29.07.2015 - Will Goodman bear the cost of China’s $2.45bn Investa swoop?
China Investment Corporation’s $2.45 billion outlay on Investa’s portfolio of Australian skyscrapers has revived expectations the ­sovereign wealth fund will shed its $1bn-plus exposure to listed warehouser Goodman Group. While the Chinese heavyweight is not short on capital — its total assets under management climbed by $US93bn ($127bn) to $US750bn last year — the fund dislikes stakes in publicly owned property managers. In 2012, CIC offloaded a 6.9 per cent slice in Sydney-based Goodman Group, crystallising a profit on its initial and much larger investment, which was made in the midst of the global financial crisis. The sovereign wealth fund, which proved a white knight for Goodman Group, also helped prop up Morgan Stanley when the developed world’s financial system threatened to collapse...............................................Full Article: Source
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