Goodman Group completes major lease and asset sale transactions in Europe (EUR)

Goodman Group (Goodman) has announced that it has concluded a number of transactions on its European logistics platform, being:

  • Pre-lease and sale of a 42,700-m² facility on a nine year lease to a leading luxury goods group for €21.6 mln.

  • Leases secured over 182,000 m² of logistics space on behalf of Goodman European Logistics Fund (GELF)

    Goodman has secured a new pre-lease over 42,700 m² in France to a leading luxury goods group on a nine-year term. Simultaneously, Goodman has entered into a forward sale agreement with a leading pan-European listed property group to acquire the logistics facility on completion for €21.6 million (approximately $40.6 million).

    This transaction is consistent with the development focus recently confirmed by Goodman to undertake the highest quality projects whilst minimizing risk and reducing development capital expenditure requirements.

    In addition, Goodman announces that it has secured, on behalf of GELF, a total of seven new leasing transactions equivalent to 144,000 m² over the first three months of this calendar year. Approximately 38,000 m² of pre-committed development projects also reached practical completion during the period. This leasing activity spanned the key European markets of the Netherlands, France and Germany as well as the emerging markets of Slovakia and Poland. The transactions were undertaken with a number of key customers including, Kuehne+Nagel, Nippon Express, Carrefour and DHL Exel Supply Chain.

    Importantly, these lease transactions were completed in line with the previous passing rentals. The occupancy within the GELF portfolio remains strong at 97%, with a weighted average lease expiry of 6.1 years.

    This activity highlights the positive underlying fundamentals in the European logistics market and the underlying demand from Goodman's customers for prime industrial space.

    Source: FD

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