Tuesday, 11 December 2012
The Proposal was supported by a significant majority of Unitholders at the GAIF Annual General Meeting.
A first close of the equity raising has been finalised, with gross commitments of $624 million in new equity secured from a range of existing GAIF investors and new investors seeking exposure to Australian logistics real estate. A number of investors are continuing their due diligence and are expected to complete their process in time for a second close in early 2013.
Following the first close of the equity raising, Goodman Group will hold 39% of GAIF. GAIF has enhanced its corporate governance structure as part of the Proposal, with the establishment of a Securityholders Committee (the “SC”). The SC will provide investor participation and oversight of Fund strategy and material transactions. This enhancement is consistent with Goodman’s approach to best practice corporate governance across its fund management platform.
GAIF Chairman, Greg Goodman said, “We are very pleased with the strong overall support of GAIF’s investors for this major opportunity to expand the Fund’s capital base and enhance its terms, market position and returns.
“The strength of the equity raise reflects GAIF’s high quality offering and the attractiveness of the Australian industrial property market. We are also delighted with the level of investor demand for a second close in early 2013, which will further underpin GAIF’s unique position as Australia’s largest wholesale industrial real estate investment vehicle and its ability to take advantage of the active opportunities currently available across the sector.”