GMT Continues Successful Sales Programme

Level 28, 151 Queen Street, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | Fax +64 9 375 6061 | www.goodman.com/nz

nzx release+
GMT Continues Successful Sales Programme
Date 16 March 2017
Release Immediate

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or
“Trust”), is pleased to announce further disposals as part of the Trust’s asset
recycling programme.

The commercial buildings and associated development land at 1 Show Place in
Addington, Christchurch, have been sold to a local investor for $14 million.
John Dakin, Chief Executive Officer of Goodman (NZ) Limited, said “An active
sales programme is reducing debt and providing funding capacity for GMT’s
development activity. It’s a strategy that is improving the quality of the portfolio
and increasing investment in the favoured Auckland industrial market, a sector
we expect to deliver superior growth.”
The unconditional sale is expected to settle before the end of March 2017.
This latest transaction brings the total value of sales for the current financial year
to almost $280 million. The largest of these being the disposal of the Millennium
and Yellow HQ office properties at 600-604 Great South Road in Auckland, for
$210 million.
To facilitate that transaction, which settled yesterday, GMT has subscribed for
$12 million of units in the property syndicate that now owns the asset. The Trust
will hold the investment for a maximum period of two years and expects to
receive an annual return of 8%.
For further information please contact:
John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(09) 375 6063
(021) 321 541

Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(09) 375 6077
(021) 305 316

James Spence
Director Investment Management
Goodman (NZ) Limited
(09) 375 6077

(021) 305 316

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.6 billion, ranking it
in the top 20 of all listed investment vehicles. 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 21%.

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 250 customers. The Trust holds an investment grade credit rating
of BBB from Standard & Poor’s.

Level 28, 151 Queen Street, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | Fax +64 9 375 6061 | www.goodman.com/nz

Appendix 1

GMT Asset Sales FY17

Property Estate Location
Contract
Sale Price
$m
Contract
Date
Settlement
Date




1 Show Place
Show Place Office Park Addington, Christchurch
14.0
March 2017 March 2017
Palmerston Transport Glassworks Industry Park Hornby, Christchurch
7.7
November 2016 May 2017
600-604 Great South Road Millennium Centre & Yellow HQ Greenlane, Auckland
210.0
October 2016 March 2017
15-23 Show Place and
16-31 Baigent Way
Show Place Office Park and
Southpark Industrial Estate
Addington, Christchurch
Middleton, Christchurch
47.1
September 2016 September 2016






Total

278.8