Goodman Group, Australia’s biggest industrial REIT, rose in Sydney trading on reports it is set to announce a 'cornerstone' investor that will help it retire debt.

Goodman Group shares rose as much as 10% to 49.5 cents on the Australian stock exchange. Goodman spokesman Mathew Werner declined to comment.

China Investment Corp. may invest up to A$2bn in Goodman over the next couple of years, the Australian Financial Review reported in its Street Talk column, without saying where the information came from.