Tag Archives | world property

World property F13Jan17 – Laing O’Rourke works out of trouble, Bovis performance drops

Laing O’Rourke chief sees turnaround after big loss
Bovis UK chief quits after profit warning

Laing O’Rourke chief sees turnaround after big loss

Laing O’Rourke plc, the UK’s largest privately owned construction company, which also has a big international presence, made a £246 million loss in the March 2016 year, but chief executive Ray O’Rourke said the group had turned its performance around and was set to return to profit in the March 2017 year.

UK publication Building said this week Laing O’Rourke Construction Ltd, the group’s UK construction business, wrote down 3 projects it had won in 2013 by £26.6 million and that division had made a £141.3m million pretax loss.

Laing O’Rourke has 2 business hubs – a London base for projects in the UK, the Middle East & Canada, and an Australian hub which also handles Hong Kong and its so-far-limited entry into Auckland.

The Building website said Mr O’Rourke had made no mention in his latest client newsletter of earlier plans to sell the £1.5 billion-turnover Australian business.

Building, 9 January 2017: Laing O’Rourke suffers £141 million UK construction loss
Laing O’Rourke

Bovis UK chief quits after profit warning

UK residential construction company Bovis Homes Group PLC’s chief executive, David Ritchie, will leave next month after the company issued an unscheduled profit warning over Christmas.

Mr Ritchie was in charge for 8 years. Finance director Earl Sibley will take over as interim chief executive.

Bovis blamed operational issues when it said on 28 December it expected to legally complete 180 fewer houses than anticipated, down to a range of 3950-4000.

The company said in its December release it had actually built 4200 houses during the year, up 7%, adding: “The average sales price of the homes legally completing in 2016 is expected to increase by around 10% (2015: £231,600), driven by improved mix and increased underlying market pricing.”

Analysts had forecast pretax profit of about £183 million for 2016, but Bovis said that would fall to a range of £160-170 million. The company will report its full annual results on Monday 20 February.

Building, 9 January 2017: Bovis boss quits 12 days after profit warning
Bovis Homes

Attribution: Building, Guardian, Laing O’Rourke, Bovis

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property W19Oct16 – Senator quits after housing company liquidated, spruiker McIntyre banned

Senator quits Parliament after liquidators take over his building company
Spruiker Jamie McIntyre banned for a decade

Senator quits Parliament after liquidators take over his building company

day-sen-bobAustralian senator Bob Day announced his resignation from Parliament on Monday after liquidators took control of his national building business, Home Australia Pty Ltd, with work on 207 new houses stalled.

Mr Day tried unsuccessfully to get elected under the Liberal banner in 2007 and switched to the Family First party, winning Senate election in 2013 and re-election in July this year.

His departure is a problem for Prime Minister Malcolm Turnbull – although a replacement Family First senator might follow a similar policy line – because Mr Day was a strong supporter of the Government’s hardline anti-union industrial platform, reintroducing the Australian Building & Construction Commission bill and another bill creating a new union regulator.

He chaired the Bert Kelly Research Centre (opposing protectionism) in Adelaide for 5 years, was a director of the Centre for Independent Studies (a free market supporter) for 3 years, inaugural president of Independent Contractors of Australia for 6 years, and has written & campaigned about housing affordability.

But he’s left his business in turmoil, particularly in New South Wales, where Home Australia subsidiary Huxley Homes had 56 houses under construction.

Mr Day said in a statement to the ABC it had been a privilege to be a senator, “but would be untenable to stay in parliament”. Although he’s 64, he added: “I will start again and repay all debts.”

Mr Day said to Home Australia staff in an email yesterday: “While 4 members of the group all posted a profit in 2015-16, problems & losses associated with Huxley Homes … has seriously undermined the group’s balance sheet & ability to continue trading.”

But it wasn’t an overnight collapse. The ABC said that, as Mr Day was entering Parliament in 2013, an independent auditor found Home Australia’s liabilities exceeded its assets by nearly $A31 million.

