Goodman to sell five Christchurch sites
Sales to boost new developments.
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Hawke’s Bay
Goodman Property Trust [NZX: GMT] has put five of its Christchurch sites up for sale as the listed property investor embarks on up to $150 million worth of new development.
The Auckland-based trust wants to sell three buildings at its Glassworks Industry Park in Hornby and another two at the Show Place Office Park in Addington. The Glassworks industrial site is valued at $52.4 million, and the Show Place offices site is worth $107.8 million, according to Goodman's annual report.
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 its portfolio quality.
The Christchurch sales are part of Goodman's asset recycling to fund further development, and the investor expects to announce between $100 million to $150 million of new projects this financial year, the trust's manager Goodman (NZ) chief executive John Dakin says.
Goodman units rose 0.4% to $1.195 and have gained 4.4% since the start of the year.
(BusinessDesk)
Suze Metherell
Wed, 26 Aug 2015
Wed, 26 Aug 2015
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Goodman to sell five Christchurch sites
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