Goodman sees European profits almost double

Australian logistics property group Goodman has seen an 88% spike in pre-tax profits in Europe.

Reporting on its 12- month results to 30 June 2014, the firm, which operates the GELF European logistics fund, revealed that pre-tax profits on the continent increased from A$38 mln (€26.5 mln) to A$72 mln (€50 mln).

Globally, its operating profits rose to A$600 mln (€414 mln), a 10% increase on the previous year.

Standard & Poor has also upgraded GELF’s credit rating to BBB, which fund director Emmanuel Van der Stichele said reflected, ‘our ability to generate stable, long-term returns from a modern, high-quality investment portfolio.’

GELF has €2.1 bn of logistics assets focussed on the prime end of the market.