Australia's Goodman unveils US$390 million HK project

SYDNEY: Australian property firm Goodman Group and its unlisted fund, Goodman Hong Kong Logistics Fund, will develop a US$390 million (RM1.33 billion) warehouse and distribution project in Hong Kong, aiming for growth in China.

Goodman said on Dec 9 the project, located at Tsing Yi in Hong Kong's port district, will have 222,000 sq m of warehouse space.

It is expected to cost A$430 million and deliver a forecast yield on cost of 9%.

Goodman has already tied up with the Canada Pension Plan Investment Board (CPPIB) to expand its China business and has formed a capital tie with sovereign wealth fund China Investment Corp. – Reuters
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