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GMT Purchases Carter Holt Harvey Facility

GMT Purchases Carter Holt Harvey Facility

Goodman (NZ) Limited, the Manager of GMT is pleased to announce that the Trust has agreed to acquire the Carter Holt Harvey Packaging Plant in Christchurch for $12.5 million.

The 20,380 sqm office and warehouse facility is located at 85 Shands Road, Hornby and adjoins one of the Trust’s existing estates. The acquisition provides a yield on cost of approximately 10.5% and is expected to settle before 31 December 2010.

The 9 year lease to Carter Holt Harvey Limited has a remaining term of 5.5 years with further rights of renewal that could extend the term by up to 12 years. The lease is subject to fixed annual increases.

Peter Dufaur, General Manager of Development for Goodman (NZ) Limited, said: “This is a strategic acquisition that offers an attractive yield with future development potential. The acquisition is further enhanced by our ownership of the neighbouring property.”

The 4.3 hectare property shares a common boundary with Glassworks Industry Park, providing alternative access and future redevelopment options.

ENDS

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