Mr Day tried to rescue the company last year by selling a 75% stake to a Philippine investment firm Goshen Capital Resources and said the funds should have been transferred last week. But, he told staff in his email: “As evidence of its ability to complete the deal, Goshen’s CEO Mr Anselmo Nolasco, produced documentation purportedly from HSBC. After several high level enquiries over recent days it became clear the document was fraudulent.”

The West Australian newspaper also quoted Mr Day from that email: “I built my first house in Adelaide in 1979. By 1990 Homestead [his original company] was SA’s largest homebuilder and has been profitable every year since, for which I am very proud. But I made 2 big mistakes – 1. Buying Huxley Homes and 2. Going into politics without putting in place a proper management structure for the business.”

Earlier story:
17 October 2016: World property M17Oct16 – Senator fights to save his housing business

The Guardian, 17 October 2016: Family First senator Bob Day quits after business collapses
ABC, 18 October 2016: Bob Day: Hundreds of homes in doubt as senator’s building company collapses

Spruiker Jamie McIntyre banned for a decade

Jamie McIntyre.

Jamie McIntyre.

The Australian Federal Court banned property spruiker Jamie McIntyre & his brother Dennis on Monday from holding corporate roles, and from offering financial services, for the next 10 years.

Justice Robert Bromwich also ordered Jamie McIntyre’s main business, 21st Century Group (not a company, but there is an unrelated company of the same name) to be liquidated, along with several entities which are registered companies.

The judge said liquidators had failed to locate over $A7 million invested in options on 5 schemes earmarked for sites on the outskirts of Melbourne, Bendigo & Townsville. Justice Bromwich said the landbanking projects were unregistered managed investment schemes, and that the 2 brothers & their companies had unlawfully conducted an unlicensed financial services business.

Jamie McIntyre’s 21st Century Group website describes him as the founder of the 21st Century Australia Party, and says he founded over 12 companies employing almost 100 staff & franchisees that turned over in excess of $A40 million/year.

Mr McIntyre fought back against his prosecutors & critics, using a news website he set up 2 years ago under his 21st Century banner, the Australian National Review, where he wrote his own columns and was interviewed.

3 articles show how he turned the attack back against ASIC (the Australian Securities & Investments Commission), Fairfax Media & the Age property editor Simon Johanson (whom he accused of planting dozens of false articles about his activities) and senators. The articles (link below): ASIC exposed for attempting to cause $A5.5 million in investor losses to frame one of its biggest critics, ASIC does nothing as Fairfax Media lose investors almost half a billion in failed property projects, and ASIC gets lashed by furious land banking investors.

Although Mr McIntyre referred to Mr Johanson as “disgraced”, Mr Johanson appeared to be still writing today.

21st Century Australia Party
McIntyre blog
Jamie McIntyre Exposed
24 March 2016: Injunction orders
Australian National Review interview of McIntyre: Fairfax Media and ASIC to face class actions by angry investors
The Age, 18 December 2015: Watchdog moves on Henry Kaye-linked scheme

Attribution: Guardian, ABC, Age, Sydney Morning Herald, McIntyre websites

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property M17Oct16 – Senator fights to save his housing business

Australian senator’s housing business teeters

Australian senator Bob Day, federal chairman of the Family First Party and elected under its banner in 2013 and again in the double dissolution this year, is fighting to save the New South Wales division of the national housing group he established from his base in Adelaide.

Senator Day, national president of Australia’s Housing Industry Association before his election to the Senate in 2013, said on 29 September in response to inquiries & stories by the Australian newspaper, he left the building business when he was elected.

He wrote: “Let’s be clear about 2 things here. Firstly, when I became a senator I left the building business. I only stepped back in to help after others’ poor management decisions affected some customers & suppliers.”

The Sydney Morning Herald reported on Saturday that the senator’s New South Wales business, Huxley Homes, applied to have its licence renewed – “even though the company last week ceased all work on the homes of its 61 clients because it has no cash”.

