In its third quarter update, Goodman Group reaffirmed its full year guidance. During the quarter, Goodman successfully attained 100% ownership of the operating platform in Brazel from WTorre. Despite recent headwinds, the group remains committed to Brazil as management believe that the warehouse market is oversupplied and middle class population growth remains strong. Goodman experienced growth in external asset under management (AUM) to $28 billion. This was driven primarily buy larger development work book and further revaluations (cap rate compression of 50bps). While this adds to the growing speculation that a commercial property bubble exists in Australia, we take comfort in the group’s multinational presence (only 22% of work in progress is in Australia). The group successfully refinanced $2.9 billion of debt facilities across its operations and has achieved an average debt expiry of 4.6 years.