Robert-Jan Foortse, head of non-listed European property investments at APG, told PERE in October that it was seeing a good pipeline of deals in both unlisted funds and the listed sector. He also said the Netherlands-based pension administrator, which oversees the assets of Stichting Pensioenfonds ABP, was seeking to back tried and tested operators.
Sure enough, APG backed the Goodman European Logistics Fund (GELF) a few days later through a €400 million rights offering. It underwrote the largest share of the equity raise (€150 million), with PGGM underwriting €50 million and the fund’s Australian parent, the Goodman Group, kicking in €145 million. Goodman’s contribution, however, was likely to be cut back, depending on the level of demand from new and existing investors.
The reasons behind the rights offering was to secure funding for GELF’s development pipeline, as well as provide the investment capacity for the fund to participate in development opportunities from its parent through its right of first refusal and opportunities from the broader market.