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Preliminary Valuation Result For GMT

Monday, 27 March 2017

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), has confirmed that GMT’s financial result for the year ending 31 March 2017 will contain a significant property revaluation.

Draft valuation reports from independent valuers indicate that GMT’s property portfolio will record a full year gain of around $115 million, or approximately 5%.

The positive result means the portfolio has a current value of more than $2.4 billion [1]. 

John Dakin, Chief Executive Officer said, “Continued demand for high quality industrial property is reflected in the strength of this valuation result. The resulting lift in property values is expected to add around 7.5 cents per unit to GMT’s Net Tangible Asset backing, which was $1.22 per unit at 30 September 2016.” 

The revaluation remains subject to finalisation and independent audit. Further details will be provided with the Trust’s FY17 annual result announcement on 18 May 2017.

[1] On a proportionately consolidated basis, including GMT’s 51% interest in the Wynyard Precinct Holdings Limited joint venture.