Australian REIT Goodman Group
(ASX:GMG) has formed a 50/50 development joint venture with the Abu Dhabi Investment Council as part of a strategy to expand modern logistics facilities in major logistics markets of Japan.
A combined $US500 million of equity has been allocated to the deal known as the Goodman Japan Development Partnership which has an initial investment target of over $US1 billion with additional debt-raising capabilities.
Goodman says it has raised more than $US100 million from institutions on behalf of a Japanese real estate fund with a second-stage equity raising is expected to close later this year.
Goodman Group booked a net profit of $450.5 million in the 2012 financial year.
