Goodman Group (Goodman) announces that it has concluded two significant transactions on its European logistics platform, being:
Sale of a 102,020-m² logistics development in Germany to Union Investment
Sale of a 26,735-m² warehouse in France on behalf of Goodman European Logistics Fund (GELF) to AEW Europe for 16 million
Goodman has sold a 102,020-m² development at Bad Hersfeld, Germany, to Union Investment Real Estate AG. The development is scheduled for completion in September 2009 and pre-leased on a 10-year term to one of the world's leading online retailers.
In addition, Goodman has sold a 26,735-m² facility on behalf of GELF, near Lille in France to AEW Europe. The facility was completed in June 2007 and is currently leased to a French clothing and accessories retailer.
Goodman Group CEO, Mr Greg Goodman said: "These latest European transactions follow the recently announced sale of a 42,700-m² pre-leased development for Louis Vuitton Moët Hennessy at Récy in France and reflect the strong investor demand for high quality, well located logistics assets, with both transactions completed at approximately book value.
Our ability to continue executing significant deals such as these in the current environment is testament to our proven integrated business model, the quality and scale of our European operations, and our focus on strengthening the capital position of the Group and its Funds platform."