Sharechat Logo

Goodman Property scales unit purchase plan after oversubscription

Tuesday 8th January 2013

Text too small?

Goodman Property Trust, the second-biggest property investor on the NZX, has scaled its unit purchase plan after oversubscriptions top out.

The Auckland-based property investor has scaled applications to 77.95 percent after receiving$38.5 million of bids in the offer to unitholders, some $8.5 million above its limit, the company said in a statement. The UPP was seeking to raise $20 million at $1 per unit as part of an $80 million capital raising to partially fund its buy-out of Auckland's half-developed Highbrook Business Park.

Last year, Goodman Property raised the first $60 million from institutional investors in a private placement, meaning it raised a total of $90 million of new equity after the oversubscription.

The $186.6 million acquisition of the 100 hectare property in East Tamaki got investor approval last month after a special meeting.

Goodman Property is buying 25 percent of Highbrook Development from Goodman Group, the Australian parent of the trust's manager Goodman (NZ) and the remaining 25 percent from Fisher Highbrook, a company associated with the family of Woolf Fisher, the original owner of the land. The remaining 25 percent of Highbrook Business is being acquired from Fisher Highbrook.

Units in the property trust fell 0.5 percent to $1.015 in trading today. The stock is rated an average 'hold' based on six analyst recommendations compiled by Reuters, with a median target price of $1.041.

 

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Goodman Property plans $20.7 mln developments in Christchurch
Goodman Property plans new $22.4M building at Central Park development
Goodman Property expects to boost payments to unit holders in 2014, signals further investments
Goodman Property Trust records first increase in portfolio value since 2008
Goodman Property investors approve $186.6M Highbrook deal
Goodman Property Trust placement goes without a hitch
Goodman Property seeks $80M to help fund Highbrook buy-out
Goodman Property earnings fall 4.1% as tax bill rises
GMT Secures New 5 Year Debt Funding
GMT secures major design build commitment