So the 460mil addition to the 450mil re-financed in Dec 08? as...

So the 460mil addition to the 450mil re-financed in Dec 08? as well as the 2nd last paragraph....

Goodman raises equity in the UK
December 24, 2008

Real estate investor and developer Goodman Group says it has completed capital management initiatives worth $1.2 billion, including a capital raising in the UK and a debt refinancing in Australia.

Goodman says its UK fund, Arlington Business Park Partnership (ABPP), has completed a $764 million equity-raising from existing investors and amended a long term debt covenant from 60 per cent to 65 per cent.

The Group's Goodman Australia Industrial Fund (GAIF) also has refinanced $450 million in debt.

Goodman Chief Executive Officer, Greg Goodman, said the group's funds management platform was well capitalised with $130 million in debt maturing across all funds in calendar year 2009.

"What this and our other capital management initiatives through the year demonstrate is that well structured businesses with quality assets continue to receive good support from both local and offshore banks," Mr Goodman said.

In the UK, Goodman Group and Legal & General, as joint general partner, secured the injection of equity into ABPP in the form of property assets from existing investors worth STG 305 million and some cash and cash equivalents worth STG 35 million.

The capital raising predominantly was an asset-for-equity swap, Goodman said.

Legal & General Property managing director, Bill Hughes, said the initiatives would position the Fund to maintain good levels of liquidity through the ongoing market downturn and enhance its appeal to new investors when markets stabilise.

In Australia, Goodman Australia Industrial Fund refinanced $450 million in debt representing the first tranche of GAIF's $1.6 billion bank syndication facility, launched in March 2008.

The refinancing had been well supported by the Group's existing banking relationships, Goodman said.

The new debt has maturities over two and three years, with pricing "in line with current markets".

Goodman said the refinancing increases the Fund's average debt duration from 1.6 years to 2.2 years with the next maturity not due until March 2010.

GAIF includes 100 properties across Australia valued at over $4.8 billion.