News: GMG UPDATE 1-Australia's Goodman Group to develop $2.7 bln Narita airport cargo project

(Adds CEO comment in 4th paragraph)

Australia's Goodman Group (GMG) will develop a 70 hectare site for air cargo logistics at Japan's Narita International Airport in a project estimated to be worth about A$4 billion ($2.7 billion), it said on Thursday.

The project is due to be finalised by 2029 at a similar time to the planned completion of the airport's third runway,

In a statement Thursday, Goodman said the project was designed to streamline cargo operations in and out of the airport.

"We’re in the early stage of planning so the end value is yet to be determined, but it should be in a similar size and scale to Goodman Business Park Chiba, which is approaching $4 billion," Goodman's chief executive Greg Goodman said regarding the value of the Narita project.

Goodman's Chiba business park is an industrial property and data centre hub which covers 50 hectares of land and is nearing completion.

Goodman said it now has an A$10 billion ($6.65 billion)development pipeline in Japan