Seismic Announcement for NZX | New Zealand
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Seismic Announcement for NZX

Tuesday, 13 November 2012
Goodman (NZ) Limited (“GNZ”), the Manager of Goodman Property Trust, is pleased to confirm that it has completed a sesmic review of its office portfolio in accordance with the standards of the New Zealand Society of Earthquake Engineering.

The structural assessment (which included Detailed Engineering Evaluations where necessary) has confirmed that 97.5% of the Trust’s commercial floor space is deemed low risk with an equivalent rating of A or B under the New Building Standards.

There are no office buildings in the portfolio that are considered earthquake prone. John Dakin, Chief Executive Officer of GNZ, said “The benefits of investing in modern high quality assets have been reinforced by the results of this review. Our customers in Auckland and Christchurch expect the very best facilities and we will be carrying out some minor works to lift the remaining 2.5% of the office portfolio up to the same superior standard.”

The planned works have an expected total cost of $5.0 million and will be undertaken over the next 3-4 years as part of the general capital maintenance programme.