An industrial property fund managed by Goodman Group intends to raise at least $400 million from investors.
Goodman Australia Industrial Fund, which manages $4.7 billion worth of properties leased by companies including Coles and Coca-Cola Amatil, said it been discussing its future with existing and new investors.
Those talks have resulted in GAIF receiving more than $400 million in conditional commitments from investors to participate in a capital raising venture.
The strong outlook for the industrial property sector had prompted the talks, as GAIF looks to improve its size and market position, chairman Greg Goodman said today.
Discussions with investors continue, with a view to completing a capital raising by the end of 2012, he said.
Goodman Group closed up 10 cents, or 2.5 per cent, at $4.06.