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

 

Partial Sale and Restructure at Fletchers

Media Release – Macquarie Goodman (NZ) Limited

Macquarie Goodman Property Trust Announces Partial Sale and Restructure at Fletchers


Date: 6 November 2006
Release: Immediate

Macquarie Goodman Property Trust ("MGP") is pleased to announce a partial sale and restructure of its interests at the Fletcher Head Office property located at 810 Great South Road, Penrose ("Property").

MGP first acquired an interest in the property in June 2004 with Fletcher Building Limited ("FBU") holding a headlease over the entire site with an initial expiry in March 2009.

The key terms of the transaction are as follows:
(a) MGP will sell to FBU that part of the Property on the east side of Great South Road, which includes the Fletcher Building Head Office;
(b) FBU will enter into two new leases for industrial and office premises for those parts of the Property on the west side of Great South Road which it currently occupies, commencing 1 April 2007; and
(c) FBU will surrender the existing headlease over the Property as at 31 March 2007.

FBU will acquire the Penrose east property for $28.75 million, with settlement due 31 March 2007.

MGP will retain ownership of the Property on the west side of Great South Road which will be subject to new leases with Fletchers for 23,934 sqm of industrial space and 3,104 sqm of office space for nine year terms. AUT will remain a key customer on the site and the total net annual rent for the property will be approximately $4.2 million.

John Dakin, Chief Executive Officer of Macquarie Goodman (NZ) Limited, the manager of MGP, said "The restructuring of our single largest lease provides a number of benefits to MGP unitholders. The revised terms increase the weighted average lease expiry of the portfolio while reducing customer specific risk and mitigating the uncertainty around the expiry in 2009".


ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>

ALSO:

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

CO2 And Water: Fonterra (And Dairy NZ)'s Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>

ALSO: