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Goodman entering North American market June 21, 2012 09:16 AM

Property company Goodman Group (ASX:GMG) has inked a deal with a California-based company to enter the North American real estate market.

Goodman and Birtcher Development & Investments will partner up through a $US1.5 billion investment partnership.

The two companies will focus on the development of and investment in logistics and industrial facilities across North America.

Goodman Group also advised it is in the final stages of due diligence with a capital partner targeting about $800 million of equity commitments.

CEO Greg Goodman says with $19 billion of assets under management in the Asia Pacific and Europe entering North America is a logical step for its expansion. 

In the first half of the 2012 financial year Goodman Group posted a net profit of $224.9 million.


 

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This is an exceptional marriage of two highly proficient industrial real estate companies. Goodman offers up a strong network of European, Asian and Australian experience with deep connections serving a diversified customer base. To top that off, Goodman possesses a strong balance sheet, excellent capital reserves and demonstrable access to new equity and debt. Birtcher gives the partnership a 75 year history of successful expertise in development and investment in key industrial hubs within North America. Rex K Smith, President of Nova Pacific Realty Investments, a California based development and investment firm has deep multinational experience and was formerly Vice President, Capital Finance for Birtcher Real Estate Group and Director, Investment Division for Knight Frank International.
Posted By:  Rex K Smith - Jun 22,2012 13:31


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