Global logistics giant Goodman has extended the life of an existing Asia fund, raising a total of A$2.4bn (€1.5bn) in new equity.
Additionally, Goodman has formed a new A$716m partnership with a global investor in Australia, while also completing a capital raising of €405m in Europe.
In total, the group has reported fresh external capital inflow totalling A$2.9bn in the first half of the fiscal 2023 year which started on 1 July. On average, it holds a 28% cornerstone stake in all of its partnerships.
Greg Goodman, the group’s global CEO, told IPE Real Assets that the group had extended a partnership in Asia by rolling over the vehicle to 2036.
Citing commercial confidentiality, he declined to name the partnership or the investors in the vehicle.
Currently, the group runs three Asia partnerships – in Hong Kong, China and Japan with combined assets of A$23.8bn.
“At the moment we are working with our big partners around the world productively in good development projects,” the CEO said.
The group is working on 85 projects globally, valued at A$13.9bn, of which 83% are being undertaken by Goodman’s partnership platform, the rest on the group’s balance sheet.
The group was in due diligence on a number of key sites, including a 40-hectare site in Europe, and others in the US, Japan and Australia, Goodman said.
Although across the board the group’s portfolios gained a valuation uplift of A$1.4bn, its portfolios in the UK and Europe were written down by more than A$300m (Goodman’s balance sheet share).
“We revalued assets downwards primarily in continental Europe and the UK, he said. For the rest of the world in the main, expansion of the cap rate was offset by the growth in rent.
He said the group would only start committed projects in London, not speculative at this stage, but it would do speculative projects in Los Angeles due to the demand.
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