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

 


Kiwibank exits Goodman Property's $600 mln lending syndicate

Kiwibank exits Goodman Property's $600 mln lending syndicate

By Suze Metherell

July 25 (BusinessDesk) - Kiwibank has exited a five-year, $30 million lending relationship with Goodman Property Trust, New Zealand's largest listed property investor with the remaining 'big four' banks to boost their funding to $150 million each.

The property trust's $600 million lending syndicate is now evenly split across the Commonwealth Bank of Australia, Westpac Banking Corp, Australia & New Zealand Banking Group and National Australia Bank, the Auckland-based property investor's manager said in a statement. Kiwibank exited the syndicate, withdrawing $30 million in funds.

"Their business saw opportunities elsewhere, and we were very happy to help facilitate them leaving," said Andy Eakin, chief financial officer of the trust's manager Goodman (NZ). “‘Kiwibank have been a very supportive lending partner to the trust, committing to the business at a time when global credit markets were stressed and corporate lending was difficult to secure."

It had been a "positive relationship", Eakin said, and he hoped to work with the bank again.

Goodman lifted distributable earnings after tax, a measure of profit that strips out valuation movements, 10 percent to $92.9 million in the year ended March 31, as rental income came on stream from new acquisitions, and flagged asset sales to fund future developments.

Units in the trust gained 0.5 percent to $1.075.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news