Singapore fund buys half GMT's waterfront properties
The move has been slammed by NZ First leader Winston Peters who says New Zealand's own superannuation fund should be taking up such investments.
NZX-listed Goodman Property Trust has sold a 49% stake in its Viaduct Harbour developments to a Singapore’s sovereign wealth fund.
The move has been slammed by NZ First leader Winston Peters who says New Zealand’s own superannuation fund should be taking up such investments.
Goodman Property describes the move as a joint venture thaat may grow to $500 million eventually.
The partnership will initially own a portfolio of assets valued at $313 million.
The joint venture partner was introduced via Goodman (NZ), the manager of Goodman Property Trust.
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 deal is the first real estate investment for the Singapore fund and is subject to Overseas Investment Office approval.
Chris Hutching
Tue, 04 Nov 2014
Tue, 04 Nov 2014
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Singapore fund buys half GMT's waterfront properties
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