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GMT Asset Sales Approach $125 million
GMT Asset Sales Approach $125 million
Goodman (NZ) Limited, the Manager of Goodman Property
Trust (“GMT” or “Trust”), is pleased to announce
further success in the Trust’s sales programme.
The office component of Connect Business Park in Penrose, Auckland has been sold to a local investor for $40.9 million.
John Dakin, Chief Executive Officer of Goodman (NZ) Limited, said “Active management has contributed to strong leasing results at this estate over the last 12 months, maximising the asset value. With a sale price that reflects a passing yield of around 7.15% the sale represents a great outcome for GMT, generating a significant gain over its carrying value.”
With almost $125 million of asset sales announced this financial year GMT is growing organically, recycling capital into more growth orientated development opportunities that are improving the overall quality of the portfolio.
The sale remains
conditional on a new title being issued following a minor
boundary adjustment, but is expected to settle in July
2016.
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