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Goodman Property Trust expands to become country’s biggest

Goodman Property Trust is set to become the country’s largest listed property trust after its unit holders backed the purchase of a 50% holding in Auckland’s Highbrook Business Park.

Wednesday, December 5th 2007, 12:00AM

by The Landlord

Investors in the listed property trust also approved a resolution to raise $275 million in new equity.

With an estimated market capitalisation of $1.3 billion, the Trust specialises in industrial and business space.

Goodman has already received strong support from institutions, which fully subscribed to the $229 million on offer. The remaining $46 million being sought is being raised through the retail market at $1.43 a unit, the same price paid by institutions.

Chief executive John Dakin told the recent unit holders meeting that in the short time since proposing the acquisition, the Trust had signed up three additional new leases at Highbrook totalling 6,500sqm of office and industrial space.

The most significant of these is a new purpose built facility for Transtore, which has an estimated value of $7.6 million. 

“Once fully developed it is expected to have a value in excess of $1.2 billion and accommodate a workforce of up to 15,000 people.

“Through our 50% ownership we will share in already completed developments within the park, future properties as they are developed and 69ha of yet to be developed land.”

Dakin says the proposed investment package will increase unit holder cash distribution for 2009 by 1.5%, open up access to the superior yields from Highbrook’s development pipeline, increase the Trust’s ability to borrow by an additional $220 million, increase net tangible assets by 2 cents to $1.30 and advance the Trust’s eligibility to enter the NZX10 index.

« Office rents soar around the worldTrust's Chews Lane purchase questioned »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 ▼2.29 ▼2.59 ▼2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
Lender Flt 1yr 2yr 3yr
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.79 3.04 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 2.79 2.79 3.15
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.29 2.29 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.79 2.99 2.80

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