GMT Continues Successful Sales Programme

GMT Continues Successful Sales Programme

16 March 2017

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to announce further disposals as part of the Trust’s asset recycling programme.

The commercial buildings and associated development land at 1 Show Place in Addington, Christchurch, have been sold to a local investor for $14 million.

John Dakin, Chief Executive Officer of Goodman (NZ) Limited, said “An active sales programme is reducing debt and providing funding capacity for GMT’s development activity. It’s a strategy that is improving the quality of the portfolio and increasing investment in the favoured Auckland industrial market, a sector we expect to deliver superior growth.”

The unconditional sale is expected to settle before the end of March 2017.

This latest transaction brings the total value of sales for the current financial year to almost $280 million. The largest of these being the disposal of the Millennium and Yellow HQ office properties at 600-604 Great South Road in Auckland, for $210 million.

To facilitate that transaction, which settled yesterday, GMT has subscribed for $12 million of units in the property syndicate that now owns the asset. The Trust will hold the investment for a maximum period of two years and expects to receive an annual return of 8%.

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