MGP Acquires APN Assets and Secures Cheap Auto
NZX Release – Macquarie Goodman Property Trust (“MGP”)
MGP Acquires APN Assets and Secures Super Cheap Auto at Westney Industry Park
Macquarie Goodman Property Trust (MGP) is pleased to announce the purchase of two properties, located in Auckland and Christchurch, on a sale and leaseback basis from APN News and Media for $21.0 million.
The purchase includes 587 Great South Road, Manukau, Auckland, a key printing and warehouse distribution facility of over 14,000sqm with associated development land and 25 Halwyn Drive, Hornby, Christchurch, a modern office and manufacturing warehouse of almost 3,000sqm. The sale of the APN Portfolio was managed by Bayleys Real Estate and settlement is expected to occur on 16 June 2006. The leaseback arrangement to APN includes a 12 year lease in Auckland with three yearly reviews and a seven year lease on the Christchurch facility with two yearly reviews.
The properties are well located within the local industrial markets offering good access to arterial routes, rail and international airports. Macquarie Goodman (NZ) Limited, Chief Executive Officer, John Dakin said, “This was a great opportunity to establish a relationship with a blue chip customer as well as securing prime industrial assets in the Auckland and Christchurch markets”.
MGP have also secured another key customer, leasing the balance of the Multi-Unit development at Westney Industry Park to Super Cheap Auto. Super Cheap Auto has committed to 7,817sqm of warehouse and office space and join existing customer Toll International as joint occupiers in this two unit facility.
Super Cheap Auto is an ASX listed automotive and leisure retailer with 200 stores throughout Australasia. The six year lease has fixed two yearly rent reviews and a further right of renewal of six years.
Mr Dakin said, “We are pleased to have secured such a quality customer and look forward to developing our relationship with Super Cheap.”
He added, “The APN acquisition along with the completion and leasing of the Westney Industry Park Multi-Unit development provide a blended yield of 8.58% and extend the weighted average lease expiry of the Trust from 5.6 years to 5.7 years.”