Goodman Group, Australia’s largest industrial-property trust, announced that China Investment Corp (CIC) will commit US$158.9 million to a financing facility alongside Macquarie Group, the Wall Street Journal reported. Goodman is planning to use the capital from China’s sovereign wealth fund to reduce its debt – which stood at nearly US$3.2 billion as of December 31 – and to help it to refinance all of its commitments this calendar year. Goodman owns office buildings, warehouses and industrial estates in the Asia-Pacific region as well as Europe in addition to managing property investment funds. The firm has a total of US$16.8 billion worth of assets under management and a market capitalization of US$962 million. Macquarie sold US$11.8 million of its exposure to encourage CIC’s support, taking the final facility size to nearly US$383 million.
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