Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT”) is pleased to advise that it intends to comply with the NZX Listing Rules dated 1 January 2019 from 15 May 2019.
The Manager has applied to NZX for a designation that GMT be an equity security and NZX has designated GMT an equity security.
Keith Smith, Chairman of the Manager said, “The Board has always sought to maintain a contemporary governance structure for GMT incorporating many of the requirements of a listed company into its Trust Deed. Electing to be an issuer of equity securities under the new listing rules continues this approach and ensures Unitholders benefit from the added governance it provides.”
Given GMT’s external management structure NZX has granted certain waivers to facilitate GMT being designated an equity security. These are included as an attachment to this announcement.
About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $2.2 billion, ranking it in the top 20 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed Goodman Group, Goodman Group is also the Trust’s largest investor with a cornerstone unitholding of 21%.
GMT is New Zealand’s leading industrial space provider. It has a substantial property portfolio, with a value of $2.6 billion. The Trust holds an investment grade credit rating of BBB from Standard & Poor’s.