Goodman to invest EUR300m in Turkish real estate market
08 December 2007
The Goodman property group yesterday published its plans to invest 300 million euros in Turkish real estate for logistics in the next two to three years. The first step in Goodman's plans in Turkey is a 140,000 square meter logistics centre in İzmit. The 50 million euros project is expected to be complete by the end of 2009. Goodman currently has 23.1 billion euros of assets under management.
It has been estimated that there is a two million square meters shortage of logistics space in Turkey at present. Construction of the İzmit warehouse will start in January 2008. The first phase of the project will be complete by mid-2008, and the whole project by the end of 2009. The warehouse will consist of 13 units, which Goodman will rent to one or several companies. The clients of Goodman abroad include international companies such as DHL, Sony and Amazon.