HONG KONG, May 31 /CNW/ -- Goodman Group (Goodman or Group) today announces the signing of an agreement with discount supermarket chain, LIDL for the development of a 39,392 sqm logistics facility at Chanteloup-les- Vignes in the Western Paris region.
The development of the new distribution centre will be pre-sold to LIDL France on a forward funding basis for a total consideration of euro 28 million.
Danny Peeters, Goodman's Chief Executive Officer for Continental Europe said, "We are very pleased to be undertaking this important development for LIDL France, which continues to demonstrate Goodman's proven ability to secure attractive deals with high quality customers."
The pre-funded and pre-sold nature of this development is consistent with Goodman's prudent development approach and focus on innovative and flexible sources of capital that significantly reduce the reliance on its own balance sheet.
The new distribution centre will complement LIDL's two existing logistics centres located near Paris and consists of 37,065 sqm of logistics warehouse space, with an additional 2,327sqm of office space.
This transaction highlights the extensive work undertaken by Goodman's French team with land owners, local authorities, customers and contractors to package and deliver a turnkey solution to Europe's largest discount retailer.
"We continue to see strong demand for high quality logistics space in France and across our other European markets. This latest deal further expands our European development pipeline following the 45,000 sqm of new projects announced this month across Germany, Hungary and the Netherlands," Mr Peeters added.
The LIDL development is expected to be completed by July 2011.
About Goodman in France
Goodman currently manages 23 logistics centres throughout France, which represent a total area of approximately 680,000 sqm, predominantly located on the Paris - Lyon - Marseille axis. Goodman also manages three "new generation" business parks: Val d'Europe Business Park and the Air Park Paris-Sud both in Paris region, and Parc Valentine Vallee Verte in Marseille.
About Goodman Group (ASX: GMG)
Please visit: http://www.goodman.com
FD - Financial Dynamics
For further information: For further information: Leila Salimi of FD - Financial Dynamics, +33-1-4703-6862, email@example.com; Danny Peeters of Goodman Europe, +32-2-263-4000 Web Site: http://www.goodman.com