Goodman Group announces $1.8b raising

Deal summary: Allens Arthur Robinson has acted for Goodman Group, an international integrated property group, on a capital raising valued at $1

Lawyers Weekly • 10 August 2009 • Big Law

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Deal summary:

Allens Arthur Robinson has acted for Goodman Group, an international integrated property group, on a capital raising valued at $1.8 billion.

The deal was part of a wider transaction that included the extension of $4.1 billion of existing finance facilities across Goodman and its managed funds.

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Goodman also announced a new strategic relationship with Canada Pension Plan Investment Board (CPPIB) focusing on the development of logistics assets in mainland China.

The transaction, comprising a $1.3 billion institutional placement and entitlement offer, also included a $500 million convertible preferential security investment by China Investment Corporation (CIC), a Chinese investment institution. Freehills advised CIC, Clayton Utz advised the underwriters Macquarie Capital Advisers and RBS Equity Capital Markets (click here for coverage of the CIC/Goodman cornerstone investment)

Key players:

Allens' Partner Stuart McCulloch (pictured), alongside a Sydney-based team including Partner Tom Story, advised Goodman on the transaction, while Hong Kong-based Partner Tim Manefield handled the CPPIB joint venture.

Commentary:

"This was a highly complex deal, involving the negotiation and structuring of a hybrid with CIC at the same time as we were undertaking a large accelerated entitlement offer.

"We really appreciate the opportunity of working with the talented group at Goodman and helping them on complex transactions like this," McCulloch said

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