Goodman to sell five Chch sites to help fund up to $150 mln of new developments

Wednesday 26th August 2015

Goodman Property Trust has put five of its Christchurch sites up for sale as the listed property investor embarks on up to $150 million worth of new development.

The Auckland based investor wants to sell three buildings at its Glassworks Industry Park in Hornby and another two at the Show Place Office Park in Addington, said Colliers International, which is managing the sales. As at March 31, Goodman's Glassworks industrial site was valued at $52.4 million, and the Show Place offices site was worth $107.8 million, according to Goodman's annual report.

Goodman Property has been increasing its development work, including a joint venture with Singapore sovereign wealth fund GIC, after selling $150 million of properties last year as part of a strategy to improve its portfolio quality.

The Christchurch sales are part of Goodman's asset recycling to fund further development, and the investor expects to announce between $100 million to $150 million of new projects this financial year, said John Dakin, chief executive of the trust's manager Goodman (NZ).

Goodman units rose 0.4 percent to $1.195 and have gained 4.4 percent since the start of the year.

BusinessDesk.co.nz

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