Approval for Viaduct property joint venture
Goodman and GIC expect the Viaduct portfolio to grow to $500 million.
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Overseas Investment Office approval has been granted to Singapore’s GIC to join Goodman Property Trust [NZX: GMT] as a joint venture capital partner investing in Auckland’s Viaduct Quarter.
The wealth fund has bought a half stake in a $313 million portfolio that contains some of the Viaduct Quarter’s newest commercial buildings, inciudng Viaduct Corporate Centre, Air New Zealand House and the new Fonterra headquarters under construction. GIC is a global investment firm with more than $100 billion in assets under management.
Goodman and GIC expect the Viaduct portfolio to grow to $500 million.
Goodman chief executive John Dakin says the Viaduct Quarter is a proven investment location that has new opportunities with council initiatives and private development transforming the former marine and industrial areas into a mixed-use waterfront precinct.
“The introduction of a strong aligned capital partner will enable Goodman Property Trust to extend and diversity its portfolio maintaining a long-term investment of about $250 million.
The joint venture will settle next month.
Sally Lindsay
Wed, 28 Jan 2015
Wed, 28 Jan 2015
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Approval for Viaduct property joint venture
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