Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT”), is pleased to announce that GMT has acquired a multi-tenanted industrial property in Glen Innes, Auckland for $30.3 million.
Located at 127-131 Pilkington Road, adjacent to the eastern railway line in an area designated by Auckland Council for high density redevelopment, the 5.8 hectare site currently provides 20,400 sqm of functional warehouse and showroom space.
John Dakin, Chief Executive Officer of the Manager said, “This is a strategic acquisition in the heart of the Tamaki Regeneration Area. Positioned to benefit from the new AMETI transport initiative there is immediate opportunity to add value with longer term options provided by the sites mixed-use zoning1.”
The property is expected to provide a passing yield in excess of 6% once new leasing initiatives are completed.
About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.5 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 20.62%.
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.