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Macquarie Goodman Sells IBM Centre

NZX Release – Macquarie Goodman Property Trust


Macquarie Goodman Sells IBM Centre for $24.5 million

Macquarie Goodman (NZ) Limited (“MGNZ”), the manager of Macquarie Goodman Property Trust (“MGP”), is pleased to announce it has an unconditional contract to sell the IBM Centre for $24.5 million to ING Property Trust.

The $24.5 million gross sale price, with an expected net gain on realisation of $0.8 million, represents an initial yield of 8.4%.

John Dakin, Chief Executive Officer of MGNZ, said “This is a great result for the Trust with active management adding considerable value to this asset over the last year with new leases to IBM and Boffa Miskell. The disposal of non-core assets remains part of our strategy for MGP.”

The property is presently 97% occupied and will have a vendor underwrite on 388 sqm of vacant office space for a period of two years.

The expected settlement date is 15 December 2006.

On settlement, the balance of the sale proceeds will be utilised to reduce MGP’s total debt, providing funding for future opportunities.

ENDS

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