Goodman sells to Aberdeen
Goodman Group has sold its Goodman Property Investors (GPI) subsidiary and its associated investments in the vehicle to Aberdeen Asset Management.
Goodman announced to the Australian Securities Exchange today that it had agreed to divest GPI for approximately $230 million plus further performance-based payments over the next two years contingent on the level of new investor commitments to the combined GPI and Aberdeen Property Investors business.
The company said it had acquired GPI as a result of its 2005 acquisition of Arlington Securities and had reviewed its status last year and concluded that the best way of optimising value for underlying investors was for GPI to be combined with a strong specialist with a highly complementary business model.
Goodman chief executive Gregory Goodman said Aberdeen represented a highly strategic fit and was viewed as the best long-term owner of GPI.
AUTHOR
Mike Taylor
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