Goodman Property Trust : GMT Asset Sales Approach $300 million
October 02, 2016 at 06:02 pm EDT
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Goodman (NZ) Limited, the Manager of Goodman Property Trust ('GMT' or 'Trust'), is pleased to announce that GMT has entered into a conditional contract to sell three Auckland office properties for $206 million.
The sale to local investor and property funds manager, Oyster Management Ltd, includes the two Millennium office estates and the Yellow HQ building. The adjoining properties are located at 600-604 Great South Road in Greenlane.
John Dakin, Chief Executive Officer of Goodman (NZ) Limited, said 'This sale is a continuation of an investment strategy that is focused on organic growth. With asset disposals funding the Trust's award-winning development programme we're rebalancing the portfolio with greater investment in the Auckland industrial sector.'
The transaction will have a positive impact on debt levels, reducing the Trust's loan to value ratio by around 5%.
Still conditional on the purchaser's due diligence, the sale is contracted to settle on 15 December 2016.
About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX with a market capitalisation of around $1.7 billion. The Manager of the Trust is a subsidiary of the ASX listed Goodman Group, Goodman Group are also the Trust's largest investor with a cornerstone unitholding of 20.7%.
GMT is New Zealand's leading industrial and business space provider. It has a substantial property portfolio, with a value in excess of $2.3 billion, that accommodates more than 280 customers. The Trust holds an investment grade credit rating of BBB from Standard & Poor's.
Goodman Property Trust published this content on 03 October 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 02 October 2016 22:02:02 UTC.
Original documenthttps://nz.goodman.com/investor-centre/goodman-property-trust-units/nzx-announcements/20160714-gmt-undertaking-further-asset-sales
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Goodman Property Trust is a New Zealand-based company, which is a warehouse and logistics space provider. In New Zealand, the Company owns, develops, and manages urban logistics space. The Companyâs invested properties include Highbrook Business Park, East Tamaki; Savill Link, Otahuhu; M20 Business Park, Manukau; The Gate Industry Park, Penrose; and Westney Industry Park, Mangere. The Companyâs customers include New Zealand Post, Mainfreight, DHL, Freightways, Officemax, Coda, Fletcher Building, Cotton On Clothing, Linfox, Supply Chain Solutions, Toll, Steel & Tube, Turners & Growers, Frucor Suntory, Asaleo Care, Viridian Glass, Metroglass, NCI Packaging, Cottonsoft, and Ingram Micro. The Company operates in key consumer markets in approximately 14 countries across Asia Pacific, Europe, and the Americas.