Goodman Property Trust may sell $100M of bonds to diversify funding

Goodman Property Trust, the country's biggest listed property investor by market value, is considering offering as much as $100 million of retail bonds to diversify its funding.

Goodman Property may offer $75 million of bonds with oversubscriptions of $25 million, the property trust's manager, Goodman (NZ), said in a statement. The bonds would mature Dec. 4, 2020.

Full details will be released later this month and the offer will open early December, the company said.

Bank of New Zealand and Deutsche Craigs have been appointed joint lead managers and Forsyth Barr is co-manager of the proposed offer.

Units in the property trust last traded at $1.03, and have gained 2 percent so far this year.

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