[photopress:real_estateAustraland.jpg,full,alignright]Construction firm Australand has entered into a joint venture with CapitaLand to invest in, develop and manage industrial and logistics properties.
The new entity will enter one of the fastest growing logistics market in the world and plans to expand into the high growth Asian markets with the initial focus on China.
The joint venture will identify suitable development sites for projects, in which CapitaLand will own a 51% stake and Australand the remaining 49%. CapitaLand is one of the largest property companies in Asia with a market capitalization of US$12.24 billion and is Australand’s 54% majority shareholder.
Australand Chief Executive Bob Johnston says Australand has a track record and expertise in designing, developing and managing industrial and logistics properties in Australia while CapitaLand has a vast network, human and financial resources, as well as a significant development footprint in Asia.
He said, ‘We are already one of the largest industrial property developers in Australia, having developed over one million square meters of industrial and business park space over the past three years and have a forecast of 424,000 square meters in progress in 2008.
‘The opportunities in Asia are extensive and we expect the joint venture to identify projects that will leverage on our knowledge and reputation in this sector.’
Source: Supply Chain Review