Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


MGP acquires 50% stake in new Gate Park

MGP acquires 50% stake in new developments at The Gate Industry Park

MGP is pleased to announce that it has acquired a 50% stake in two recently completed buildings at The Gate Industry Park from its co-ownership partner ASX-listed MGI.

MGP’s half-stake in the two buildings was acquired for a total NZ$6.8875 million with settlement being deemed effective from 31 December 2004.

Norman Ellison Carpet’s 4,800 sqm facility at The Gate Industry Park has a lease term of nine years with a further option to renew for six years. The net annual commencing rent has been set at NZ$460,000. Recall’s 5,200 sqm facility has been secured under a 15 year lease with an annual net commencing rent of NZ$660,000 per annum and fixed annual reviews of 3%.

The manager of MGP, Macquarie Goodman (NZ) Limited, said it was delighted to have the opportunity to acquire a stake in two brand new properties developed to Macquarie Goodman’s high standards. Macquarie Goodman (NZ) chief executive officer John Dakin said, “The purchase of these properties has added two valuable blue-chip companies to MGP’s customer base and driven its weighted average lease term up from 3.8 to 4.1 years.”

The purchase price for MGI’s half-stake was jointly determined by two valuers appointed by each of MGI and MGP in accordance with the terms of the trusts’ co-ownership agreement. MGI managed the development of the two properties until their completion last month.

Mr Dakin said The Gate Industry Park now had just 22,000 sqm of space that remained to be developed. “Due to strong interest at The Gate Industry Park, MGI has commenced three new units on a speculative basis alongside the property occupied by Normal Ellison Carpets. The intention is that MGP will purchase a 50% stake in these properties when they are fully developed and occupied,” he said.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news