ASX-listed Goodman Group, which manages the Goodman Property Trust in New Zealand, has established a $US700 million ($NZ1 billion) Brazilian logistics partnership to invest in Sao Paulo & Rio de Janeiro.
One of those projects is Goodman’s proposed 27,000m² flagship development 20km from São Paulo, provisionally named ABCD1 (pictured), near 2 highways & the Mario Covas ring road, providing easy access to Santos Port, the largest port in Latin America.
Goodman Brazil chief executive Cesar Nasser said on Wednesday the Goodman Brazil Logistics Partnership would invest in prime logistics & industrial assets in the 2 gateway cities, starting with a $US250 million investment in existing assets & work in progress.
He said the partnership would allow Goodman to invest alongside its global capital partners, the Dutch pension funds manager APG Group NV, the Canada Pension Plan Investment Board, First State Super of Australia and the Singaporean sovereign wealth fund GIC Pte Ltd, who shared the same investment horizon & confidence in the Brazilian market.
“The partnership has been established with about $US270 million (1 billion real, $NZ390 million) of existing assets & work in progress that can be developed to deliver over 1 million m² of high quality logistics space. With the Brazilian market experiencing under-supply of modern, high quality space, we have an opportunity to expand our global platform in Brazil for the benefit of our customers.”
Goodman Group entered the Brazilian property market in 2012, owning, developing & managing modern high quality logistics & industrial properties.
The group has built up a $US28.3 billion global operating platform of 375 properties in 16 countries. It has 17.3 million m² under management.
Attribution: Company release.