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GMT Sells 120 Pavilion Drive for $8 million

Tuesday, 12 June 2012

Goodman (NZ) Limited (“GNZ”), the Manager of Goodman Property Trust (“GMT”), is pleased to announce the sale of 120 Pavilion Drive, Mangere.

The stand-alone warehouse is being sold to an owner occupier for $8.1 million. The sale price represents a small premium to the March 2012 valuation of $7.8 million.

John Dakin, Chief Executive Officer of GNZ, said “The sale demonstrates the flexibility of our capital management strategy. It allows us to take advantage of a strengthening investment market to recycle capital out of less growth orientated assets into the Trust’s value adding development programme.”

The unconditional sale is expected to settle in October 2012.