Goodman Obtains 100% Ownership of Brazil Operating Platform

PR63804

SYDNEY, Mar. 17, 2016 /PRNewswire=KYODO JBN/ --

Goodman Group (Goodman or Group) announces that it has secured 100% of its

operating platform in Brazil. The Group and WTorre have agreed commercial terms

to split their respective interests in the assets of their WTGoodman Brazilian

joint venture. Goodman Brazil will operate under the global brand and will be

strategically aligned with the Group's platform covering 16 countries.

Key points:

- The assets currently owned by the joint venture will be split between the two

parties

- Goodman will obtain:

     - 100% ownership of the operating management platform, and

     - 100% ownership of the 276,000 sqm of stabilised assets held in Rio de

Janeiro and Sao Paulo, and the recently secured 62,000 sqm development pre

lease with a large US retailer in Betim.

- WTorre will obtain 100% ownership in the remaining joint venture assets,

comprised predominantly of cash and development land.

Goodman's original capital commitment of R$340 million remains unchanged as a

result of the new ownership structure. Funding for the future expansion of the

real estate portfolio is expected to be in line with Goodman's global capital

partnering approach.

The Group is excited to be in Brazil and is confident of growing the Goodman

brand on a 100% ownership basis by strategically aligning its local operations

under the leadership of its CEO, Cesar Nasser, with the Group's extensive

global platform and resources. Goodman's operations now include over A$33

billion (R$90 billion) of assets under management, equating to 17.8 million sqm

of space under management for more than 1,700 customers in over 30 offices. The

strength of its operating platform, quality of its international brand and

access to significant global capital will continue to attract international

customers and provide a range of opportunities for its Brazil platform over the

long term.

Mr Danny Peeters, Executive Director Goodman commented, "We have built a stable

operating platform in Brazil over the last 3 years and the opportunity to have

complete autonomy in Brazil has always been contemplated by the Group. We

acknowledge that Brazil is currently going through a difficult economic period

and we will maintain a prudent approach to investment. However, Goodman

maintains its long term commitment to the Brazilian market, given its growing

middle class and the structural changes which are occurring in the logistics

market. Obtaining 100% of the operating management platform at this opportune

time ensures the consistent execution of Goodman's global strategy".

About Goodman

Goodman Group is an integrated property group with operations throughout

Australia, New Zealand, Asia, Europe, the United Kingdom, North America and

Brazil. Goodman Group, comprised of the stapled entities Goodman Limited,

Goodman Industrial Trust and Goodman Logistics (HK) Limited, is the largest

industrial property group listed on the Australian Securities Exchange and one

of the largest listed specialist investment managers of industrial property and

business space globally.

Goodman's global property expertise, integrated own+develop+manage customer

service offering and significant investment management platform ensures it

creates innovative property solutions that meet the individual requirements of

its customers, while seeking to deliver sustainable long-term returns for its

Partners.

For more information: www.goodman.com

SOURCE:  Goodman Group