SYDNEY, March 7, 2013 /PRNewswire/ -- Goodman Group
(Goodman or Group) today announces that Goodman Hong Kong Logistics
Fund (GHKLF or Fund) has formed a co-ownership arrangement with DP
World, one of the world's largest container terminal operators,
that provides it with a 25% ownership interest in ATL Logistics
Centre Hong Kong (ATL) and an ownership interest in CSX World
Terminals Hong Kong, located at Hong
Kong's Kwai Tsing Port. The acquisition will further
consolidate Goodman's position as a leading player in the
Greater China market, managing 23
million sq ft (2.2 million sqm) of logistics space.
(Photo: http://photos.prnewswire.com/prnh/20130307/HK72917 )
The key components of the transaction, with an acquisition price
of US$450 million (A$440 million) are:
- GHKLF acquires a 25% ownership interest in ATL, the world's
largest logistics facility comprising 552,000 sqm of GLA and is
strategically located at the container port
- The co-owners will continue to oversee the management of ATL
and the associated container terminal, consistent with the
respective expertise of both parties
- The transaction will be primarily funded via a US$300 million (A$294
million) targeted equity raising by GHKLF, which has been
fully subscribed by existing GHKLF investors
Goodman's Managing Director Greater China, Mr Philip Pearce said: "The transaction cements
Goodman's position as a leading player in the Greater China logistics property market. ATL
further enhances Goodman's ability to service its global customers
across the region and combined with our development pipeline of
more than 4 million sqm in China,
Goodman is well positioned to take advantage of opportunities
stemming from the continued economic growth in this key
market."
ATL is a 13 storey, ramp up logistics facility, constructed in
five phases between 1984 and 1994. With a lettable area of 5.94
million sq. ft (approx. 552,000 sqm), it is the world's largest
logistics building. The facility is currently 98% leased to 60
customers.
Goodman's Group Chief Executive Officer, Mr Greg Goodman said: "We are delighted with the
continued support of our global capital partners. The demand from
existing GHKLF investors to participate in the equity raising has
been pleasing, securing US$300
million of new committed equity. This takes the total new
equity raised within the Group's managed funds in the year-to-date
to A$2.1 billion."
On completion of the transaction, Goodman will manage 23 million
sq ft (2.2 million sqm) of gross lettable area in Greater China, valued at (A$3 billion).
Completion of the transaction, subject to regulatory approvals,
is expected to be towards the end of FY2013.
About Goodman
For more information on Goodman, visit www.goodman.com
For further information, please contact Goodman:
Greg Goodman
Group Chief Executive Officer
+61-2-9230-7400
SOURCE Goodman Group