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AUCKLAND, AUSTRALIA-Australia’s global industrial property group Goodman has set up a joint investment vehicle with CB Richard Ellis Realty Trust to invest $480 million in logistics developments in continental Europe over the next three years. CB Richard Ellis Realty Trust will have an 80% stake in the fund, which will focus on opportunities in Germany, France and Benelux.

The fund will invest in pre-committed logistics development opportunities sourced through Goodman, although its Goodman European Logistics Fund will have right of first refusal over developments undertaken by the group. It will also acquire three German development assets from Goodman valued at $54 million Goodman and CBRERT are also setting up a similar co-investment vehicle for the UK with an investment target of $600 million for the initial three-year period.

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