Media Release
29 October, 2007
Goodman Group Sells EdenBusiness Park, Auckland, for NZD $102.6 million
Goodman Group (“GMG”) is pleased to announce the sale of Eden Business Park in Auckland, New Zealand for $102.6 million
to specialist property funds management group, Orchard Funds Management.
The $102.6 million gross sale price represents an initial yield of 8.0% with an expected net gain of $11.95 million.
David van Aanholt, GMG’s Chief Executive Officer Asia Pacific, said “This is a great result for the Group with active
management enhancing the park’s lease expiry profile, adding considerable value to this asset since its acquisition. The
completion of a further stage of development has offered an additional $29.9 million of value to the park. The disposal
of non-core assets and the effective recycling of capital remains part of GMG’s ongoing strategy.”
Mr van Aanholt added that “Goodman’s commercial development book at Central Park and Highbrook are progressing solidly
with strong market demand for both precincts.”
Eden Business Park is comprised of five office buildings and one car park building situated over a 1.8 hectare office
park. It has a net lettable area of approximately 22,000 sqm with 15,700 sqm of development land over two sites. The
property features a diverse tenant list.
The transaction settled 25 October 2007. The sale proceeds will be utilised to reduce the Group’s total debt, providing
funding for future opportunities.
In New Zealand the Group is the cornerstone investor and manager of the Goodman Property Trust the country’s leading
industrial and business space provider. The Group is also one of the joint venture owners of the successful Highbrook
Business Park development on Auckland’s Waiouru Peninsula.
ENDS