Goodman agrees to first development and investment sale in Sweden (SE)

Goodman has commenced the development of a pre-committed 21,500 m² distribution centre on behalf of Staples, formerly known as Corporate Express, the world's largest office products company. Goodman is working together with longstanding contractor partner NCC to construct the new facility, which is expected to be completed by autumn 2010.


The new facility is expected to be completed by autumn 2010.

The bespoke distribution center being constructed for Staples is on a 47,934 m² site, which is strategically located in Växjö, Sweden. It will enable Staples to consolidate its existing warehouse operations in Växjö and Borås into a single facility that will include 24 loading docks and 1,600 m² of office space. The Växjö site is accessible by the RY 30 highway and is adjacent to the local airport.

The new warehouse will benefit from a number of energy efficient and sustainable features including extra insulation and an energy efficient lighting system. Sustainable development is deeply ingrained in the way Goodman operates, providing excellent working environments for their customers while delivering high performance returns. Both Goodman and Staples are committed to developing and operating an environmentally conscious building.

Goodman's existing relationship with Staples, combined with the quality of its product, technical knowledge and customer service, was key in their decision to select Goodman to develop the facility on its behalf in Sweden. This latest development follows the completion by Goodman in 2008 of a 45,000 m² warehouse facility for Staples in Waldlaubersheim, Germany.

In a separate transaction, Goodman has agreed terms to sell the completed development to Swedish investor Hemfosa Fastigheter for circa SEK 140 million (approx. €13.7 mln.). The investment sale is in line with Goodman's active asset management strategy, which includes the provision of experienced development and property management capabilities to third-party investors. Catella has acted as an advisor to Goodman in this sale transaction.

Goodman Regional Director Valérie Vanbiervliet said: "This project has three-fold significance for us, as it is our first development in Sweden, our second for Staples and our latest sale to a third-party investor. It draws together a combination of expertise provided by Goodman's distinctive asset management strategy and our model of providing multi-territory, customer-focused property solutions."

Per Gundersen, Managing Director of Staples, Sweden said: "We are delighted to be working with Goodman who, having already delivered a major facility for us in Germany, has a good understanding of our requirements, backed by significant development expertise within the logistics sector."

Jens Engwall, Managing Director of Hemfosa Fastigheter AB (publ) said: "We are happy to expand our portfolio with this new high-quality building and its long term lease with solid international company Staples and internationally renowned property group, Goodman and look forward to the start of a broader cooperation."

Source: FD

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