Sorouh Real Estate and Goodman have entered into a joint venture agreement to develop and manage business and logistics parks in the GCC.

The Goodman Sorouh Joint Venture marks the first JV for Goodman in the Middle East, said a statement.

Goodman is one of the world’s leading integrated property groups that owns, develops and manages industrial property and business space globally. With over 2,700 blue chip customers around the world, Goodman provides high quality office, logistics and industrial accommodation in premier business park locations. The group has a large institutional investor base, managing over $30 billion of property assets worldwide, said the statement.

“We chose to embark upon this JV with Goodman because they pioneered and led the concept of the business park and continue innovating to this day,” said Mounir Haidar, chief executive officer, Sorouh. “We are pleased to be entering into this strategic partnership with Goodman. 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.”

“Both parties believe that the vibrancy of the region and its long term viability will support substantial development and investment opportunities over time” he added.

“Investors are becoming more and more attracted to international real estate opportunities, particularly in the Middle East and Asia,” said Gregory Goodman, group chief executive officer, Goodman. “Goodman Sorouh represents two very knowledgeable and experienced commercial property companies – a combination that will benefit both our customers and our investors.”

The JV will be established as a new company with the exclusive right to develop and manage business parks and logistics sites within the GCC, with each of Goodman and Sorouh maintaining equal management rights and board representation in that company.

The JV will be incorporated and based in Abu Dhabi and managed by an experienced team sourced from both parent companies. The JV will leverage the best skills of both companies.

Goodman will provide its experience and global reach. 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. Sorouh will also provide its unique understanding of the local market and experience as a recognised leading master developer in the region, the statement said. –TradeArabia News Service