Goodman withdraws from Central and Eastern Europe. It wants to focus on other markets
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Goodman European Partnership and the Goodman Group have signed an agreement to sell all their assets in Central and Eastern Europe, the company announced in a press release. The GLP Group bought them for nearly €1 billion.
Logistics centres and warehouses were sold in Poland (the company’s portfolio includes Goodman Poznań IV Airport Logistics Centre, a warehouse park near Szczecin and Goodman Kraków Airport Logistics Centre), in the Czech Republic, Slovakia and Hungary. Instead of in this region, Goodman wants to expand in Western Europe.
We will use the proceeds from this transaction to expand our business in Germany, France, Spain, Italy and the Benelux countries, where we see a strong demand for industrial real estate with a high entry barrier and low land supply,” said Philippe Van der Beken, General Manager, Goodman Continental Europe.
“The sale does not affect Goodman CEE’s obligations to existing customers and business partners, nor does it affect projects currently underway. After closing the transaction, Goodman’s team in Poland (and other countries indicated in the announcement) will operate as GLP,” adds magazyny.pl, referring to information provided by the company itself.
According to Goodman itself, it could still exceed €28.8 billion in total assets under management in June this year.
This transaction has yet to be approved by the regulatory authorities.