Cash pours in for Goodman equity raising
The industrial sector is proving the more attractive sector for investors, with more than $2 billion poured into it during the past few months from around the globe.
Goodman Group has raised €550 million ($775 million) of new equity, completing an equity raising process that received total demand in excess of €900 million ($1.3 billion). Goodman chief executive Greg Goodman said the majority of the equity was raised in Europe via a rights issue to existing investors, with additional equity raised in response to the strong demand from new investors.
He said to facilitate the excess demand, Goodman Group will sell down part of its holding in Goodman European Logistics Fund (GELF), which will result in Goodman Group holding an investment of about 20 per cent in GELF.
In Sydney the DEXUS Wholesale Property Fund (DWPF) has acquired 4 Inglis Road, Ingleburn, for $34.35 million. The fund has successfully raised $823 million of total equity during the past 12 months.
The property, a 43,442 square metre industrial distribution centre, is in Sydney's south-west industrial corridor, 32 kilometres from Port Botany and 43 kilometres from the city centre.
DWPF fund manager Graham Pearson said the property fitted the fund's industrial strategy of building a high-quality diversified industrial portfolio in key markets across the eastern seaboard.