Goodman (GELF) launches €400m rights issue, plus refinancing

The Goodman European Logistics Fund (GELF) has launched a €400m underwritten rights issue, while announcing an agreement on terms for a new €800m debt refinancing package.

Goodman Group CEO and Chairman of the GELF Investment Committee, Greg Goodman said, “These are significant capital management initiatives for the Fund which will further strengthen GELF’s balance sheet and ensure gearing is maintained below 40% in line with the Fund’s long term gearing target. The initiatives will also provide approximately €500 million of investment capability giving the Fund capacity to increase gross assets to €2 billion and improving financial flexibility.”

The refinancing includes €400m of secured facilities and another €400m unsecured facility, structured in a way that’s supposed to let GELF “transition” to debt capital markets over time in order to diversify its long-term funding sources.

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