The newspaper said Huxley was about to be evicted from its Sydney offices after falling months behind on rent, and the senator refused to answer questions about the company’s solvency. He’d also turned up for only 3 of Parliament’s 11 sitting days since the July election.

Senator Day was made an officer of the Order of Australia in 2003 for services to the building industry & social welfare, particularly the homeless.

He wrote the introduction in January to the annual Demographia report that rates housing affordability internationally, saying that rising unaffordability was a contrived crisis: “It is important to remember that the ‘scarcity’ that drove up land prices is wholly contrived – it is a matter of political choice, not geographic reality. It is the product of restrictions imposed through planning regulation & zoning… Quite apart from the economic foolishness of it all, it is morally wrong for legislators to be enriching some (established home owners) while impoverishing others (first home buyers).”

Earlier story:
25 January 2016: Australian senator says affordability crisis ‘contrived’

SBS, 12 October 2016: Exclusive: HomeWorld evicts Senator Bob Day the builder

Attribution: SBS, Sydney Morning Herald, Twitter, Huxley Homes.

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property W5Oct16 – Henderson & Janus form $US6 billion asset manager

Henderson & Janus agree merger terms

UK asset manager Henderson Group plc agreed on Monday to buy out US counterpart Janus Capital Group Inc in an all-share deal to create Janus Henderson Global Investors plc.

Henderson will pay $US2.61 billion in a share exchange. Each Janus share will be worth 4.7190 new Henderson shares and the result will be a new company owned 57% by Henderson shareholders, 43% by Janus shareholders.

It will have market capitalisation of about $US6 billion and $US320 billion of assets under management.

The companies propose New York as the new entity’s primary listing, and retaining Henderson’s Australian listing.

The merged company looks like having 54% of its assets under management in the US, 31% in Europe, the Middle East & Africa, 15% around Asia.

In the year to December 2015 their combined revenue was $US2.2 billion, underlying ebitda $US700 million.

Senior executives have been drawn from both Henderson & Janus, but the chief executive position will start out as a joint role held by Dick Weil (Janus) & Andrew Formica (Henderson).

Janus’s largest shareholder, Dai-ichi Life Insurance Co, will hold 9% of the merged entity but said it intended to raise its holding to 15%.

The Wall Street Journal noted that Henderson would gain access to the investment knowledge of Bill Gross, a founder of global funds manager Pimco (the Pacific Investment Management Co) in California in 1971, but left it abruptly in September 2014 to join Janus. Pimco is now part of the Allianz Group.

Henderson also said the deal would enable it to sell its European stock- & fixed-income products in the US.

Henderson presentations

Attribution: Henderson, Wall St Journal

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property M1Aug16 – Aqualand grows Sydney portfolio, Saudis buy US farmland

Chinese developer Aqualand buys 9th Sydney site & touted for $A1.5 billion Barangaroo project
Saudis buy US farmland for animal feed

Chinese developer Aqualand buys 9th Sydney site & touted for $A1.5 billion Barangaroo project

Mingtiandi reported on Friday that Aqualand Projects Pty Ltd – described as a “transplanted” Chinese developer – bought its 9th site in Sydney for $A105 million.

Managing director Lin Jin joined family company Shenglong Group (now headquartered in Shanghai) in 2007 and established Aqualand Australia in 2014 with a mix of Chinese & local executives. Its chief financial controller, Rhyson Li, began his career at PricewaterhouseCoopers and was previously chief financial controller of the China Hydroelectric Corp, an energy company listed in the US.

Lin Jin’s father, Lin Yi, founded Shenglong in Fujian in 1999 and, by 2013, had 30,000m² of projects internationally worth $US25 billion, developing highrise office buildings, high-end urban residential spaces & 5-star hotel complexes in Asia, Europe, the UK, North America & Australia. In the US, Lin Yi partnered with his cousin, Los Angeles businessman Joseph Lin, to form City Century LLC.

