- Release Date: 14/04/14 12:10
- Summary: ASSET: GMT: Customer Partnerships Driving New Development Demand
- Price Sensitive: No
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GMT 14/04/2014 10:10 ASSET REL: 1010 HRS Goodman Property Trust ASSET: GMT: Customer Partnerships Driving New Development Demand Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or "Trust"), is pleased to announce three new design build projects, continuing the strong momentum in its development programme. The new facilities, which add 28,430 sqm of industrial space to the Trust's investment portfolio, broaden its relationship with existing customers Steel & Tube Holdings Limited and Ford New Zealand. The three industrial developments, which have a combined total cost of $44.4 million (including land, construction costs and all professional fees), will be funded through GMT's existing debt facilities and a continuation of its asset disposal programme. Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "Steel & Tube and Ford are the latest customers to extend their property requirements with us and we are extremely pleased to be facilitating their business growth. There has been a sustained lift in the level of development activity being undertaken by the Trust over the last 18 months and we are accelerating our development programme in both Auckland and Christchurch to meet demand." The Trust has announced fifteen new developments since early 2013 (including those announced today). These projects, which have a combined total cost in excess of $165 million, are expected to provide a blended yield of 8.2% once fully leased and income producing. It is value enhancing activity that is forecast to deliver valuation gains of between 10% and 15% when completed. The two new facilities being built for Steel & Tube at Savill Link in Otahuhu and Highbrook Business Park in East Tamaki are due to complete in November 2014 and February 2015 respectively. Following the completion of these projects, Steel & Tube will be GMT's eighth largest customer providing around 2.0% of annual rental income. Ford has also committed to a new warehouse at Highbrook Business Park relocating its parts warehouse from smaller premises at GMT's, M20 Business Park in Wiri. The decision to relocate to a new 10,150 sqm warehouse, close to its head office premises on Highbrook Drive, reinforces the park's reputation as one of Auckland's premier business locations. The 10 year lease is due to commence in April 2015 and features fixed review structures. 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:00249444 For:GMT Type:ASSET Time:2014-04-14 10:10:49
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