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Goodman and Abu Dhabi Investment to Buy Warehouses in Japan

Sept. 7 (Bloomberg) -- Goodman Group, Australia’s biggest industrial property trust, said it had partnered with Abu Dhabi Investment Council, a government-controlled fund manager, to buy warehouses in Japan.

Goodman raised $500 million that will enable the fund to acquire more than $1 billion of logistics properties in major cities such as Tokyo and Osaka, according to the statement released today. Goodman also said its Japan Core Fund had received allocations from three global institutional investors, taking external commitments to over $100 million.

“Today’s announcement further demonstrates our successful capital partnering approach with major global investor groups and underscores our strategy of matching third party capital with our growing development pipeline,” said Greg Goodman, chief executive of Goodman, in a statement.

Japan’s distribution centers are drawing investors as the market rebounds from record-high vacancies about two years ago. The vacancy rate for large multi-tenant warehouses in Tokyo metropolitan area fell to 3.6 percent as of June 30, from 5.2 percent in December, as manufacturers seek to improve supply chains and distribution networks following last year’s earthquake, according to CBRE Group Inc.

Goodman’s venture with Abu Dhabi will start with an investment in three development projects in Tokyo Bay and Osaka with a total 250,000 square meters (2.7 million square feet) of gross leasable area.

To contact the reporters on this story: Kathleen Chu in Tokyo at kchu2@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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