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Value of Highbrook Business Park Approaches $1 billion

Monday, 14 December 2015

In December 2012 Unitholders of Goodman Property Trust (“GMT” or “Trust’) voted overwhelmingly in support of the proposal to acquire the remaining interests in Highbrook Business Park.

The transaction featured a beneficial consideration structure with new units in the Trust being issued as part of the acquisition. A proportion of the new units were deferred for three years.

The issue today of the deferred units marks the completion of a defining acquisition for GMT.

John Dakin, Chief Executive Officer of Goodman (NZ) Limited said, “Highbrook is a very special asset, it’s a world class estate that offers occupiers the very latest business space in an outstanding natural environment.”

Masterplanned to maximise the views and physical features of the 150 hectare site in Auckland’s East Tamaki the estate has been progressively developed and is now around 65% complete.

John Dakin, said, “Owning 100% of Highbrook has been a very successful strategy for the Trust. The quality and scale of the estate mean it’s a highly prized asset that really differentiates GMT, it is also an important driver of the Trust’s investment performance.”

Since acquiring the remaining interests in December 2012, development progress has continued to be rapid with 15 new projects announced. With a total cost of $158.7 million, these new projects add more than 80,000 sqm of rentable area to the estate.

This development activity has utilised more than 17.5 hectares of land area and contributed to the $60 million in valuation gains Highbrook has generated since 2012.

John Dakin, said, “Highbrook is currently home to more than 70 high quality businesses occupying around 340,000 sqm of space across 40 plus buildings. With a current value in excess of $850 million and a further $60 million of work in progress the estate is already one of the country’s largest industrial real estate assets.”

For further information, please contact:

John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(09) 375 6063
(021) 321 541

Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(09) 375 6077
(021) 305 316

About Goodman Property Trust:

GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.6 billion, ranking it in the top 15 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed Goodman Group, Goodman Group are also the Trust’s largest investor with a cornerstone unitholding of 18.22%.

GMT is New Zealand’s leading industrial and business space provider. It has a substantial property portfolio with a value in excess of $2.1 billion that accommodates more than 250 customers. The Trust holds an investment grade credit rating of BBB from Standard & Poor’s.