Sydney-based property fund manager Goodman Group has acquired a 25 percent stake in ATL Logistics Centre Hong Kong (ATL), the world's largest logistics facility.
Goodman's Goodman Hong Kong Logistics Fund (GHKLF) acquired the interest in ATL through a co-ownership arrangement with DP World - one of the world's largest terminal operators. It also got an ownership interest in CSX World Terminals Hong Kong.
Goodman said the acquisition would further consolidate its position as a leading player in the Greater China market.
The co-owners will continue to oversee the management of ATL and the associated container terminal, consistent with the respective expertise of both parties.
The transaction will be primarily funded via a $300 million targeted equity raising by the logistics fund, which has been fully subscribed by its existing investors.
Goodman's Managing Director Greater China, Mr Philip Pearce said: "The transaction cements Goodman's position as a leading player in the Greater China logistics property market. ATL further enhances Goodman's ability to service its global customers across the region and combined with our development pipeline of more than four million sqm in China, Goodman is well positioned to take advantage of opportunities stemming from the continued economic growth in this key market."
ATL is a 13 storey, ramp up logistics facility, constructed in five phases between 1984 and 1994. With a lettable area of 552,000 sqm, it is the world's largest logistics building.
The facility is currently 98 percent leased to 60 customers.
Goodman's Group Chief Executive Officer, Mr Greg Goodman said: "We are delighted with the continued support of our global capital partners. The demand from existing GHKLF investors to participate in the equity raising has been pleasing."
Image: © Getty
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