GMT - Indicative Margin & Minimum Interest Rate for Green Bonds

Monday 4th April 2022

Further to the announcement by GMT Bond Issuer Limited ("Issuer") (a wholly owned subsidiary of Goodman Property Trust ("GMT")) of an offer ("Offer") of up to NZ$100 million (with the ability to accept oversubscriptions of up to NZ$50 million at its discretion), of 5 year (maturing on 14 April 2027) fixed rate, senior secured green bonds ("Green Bonds"), the Issuer today announced indicative pricing for the offer.

The interest rate for the Green Bonds will be no less than the minimum interest rate of 4.50% per annum and the indicative margin range above the base rate for the Green Bonds is 1.15% to 1.25% per annum.

The margin and interest rate for the Green Bonds will be set following a bookbuild process, which is expected to be completed on 7 April 2022 and announced via NZX. The Offer opens today and is expected to close on 7 April 2022, with the Green Bonds expected to be issued on 14 April 2022.

The Green Bonds have a credit rating of BBB+ from S&P Global Ratings Australia Pty Limited ("S&P"). GMT has a long-term credit rating from S&P of BBB (stable outlook).

There is no public pool for the Offer, with all of the Green Bonds being reserved for clients of the Joint Lead Managers, Primary Market Participants and other approved financial intermediaries.

Full details of the Offer are contained in the product disclosure statement dated 24 March 2022 ("PDS"). The PDS is available at www.goodmangreenbonds.co.nz or by contacting a Joint Lead Manager or your usual financial advice provider, and must be given to investors before they decide to acquire any Green Bonds.

A copy of the indicative terms sheet (updated for the indicative margin and minimum interest rate set out above) has been provided to NZX with this announcement and that indicative terms sheet is also available through www.goodmangreenbonds.co.nz.

About Goodman Property Trust:

GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.4 billion, ranking it in the top 20 of all listed investment vehicles. GMT is New Zealand’s leading warehouse and logistics space provider. It has a substantial property portfolio, with a value of $4.3 billion at 30 September 2021. GMT also holds an investment grade credit rating of BBB from S&P Global Ratings.

The Manager of GMT is Goodman (NZ) Limited, a subsidiary of the ASX listed Goodman Group. Goodman Group is a A$68.2 billion specialist global manager of warehouse and logistics real estate.

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