GMT Asset Sales Approach $125 million | New Zealand
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GMT Asset Sales Approach $125 million

Tuesday, 15 March 2016

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to announce further success in the Trust’s sales programme.

The office component of Connect Business Park in Penrose, Auckland has been sold to a local investor for $40.9 million.

John Dakin, Chief Executive Officer of Goodman (NZ) Limited, said “Active management has contributed to strong leasing results at this estate over the last 12 months, maximising the asset value. With a sale price that reflects a passing yield of around 7.15% the sale represents a great outcome for GMT, generating a significant gain over its carrying value.”

With almost $125 million of asset sales announced this financial year GMT is growing organically, recycling capital into more growth orientated development opportunities that are improving the overall quality of the portfolio.

The sale remains conditional on a new title being issued following a minor boundary adjustment, but is expected to settle in July 2016.

About Goodman Property Trust: 

GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.6 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.