This article is from the Australian Property Journal archive
THE China Investment Corporation (CIC) has sold a portion of its interests in Goodman Group (ASX: GMG) for $521 million.
CIC has sold a 6.9% stake in Goodman to a variety of institutional investors, and still holds a 9.9% stake in GMG.
CIC offloaded 166.7 million shares at a floor price of $4.45.
CIC snapped up the stake in GMG back in 2009 after participating in GMG’s heavily discounted $1.3 billion equity raising. It paid 40 cents a share in August 2009, however a five-for-one share consolidation converted that into the equivalent of $2 a share.
During the height of the global financial crisis in 2009, GMG shares were trading at just 16 cents.
GMG CEO Greg Goodman acknowledges the great support that CIC has provided to the group since participating in its recapitalisation in 2009.
“CIC’s investment in Goodman has performed well over this period and following its partial sale of GMG securities, CIC continues to be the Group’s largest investor.
“We have a strong relationship with CIC and look forward to further building on this as we explore opportunities in all of the major markets in which Goodman operates globally,” he concluded.
Property Review
