In line with Goodman's strategy to focus its portfolio on gateway cities and major urban consumer markets in Continental Europe, the Goodman European Partnership (“GEP”) and Goodman Group (“Goodman or Group”) have signed an agreement for the sale of assets in Central and Eastern Europe (CEE) for approximately €1 billion (A$1.7 billion) to GLP. The transaction includes properties located in Poland, Hungary, Czech Republic and Slovakia.
Philippe Van der Beken, Chief Executive Officer Goodman Continental Europe said: “The proceeds of this transaction will enable us to capitalise on the strong demand for industrial property and continue to scale up in the major consumer markets in Germany, France, Spain, Benelux and Italy. We will continue to focus on owning high-quality properties and building out our significant development pipeline in these markets, where barriers to entry are high and land is scarce.”
Goodman Group is on track to surpass $50 billion assets under management in June 2020 and remains one of the largest developers of industrial real estate in Europe and globally.
The transaction is subject to regulatory approval.