This article is from the Australian Property Journal archive
GOODMAN is making significant progress on the roll-out of its development pipeline and is on track to achieve US$3 billion in assets under management.
Goodman entered the US in June 2012, focussing on the core logistics and industrial markets of Inland Empire, Greater Los Angeles, Northern New Jersey and Central Pennsylvania.
Through its investment partnership with Canada Pension Plan Investment Board, Goodman North America Partnership (GNAP), the group has total committed equity of US$2 billion, with a current development and investment pipeline of US$1.7 billion. This will provide 15.1 million sq ft of prime warehouse and logistics space across 12 sites. Including sites in various stages of acquisition, this pipeline is expected to exceed US$3 billion in the short to medium term.
CEO Greg Goodman said the JV are excited by the growth outlook and momentum of the US platform.
“Particularly pleasing are the development sites we have secured in prime locations, together with the world class real estate we are currently developing. The quality of our focused product and service offering is highlighted by the high profile customers committing to these projects, including Georgia-Pacific at our recently completed Goodman Logistics Center Rancho Cucamonga in the Inland Empire West market,” he added.
Goodman’s US achievements include the completion of its first logistics centre at Oakland, California in May 2014, which was subsequently sold to a US investor in an off market transaction.
To date, Goodman has completed 2.2 million sq ft in the Inland Empire West market in Southern California and currently has three active projects in the Inland Empire West market and Greater Los Angeles, totalling 2.3 million sq ft. Across these sites, commercial terms have been agreed for over 50% of the available space.
Australian Property Journal
