BRUSSELS, July 10, 2012 /PRNewswire/ -- Goodman European Logistics Fund (GELF) notes the first-time issuer rating assigned by Standard & Poor's (S&P) of 'BBB-' with a stable outlook.
S&P noted: "GELF's stable and recurring cash flows, underpinned by high occupancy and retention rates from a good-quality portfolio of modern logistics assets."
The rating agency's report also stated: "In our view, the fund benefits from an experienced management team and access to an active acquisition pipeline under its contractual arrangements with Australia-based real estate company Goodman Group."
Emmanuel Van der Stichele, Fund Director GELF said: "The assignment of an investment grade rating by S&P reflects GELF's continued success in leveraging its leading position in the European logistics market and ability to generate stable, long-term returns from a modern high quality investment portfolio."
"Following the success of GELF's debt and equity offerings in 2011, the investment grade ratings assigned by S&P and Moody's enable the Fund to assess a range of opportunities to further diversify its sources of capital," he added.
GELF is a core fund that aims to deliver stable, income driven returns to investors. In May, it was assigned a first-time issuer rating of Baa3 from Moody's.
Valued at 1.7 billion euros, GELF is one of the largest unlisted real estate funds in continental Europe, with 92 assets in a portfolio totaling 3 million sqm of warehouse space across 11 countries.
For more information about GELF receiving an investment grade rating from Standard and Poor's, please visit http://be.goodman.com/en/media-centre/~/media/Files/Sites/Belgium/media%20centre/latest%20news/EN/Standard%20And%20Poors%20GELF%20Statement.pdf
About Goodman European Logistics Fund (GELF)
Goodman European Logistics Fund, FCP-FIS (GELF or 'the Fund') is a Luxembourg-based investment vehicle operating a 1.7 billion euro pan-European logistics real estate platform, spread over 11 countries. The Fund, managed by Goodman, focuses on high quality logistics and warehouse properties. GELF offers well-informed, institutional investors a right of first refusal over assets developed by Goodman Group in continental Europe. GELF is now one of the largest unlisted European funds dedicated to logistics real estate.
For further information, please contact Goodman:
Majella O Doherty
SOURCE Goodman Group