Goodman down on ADIC Sale

1 February 2019

The Abu Dhabi Investment Council (ADIC) has sold a $400 million stake in Goodman Group this week, equal to about 2.2% of the stock, at a price of $11.67 per share, However in a sign that the market for quality real estate remains strong, institutional investors snapped up the stock. It is believed that ADIC decided to take advantage of the recent record high for Goodman to dispose of the interest which is earmarked to be reinvested into one of Goodman’s offshore direct property funds within its stable. Goodman Group’s biggest investor is China Investment Corporation, which had 168.5 million shares or about a 9.9 per cent stake as at September 5. Shares closed the week at $11.62, but have risen some 35% in the past year as investors have pilled into the stock following the delisting of others such as Westfield and Investa. #Goodman