GMT Confirms OIO Approval for VXV Portfolio Sale | New Zealand
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GMT Confirms OIO Approval for VXV Portfolio Sale

Wednesday, 5 December 2018

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to confirm the sale of its interest in Wynyard Precinct Holdings Limited, owner of the VXV Portfolio1 is now unconditional.

The purchaser has received approval from the Overseas Investment Office and the sale, which was announced on 18 May 2018, is now due to settle on 14 December 2018.

The Trust’s 51% share in the joint venture reflected a gross sale price of $323.9 million, making it one of the largest real estate transactions in New Zealand. With more than $1.2 billion of sales over the last five years GMT’s investment strategy is now exclusively focused on the Auckland industrial market.

The timing of the sale is consistent with earlier assumptions and cash earnings guidance for FY19 has been reaffirmed at around 7.0 cents per unit. Cash distributions of 6.65 cents per unit are expected to be paid for the full year.