Thursday, 28 March 2024

Announcement

GENERAL: GMT: GMT Invests Additional $107m into Auckland Industrial

10 Aug 2017 10:06NZX
Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), is pleased to announce a package of six new industrial development
projects totalling $107.0 million.

Goodman (NZ) Limited''s Chief Executive Officer, John Dakin said "The Auckland
industrial market is the strongest it''s ever been with historically low
vacancy creating significant opportunity for our business. We''re intensifying
GMT''s development programme to help meet customer demand and the commencement
of these new projects means the Trust will have over $170 million of building
work underway in Auckland."

The six new projects, which utilise over 10 hectares of development land,
will add 58,368 sqm of warehouse and office space to GMT''s 1,000,000 sqm
portfolio.

The package includes a combination of build-to-lease and pre-committed
industrial facilities that are expected to generate around $8.9 million of
additional revenue once fully leased.

John Dakin said "We''re executing a development led growth strategy that is
converting GMT''s land holdings into high quality, income producing
properties. Funded through asset sales it''s transforming the portfolio and
focusing our investment in the preferred Auckland industrial sector."

Following completion of all current and proposed projects, GMT''s Auckland
industrial weighting will have increased to over 78.0% of its total
portfolio, while its remaining land holdings will represent just 5.1%.

John Dakin said "The greatest level of development activity is being
undertaken at Highbrook Business Park with $70.5 million of new investment.
It continues the recent momentum at this key estate which is expected to be
over 90% complete within three years."

The Trust is also re-developing the Concourse Industry Park in Henderson. A
multi-unit development on the former boat building facility on the Selwood
Road site will modernise the property and extend the range of options
available to businesses wanting to access the improved motorway links
provided by the new Waterview tunnel.

A new warehouse at Savill Link in Otahuhu and an extension of the existing
Fliway facility at Westney Industry Park in Mangere complete the development
package.

John Dakin said "Positive market fundamentals and limited leasing options
within our own portfolio mean it is the right time to be intensifying the
development programme. The volume of new building activity should also ensure
we receive the most competitive construction pricing."

A schedule of the new development projects announced today is included as an
appendix to this release.

For further information please contact:
John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(09) 375 6063
(021) 321 541

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 $1.6 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 $2.4 billion, which
accommodates around 240 customers. The Trust holds an investment grade credit
rating of BBB from Standard & Poor''s.
End CA:00305319 For:GMT    Type:GENERAL    Time:2017-08-10 10:06:33
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