Goodman (NZ) Limited, the manager of Goodman Property Trust (“GMT” or “Trust”) has confirmed that the Trust has received a binding ruling from Inland Revenue confirming that GMT meets the definition of a “Public Unit Trust” for the purposes of the Income Tax Act 2007.
The effect of this ruling is that any unitholder (together with their associated persons) may have an interest of up to 25% in the Trust without the Trust losing its beneficial Portfolio Investment Entity status.
The ruling takes effect immediately.
About Goodman Property Trust
GMT is New Zealand’s leading industrial and business space provider. It has a substantial property portfolio, with a value in excess of $2.0 billion, that accommodates more than 250 customers in Auckland and Christchurch.
It is a high quality business with an investment grade credit rating of BBB from Standard & Poors.
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation in excess of $1.3 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, which is also the Trust’s largest investor with a cornerstone unitholding of 17.6%.