One of the world's largest industrial and business property operators is entering the U.S. market.
Goodman Group in Sydney Australia has entered into an agreement with California-based, Birtcher Development and Investments to focus on the development of, and investment in, logistics and industrial facilities in key locations across North America. Birtcher will have a management carried interest under the arrangement.
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Goodman is in final stages of due diligence with regard to a capital partnership targeting $800 million of equity commitments.
Goodman's development-led investment strategy will focus initially on building prime logistics and industrial facilities in key logistics hubs, with the ability to invest in stabilized properties over time.
Goodman and Birtcher have secured four development sites, two in the Inland Empire and one each in Oakland, CA, and the Lehigh Valley of Philadelphia. The sites will support in excess of 9.8 million square feet of gross rentable area and a combined total completion value of more than $700 million.
Other key logistics hubs based around inland ports, intermodals and tier one ports will be considered going forward.
"With $19 billion of assets under management throughout Asia Pacific and Europe, our entry into North America is a logical step in the expansion of our operating platform to service our global customers and equity partners in the world's largest logistics and industrial market. Over time we also see the U.S. and Canadian markets growing to be among Goodman's largest markets in terms of assets under management," said Greg Goodman, Goodman Group's CEO.
"The investment strategy for the partnership will be to target investment in logistics and industrial property in key North American markets, focusing initially on development led opportunities, with value add and stabilized asset acquisitions to be considered over time in line with market conditions," Goodman added.
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