The new Sydney project is to convert the Samsung office building at Milsons Point into upmarket apartments. It’s across the harbour bridge from the cbd and was bought from local investor Barana Group for $A140 million.

Aqualand & local partners Grocon Pty Ltd & Westfield malls owner Scentre Group were also being touted this month to win the bidding for the $A2 billion 5.2ha Central Barangaroo project, the last piece of the $A6 billion Barangaroo redevelopment of naval & commercial shipyards between the Sydney Harbour Bridge & Darling Harbour.

Central Barangaroo will contain 150,000m² of office, retail & residential developments, plus public amenities including the Sydney Steps, a project to link residential to commercial centres.

Mingtiandi, 29 July 2016: China’s Aqualand buys 9th Sydney site for $105 million
Mingtiandi, 21 July 2016: China’s Aqualand said to win bid for Sydney’s $US1.5 billion Central Barangaroo project
Mingtiandi, 24 May 2015: Chinese developer plans $100 million La Condo Tower, buys 2 Sydney sites – on same day

Saudis buy US farmland for animal feed

CNBC reported in January on Saudi land purchases in the US south-west to grow feed for dairy herds back home – similar to Chinese purchases in New Zealand to supply milk back home, and not raising attention until the regions the Saudis have focused on became afflicted by drought.

Saudi companies grow alfalfa hay in California & Arizona for shipment home. Private company Fondomonte California bought 1790a (724ha) at Blythe, on the Colorado River in California, in January for $US32 million, 2 years after its parent, food company Almarai, bought 4000ha 80m away in Arizona for $US48 million.

Link: Saudi Arabia buying up farmland in US Southwest

Attribution: Mingtiandi

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property M11July16 – Chinese in project round LA station, Shanghai land price spirals, Post-Brexit bargains

Chinese giant plans 1500-home Los Angeles station project
$NZ8790/m² for suburban Shanghai residential site
Asians shop for Brexit bargains

Chinese giant plans 1500-home Los Angeles station project

Chinese state-owned developer Greenland Group, which has large projects in Melbourne & London, has also been making its presence felt in Los Angeles.

It has the $US1 billion Metropolis project underway in downtown Los Angeles and has teamed up with CBRE unit Trammell Crow to form a public-private venture with the Los Angeles County Metropolitan Transport Authority to develop nearly 6.5ha around the North Hollywood light rail station.

The consortium has won first-round approval for its proposal for up to 1500 homes & 42,000m² of office space in a total 232,000m² of development.

The transport authority is expected to vote on the proposal by the end of 2018, for work to start in 2019.

Mingtiandi, 4 July 2016: China’s Greenland Group plans 1500 new homes in North Hollywood

$NZ8790/m² for suburban Shanghai residential site

In China, the latest in a string of ever-rising land prices paid at government auctions for suburban sites in Shanghai is RMB2.44 billion ($NZ500 million) for 56,886m² ($NZ8790/m²) in the Xinchang township, Pudong.

Cofco Property Investment of Beijing paid a 235% premium over the auction minimum, equivalent to $NZ7149/m² gross floor area, $NZ7600/m² once infrastructure & the 5% reserved for affordable housing are taken into account.

Mingtiandi, 4 July 2016: Cofco Property beats out 20 rivals to pay $368 million for suburban Shanghai site

Asians shop for Brexit bargains

Immediately post-Brexit, I mentioned that speculators would take up some of the slack as the pound sterling dived. This article gives some details.

Mingtiandi, with link to Reuters story, 7 July 2016: Asian investors seen shopping for Brexit bargains

Attribution: Mingtiandi.

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property W18May16 – Retail/ apartment complex ownership splits

Joint venture buys Washington retail & apartment complex

Real estate investment trusts Regency Centres Corp & AvalonBay Communities Inc have bought the 4ha Market Common Clarendon retail & apartment complex in Arlington, Virginia – across the Potomac River from Washington DC – from TIAA Global Asset Management for $US406 million.

Regency is a national owner, operator & developer of grocery-anchored shopping centres and AvalonBay develops, redevelops & manages apartments.

