Goodman Group capitalised on continuing demand for industrial property to net a A$431m (£321.9m) full-year operating profit.
The industrial and business space specialist increased total assets under management to $20bn during the 2011 financial year, an 11% increase from 2010. Occupancy across the group’s portfolio stood at 96%, and like-for-like net property income grew by 2.8%.
Gearing was maintained at a conservative 23.9% during the period, slightly above the 23% for 2010.
Goodman completed a number of major developments in its fund management platform during the year, and raised $0.9bn in new third-party equity. Investors in the £1.1bn Arlington Business Parks Partnership agreed to extend the life of the vehicle for five years, and also negotiated a fresh £350m banking facility.
Goodman’s chief executive officer, Greg Goodman, said: , “The group has exceeded initial targets in FY2012, to deliver a solid result with a strong contribution made by all parts of our business. The year-on-year increase in operating profit we are announcing today reflects the successful delivery of our focused strategy and our ability to leverage opportunities in all our markets, given the size and scale of our business, quality portfolio, global operating platform and our significant global customer and capital partner relationships.”
Goodman is an international property group with operations in Australia, New Zealand, Asia, North America, Europe and the UK.
Sophia.furber@estatesgazette.com
