an occupancy rate of 100%.
The new equity commitment doubles the total equity allocated to GCLH to $1 bn.
Greg Goodman, Group CEO said, 'Demand for high-quality logistics facilities in the major Chinese markets continues to be strong. We believe the undersupply of logistics space will continue to underpin demand from our major customers over the medium-term.'
In the past three months, Goodman has concluded 100,000 m2 of leasing transactions across projects in Shanghai, Kunshan, Beijing and Tianjin. It has over 4 million m2 of land available in key strategic locations, including land secured and under negotiation. 'We have customer demand to facilitate over 1 million m2 of space, with 400,000 m2 of developments in progress currently and the ability to commence over 800,000 m2 of new logistics facilities in the next 12 months,' he added.
The September edition of PropertyEU Magazine features an interview with Kristof Verstraeten, commercial director Continental Europe at Goodman. Click on the link below to subscribe
