Goodman and Singaporean fund buy $86.2m Wynyard property
Goodman and its Singaporean joint venture partner buy a big office building at Auckland's Wynyard Quarter
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Hawke’s Bay
NZX-listed Goodman Property Trust [NZX: GMT] will end up owning 51% of a new building on Auckland’s waterfront,with the balance held by Singapore’s sovereign wealth fund, GIC.
The site of the $86.2 million building has been cleared for earthworks and completion is expected during 2017.
It is being built by Fletcher Building and will be leased to Datacom, which has taken naming rights.
Goodman’s relationship with the Singaporean fund was set up last year via a joint venture called Wynyard Precinct Holdings, with plans to build an initial $300 million portfolio.
The Datacom building is the joint venture’s first acquisition.
It is on the corner of Gaunt and Daldy Sts, adjoining a planned park that will link Victoria Park to the Wynyard Quarter.
The building will have 15,328sq m of offices, 1407sq m of retail space and 152 car parks.
Datacom will consolidate its Auckland operations into the new offices and has taken a 15-year lease across five floors of the new building, representing about 80% of the total rentable area.
The acquisition is expected to provide a yield on cost of around 8.5% once fully leased. The estimated value, once fully leased, is forecast to be $90 million.
Chris Hutching
Fri, 27 Mar 2015
Fri, 27 Mar 2015
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Goodman and Singaporean fund buy $86.2m Wynyard property
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