Goodman European Logistics Fund (GELF or Fund) notes the corporate credit ratings upgrade assigned by credit ratings agency, Moody’s Investors Service (Moody’s) from Baa2 to Baa1.
Moody’s commented that the upgrade reflects “GELF’s continuing strong operating performance, improved credit metrics and the stable to improving outlook for the logistics property sector”.
Moody’s also noted that the rating was underpinned by GELF’s high-quality portfolio of modern prime logistics properties, its broad geographic diversification and its moderate leverage.
Emmanuel Van der Stichele, Fund Manager GELF said: “We are pleased with this second ratings upgrade by Moody’s, which recognises GELF’s recent achievements, including a successful repeat bond issuance, the active asset management of its portfolio and a dynamic transaction strategy. The upgrade underwrites GELF’s continued success in maintaining its leading position in the European logistics market and the Fund’s ability to generate stable, long-term returns from a modern, high quality investment portfolio.”
GELF is a core fund which aims to deliver stable, income-driven returns to investors. With a portfolio valued at €2.2 billion, GELF is one of the largest unlisted real estate funds in continental Europe, with 95 assets in a portfolio totalling 3.7 million sqm of warehouse space across 11 countries.