Goodman Group, an Australian-listed property conglomerate, has raised HK$2.7 billion for the Macquarie Goodman Hong Kong Logistics Fund, which will enable the fund to invest in and develop two warehouse projects in Hong Kong.
Of that amount, HK$1.6 billion was raised from several investors including European pension funds, sovereign wealth funds, Goodman and Australia's Macquarie Group.
The remaining HK$1.1 billion was in the form of a five-year credit facility from a club of banks led by 'a large Hong Kong bank', said Daniel McDonald, the Hong Kong managing director of Macquarie Goodman Asia.
The fund is managed by Macquarie Goodman Asia, a Hong Kong-based 50-50 joint venture between Goodman and Macquarie Bank, an Australian-listed subsidiary of Macquarie Group.
'This is a great result given the current market conditions,' said Goodman chief executive Gregory Goodman.
'In this market, to secure debt and raise capital, it shows there is a high level of confidence from investors,' said Mr McDonald.