Goodman and Abu Dhabi form $1b Japanese partnership

Sydney-listed logistics property company Goodman Group has unveiled a US$1 bn (EUR 787 mln) development partnership with Abu Dhabi Investment Council to expand its business in Japan.

Goodman Japan has established the Goodman Japan Development Partnership (GJDP), which is a 50/50 venture between Goodman and the Abu Dhabi Investment Council. A combined US$500 mln of equity has been allocated to GJDP, which with leverage gives it total firepower of over US$1 bn.

GJDP has signed an agreement to acquire a prime 30,000 m² development site in Ichikawa, Tokyo Bay on which a 60,000 m² modern logistics facility will be constructed.

Goodman has recently formed other partnerships for the US, Brazilian and Chinese markets.