Australian listed property trust Goodman Group has announced a raft of measures designed to increase its available liquidity to AUD$1.3 bn (EUR 657 mln) and consolidate its position in Asia.
Australian listed property trust Goodman Group has announced a raft of measures designed to increase its available liquidity to AUD$1.3 bn (EUR 657 mln) and consolidate its position in Asia.
Goodman said it will strengthen its balance sheet and reduce gearing by seeking A$750 mln through a fully underwritten equity raising. The company said it expects to raise a further A$ 200 mln by reactivation of its distribution reinvestment programme for the financial year ending 30 June 2009.
The company has already completed A$ 160 mln of asset sales since end-June this year and its expects to sell a further A$ 350 mln of assets by the end of the year. The planned transactions relate to various regions, Goodman said without giving specifics.
Goodman owns, develops and manages industrial property and business space in Australia, Asia, Europe and the Middle East. The company has total assets under management of A$ 18.6 bn (EUR 9.2 bn).
To consolidate its business in Asia, Goodman announced the acquisition of Australian financial group Macquarie's 50% stake in Macquarie Goodman Asia for A$ 200 mln. 'The acquisition results in one streamlined pan-Asian platform (excluding Japan) and clarity for customers and investors, which will distinguish Goodman's business from other Macquarie real estate businesses in Asia. Macquarie is to continue investing in their Japanese joint venture in the medium term.
Citing the 'material deterioration' in the global financial markets since Goodman issued its last guidance on earnings, Goodman cuts its forecast from 34 cents to 19.4 cents per security in 2009.
