Goodman secures major land sites in China
The Goodman Group has announced that it has secured two new land sites in Kunshan, China with associated development opportunities.
A 120,000 sq m site at Jinxi, Kunshan, and a new agreement signed with DB Schenker for a pre-committed 47,000 sq m build-to-suit facility.
A 97,500 sq m site at Yushan, Kunshan which comprises an existing 26,000 sq m warehouse, with an additional 53,000 sq m of land available for future development.
Philip Pearce, Managing Director Greater China for Goodman commented, "The acquisition of these two sites has significantly increased our land bank in Kunshan, a highly sought-after destination for logistics providers, given its close proximity and connectivity to Shanghai and Suzhou. The Jinxi and Yushan sites, together with our newly completed development in Lujia, will enable Goodman to deliver approximately 140,000 sq m of prime logistics space to meet the strong demand from our customers."
The first phase development of the 120,000 sq m site located in Jinxi Econ-Industrial Park will be a tailored facility to be developed for DB Schenker. The Group intends to develop the site in two phases, offering a total of 74,000 sq m of logistics space. The first phase is expected to be completed by August 2012.
The Jinxi site has an expected completion value in excess of RMB200m and it is currently owned by the Group.
Goodman, on behalf of its China fund, Goodman China Logistics Holding (GCLH), separately acquired a site at Yushan, comprising a warehouse facility with attached development land. The facility comprises an existing 26,000 sq m warehouse which is currently fully leased. There is an additional 53,000 sq m of land available for future development. Goodman is planning to develop two separate warehouses, providing a combined 29,000 sq m of additional space. The entire development has an expected completion value of approximately RMB200m.
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