HONG KONG, May 3, 2018 /PRNewswire/ — Goodman Group (Goodman or the Group), through the Goodman Hong Kong Logistics Partnership (the Partnership), has been selected as the successful tenderer by the Hong Kong Lands Department to acquire a prime logistics land site in Tuen Mun, Hong Kong for a price of HK$2.75 billion (US$350 million). The Partnership will construct a high-quality, modern logistics facility on the 32,000 sqm site.
The site is strategically located in close proximity to major new infrastructure including the new Tuen Mun-Chek Lap Kok Link (connecting the Northwest of Hong Kong with the Hong Kong International Airport) and the new Hong Kong-Zhuhai-Macau bridge. The site has convenient access for distribution to the major consumption hubs of Hong Kong and the broader Greater Bay Region that are home to more than 100 million people, making the site an attractive location for a wide range of occupiers.
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 and we’re excited to have the ability to capitalise on the continued strength of the logistics market, and the pent-up customer demand that we can’t satisfy within our fully occupied existing portfolio.
We plan to build a high-quality, modern logistics facility on the site capable of accommodating the latest advancements in automation and robotics rarely seen in Hong Kong. The Group is currently in active discussions with a number of our e-commerce and logistics customers to take up space in this modern development."
Goodman is the leading manager of logistics and industrial properties in Hong Kong, with an existing portfolio of high quality assets providing 14.8 million sqft (1.4 million sqm) of space with a total value in excess of HK$34 billion (US$4 billion). Occupancy of Goodman’s portfolio in Hong Kong has remained at 99% for the last five years supported by more than 200 high quality domestic and international customers. The Group holds a 20% equity interest in the Partnership with the remaining 80% held by global capital partners. The Partnership currently enjoys a strong liquidity position with low gearing and the capacity to complete the acquisition from its existing financial resources.
Goodman Group is an integrated property group with operations throughout Australia, New Zealand, Asia, Europe, the United Kingdom, North America and Brazil. Goodman Group, comprised of the stapled entities Goodman Limited, Goodman Industrial Trust and Goodman Logistics (HK) Limited, is the largest industrial property group listed on the Australian Securities Exchange and one of the largest listed specialist fund managers of industrial property and business space globally.
Goodman’s global property expertise, integrated own+develop+manage customer service offering and significant fund management platform ensures it creates innovative property solutions that meet the individual requirements of its customers, while seeking to deliver long-term returns for investors.
For more information please visit www.goodman.com