Goodman Expands Relationship With IKEA Into China

SHANGHAI, CHINA--(Marketwired - Oct 16, 2014) - Goodman Group (Goodman or Group), the global integrated property group which owns, develops and manages industrial space, is pleased to announce that it has expanded its customer relationship with IKEA, signing a lease for 11,000 sqm in the recently completed phase 1 of Goodman Longquan Logistics Centre in Chengdu, Sichuan Province.

IKEA is the biggest home furnishing company in the world, which is founded by Ingvar Kamprad in 1943 in Sweden. Today, there are more than 345 stores in 42 countries. It currently operates 16 stores in 13 cities across China. To meet the many customers' demand in China, IKEA will continue to expand in the country in the years to come.

Philip Pearce, Managing Director Greater China for Goodman, said, "Goodman has built a successful relationship with IKEA in Australia over a number of years. We are very pleased to extend our partnership with IKEA into China and look forward to working closely with them as they continue to grow their business across China."

Mr. Pearce added, "We continue to see growing demand for prime logistics space in Western China, and have invested a significant amount of capital and resources in this region, ensuring we are well positioned to take advantage of market opportunities and deliver long-term return for our customers and investors."

Per Hornell, Area Manager of IKEA Distribution Service Asia Pacific, said, "We highly value our partnership with Goodman and look forward to expanding our business across China with their support. Their well-located, high-quality warehousing facilities will enable us to efficiently scale up our distribution network that will support our growth and meet our customers' demand."

Located in Chengdu National Economic & Technological Zone, Goodman Longquan Logistics Centre is Goodman's first project in Chengdu. Goodman Longquan Logistics Centre is to be developed in two phases. On completion, the overall development will comprise a total of five warehouses, three single-storey warehouses and two double-storey ramped warehouses, providing in total approximately 97,000 sqm of prime logistics space. The project is expected to be delivered in 2015 and has an estimated end value of more than US$ 62 million. Goodman Longquan Logistics Centre is in close proximity to the Chengdu-Chongqing Expressway, making it ideal for IKEA to set up their Western China distribution centre. The phase 1 development comprises 55,000 sqm of gross floor area across three warehouses and has attracted customers such as Best Way Logistics and MaiMaiBao.

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About Goodman

Goodman Group is an integrated property group with operations throughout Australia, New Zealand, Asia, Europe, the United Kingdom, North America and Brazil. Goodman Group, comprised of the stapled entities Goodman Limited, Goodman Industrial Trust and Goodman Logistics (HK) Limited, is the largest industrial property group listed on the Australian Securities Exchange and one of the largest listed specialist fund managers of industrial property and business space globally.

Goodman's global property expertise, integrated own+develop+manage customer service offering and significant fund management platform ensures it creates innovative property solutions that meet the individual requirements of its customers, while seeking to deliver long-term returns for investors

For more information please visit www.goodman.com