GMT Progresses Central Park Sale and Renews Air NZ Lease

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz



nzx release+
GMT Progresses Central Park Sale and Renews Air NZ Lease

Date
16 November 2017

Release
Immediate
Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” and
“Trust”) is pleased to announce the sale of Central Park is now unconditional but
for Overseas Investment Office approval. The Trust has also secured a significant
new lease commitment from Air New Zealand.

John Dakin, Chief Executive Officer of Goodman (NZ) Limited said, “The $209.0 million
Central Park sale has progressed with the purchaser, a joint venture led by New Zealand
property fund manager Oyster Group, confirming the only remaining condition is Overseas
Investment Office approval.”
The disposal represents a significant milestone in the repositioning of the Trust, marking
the last of the major identified asset sales. Following settlement of the property, GMT’s
portfolio will be almost 90% invested in its preferred Auckland industrial sector and will
have a value of $2.4 billion.
John Dakin said, “With over $850 million of asset sales since 2012 we have positively
rebalanced the Trust’s portfolio, improving the quality and growth profile of the assets. It’s
a disciplined strategy that is focused on the delivery of the industrial development pipeline
and building a portfolio of unrivalled quality.”
GMT's office investment is now focused in the VXV Precinct of Auckland's Wynyard
Quarter. The portfolio of seven buildings is owned jointly with GIC, the sovereign wealth
fund of Singapore, and has a current value of $488.4 million (GMT’s proportionate share
being $249.1 million). It includes some of the best new office buildings in the city with
strong customer covenants from leading organisations such as Auckland Transport,
Bayleys, Datacom, Fonterra, HP, IBM, KPMG and Microsoft.
Air New Zealand, a key customer in the precinct, has agreed to renew its lease at 185
Fanshawe Street, extending the expiry to 2027. As a result, the VXV portfolio will have a
weighted average lease term of 10 years.
John Dakin said, “The sale of Central Park and the lease renewal with Air New Zealand
improves GMT’s portfolio metrics with occupancy increasing to over 98% and the weighted
average lease term extending beyond six years.”
Further portfolio detail is included in the appendix to this announcement.

For further information please contact:
John Dakin Andy Eakin
Chief Executive Officer Chief Financial Officer
Goodman (NZ) Limited Goodman (NZ) Limited
(09) 375 6063 (09) 375 6077
(021) 321 541 (021) 305 316

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
James Spence
Director Investment Management
Goodman (NZ) Limited
(09) 903 3269
(021) 538 934

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.7 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 is 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 of
$2.4 billion, which accommodates around 200 customers. The Trust holds an investment grade credit rating of BBB from
Standard & Poor’s

Appendix 1: GMT Portfolio Metrics
The table below incorporates the Central Park sale and the lease renewal to Air New
Zealand:


Rentable area
(sqm)
Average age
(years)
Customers
(number)
Occupancy
(%)
Weighted
average lease
term (years)
Industrial portfolio
929,392 9.9 162 98.6 5.6
Office portfolio
(1)

99,237 7.3 38 97.2 10.6
Total investment portfolio
1,028,628 9.7 200
98.3 6.2

(1)
The rentable area of the office portfolio includes 100% of the jointly owned assets in the VXV Precinct. Average age,
occupancy and average lease term are weighted to reflect GMT’s proportionate share of these assets.


Appendix 2: Central Park Corporate Centre, Greenlane

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz


Appendix 3: Air New Zealand, 185 Fanshawe Street, VXV Precinct