Goodman Group pays $467 million for Hong Kong logistics site
Goodman Group has paid $HK2.75 billion ($467 million) for a site in Hong Kong that it will develop into a logistics hub.
Goodman said on Thursday it won the tender run by the Hong Kong Lands Department in Tuen Mun, close to major new infrastructure including the new Tuen Mun-Chek Lap Kok Link and the new Hong Kong-Zhuhai-Macau bridge.
“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,” said Kristoffer Harvey, Goodman’s chief executive officer for Greater China.
“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.”
ASX-listed Goodman has an existing Hong Kong portfolio providing 1.4 million sq m of space with a total value in excess of $HK34 billion ($US4 billion). It purchased the site through the Goodman Hong Kong Logistics Partnership in which it holds a 20 per cent stake.
*The writer holds Goodman Group shares.
