Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to announce a new development commitment at Glassworks Industry Park in Christchurch.
MOVE Logistics, a contract warehousing specialist with operations in Auckland and Christchurch, has committed to a new 5,805 sqm purpose-built facility at the Trust’s industrial estate in Hornby.
The new project builds on recent development progress with leading customers such as Big Chill, Bridgestone, Contract Logistics, Trio and Viridian all committing to new facilities since the Trust’s 31 March 2013 balance date.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “We are extremely pleased to be welcoming another established logistics operator into the portfolio and to be further advancing our development programme.”
Scheduled to complete in May 2014, the project has an estimated total cost of $9.7 million, providing an initial yield of 8.1%.
The eight year lease is set at market rentals and has a structured review mechanism together with two further rights of renewal of five years each.
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.
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 $1.2 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 17.5%.