EPF doubles commitment to Goodman JV
The Employees Provident Fund of Malaysia has doubled its equity commitment to a German logistics sector joint venture it formed in 2013 with Sydney-based Goodman Group, according to Goodman’s year-end results released this past February.
The Malaysian pension fund has increased its equity commitment to €500 million (US$689 million} for a joint venture called KWASA Goodman German. In July 2013, EPF initially committed €250 million (US$343 million) to the venture.
The partnership 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 venture has acquired assets totalling €213 million (US$293 million) from Goodman’s balance sheet and its Goodman European Logistics Fund.
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