SYDNEY, March 21, 2011 /PRNewswire-Asia/ --
Goodman Group (Goodman or Group) is pleased to note that the Goodman-led Consortium's proposal to acquire all of the ordinary units in IIF has been approved by ING Industrial Fund (IIF) Unitholders at a Meeting held in Sydney on 17 March 2011.
Approval of the transaction remains subject to a court hearing which is scheduled for Friday, 18 March 2011.
Goodman Group CEO, Mr Greg Goodman said: "We are delighted with the positive voting result. The three resolutions were all voted over 93% in favour which demonstrates the strong investor support for the Consortium's proposal and enables us to progress the acquisition to its final stages."
The acquisition is complementary to Goodman's existing portfolio, expands the Group's customer offering and provides opportunities to develop existing and new relationships. The transaction will contribute 61 quality industrial properties, predominantly located in Australia's key east coast markets. It also provides Goodman with access to a significant land bank, further strengthening the Group's Australian development capability and adding to Goodman's current A$400 million of Australian development projects.
The successful completion of the transaction will significantly enhance Goodman's global logistics platform, growing total assets under management to A$17.5 billion, with assets under management in Australia increasing by A$2.2 billion to A$8.8 billion. A further A$0.3 billion will be added to Goodman's European industrial portfolio and will see the Group and its funds become one of the largest owners of logistics real estate in Germany.
Mr Goodman added: "Substantial third party equity has been raised by the Group and our managed funds over the last 12 months and with the completion of this transaction, we are well positioned to organically grow our assets under management to over A$20 billion over the next couple of years."
"We take this opportunity to welcome our consortium partners, Canada Pension Plan Investment Board, APG of The Netherlands and China Investment Corporation and thank them for their support of the Group. Significantly, we have jointly established a new A$1.4 billion fund called Goodman Trust Australia, and separately negotiated a A$1.1 billion finance facility to refinance IIF's existing debt."
"Goodman has worked collaboratively with ING Management over recent months to finalise the transaction and ensure a smooth integration process. We look forward to welcoming the IIF staff transitioning across to Goodman following the expected completion of the transaction on 29 March," Mr Goodman concluded.
About Goodman
For more information about Goodman, please visit www.goodman.com
About Canada Pension Plan Investment Board
For more information about the CPPIB, please visit www.cppib.ca
About APG
For more information about APG, please visit www.apg.nl
About CIC
For more information about CIC, please visit www.china-inv.cn
For further information, please contact Goodman:
Mathew Werner
Group Corporate Communications Manager
Tel +61-2-9230-7400
