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Macquarie Goodman buys stake in two buildings

Monday 17th January 2005

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Macquarie Goodman Property Trust has bought a 50% stake in two recently completed buildings at The Gate Industry Park in Penrose, Auckland.

MGP bought a half-stake in two buildings in the development from the ASX-listed Macquarie Goodman Industrial Trust (MGI).

MGI managed the development of the two properties until their completion last month.

MGP's half-stake in the two buildings was bought for $6.8875 million with settlement effective from December 31 2004.

The purchase price was set by two unnamed valuers.

Norman Ellison Carpet holds a nine year lease on one of the buildings, with annual rent currently set at $460,000, while the other building is rented at $660,000 by Recall, which holds a 15 year lease.

The Gate Industry Park still has 22,000sq m of space that remained to be developed.

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