Goodman Group Operations in Japan Are Thriving as Company’s Local Developments Are On-Schedule
- Nov 20, 2014
Tokyo, Japan – Goodman’s undertakings in the Japanese market are all reportedly on track according to plan. The company has already completed a project this month, with two other developments set to come online very soon.
The logistics properties developed by Goodman include Goodman Obu in Nagoya, Goodman Mizue and Goodman Ichikawa in Tokyo Bay, and Goodman Business Park Chiba in Tokyo. Apart from the developments, the Goodman Japan Core Fund completed the second stage of the JPY 40 billion capital raising, which closed almost two times over-subscribed by both new and existing investors, while proceeds from the capital raising were used this year in the acquisition of Goodman Sakai. The balance will be used in the acquisition of Goodman Obu, Goodman Mizue and Goodman Ichikawa from the Goodman Japan Development Partnership.
Goodman Obu in Nagoya is a four-story, ramp up, high specification logistics facility that was completed this November. The property offers up 550,000 square feet of space, and has had considerable success in regards to the leasing process, with a number of Japanese customers expressing interest in the asset. Goodman Mizue in Tokyo Bay is a very similar project, with slightly more space, totaling 645,000 square feet of space. Completion on the four-story facility is scheduled for next month, and the property is already leased up. Also located in Tokyo Bay, Goodman Ichikawa is a 700,000 square-foot, high-specification logistics facility that is set for completion during the first half of next year. About a quarter of the available space at the project is already pre-leased.
The Goodman Business Park Chiba in Tokyo will have an end value of $1 billion across a number of buildings. The project will be built in stages in a growth area of Greater Tokyo. Stage one of the project will be dubbed Goodman Business Park Chiba East, will offer a total of around 1.3 million square feet of space, four-story ramp up, multi-customer, high specification logistics facility. Twenty-five percent of the available space is already under contract, with completion scheduled for March 2016.