TIAA, until 2 months ago, was the Teachers Insurance & Annuity Association of America-College Retirement Equities Fund. It manages $US854 billion of assets.

Regency has paid $US285.7 million for the 28,000m² of retail at Market Common Clarendon & an adjacent vacant 9300m² building identified for redevelopment (originally intended to be townhouses), and AvalonBay $US120.3 million for the 15-year-old development’s 300 apartments.

AvalonBay owns directly or indirectly 282 apartment communities containing 83,049 apartments in 10 states & the District of Columbia. 24 of those are being built & 11 are being rebuilt.

CBRE manages the commercial areas and Bozzuto Management Co the apartments, which range from 52m² studios to 170m² 3-bedroom terraces.

McCaffery Interests Inc opened Market Common Clarendon in 2001 and completed its 3-stage development 2 years later. It’s won several major awards, including an Urban Land Institute excellence award in 2005, and was on the cover of the institute’s 2006 report, Compact development: Changing the rules to make it happen.

Links: American Planning Association, Great places in America
Great Places, Clarendon-Wilson corridor, Arlington
McCaffery Interests, Market Common Clarendon
Urban Land Institute, Compact development: Changing the rules to make it happen

Attribution: Regency, AvalonBay, McCaffery, Urban Land Institute, American Planning Institute

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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Propbd economic update Sun1May16 – Rethinking boundaries, Silk Road unity

Rethinking boundaries
Silk Road tourism draws 14-nation support

Rethinking boundaries

6 maps that will make you rethink the world: The Washington Post’s heading above Ana Swanson’s story on how you might look very differently at the shape of this world – economically, geographically, geologically, climatically, but not nationally or bound by state borders – took me to a surprise in the many comments from the “middle” people for whom change arouses fear of a threat rather than joy at an advance.

I like this kind of information for the opportunities it points to, for how access & economic development can be restructured. Mind you, it takes a leap beyond the wrangling over whether humans are causing an excess of climate change, to a position of regarding Canada & Russia as places of the future because they’ll be growing all the crops to feed to people in the new desert.

One of the maps divides the US into 7 regions, ignoring state boundaries and introducing high-speed rail corridors, 2 of these running straight up-country from Galveston in Texas and New Orleans.

Another map includes Canada & Mexico, reinforcing the point of the rethink exercise instead of allowing thinking to stop at the border, because there is plenty of work going on to create some of those redirectional corridors.

Other maps are global, showing the megacities which the subject of the article, global strategist Parag Khanna, sees being the focus of economic growth, another by New Scientist in 2010 of the world 4°C warmer.

For me, both the article & Parag Khanna’s work open the mind to what might be quite different futures from the tracks we’ve been following, but 2 comments of the many under this story summed up the entrenched views many Americans display wherever change is discussed: “Adapt or die”, followed by this retort: “You will be assimilated. Resistance is futile.”

Washington Post, 29 April 2016: 6 maps that will make you rethink the world
Parag Khanna, Connectography
New Scientist, 29 November 2010: Royal Society paints picture of world 4°C warmer

Silk Road tourism draws 14-nation support

Another exercise last week which involved a great deal of rethinking was a meeting of the UN World Tourism Organisation Silk Road task force in Urmia, Iran, where participants agreed to advance joint marketing, training, infrastructure development & visa facilitation.

Oddly China, the biggest campaigner to revive the Silk Road linking Asia & Europe, wasn’t listed as attending, while some of those that did attend could hardly be counted as friends, at least at the moment – Bulgaria, Croatia, Georgia, Indonesia, Iran, Iraq, Kazakhstan, Mongolia, Pakistan, Russia, Spain, Turkey, Ukraine & Uzbekistan.

World Tourism Organisation executive director Zoltán Somogyi said a growing number of countries were prioritising the Silk Road in their economic development strategies. “There is also an increasing demand for transnational tourism routes & itineraries globally from the perspective of both public & private sectors and we must maximize this trend.”

