Thursday, 17 March 2016
Goodman Group (Goodman or Group) announces that it has secured 100% of its operating platform in Brazil. The Group and WTorre have agreed commercial terms to split their respective interests in the assets of their WTGoodman Brazilian joint venture. Goodman Brazil will operate under the global brand and will be strategically aligned with the Group’s platform covering 16 countries.
- 100% ownership of the operating management platform, and
- 100% ownership of the 276,000 sqm of stabilised assets held in Rio de Janeiro and Sao Paulo, and the recently secured 62,000 sqm development pre lease with a large US retailer in Betim.
Goodman’s original capital commitment of R$340 million remains unchanged as a result of the new ownership structure. Funding for the future expansion of the real estate portfolio is expected to be in line with Goodman’s global capital partnering approach.
The Group is excited to be in Brazil and is confident of growing the Goodman brand on a 100% ownership basis by strategically aligning its local operations under the leadership of its CEO, Cesar Nasser, with the Group’s extensive global platform and resources. Goodman’s operations now include over A$33 billion (R$90 billion) of assets under management, equating to 17.8 million sqm of space under management for more than 1,700 customers in over 30 offices. The strength of its operating platform, quality of its international brand and access to significant global capital will continue to attract international customers and provide a range of opportunities for its Brazil platform over the long term.
Mr Danny Peeters, Executive Director Goodman commented, “We have built a stable operating platform in Brazil over the last 3 years and the opportunity to have complete autonomy in Brazil has always been contemplated by the Group. We acknowledge that Brazil is currently going through a difficult economic period and we will maintain a prudent approach to investment. However, Goodman maintains its long term commitment to the Brazilian market, given its growing middle class and the structural changes which are occurring in the logistics market. Obtaining 100% of the operating management platform at this opportune time ensures the consistent execution of Goodman’s global strategy”.
- Ends -
For further information, please contact;
Marketing Director Asia (ex Japan)
Tel +852 2249 3173
Citigate Dewe Rogerson
|Jasmine Yap||Crystal Yip|
|Co-CEO, Asia Pacific||Senior Associate Director|
|Tel +852 3103 0108 / 9325 3363||Tel +852 3103 0106 / 9720 6445|
For more information, please go to www.goodman.com