MOODY'S Investor Service has assigned the Goodman European Logistics Fund a rating of Baa3 with a ‘stable outlook’.
Moody’s noted that GELF’s high-quality portfolio of modern prime logistics properties with continuously high occupancy rates provides the fund with ‘sustained positive cash flows’ and said that the fund has a lower business risk profile than similarly rated peers, because its development activity represents only a small proportion of its assets.
GELF fund manager Emmanuel Van der Stichele said the investment grade rating is a real endorsement for the fund.
“The rating is a significant milestone in GELF’s strategy of diversifying its sources of capital,” he added.
GELF has 92 assets in its portfolio totalling 3 million sqm of warehouse space across continental Europe and is valued at €1.7 billion, making it one of the largest unlisted real estate funds in Europe.
Property Review
