Goodman Group has announced the successful merger of the Celogix Property Fund "Celogix Fund" into the Goodman European Logistics Fund "GELF". The combined Fund has a gross value of 950 million comprising 45 logistics assets in nine European countries.
Launched in December 2006, GELF seeks to provide long-term capital growth through the acquisition of high-quality logistics properties in established and emerging logistics hubs across Continental Europe.
The Celogix Fund was launched in September 2000 as a collective investment vehicle with a core investment strategy for logistics assets across Continental Europe. As at 30 September 2007, the Celogix Fund's net asset value was 243 million and consisted of 21 modern, flexible logistics properties across Continental Europe. Investors in the Celogix Fund were offered the choice between taking units in GELF or receiving the cash equivalent.
Bob Reidsma, Celogix Fund Manager, said: "Since its launch seven years ago, Celogix has posted a total return of 13.9%. The merger with GELF serves to continue to deliver investors strong and stable returns."
Peter Davies, GELF Fund Director, added: "GELF is now one of the largest European logistics funds. Its increased size provides investors with greater diversification, economies of scale and an attractive return profile. We will continue to pursue new opportunities with the view to delivering above average returns to investors. Further, the combined portfolio enables GELF and Goodman to service its European logistics customers across one unified platform."
Gregory Goodman, Chief Executive Officer of Goodman Group and Chairman of GELF's Investment Committee, commented: "We are delighted with the response from investors to the merger of these two funds. The move is highly strategic for Goodman and presents an excellent opportunity to create a European logistics portfolio of significant scale and quality."