Iranian vice-president Masoud Soltanifar said: “We hope to co-operate with other countries, while bridging information dissemination, commercial & trade co-operation & cultural exchanges. In doing so, we will contribute to the promotion of the modern Silk Road spirit – contributing to world peace & development.”

Priorities are to develop a Silk Road app and enhancing joint management of Silk Road heritage corridors through the unification of heritage guide & heritage protection standards.

Earlier stories:
Propbd economic update M8Feb16 – Big investors’ targets, ETFs to keep growing, Chinese planner positive, Portents of crash, Silk Road, global way forward
World property Wed14Oct15 – LJ Hooker IPO, Goodman UK fund, Silk Road forum
World property T2Jun15 – Stepping stones across Central Asia

Attribution: Washington Post, Patag Khanna, New Scientist, UN World Tourism Organisation

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World property W27Apr16 – BHS & Austin Reed collapse, C&W sees retail growth in Europe

2 UK retail chains collapse
London stays top target for European retail development

2 UK retail chains collapse

2 British retailers which have been teetering on the verge of collapse for over a year had administrators appointed to them on Monday & Tuesday.

Yet, last week, real estate consultancy Cushman & Wakefield reported a strengthening European market for retail development, with London as the top target because of low retail density and growing sales.

From the 2 collapses and the brighter outlook in the C&W report, it appears the future for staid UK stores is dim, but bright for mall developers offering livelier outlets.

In investment terms, retail property throughout Western Europe, including Scandinavia, is a tradeable commodity, while the new malls of Central & Eastern Europe are being developed in a vacuum.

BHS & Austin Reed fail

The British Home Stores chain was the first of the UK retailers to go, when it couldn’t find £60 million in emergency funding to pay wages & rent. It has 164 stores and about 11,000 staff.

Topshop owner Sir Philip Green, who heads the Arcadia Group, sold BHS last year to the Retail Acquisitions consortium for £1, along with debts exceeding £1.3 billion and a pension fund deficit of £571 million.

Alix Partners were appointed administrators yesterday of menswear chain Austin Reed, which moved out of its flagship London store at 113 Regent St in 2011 and agreed to sell 31 stores in February last year after securing a voluntary arrangement with its creditors. Specialist retail vehicle Alteri Investors provided financial backing last year and recently took control of the group. Austin Reed still has 100 stores, 50 concessions and almost 1200 staff.

Europe Real Estate, 27 April 2016: Austin Reed falls into administration
Independent, 26 April 2016: BHS collapse confirmed by administrators putting 11,000 UK jobs at risk
UK Press Association in Daily Mail, 27 April 2016: More jobs at risk as menswear chain Austin Reed follows BHS into administration

London stays top target for European retail development

Cushman & Wakefield is predicting, in research out a week ago, that development of European shopping centres will continue at a steady rate over the next 2 years after a quiet 2015.

The consultancy is forecasting delivery of 9.1 million m² in 2016-17, double the 4.6 million m² delivered last year.

€15.5 billion was invested in European shopping centres in the second half of 2015, up 16.6% on the second half of 2014. 45% of total trading volumes was in UK & German properties.

London retained top position as a development target because of its low shopping centre density of 231.2m²/1000 people, and forecast strong retail sales growth of 15.8% through to 2020. Retail sales in Madrid & Barcelona are expected to grow 12% by 2020, compared to only 6% in core German cities and 7.5% in core French cities.

The research paper put current stock in Western, Central & Eastern Europe at 1 January 2016 at 156 million m² after 3.3 million m² was added last year, and the development pipeline through to the end of 2017 was 9.12 million, of which 5.26 million m² would be added to the much smaller Central & Eastern European market.

Cushman & Wakefield, 18 April 2016: European shopping centre development report

Attribution: Various UK news outlets, Europe Real Estate, Cushman & Wakefield

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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World property W20Apr16 – Goodman continues Chinese growth

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.

Attribution: Goodman

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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