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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.

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