Goodman manager buys $40m block at Viaduct
The deal comes just a day after a controversial sale by NZX-listed Goodman Property Trust of part of its portfolio to Singapore interests.
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Hawke’s Bay
Viaduct Harbour Holdings has sold a 9793sq m block of land to ASX-listed property developer Goodman Group for $40.1 million just a day after a controversial sale by the connected NZX-listed Goodman Property Trust of part of its portfolio to Singapore interests.
The Viaduct land comprises a block bounded by Beaumont, Gaunt, Daldy and Pakenham St West and there are plans for four mixed use buildings of more than 45,000sq m.
Colliers’ John Green, director of corporate & institutional sales, marketed the property along with colleagues Peter Herdson and Andrew Reed.
The deal follows a five-week marketing campaign.
Paul Gunn, general manager property for Viaduct Harbour Holdings, says the offer was not the highest but his company decided to take the Goodman offer because of the company’s track record of successful developments.
Goodman Group is an ASX-listed company with $11 billion in international assets. It is an industrial property developer and investor in its own right and sometimes sells developments into NZX-listed Goodman Property Trust, of which it holds 20%.
Goodman Group also owns Goodman (NZ), the unlisted manager of the NZX-listed property trust. The New Zealand trust is this country's largest listed property investor by mamrket capitalisatiion.
Goodman Group also owns Goodman (NZ), the unlisted manager of the NZX-listed property trust. The New Zealand trust is this country's largest listed property investor by mamrket capitalisatiion.
This sale followed the sale yesterday by the New Zealand trust of a 49% share of its properties in Auckland's Viaduct Quarter to the Singapore government's sovereign wealth fund, GIC, for $153.6 million. GIC is a global investment firm with over US$100 billion assets under management.The Goodman trust and GIC expect the Viaduct portfolio to grow to $500 million.
The joint venture partner was introduced via Goodman (NZ). Goodman Property Trust several years ago acquired the Air New Zealand building and a 50% interest in Viaduct Corporate Centre in 2006.These initial investments were extended with the purchase of the new Fonterra building currently being developed by Goodman Group and Fletcher Building.
The Singaporean deal is pending approval from the Overseas Investment Office and certain approvals from the freehold land owner of the Air NZ and Fonterra buildings.
That deal has been strongly criticised by NZ First leader Winston Peters and several analysts.
Chris Hutching
Tue, 04 Nov 2014
Tue, 04 Nov 2014
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Goodman manager buys $40m block at Viaduct
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