Goodman sells Enterprise Park in Wiri for $53.2 million

Tuesday 16th December 2014

Goodman Property Trust, New Zealand's largest listed property investor by market value, has sold Enterprise Park in Wiri for $53.2 million to an undisclosed buyer.

The sale was higher than the $50 million value ascribed to the 600,000 square metre South Auckland based industrial park as at Sept. 30 in the Auckland based company's interim report. The buyer was a local private investor and the sale brings Goodman's total disposal of properties in the first nine months of the 2015 financial year to $150 million, it said in a statement.

The deal comes after talks with Quattro, an Australian investor planning to float a New Zealand based property portfolio on the ASX, fell through. Goodman has been selling non core assets to fund development.

“Financing new development and investment activity through asset recycling is facilitating the trust’s business growth," John Dakin, chief executive of the trust's manager, Goodman (NZ), said. "The Enterprise Park sale continues a successful asset disposal programme that is delivering strong profits while allowing us to accelerate the trust’s development programme. It’s a value adding strategy that is converting the trust’s strategic land holdings into high quality, income producing, industrial and office park assets.”

In October Goodman sold two industrial sites and an office building in Christchurch for $18.9 million to an undisclosed buyer, following the September sale of its Carter Holt Harvey Packaging Facility in Christchurch for $16.37 million to an undisclosed buyer.

Last month, it entered a joint venture with Singapore's GIC to co-invest in its Auckland Viaduct Quarter development valued at $313 million.

Units of the trust fell 0.9 percent to $1.10 and have gained 14 percent since the start of the year.

BusinessDesk.co.nz

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