Australian industrial group Goodman announced on Thursday that it had taken measures to significantly bolster its balance sheet. The measures include an extensive debt restructuring, a $1.3 bn fully underwritted equity raising and a $0.5 bn capital injection from China Investment Corporation (CIC). In addition, it has formed a $0.2 bn joint venture with Canadian Pension Plan Investment Board (CPPIB) to invest in China.
Australian industrial group Goodman announced on Thursday that it had taken measures to significantly bolster its balance sheet. The measures include an extensive debt restructuring, a $1.3 bn fully underwritted equity raising and a $0.5 bn capital injection from China Investment Corporation (CIC). In addition, it has formed a $0.2 bn joint venture with Canadian Pension Plan Investment Board (CPPIB) to invest in China.
These partnerships will enable the Group to capitalise on its leading logistics, funds management and development platform, the Sydney-listed company said in a press release. The moves will reduce the company's pro-forma gearing to 26.7%. The Group now has no unfunded debt expiries until May 2012.
The Group reiterated its commitment to its core markets in Asia Pacific and UK/Europe. 'We have capitalised on our leading industrial real estate platform,' said Goodman's Group Chairman Ian Ferrier. 'The relationships with CIC and CPPIB, formed after extensive enquiry demonstrate the attractiveness of the Group's business model to large strategic investors.'
