WTGoodman to Buy Brazil Warehouse Portfolio

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A joint venture between Goodman Group and WTorre SA has offered to purchase 34 industrial properties in Brazil from BR Properties SA for A$1.49 billion ($1.38 billion).

BR Properties will use the proceeds from the joint venture, Sao Paulo-based WTGoodman, to reduce debt, pay dividends and buy bank shares, Bloomberg reports. 

"The proposed transaction is consistent with Goodman's global investment and funds management strategy," Goodman said in the statement.

Sydney-based Goodman is expanding in the U.S., China and Brazil through partnerships with local operators and global investors. The firm owns, develops and manages real estate, including warehouses. As of Sept.30, Goodman had A$24 billion of properties under management. 

A year ago, the group looked to raise A$400 million to fund the joint venture with WTorre, which focuses on developing prime logistics and industrial properties, Bloomberg reports. The first development of the partnership is expected to be completed this year in Rio de Janeiro.