Goodman exits Singapore JV
Funds management and investment group Goodman has sold its stake in the joint venture that floated Singapore’s first listed real estate investment trust (REIT) in 2002.
Goodman Group told the Australian Securities Exchange today that it had sold its 40 per cent share of the joint venture management company and its 6.8 per cent stake in the Singapore listed A-REIT.
It said the transaction had brought to an end a very successful venture and cleared the way for the company to pursue its own interests in the region.
Commenting on the transaction, Good Group chief executive Gregory Goodman said the profit (over cost) from the sale of the management was in excess of S$90 million and the profit on the sale of the units was in excess of S$60 million pre-tax.
The company said these profits would be over and above operating income for the group.
AUTHOR
Mike Taylor
Recommended for you
After seven years at the company, Iress’ chief technology officer for wealth management APAC, Anthony Gerrits, has departed as the firm commences a search process to fill the role.
With advice firms thinking about scaling up in 2025, research has detailed the main avenues financial advisers say they have used for successful recruitment.
The board of Insignia Financial has reached a decision regarding the possible acquisition of the firm by US private equity giant Bain Capital.
Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses.
