Goodman Property sells three Christchurch sites for $18.9 mln

Tuesday 28th October 2014

Goodman Property Trust, the biggest listed property investor by market value, sold two industrial sites and an office building in Christchurch for $18.9 million to an undisclosed buyer.

The property investor sold two industrial properties at Glassworks Industry Park and a low rise office building at Southpark Industrial Estate in Christchurch to a private buyer, Auckland-based Goodman (NZ), which manages the trust, said in a statement. The property investor has sold about $65 million in assets this year as it looks to fund more than $100 million in new developments this year.

"These latest sales have been achieved at market leading yields, generating positive gains for the trust," said John Dakin, the manager's chief executive. "The capital is being recycled back into the portfolio, funding new office and industrial development projects in both Auckland and Christchurch.”

The sales come after talks with Quattro, an Australian investor floating a New Zealand property portfolio on the ASX, fell over. Quattro had been looking to buy Enterprise Park at Wiri and SuperCheap Auto, part of the Savill Link Estate in Otahuhu.

In September, Goodman sold its Carter Holt Harvey Packaging Facility in Christchurch for $16.37 million to an undisclosed buyer.

Units of Goodman rose 0.5 percent to $1.105 and have advanced some 12 percent this year, underperforming the NZX 50 Index's 12.6 percent gain. The stock is rated a 'sell' according to four out of six analysts surveyed by Reuters, and has a median price target of $1.04.

BusinessDesk.co.nz

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