Australian property group Goodman has merged its Celogix Property Fund into the Goodman European Logistics Fund (GELF) to create one of the largest logistics fund in Europe. The combined fund has 45 logistics assets in nine European countries and a gross value of EUR 950 mln.

Australian property group Goodman has merged its Celogix Property Fund into the Goodman European Logistics Fund (GELF) to create one of the largest logistics fund in Europe. The combined fund has 45 logistics assets in nine European countries and a gross value of EUR 950 mln.

Goodman launched GELF in December 2006 to provide long-term capital growth through the acquisition of high-quality logistics properties in both established and emerging logistics hubs in Continental Europe. The Celogix Fund was launched in September 2000 as a collective investment vehicle with a core investment strategy for logistics assets across Continental Europe.

At end-September this year, the Celogix Fund's net asset value was EUR 243 mln, with 21 modern logistics properties across Continental Europe. Investors in the Celogix Fund were offered the choice between taking units in GELF or receiving the cash equivalent.

Peter Davies, GELF fund director added: 'GELF is now one of the largest European logistics funds. Its increased size provides investors with greater diversification, economies of scale and an attractive return profile.'