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

 


Goodman Property investors approve $186.6M Highbrook deal

Goodman Property investors approve $186.6M Highbrook deal

Dec. 7 (BusinessDesk) – Unitholders of Goodman Property Trust, the second-biggest property investor on the NZX, voted in favour of the acquisition of remaining shares in Auckland’s Highbrook Business Park for $186.6 million in cash and shares.

The deal required a vote at an extraordinary meeting because the vendors are both related parties to the trust.

Ownership of the 100 hectare property in East Tamaki, which is currently a half-developed business park, is split between Highbrook Development and Highbrook Business Park Ltd, of which the trust already owned 50 percent and 75 percent respectively.

It is buying 25 percent of Highbrook Development from Goodman Group, the Australian parent of the trust’s manager Goodman (NZ) and the remaining 25 percent from Fisher Highbrook, a company associated with the family of Woolf Fisher, the original owner of the land. The remaining 25 percent of Highbrook Business is being acquired from Fisher Highbrook.

ASX-listed Goodman Group will be paid in units of the trust, listing its holding to about 20 percent from 16 percent. Fisher Highbrook will be paid in units and cash for its interests in the development.

To help fund the deal, the trust last month made a private placement to institutions raising $60 million investors was undertaken on Nov. 13 raising $60 million and aims to raise a further $20 million via a unit purchase plan.

The transaction was deemed fair to non-Goodman unitholders in an appraisal report by Deloitte.

Units of the trust last traded at $1.025 and have gained 3.5 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news