Goodman opens 11ha Shanghai facility 97% leased
Sydney-based Goodman Group opened its 11ha Goodman Qingpu Centre industrial & business facility in a state-level development zone in Shanghai, the Zhangjiang Qingpu Hi-Tech Park, last Wednesday amid plentiful indications of further business.
It’s the group’s first 3-storey distribution facility in China and, by completion, it had achieved 97% occupancy with leases to 3 companies:
- 63,130m² to e-commerce company JD.com, an existing Goodman customer in Tianjin, Kunshan & Chengdu
- 22,602m² to Shanghai Kuichun Industry, a nationwide distributor of imported food & beverage products, and
- 21,155m² to Japanese distributor & supply chain company Kintetsu World Express.
Goodman Group, cornerstone unitholder & manager of the NZX-listed Goodman Property Trust, manages 432 properties internationally, worth $A33.4 billion, and 41 properties worth $A7.5 billion in greater China (including Hong Kong & Taiwan).
Chief executive Greg Goodman said the group had a Chinese development work book of 17 projects totalling 800,000m²: “An increasing number of our developments are preleased, indicating the maturity of the market as more companies incorporate their future property space needs into their overall business planning. Goodman has received encouraging demand with over 60% of these projects precommitted, with a high level of inquiry on the balance of the space, from both local & international customers.”
Goodman & the Canada Pension Plan Investment Board increased their equity allocation to the Goodman China Logistics Partnership by $US1.25 billion in December to take advantage of the current operating conditions and undersupply of prime industrial space in China.