The Goodman Group has closed its HK$2.7 billion ($350 million; €262 million) Hong Kong-focused industrial property vehicle, the Macquarie Goodman Hong Kong Logistics Fund.
According to Goodman, HK$1.6 billion of capital for the open-ended vehicle was raised from investors, including Macquarie Group and Goodman, with HK$1.1 billion of senior debt from existing and new lenders through a new five-year loan facility.
Gregory Goodman, Goodman chief executive, said the fund had performed “strongly” since its debut, returning 18.6 percent to investors on an annual basis.
The vehicle would allow Goodman to take a 50 percent interest in the Interlink and Seaview industrial development projects, it said, which were expected to total 340,000 square meters of warehouse and distribution space. The vehicle would also be used to fund Goodman’s portion of the development costs for both projects. It would then target a core-plus investment strategy, Goodman said.
The Macquarie Goodman Hong Kong Logistics Fund, launched in 2006, had become the “largest” warehouse and distribution property owner in Hong Kong, he added. It comprises 18 properties, excluding the Seaview and Interlink developments.