Goodman consortium acquires IIF portfolioBy Goodman Group, PRNE
Wednesday, March 16, 2011
BRUSSELS, March 17, 2011 - Goodman Group (Goodman or Group) is pleased to note that the Goodman-led
Consortium's proposal to acquire all of the ordinary units in IIF has been
approved by ING Industrial Fund (IIF) Unitholders at a Meeting held in Sydney
on 17 March.
The transaction remains subject to a court hearing which is scheduled for
Friday, 18 March 2011.
Goodman Group CEO, Greg Goodman said: "We are delighted with today's
positive voting result. The three resolutions were all voted over 93% in
favour which demonstrates the strong investor support for the Consortium's
proposal and enables us to progress the acquisition to its final stages."
The acquisition is complementary to Goodman's existing portfolio, expands
the Group's customer offering and provides opportunities to develop existing
and new relationships. There are 61 quality industrial properties in total,
with 16 properties in Europe.
The European properties total 509.089 sqm and are valued at approximately
euro 210 million. Eleven of the properties are in Germany (367.091 sqm), with
most of the properties located in the Bremen and Berlin area. The four assets
in Spain (121.601 sqm) are located in the Madrid region and the property in
Belgium (20.397 sqm) is in Puurs, which is between Antwerp and Brussels.
Danny Peeters CEO Goodman Continental Europe said: "A further euro 210
million (A$0.3 billion) will be added to Goodman's European industrial
portfolio and will see the Group become the largest owner of logistics real
estate in Germany. Upon completion of this transaction Goodman will have a
total of 3.5 million sqm of logistics space under management in Continental
The successful completion of the transaction will significantly enhance
Goodman's global logistics platform, growing total assets under management to
euro 12.4 billion (A$17.5 billion).
Danny Peeters added: "Substantial third party equity has been raised by
the Group and our managed funds over the last 12 months and with the
completion of this transaction, we are well positioned to organically grow
our assets under management to euro 14.2 billion (A$20 billion) over the next
couple of years."
"Goodman has worked collaboratively with ING Management over recent
months to finalise the transaction and ensure a smooth integration process.
We thank all the Goodman teams involved with the transaction for their hard
work and look forward to first class properties and new customer relations,"
said Danny Peeters.
For more information please visit: www.goodman.com
For further information, please contact Goodman:
Majella O Doherty Communications Manager, Continental Europe +32-2-263-4068 firstname.lastname@example.org
At Goodman Group, Majella O Doherty, Communications Manager, Continental Europe, +32-2-263-4068, majella.odoherty at goodman.com
Tags: belgium, Brussels, Goodman Group, March 17