Goodman raises $775 million for Europe fund

Logistics property giant will sell down stake in fund to 20% to cater for extra demand.

Logistics property giant Goodman Group has raised $775 million in equity through its European logistics fund.

Goodman raised the cash in a rights issue to shareholders, with total demand tipping €900 million (A$1.3 billion).

Demand from new investors has cleared the way for Goodman Group to sell down part of its holding in the $1.9 billion fund – Goodman European Logistics Fund – to 20%.

Goodman Group chief executive officer Greg Goodman said demand for the deal showed "the attractiveness of the European logistics property market to large institutional investors”.

It comes after Goodman raised €500 million in a eurobond issue in March, bringing the new capital raised in the first half of the current calendar year to over €1 billion.

"GELF is now well positioned for future growth with over €800 million of capacity to invest," Goodman said (see Cliona O'Dowd's Collected Wisdom).

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