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.
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