Goodman Group and Canada Pension Plan Investment Board, a private equity company, have announced a $500m increase in their equity allocation to their Goodman China Logistics Holding (GCLH) joint venture, with $400m contributed by CPPIB and $100m by Goodman.
With this increase, the joint venture partners have allocated a combined US$2bn to invest in and develop logistics space across mainland China. As at September 30, 2014, GCLH has invested in 27 logistics projects in 10 Chinese markets including Shanghai, Beijing, Tianjin, Kunshan, Chengdu, Suzhou and Jiaxing. The portfolio has an occupancy rate of 97%.
Greg Goodman, Goodman Group’s Chief Executive Officer said, “With this increase in equity allocation our China platform will be able to expand its footprint in one of our biggest growth markets.”
Goodman currently has approximately 800,000 sq m of developments underway in a number of cities across China. It has a land bank of 4.3m sq m, which the company claims will enable it to meet its development plans in China for the next three years.
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