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Goodman Property Trust Announces Asset Sale

Monday, 12 August 2013, 3:22 pm
Press Release: Goodman Property Trust

GMT Announces Asset Sale

Goodman (NZ) Limited (“GNZ”), the Manager of Goodman Property Trust, is pleased to announce the sale of Gateside Industry Park in Penrose.

The multi-tenanted estate, which includes around 2.3 ha of associated development land, is being sold to Port of Tauranga Limited for $37.2 million.

John Dakin, Chief Executive Officer of GNZ, said “The sale of Gateside is part of a successful asset disposal programme that has released more than $70 million of capital over the last 18 months. The equity that it provides is helping fund an accelerating development programme that is focused on converting the Trust’s strategic land holdings into high quality industrial and office park assets.”

The unconditional sale is due to settle in February 2014.

About Goodman Property Trust
GMT is New Zealand’s leading industrial and business space provider. It has a substantial property portfolio, with a value in excess of $2.0 billion, that accommodates more than 250 customers.

It is a high quality business with an investment grade credit rating of BBB from Standard & Poors.

GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation in excess of $1.2 billion, ranking it in the top 15 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed Goodman Group, Goodman Group are also the Trust’s largest investor with a cornerstone unitholding of 17.5%.

ENDS

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