Goodman Europe Fund Can Invest $1 Billion Post Raising
Stock Chart for Goodman Group (GMG)
(Corrects story published July 9 to say in third paragraph that the fund is Goodman’s largest European real estate investment vehicle.)
Goodman European Logistics Fund can invest as much as 800 million euro ($1 billion) in prime assets after completing a 550 million euro equity raising and a 500 million euro Eurobond sale, according to Goodman Group. (GMG)
Goodman Group will sell down part of its holding in the logistics fund to 20 percent in response to total demand of 900 million euro for the equity raising, the Sydney-based company said in a regulatory filing.
The 1.9 billion euro-fund is the largest of Goodman’s European real estate investment vehicle with a portfolio of 95 assets in 11 countries, Goodman Group said. The fund was the third largest of the managed funds in which the group had a stake as of the end of December.
“We intend to use the proceeds to further strengthen our market position and the ongoing diversification of our portfolio, with a focus on prime assets in key European logistics locations.” Emmanuel Van der Stichele, the fund’s director, said in the statement.
Shares in Goodman rose 1.4 percent to A$4.895 as of 11:30 a.m. in Sydney, while the S&P/ASX 200 Index climbed 1 percent.
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