GMT Acquires Strategic Mangere Site for $29 million

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 Acquires Strategic Mangere Site for $29 million
Date
5 December 2018
Release
Immediate
Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or
“Trust”), is pleased to announce the conditional purchase of an industrial
property in Mangere for $29 million.
Comprising three adjoining sites at 42, 60 and 70 Favona Road, the seven-hectare
property is predominantly leased to T&G Global Limited. Currently operated as a market
garden the property features a 2,279 sqm warehouse and 41,790 sqm glasshouse,
together with associated office and coolstore space.
James Spence, Director Investment Management said, “While we are continually
investing in GMT’s development programme, we are also looking at strategic
acquisitions that complement the portfolio. Leased until June 2023, this property offers
longer term opportunity with the potential to develop 30,000 sqm of new warehouse
space. Providing direct access to SH20 and easy connectivity with the CBD, port and
airport the location is ideal for logistics operators.”
The acquisition is conditional on Overseas Investment Office approval.
For further information please contact:
James Spence
Director Investment Management
Goodman (NZ) Limited
(021) 538 934

Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(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 $2.0 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 space provider. It has a substantial property portfolio, with a value of $2.3 billion at
30 September 2018 after adjusting for contracted sales. The Trust holds an investment grade credit rating of BBB from
Standard & Poor’s.

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 1:
Aerial image showing boundary of 42, 60 and 70 Favona Road, Mangere.