HONG KONG: Goodman Group (Goodman or Group) has announced the signing of an
agreement with discount supermarket chain, LIDL for the development of a
39,392 sqm logistics facility at Chanteloup-les-Vignes in the Western Paris
region.
The development of the new distribution centre will be pre-sold to LIDL
France on a forward funding basis for a total consideration of euro 28
million.
Danny Peeters, Goodman's Chief Executive Officer for Continental Europe
said, "We are very pleased to be undertaking this important development for
LIDL France, which continues to demonstrate Goodman's proven ability to
secure attractive deals with high quality customers."
The pre-funded and pre-sold nature of this development is consistent with
Goodman's prudent development approach and focus on innovative and flexible
sources of capital that significantly reduce the reliance on its own balance
sheet.
The new distribution centre will complement LIDL's two existing logistics
centres located near Paris and consists of 37,065 sqm of logistics warehouse
space, with an additional 2,327sqm of office space.
This transaction highlights the extensive work undertaken by Goodman's
French team with land owners, local authorities, customers and contractors to
package and deliver a turnkey solution to Europe's largest discount retailer.
"We continue to see strong demand for high quality logistics space in
France and across our other European markets. This latest deal further
expands our European development pipeline following the 45,000 sqm of new
projects announced this month across Germany, Hungary and the Netherlands,"
Mr Peeters added.
The LIDL development is expected to be completed by July 2011.
About Goodman in France:
Goodman currently manages 23 logistics centres throughout France, which
represent a total area of approximately 680,000 sqm, predominantly located on
the Paris - Lyon - Marseille axis. Goodman also manages three "new
generation" business parks: Val d'Europe Business Park and the Air Park
Paris-Sud both in Paris region, and Parc Valentine Vallee Verte in Marseille.
