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


Goodman Property builds three new developments for $44.4 mln

Goodman Property builds three new developments for $44.4 million

By Suze Metherell

April 14 (BusinessDesk) – Goodman, the manager of Goodman Property Trust, said it plans to spend $44.4 million developing three new industrial properties.

The developments, which will add 28, 430 square meters of industrial space to its portfolio, will be funded through existing debt facilities and further selling from its asset disposal programme, the company said in a statement. Last month, the Auckland-based company refinanced $600 million of bank facilities, extending the term to an average of 3 ½ years. Its total debt facilities are $895 million.

Steel & Tube Holdings will rent the Otahuhu Savill Link development as well as space in the Highbrook business park in East Tamaki, which are due to be completed in November, it said. Ford will also move to a new warehouse in Highbrook with a 10-year lease starting next April.

Shares in the listed property trust rose 0.5 percent to 97 cents and have declined 12 percent over the past year, underperforming the NZX 50 Index’s 14 percent gain. The stock has an average ‘hold’ rating, according to six analysts surveyed by Reuters, with a median price target of $1.03.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news