Listed trusts mix and match

By Chris Hutching

Friday 10th September 2004

Macquarie Goodman Property Trust this week announced the purchase of another Auckland property while confirming the sale of a shopping centre to Australian property fund manager, Multiplex, which has placed it in a new unlisted trust.

Listed Macquarie Goodman Property Trust is positioning itself as a major player in the industrial sector with an aggressive buying strategy that now includes the $21.9 million (9% yield) HSBC Centre in Albany, north of Auckland.

Macquarie Goodman Property Trust and co-investor Australian-listed Macquarie Goodman Industrial Trust now own 18 warehouses, distribution centres, industrial estates, and office parks worth $454 million.

Properties that Macquarie Goodman Property Trust has recently sold include Unisys House in Wellington for $44 million to Kiwi Income Property Trust and the recently-settled $40 million South City Shopping Centre in Christchurch.

The South City Shopping Centre was bought by Australian property fund manager, Multiplex, which has included the centre in a new unlisted investment fund seeking $63 million in public capital and specialising in New Zealand properties.

They include the ASB Bank building in Auckland (bought for $110 million last year) and the Foodland portfolio of seven retail and three industrial assets.

Valuations contained in the prospectus for the unlisted New Zealand Property Fund will reveal any recent capital gains or higher rental income from the 11 properties in the fund worth about $265 million.

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