Marketwire.com 10 July 2013
Goodman Group and Canada Pension Plan Investment Board are pleased to announce a US$500 million increase to their equity allocation to Goodman China Logistics Holding, with US$400 million contributed by CPPIB and US$100 million by Goodman.
GCLH was formed in 2009 to invest in high quality logistics properties in prime locations across mainland China. As of June 30, 2013, GCLH has invested in 17 logistics projects in 7 Chinese markets including Shanghai, Beijing, Tianjin, Kunshan, Chengdu, Suzhou and Jiaxing. The portfolio has an occupancy rate of 98.2% with a strong customer base.
The pace of growth experienced by GCLH to date has resulted in the commitment of almost all of the US$1 billion already allocated by CPPIB and Goodman to the joint venture (JV). Given the strong pipeline of new projects available to GCLH, the JV partners have allocated a further US$500 million of new equity to enable it to capitalise on these future growth opportunities. Today’s announcement brings the total equity allocated to GCLH to US$1.5 billion.