Goodman European Partnership (“GEP” or the “Partnership”), Goodman Group’s flagship European logistics real estate investment vehicle, has successfully priced €650 million of bonds over two tranches under its European Medium-Term Note (EMTN or bond) programme. The 6 and 10-year term issuances will have a coupon of 0.875 per cent and 1.625 per cent respectively.

With total demand for the bonds of approximately €2.8 billion, the issuance was more than four times oversubscribed and supported by some of the strongest institutional investors in the bond market. This reinforces GEP’s position as one of the leading unlisted logistics real estate investment platforms in Europe.

The proceeds of the issuances will predominantly be used to repay existing debt and support the continued growth of the Partnership. The bonds will be listed on the Official List of the Luxembourg Stock Exchange.

“The successful pricing of the new EMTN tranches is part of our ongoing strategy to access the debt capital markets, to achieve cost efficient debt funding and to extend the maturity profile of our finance facilities,” said Emmanuel Van der Stichele, GEP Director of Investment Management. “These bond issuances further strengthen the Partnership’s balance sheet while optimising investment partner returns.”

This positive result reflects GEP’s high quality logistics real estate portfolio. The €2.4 billion GEP portfolio of 101 prime pan-European logistics assets is well diversified in terms of geography, asset granularity and customer exposure. The portfolio has an average building age of six years and occupancy of 98.9% (as per 30 June 2016).

GEP has previously successfully issued bonds off its EMTN programme (totalling €900 million) in 2013 and 2014.

GEP successfully prices €650 million European Medium-Term Notes

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