Australian logistics property specialists Goodman will expand into the Middle East through a joint-venture with Sorouh Real Estate in Dubai
Australian logistics property specialists Goodman will expand into the Middle East through a joint-venture with Sorouh Real Estate in Dubai to develop business and logistics parks in the region.
The companies say the venture will leverage the best skills of both groups. The JV will be incorporated and based in Abu Dhabi and managed by an experienced team sourced from both parent companies.
Gregory Goodman, Group CEO of Goodman, says investors are becoming more attracted to international real estate opportunities, particularly in the Middle East and Asia.
“Goodman Sorouh represents two very knowledgeable and experienced commercial property companies — a combination that will benefit both our customers and our investors,” he says.
The JV will be established as a new company with the exclusive right to develop and manage business parks and Logistics sites within the region, with each of Goodman and Sorouh maintaining equal management rights and board representation in that company.
Sorouh will provide the rights to build and manage business parks in the region, as well as access to land that it currently owns and will acquire in the future.
“We will be joining our corporate name, local market expertise and unique assets with their global experience. Together we hope to explore fruitful potential growth opportunities both domestically and internationally,” says Mounir Haidar, CEO of Sorouh.
“Both parties believe that the vibrancy of the region and its long term viability will support substantial development and investment opportunities over time.”