Global logistics real estate firm Goodman Group has invested £75m (€86m) to buy a UK warehouse facility, bringing its total global acquisitions in the past four months to A$1bn (€644m).
The company has acquired the warehouse facility in Enfield, on the outskirts of London.
Greg Goodman, Goodman Group CEO, told IPE Real Assets that newly acquired UK asset “will deliver good income for the next four to five years”. The intention, he said, was to redevelop the site then.
“This is something that we do,” he said. “We acquire sites in our key markets every quarter or every half (year) to add to our development book.”
The pipeline, he added, had reached A$8.4bn at the end of 31 December – up 95% on the corresponding period of last financial year.
As it bought new sites, the company continued to recycle its portfolio. Last March, It had sold a portfolio of warehouses in central and Eastern Europe to GLP for €1bn.
Earlier Goodman told analysts at the company’s December half-year earnings call the decision to sell the portfolio in Europe was to “reset” its European business.
Goodman said that the group would recycle less than A$1bn in asset sales in the second half of the current financial year.
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