Malaysia’s EPF forms second JV with Goodman
The Employees Provident Fund of Malaysia and Australia-based Goodman Group has formed a joint venture, called the KWASA Goodman German. The announcement was made in Goodman’s year-end results released Feb. 13.
The Malaysian pension fund has doubled its equity commitment to €500 million ($689 million). In July 2013, EPF initially committed €250 million ($343 million) to the venture.
KGG is held on a 70/30 basis, with EPF holding the larger share. It is mandated to buy completed logistics properties in Germany and is seeking core-like returns overall. To date, the partnership has acquired assets totaling €213 million ($293 million) from Goodman’s balance sheet and its Goodman European Logistics Fund.
It is also EPF’s second joint venture with Goodman, as