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Goodman launches AUD 300m project in Japan


Goodman Group has exchanged contracts to acquire a 60,000 sqm prime development site in the Osaka Bay area of Japan.
 
The site is located in an established and highly sought-after industrial area and is suitable for the construction of a 130,000 sqm modern, multi-tenant logistics and distribution centre with ramped access to all floors. Estimated completion value is in excess of A$300 million.
 
The Japan logistics market is being influenced by a number of trends, including ageing logistics stock, demand for larger facilities due to consolidation, and an undersupply of high quality, modern logistics facilities. In this context, and following a detailed assessment of the opportunities available in the market, including options to acquire portfolios of completed assets, Goodman has determined that organic growth is currently the most attractive investment strategy.
 
This strategy will be executed through the selective acquisition of prime parcels of land suitable for the development of high quality, modern logistics and distribution facilities. The contract to acquire the Osaka Bay development site represents the continuation of the company’s organic growth strategy in Japan.
 
Goodman Group CEO Greg Goodman said: “In Japan, modern logistics and distribution facilities are tightly held and investment yields have been firming... We have determined that we can generate the best risk-adjusted returns in Japan through the development of our own modern, investment grade logistics and distribution facilities, and we are backing this with a strong financial commitment.”
 
Goodman Japan CEO, Mr Paul McGarry said: “Underlying market fundamentals in the Osaka logistics market are particularly strong, with virtually no new supply of modern warehouse space in the last three years. We have already secured letters of intent from a number of leading Japanese 3PLs for almost 200% of the proposed gross lettable area of the Osaka Bay development project.”
 
It is expected that Goodman will settle the acquisition of the Osaka Bay development project in the coming months, with construction forecast to commence in 2012. The company’s intention is to launch a wholesale development partnership in Japan, which could potentially be seeded by the Osaka Bay development project.
 
Goodman is also in advanced discussions and due diligence in respect of a number of other development and acquisition projects, primarily in the major logistics markets of Tokyo and Osaka. These, together with the Osaka Bay development project have a combined end value of approximately A$1.25 billion.

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