Australian warehouse operator Goodman Group has formed a joint venture with the Abu Dhabi Investment Council to invest $1 billion in industrial property in Japan.

The company said that it has launched the Goodman Japan Development Partnership with $500 million in equity. After borrowing an equal amount, Goodman expects the joint venture to buy property worth at least $1 billion.

The new venture's first investments are in Tokyo Bay and Osaka, with three projects covering 250,000 square metres, worth 55.5 billion yen. (Reuters)