Goodman European Logistics Fund (GELF or Fund) has raised €550 million of new equity, completing an equity raising process which received total demand in excess of €900 million.
The majority of the equity was raised via a rights issue to existing investors, with additional equity raised in response to the strong demand from new investors. Separately, to facilitate the excess demand, Goodman Group will sell down part of its holding in GELF, which will result in Goodman Group holding an investment of approximately 20% in GELF on completion of the transaction.
Greg Goodman, Goodman Group CEO said: “We are very pleased with the strong support from investors. It is a clear endorsement of GELF’s offering and corporate governance model. The overwhelming demand for the equity raise reflects the Fund’s high quality portfolio and the attractiveness of the European logistics property market to large institutional investors.”
Emmanuel Van der Stichele, Fund Director, Goodman European Logistics Fund (GELF) said: “With its pan-European diversified portfolio, proven strong operational track record and access to new prime logistics assets, GELF presents an exceptional opportunity to invest in the European logistics real estate market.”
The GELF equity raising follows the completion of the Fund’s successful €500 million inaugural Eurobond issuance in March of this year, bringing total new capital raised in the first half of the 2013 calendar year to over €1 billion. GELF is now well positioned for future growth with over €800 million of capacity to invest.
“The success of the equity raise will further underpin GELF’s strong position as a leading logistics fund in Europe and ensure it continues to take advantage of a range of active opportunities. We intend to use the proceeds to further strengthen our market position and to continue to diversify our portfolio, with a focus on prime assets in key European logistics locations,” Mr Van der Stichele added.
GELF is Goodman Group’s largest European real estate investment vehicle. The €1.9 billion pan-European fund has a portfolio of 95 assets in 11 countries. As at 31 March 2013, GELF’s occupancy rate stood at 97%. The portfolio has a weighted average lease expiry (WALE) to first break of 4.9 years.
For further information, please contact Goodman:
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About Goodman European Logistics Fund (GELF)
GELF is a €1.9 billion pan-European fund with a portfolio of 95 assets in 11 countries and boasts unparalleled performance metrics as demonstrated by a 97% occupancy rate and, a portfolio weighted average lease expiry (WALE) to first break of 4.9 years.
For more information please visit: www.gelf.eu
Goodman is an integrated property group that owns, develops and manages logistics and business space across Continental Europe, the United Kingdom, the Asia-Pacific region, North America and Brazil. The Group invests in industrial estates and warehouse and distribution centres.
Goodman also offers a range of listed and unlisted property funds, giving investors access to a range of specialist services and property assets, and is working continually to build value in industrial property and fund management, with innovative new developments, and business and investment offerings.
With total assets under management of €17.2 billion and over 400 properties under management, Goodman is the largest industrial listed property group on the Australian Stock Exchange, and one of the largest listed specialist fund managers globally. Its market insight and dedicated local teams create sound investment opportunities and develop properties and environments that meet each client’s individual requirements.
With more than 1,000 staff and 36 offices in 18 countries, Goodman has the global reach to meet customers’ needs as their businesses expand or evolve. In Europe, Goodman has offices in Germany, the Netherlands, Belgium, Luxembourg, France, Spain, Italy, Poland, the Czech Republic, Hungary, Slovakia, Sweden and the UK.