Research Update: Goodman Australia Industrial Partnership Outlook To Positive On Strengthening Asset Portfolio; 'BBB+' Ratings Affirmed

Australia-based unlisted industrial REIT Goodman Australia Industrial Partnership (GAIP) has raised A$1.0 billion of equity to fund its growth aspirations. In our view, the REIT's asset portfolio has strengthened materially over the past five years and is well positioned to generate strong rental growth despite the challenging macroeconomic environment. We also expect GAIP to further strengthen its portfolio in the coming years through its ongoing development and asset recycling programs. On Oct. 30, 2020, S&P Global Ratings revised its outlook on GAIP to positive from stable and affirmed its 'BBB+' long-term issuer credit and issue-level ratings. The positive outlook reflects the potential for an upgrade to 'A-' in the next 12-24 months if GAIP can deliver the expected improvement in

...- Australia-based unlisted industrial REIT Goodman Australia Industrial Partnership (GAIP) has raised A$1.0 billion of equity to fund its growth aspirations. - In our view, the REIT's asset portfolio has strengthened materially over the past five years and is well positioned to generate strong rental growth despite the challenging macroeconomic environment. We also expect GAIP to further strengthen its portfolio in the coming years through its ongoing development and asset recycling programs. - On Oct. 30, 2020, S&P Global Ratings revised its outlook on GAIP to positive from stable and affirmed its '###+' long-term issuer credit and issue-level ratings. - The positive outlook reflects the potential for an upgrade to 'A-' in the next 12-24 months if GAIP can deliver the expected improvement in key credit measures while successfully executing on its operating strategy....

Research Update