GMT Continues To Expand Highbrook Business Park

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 Continues To Expand Highbrook Business Park
Date
21 December 2017
Release
Immediate

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or
“Trust”), is pleased to announce a new industrial development at Highbrook
Business Park in Auckland and the sale of 7 Show Place, a commercial building
in Christchurch.

John Dakin, Chief Executive Officer of Goodman (NZ) Limited, said: “We’re
executing a development led growth strategy that’s converting GMT’s land
holdings into high-quality, income-producing properties. Funded through asset
sales its repositioning the portfolio and focusing our investment in the Auckland
industrial sector.”

The new 7,300 sqm industrial facility at Highbrook Business Park is being
developed for Plytech International Limited. The manufacturer and supplier of
plywood based products is an existing customer that is doubling its space
requirements to facilitate its business growth.

The development has a forecast total cost of $11.4 million
1
and is expected to
complete in November 2018.

“This new project adds to the $107 million of development work currently
underway at Highbrook. The volume of activity reflects the strong demand that
exists for prime industrial space in Auckland and the unique attractions of this
world class business park,” John Dakin added.

The sale of 7 Show Place for $14.5 million continues the successful sales
programme that is funding GMT’s development work book. The three-level,
3,037 sqm office building within Show Place Office Park in Addington, has been
sold to a local syndicator.

The transaction is expected to settle in January 2018.

Following completion of all current developments and contracted sales, GMT’s
Auckland industrial weighting will have increased to almost 85% of its total
portfolio, while strategic land holdings represent less than 5%.


1
Additional development spend, including all construction costs, management and other professional fees but excluding
land allocation. Final costs to be determined by formal tender process.

For further information please contact:

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

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 $1.8 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.