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

 

MGP Acquires APN Assets and Secures Cheap Auto


NZX Release – Macquarie Goodman Property Trust (“MGP”)


MGP Acquires APN Assets and Secures Super Cheap Auto at Westney Industry Park

Macquarie Goodman Property Trust (MGP) is pleased to announce the purchase of two properties, located in Auckland and Christchurch, on a sale and leaseback basis from APN News and Media for $21.0 million.

The purchase includes 587 Great South Road, Manukau, Auckland, a key printing and warehouse distribution facility of over 14,000sqm with associated development land and 25 Halwyn Drive, Hornby, Christchurch, a modern office and manufacturing warehouse of almost 3,000sqm. The sale of the APN Portfolio was managed by Bayleys Real Estate and settlement is expected to occur on 16 June 2006. The leaseback arrangement to APN includes a 12 year lease in Auckland with three yearly reviews and a seven year lease on the Christchurch facility with two yearly reviews.

The properties are well located within the local industrial markets offering good access to arterial routes, rail and international airports. Macquarie Goodman (NZ) Limited, Chief Executive Officer, John Dakin said, “This was a great opportunity to establish a relationship with a blue chip customer as well as securing prime industrial assets in the Auckland and Christchurch markets”.

MGP have also secured another key customer, leasing the balance of the Multi-Unit development at Westney Industry Park to Super Cheap Auto. Super Cheap Auto has committed to 7,817sqm of warehouse and office space and join existing customer Toll International as joint occupiers in this two unit facility.

Super Cheap Auto is an ASX listed automotive and leisure retailer with 200 stores throughout Australasia. The six year lease has fixed two yearly rent reviews and a further right of renewal of six years.

Mr Dakin said, “We are pleased to have secured such a quality customer and look forward to developing our relationship with Super Cheap.”

He added, “The APN acquisition along with the completion and leasing of the Westney Industry Park Multi-Unit development provide a blended yield of 8.58% and extend the weighted average lease expiry of the Trust from 5.6 years to 5.7 years.”

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Food Prices Increase 7.4 Percent Annually
Food prices were 7.4 percent higher in July 2022 compared with July 2021, Stats NZ said today... More>>



REINZ: Market Activity And Prices Continue To Ease, First Home Buyers Start To Return To The Market

New Zealand’s winter property market continues its recent trend, slowing from the pace of sales and price rises of last year — properties stay on the market longer and median prices dip... More>>

FMA: Cigna Admits Making False And Misleading Representations
Cigna Life Insurance New Zealand Limited has admitted to making false and/or misleading representations to customers in proceedings brought by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko... More>>



Retail NZ: Welcomes Return Of Cruise Ships

“Cruise visitors were big spenders in retail prior to COVID-19, and retailers in Auckland will be celebrating the arrival of P&O’s Pacific Explorer this morning... More>>



ASB: Full Year Results: Building Resilience Today And For Our Future

In its 175th year, ASB has reported a cash net profit after tax of $1,418 million for the 12 months to 30 June 2022, an increase of $122 million or 9% on the prior year... More>>


Commerce Commission: Draft Determination On News Publishers’ Association’s Collective Bargaining Application
The Commerce Commission (Commission) has reached a preliminary view that it should allow the News Publishers’ Association of New Zealand (NPA) to collectively negotiate with Meta and Google... More>>