Further to the announcement of 3 November 2014, Goodman (NZ) Limited, the Manager of Goodman Property Trust (“Trust” or “GMT”), is pleased to confirm that the Overseas Investment Office has granted approval for the introduction of GIC as a new capital partner in an expanded joint venture investing in Auckland’s Viaduct Quarter.
The joint venture is now unconditional and settlement is expected in February.
John Dakin, Chief Executive Officer of Goodman (NZ) Limited said “The Viaduct Quarter is a proven investment location that presents exciting new opportunities with local government initiatives and private development transforming the former marine and industrial areas into a world-class, mixed-use waterfront precinct. The introduction of a strongly aligned capital partner will enable GMT to extend and diversify its Viaduct portfolio maintaining a long term investment of around $250 million. ”
The joint venture, which includes GMT’s existing Viaduct property interests, will own a portfolio of assets valued at $313 million with a mandate to grow to around $500 million over time.
About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a current market capitalisation of around $1.4 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 is 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 $2.0 billion that accommodates around 260 customers. The Trust holds an investment grade credit rating of BBB from Standard & Poor’s, with its debt facilities rated at BBB+.