Ann: ASSET: GMT: GMT acquires new 16,000 sqm offi

• Release Date: 20/11/13 10:55
• Summary: ASSET: GMT: GMT acquires new 16,000 sqm office development
• Price Sensitive: No
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					GMT
20/11/2013 08:55
ASSET

REL: 0855 HRS Goodman Property Trust

ASSET: GMT: GMT acquires new 16,000 sqm office development

Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust") is pleased to announce that GMT has acquired the new head office
being developed for Fonterra in Auckland's Viaduct Precinct.

The 16,000 sqm campus style office is one of two low-rise commercial
buildings being developed by Goodman Group in conjunction with Fletcher
Building, owners of the leasehold interest in the site.

Keith Smith, Chairman and Independent Director of Goodman (NZ) Limited said:
"Through its relationship with Goodman Group, GMT has the exclusive
opportunity to own one of Auckland's most significant new office
developments. We're extremely pleased to be building a relationship with
Fonterra, one of the world's leading dairy companies, as they transition to
new business premises in the Wynyard Quarter."

Situated on Fanshawe Street, opposite Victoria Park and between the GMT-owned
Air New Zealand building and Viaduct Corporate Centre, the seven level
property will feature large flexible floor plates and incorporate
environmentally sustainable materials and energy efficient building systems
that support new, technology driven, workplace practices.

Fonterra has taken a 15 year lease over the building which includes naming
rights, underground car parks, and further rights of renewal. The ground
lease obligations to be borne by GMT have been structured to mirror the
occupational lease.

John Dakin, Chief Executive Officer of Goodman (NZ) Limited said: "This is a
unique opportunity for GMT to partner with leading New Zealand companies to
increase its investment in one of Auckland's most strategic real estate
locations. With a long-term lease to a high quality customer, the acquisition
will enhance the Trust's wider portfolio."

Fonterra Chief Executive Theo Spierings who, together with Fletcher Building
Chief Executive Officer Mark Adamson and John Dakin, attended a dawn ceremony
to bless the new site yesterday, said the ceremony was of special relevance
to the Co-operative.

"As a farming co-operative, we are closely linked to the land. The care and
sustainability of our local environments and communities are important to us
and are a key part of our strategy. That is why it is important that the
design of our new headquarters reflects an environmentally-conscious
approach."

GMT's purchase price of $92.6 million was established by independent
valuation and reflects an initial cash yield of 8.0%. GMT will pay a 5%
deposit with the balance due following completion of the project. Settlement
of the acquisition is expected to be February 2016.

More than 1,000 staff are expected to work in the new head office, while the
second building is being developed by Goodman Group on an uncommitted basis.

Together, the buildings will provide almost 25,000 sqm of rentable space
making it one of the largest commercial developments undertaken in Auckland
in the last five years.

For further information please contact:
John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(09) 375 6063
(021) 321 541

Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(09) 375 6077
(021) 305 316
End CA:00244040 For:GMT    Type:ASSET      Time:2013-11-20 08:55:20