Goodman Property's Highbrook Park attracts new $26.8m coolstore
The property firm development will add a new 7458sq m facility at the Highbrook site.
Goodman Property Trust [NZX: GMT], the country's second-biggest listed property investor, will build a new $26.8 million coolstore at its Highbrook Business Park site in Auckland.
The Auckland-based property firm development will add a new 7458sq m facility at the Highbrook site, which has eight new projects in the pipeline totalling $108.6 million, the trust's manager Goodman (NZ) said in a statement. The Highbrook projects are expected to generate annual rents of $8.6 million, a yield on cost of about 7.9%.
The customer signed a 15-year lease, and the new development has expansion rights attached.
"We're extremely pleased to be developing a new, larger coolstore for an existing refrigerated logistics customer at Highbrook," Goodman chief executive John Dakin said. "We are now more than two-thirds of the way through its planned development."
Goodman Property has been increasing its development work, including a joint venture with Singapore sovereign wealth fund GIC, after selling $150 million of properties last year as part of a strategy to improve the quality of its portfolio.
The trust's units last traded at $1.23, and have gained 7.9% this year. The stock is rated an average 'hold' based on six analyst recommendations compiled by Reuters, with a median price target of $1.17.
(BusinessDesk)
Paul McBeth
Wed, 15 Jul 2015
Wed, 15 Jul 2015
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Goodman Property's Highbrook Park attracts new $26.8m coolstore
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