GMT Development Commitments Exceed $115 million | New Zealand
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GMT Development Commitments Exceed $115 million

Tuesday, 22 March 2016
Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT"or "Trust'), is pleased to announce further progress in the Trust's development programme with three new customer commitments totalling $23.1 million.

The new facilities, which will add 13,120 sqm of industrial space to the Trust's investment portfolio, are expected to generate around $1.6 million of annual rental income once completed.

Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "Strategic land holdings and a successful development programme are creating high quality, award winning assets for GMT. It's a value adding activity that is attracting new companies into the portfolio and facilitating the expansion of our existing customers businesses. With over $115 million of new projects announced over the last 12 months it's a successful strategy that is delivering strong gains for our investors.'

The first of the new projects is a 4,650 sqm warehouse and office facility for EDL Fasteners, a subsidiary of the global Wurth Group, at Highbrook Business Park. The manufacturer and distributor of industrial, construction and general fasteners has committed to an 8 year lease over the new premises which are scheduled to complete in December 2016.

Existing customer partnerships have facilitated two new expansion projects for Mainstream Logistics and Scalzo Trading Company. To accommodate business growth the two companies are expanding their current warehouse facilities at the Trust's Savill Link and Highbrook estates in Auckland.

Scheduled to complete in August and December 2016 respectively, the two projects have a total cost of $13.4 million.

A schedule of the nine development projects announced in FY16 (including those announced today) is included as an appendix to this announcement.