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GMT Sales Programme Approaches $150 million

Tuesday, 16 December 2014

Goodman (NZ) Limited ("GNZ"), the Manager of Goodman Property Trust, is pleased to announce the sale of Enterprise Park in Wiri.

The multi-customer industrial facility has been sold to a private local investor for $53.2 million. The unconditional sale, which is due to settle in March 2015, increases the value of asset sales achieved in the first nine months of FY15 to almost $150 million.

John Dakin, Chief Executive Officer of GNZ, said "Financing new development and investment activity through asset recycling is facilitating the Trust's business growth. The Enterprise Park sale continues a successful asset disposal programme that is delivering strong profits while allowing us to accelerate the Trust's development programme. It's a value adding strategy that is converting the Trust's strategic land holdings into high quality, income producing, industrial and office park assets."

About Goodman Property Trust:

GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $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, Goodman Group are also the Trust's largest investor with a cornerstone unitholding of 17.8%.

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 around 260 customers. The Trust holds an investment grade credit rating of BBB from Standard & Poor's.