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

 

Fund For PPP Plans: Govt Embraces Targeted Rates To Spur Urban Infrastructure

The government's latest response to the Auckland housing shortage will see central government and private sector firms invest in 'special purpose vehicles' to fund essential roading, water and drains that Auckland Council can't fund without threatening its credit rating. More>>

ALSO:

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO: