Goodman Group has agreed a A$1.3 billion (US$1 billion) relationship with CB Richard Ellis Realty Trust to invest in logistics development opportunities in the UK and across Europe.

The investments will be funded on an 80:20 basis with CB Richard Ellis Realty Trust holding the majority share.

The UK project will initially see investment of £400 million (US$585m) over three years, and include the acquisition of two of Goodman's UK assets for a total consideration of £22.4 million and a right of first refusal over logistics properties developed by Goodman.