Goodman Group Sells EdenBusiness Park For $102.6Mn

Media Release
29 October, 2007

Goodman Group Sells EdenBusiness Park, Auckland, for NZD $102.6 million

Goodman Group (“GMG”) is pleased to announce the sale of Eden Business Park in Auckland, New Zealand for $102.6 million to specialist property funds management group, Orchard Funds Management.

The $102.6 million gross sale price represents an initial yield of 8.0% with an expected net gain of $11.95 million.

David van Aanholt, GMG’s Chief Executive Officer Asia Pacific, said “This is a great result for the Group with active management enhancing the park’s lease expiry profile, adding considerable value to this asset since its acquisition. The completion of a further stage of development has offered an additional $29.9 million of value to the park. The disposal of non-core assets and the effective recycling of capital remains part of GMG’s ongoing strategy.”

Mr van Aanholt added that “Goodman’s commercial development book at Central Park and Highbrook are progressing solidly with strong market demand for both precincts.”

Eden Business Park is comprised of five office buildings and one car park building situated over a 1.8 hectare office park. It has a net lettable area of approximately 22,000 sqm with 15,700 sqm of development land over two sites. The property features a diverse tenant list.

The transaction settled 25 October 2007. The sale proceeds will be utilised to reduce the Group’s total debt, providing funding for future opportunities.

In New Zealand the Group is the cornerstone investor and manager of the Goodman Property Trust the country’s leading industrial and business space provider. The Group is also one of the joint venture owners of the successful Highbrook Business Park development on Auckland’s Waiouru Peninsula.

ENDS

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