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GMT Asset Recycling Providing Balance Sheet Capacity
GMT Asset Recycling Providing Balance Sheet Capacity
Goodman (NZ) Limited, the Manager of Goodman Property
Trust (“GMT” or “Trust”), is pleased to announce
that GMT has sold a package of industrial and office assets
in Christchurch for $47.1 million.
The sale to a private local investor, includes Southpark Industrial Estate in Middleton and two assets from within Show Place Office Park in Addington.
John Dakin, Chief Executive Officer of Goodman (NZ) Limited, said "We’ve continued to take advantage of the strong investment market, with asset sales providing the balance sheet capacity for future acquisition and development opportunities. It’s a deliberate strategy that is reweighting the portfolio toward the favored Auckland industrial sector."
The Show Place component of the sale includes the 3,800 sqm building leased to Ngai Tahu, together with an adjoining development site currently utilised for car parking.
The unconditional sale, which reflects a yield of 7.7%, is expected to settle on 30 September 2016.
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