Goodman (NZ) Ltd agrees to acquire a Christchurch property for $12.5 million

Comments Off | 12-10-2010

Goodman (NZ) Ltd, the manager of Goodman Property Trust, agreed to acquire a Christchurch property occupied by Carter Holt Harvey Packaging for $12.5 million. The 20,380sqm office and warehouse facility provides an estimated yield on cost of 10.5% and is expected to settle before 31 December 2010, the company said in a statement.

The nine year lease to Carter Holt Harvey, which is subject to fixed annual increases, still has 5.5 remaining with rights to extend the term to 12 years.

Peter Dufaur, general manager of development noted that it is a strategic acquisition that offers an attractive yield with future development potential, adding that the acquisition is further enhanced by the firm’s ownership of the neighboring property. The acquired property is located alongside the trust’s Glassworks Industry Park, and provides additional alternative access and future redevelopment options.

Shares in the trust were unchanged at 92 cents, and have declined 12.2% this year. The 9 year lease to Carter Holt Harvey Limited has a remaining term of 5.5 years with further rights of renewal that could extend the term by up to 12 years. The lease is subject to fixed annual increases. The 4.3 hectare property shares a common boundary with Glassworks Industry Park, providing alternative access and future redevelopment options.

Goodman is an integrated property group that owns, develops and manages industrial property and business space globally. The firm invests in business parks, office parks, industrial estates and warehouse and distribution centres. It also offers a range of property funds, giving investors access to its specialist services and property assets.

With total assets under management of A$16.2 billion (€11.4 billion, £9.1 billion) and 327 business space properties under management, Goodman is one of the world’s leading listed property groups. Its success is founded on the quality and integrity of its people and the long-term relationships it builds with its customers.

Carter Holt Harvey is Australasia’s leading forest products company, with significant interests in wood products, pulp, paper and packaging. Leading Carter Holt Harvey brands include Bestwood, Customwood, Ecoply, Kopine and Pinex, and the company’s packaging can be found in most supermarket aisles.

The Pulp & Paper business is comprised of four mills and two associated operational units, which work as a single integrated business. The four mills are Kinleith, Tasman, Whakatane, and Penrose, plus the operational units of Fullcircle and Lodestar.

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Posted in Foreign Direct Investment/FDI New Zealand, General, Real Estate New Zealand |

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