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- Release Date: 24/04/12 14:48
- Summary: ASSET: GMT: Frucor commits to new development at M20 Business Park
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GMT
24/04/2012 12:48
ASSET
REL: 1248 HRS Goodman Property Trust
ASSET: GMT: Frucor commits to new development at M20 Business Park
Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), is pleased to announce a new development commitment at M20 Business
Park in Wiri.
Frucor Beverages Limited, a leading supplier of non-alcoholic drinks, has
committed to a new 17,150 sqm purpose built distribution facility at the
strategically located estate.
Scheduled to complete in March 2013, the development has an estimated total
project cost of $22.3 million (including land, construction costs and all
professional fees), providing a yield on cost of 8.6%.
Frucor is relocating its distribution operations from an older facility at
M20 Business Park, gaining greater efficiency from a tailored property
solution. The customer will also retain 2,438 sqm of existing office space
for a further 10 years. The current warehouse is likely to be reconfigured
and refurbished once vacated.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "Our
development programme continues to enhance the portfolio and we are extremely
pleased to have extended our relationship with Frucor for an additional 10
years. The new purpose-built facility will deliver increased flexibility and
productivity for this customer while providing strong returns to our
investors."
The new commitment follows the completion of the Kmart Distribution Centre
and the Bridgestone Warehouse during 2011 and lifts the amount of development
activity undertaken at M20 Business Park to more than 50,000 sqm.
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:00222149 For:GMT Type:ASSET Time:2012-04-24 12:48:45
