One of Goodman Group’s largest shareholders, China Investment Corporation (CIC), has sold 50m shares worth nearly A$1.9bn (€1.2bn) in the company.
At the end of July, according to ASX-listed Goodman’s annual report, CIC had almost 150m of the company’s issued share.
The sovereign wealth fund first entered the Goodman share register in 2009 when it invested A$500m as part of its wider A$1.8bn effort to repair the Sydney-based company’s balance sheet. During the 2008 global financial crisis, Goodman’s shares hit the rock-bottom at 13 Australian cents a share.
CIC sold nearly 100m shares at A$37.60, a floor price underwritten by Citi. The broker initially offered a discount of 1.4% but had to widen the discount to 3.3% to move what has been described as possibly the single largest block sale in Australia.
Goodman shares shed A$1.10 to close at A$37.02 per share.
Winston Sammut, director of property at Euree Asset Management, told IPE Real Assets: “I bought some shares at A$36.33 each to replace what I sold earlier, at a higher price. I feel the price I paid today was right for the stock. It was close to the day’s low.”
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