Goodman Completes Acquisition of a Prime 26,000 sqm Development Site in Nagoya, Japan and will Develop a 51,000 sqm Pre-leased Modern Logistics Facility
TOKYO, April 24, 2013 /CNW/ - Goodman Group (Goodman) today announced that the Goodman Japan Development Partnership (GJDP) has acquired a prime 26,000 sqm development site in Nagoya, Japan and will develop a 51,000 sqm logistics and distribution facility on the site. Goodman has separately entered into a 15-year pre-lease with a Japanese third party logistics and transport company over 27,000 sqm, representing 53% of the proposed net lettable area.
Key details include:
- This site is strategically located in Obu City, a prime logistics area, which is a short distance to the Nagoya CBD and Nagoya Port. It is also only 700 metres to the Toyoake Interchange of the Ise-Wangan Expressway, a major transport and logistics route between Tokyo and Osaka
- Construction to commence shortly of a new, modern, 4-storey, ramp access, logistics and distribution facility with 51,000 sqm of net lettable area
A leading Japanese 3PL will occupy 53% of the new facility on a long term lease. Strong customer interest has already been registered for the remaining development space, with no modern logistics space available for lease in this tightly held, predominantly owner occupier market.
Goodman Japan CEO, Mr. Paul McGarry commented: "We have a clear strategy in Japan focused on acquiring prime development sites in key strategic locations. This latest acquisition and pre-lease to a high quality Japanese 3PL, is consistent with this strategy and further demonstrates our proven ability to selectively secure development opportunities via off-market transactions that meet the needs of our customers and investment partners."
Goodman Group CEO, Mr. Greg Goodman commented: "This acquisition is the fourth project in the Goodman Japan Development Partnership, a 50/50 JV with the Abu Dhabi Investment Council. The joint venture's first development project, Goodman Sakai is currently under construction with completion scheduled for March 2014, and we are in advanced negotiations with customers for 87.5% of the building. Customer demand in Japan for modern logistics remains strong and we see significant opportunity given the favourable market dynamics, our strong local platform and the quality of our global customer and capital partner relationships."
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