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
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