Goodman in Good Health with Speedy Success at Lawnswood Business Park, Leeds
19 May 2009
Global integrated property company, Goodman, has let 4,700 sq ft at its Lawnswood Business Park near Leeds to BUPA Care Services, just three months after it acquired the site as part of an equity raising initiative.
BUPA, which has over 300 care homes throughout the UK, offering a range of services for residents, has taken a five year lease on office space at Richmond House, based on the Park, where it will expand its operations in Leeds.
Lawnswood Business Park is a recent addition to Goodman's Arlington Business Park Partnership Fund, which focuses on acquiring mixed commercial properties with good rental prospects and asset management opportunities. The fund currently comprises a portfolio valued at approximately £1.5 bn. In January 2009 Goodman completed an innovative asset-for-equity raising swap, which included Lawnswood, to bolster the long term position of the Fund and succeeded in raising £350 million of additional equity.
James Raven, Development Director of Goodman's UK Business Parks said: "We are excited to secure this new letting so soon after acquiring the Park and to solve BUPA Care Services' business space requirements. This is an important strategic decision for BUPA as it looks to build an even stronger presence in Leeds, and which in turn will undoubtedly be of long term benefit to the local economy."
Phillip Dawson, of DTZ said, "This is further evidence that the Leeds out of town office market continues to show signs of demand."
Located within 10 minutes outside of Leeds city centre, the Lawnswood Business Park is set within 10 acres of landscaped surroundings and offers a variety of office buildings for business that want to be positioned in close proximity to Leeds. It has good communication links and easy access to the UK's transport network.
Goodman has a track record of creating mixed-use environments such as Hatfield Business Park, Gloucester Business Park and Oxford Business Park. It has delivered superior business space solutions for blue-chip customers including Cadbury Schweppes, GMAC, T-Mobile, Oxfam and NATS. In October 2008, Goodman scooped two awards at Property Week's 2008 Office Development Awards, winning the "Best overall development outside central London" and "Best bespoke development outside central London" categories.
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About Arlington Business Parks Partnership
The ABPP is a UK business park fund created in 2003 by Arlington Securities Limited and investment partner Legal and General (L&G). Goodman and L&G manage the fund. ABPP owns and manages a unique portfolio of high quality business parks throughout the UK.
About Goodman Group (ASX: GMG)
Goodman Group is an integrated property group with operations throughout Australia, New Zealand, Asia, Europe and the United Kingdom. Goodman Group, comprised of the stapled entities Goodman Limited and Goodman Industrial Trust, is the largest industrial property group listed on the Australian Securities Exchange and one of the largest listed industrial property groups 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, whilst seeking to deliver attractive long-term returns for investors. In Europe, Goodman has offices in the UK, Germany, the Netherlands, Belgium, Luxembourg, France, Spain, Italy, Poland, Czech Republic, Hungary, Slovakia, Romania and Turkey.
Please visit: www.goodman.com
For further information on Goodman please contact:
Joanna Reid 020 7269 9348 jo.reid@fd.com
Richard Stocks 020 7269 9348 richard.stocks@fd.com
Tilly Shirlaw 020 7269 9352 tilly.shirlaw@fd.com