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Australia's Goodman, UAE's Sorouh set up property JV

Mon Mar 3, 2008 11:58pm EST
 
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DUBAI, March 4 (Reuters) - Australian property trust Goodman (GMG.AX: Quote, Profile, Research, Stock Buzz) and Abu Dhabi's Sorouh Real Estate SOR.AD said on Tuesday they agreed to form a joint venture company to build business and logistics zones in the Gulf Arab region.

The company will be based in Abu Dhabi, capital of the United Arab Emirates, the firms said in a statement on the Abu Dhabi bourse Web site. No financial details about the joint venture or its planned investments were given.

"Investors are becoming more and more attracted to international real-estate opportunities, particularly in the Middle East and Asia," Goodman Chief Executive Gregory Goodman said in the statement.

Goodman is Australia's largest industrial property developer. Sorouh is Abu Dhabi's second-biggest property developer by market value. (Writing by Daliah Merzaban; Editing by Ben Tan)

 

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