GMT Sells the Concourse for $35 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 Sells the Concourse for $35 million
Date
21 December 2018
Release
Immediate
Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or
“Trust”), is pleased to announce the sale of the Concourse in Henderson for
$35 million.
The industrial estate, adjoining SH16 in Auckland, has been sold to a local fund
manager in an off-market transaction following an unsolicited offer. The property
comprises 9,700 sqm of industrial space and 2.17 ha of development land.
James Spence, Director Investment Management said, “We’ve added significant value
since acquiring the asset in 2016, reconfiguring the layout, creating additional yard
space and securing new leases. It was a compelling offer from Stride and rather than
complete the development of this property we’ll be reinvesting in new opportunities
elsewhere in Auckland.”
The sale, which adds around 0.5 cents per unit to GMT’s net tangible asset backing, is
expected to settle in June 2019.
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 current value of $2.4
billion. The Trust holds an investment grade credit rating of BBB from Standard & Poor’s.