Australian property developer and fund manager Goodman Group aims to build a portfolio of logistics assets on the mainland of up to $700m over the next five years as a junior partner in its new joint venture with the Canada Pension Plan Investment Board.
'We will look for opportunities in Beijing and Tianjin, and leverage on our Hong Kong office to expand to Shenzhen and Guangzhou,' said Philip Pearce, the managing director for Goodman Greater China.
The mainland expansion plan follows a refinancing programme by debt-burdened Goodman as well as the formation of a joint venture with the Canadian pension fund manager, financed with an initial investment of US$132m.
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