Goodman and Abu Dhabi Investment Council (ADIC) are increasing their equity allocation to their Japanese development joint ventureby $300m (€218.2m).

The decision to put more equity into the Goodman Japan Development Partnership (GJDP) takes the total allocation to $800m.

Meanwhile, the logistics-focused Goodman Japan Core Fund (GJCF) has closed, with $100m raised to partially fund the acquisition of the Goodman Sakai logistics facility in Osaka Bay.

Oversubscribed by existing investors, the fund is now at $900m.

Goodman said it was looking to raise a further $200m to fund future purchases by GJCF.

Paul McGarry, chief executive at Goodman Japan, said: “Our strategy in Japan is to focus on selectively pursuing high-quality opportunities in prime locations where we identify excess customer demand with limited competition.

“We only invest in locations and opportunities where we see immediate value and long-term growth.”

The company added that total assets under management in Japan were expected to organically grow in the medium term to $2.5bn.

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