GMB
14/03/2016 11:10
FORECAST
PRICE SENSITIVE
REL: 1110 HRS GMT Bond Issuer Limited
FORECAST: GMB: Valuation Gain Of Around $135 million For GMT
Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), has announced that GMT's financial result for the year ending 31
March 2016 is expected to contain a significant property revaluation.
The preliminary result indicates that GMT will record a gain of around $135
million, or more than 6%. The movement follows the independent valuation of
the Trust's property portfolio and receipt of draft valuation reports.
John Dakin, Chief Executive Officer said, "This is a record result that
reflects the quality of the portfolio and the strength of investor demand.
With local and offshore investors competing for prime assets the
capitalisation rate applied to the portfolio has firmed half a percent to
7.0%. The resulting movement in property values is expected to add around 10
cents per unit to GMT's Net Tangible Asset backing."
The expected gain remains subject to finalisation and independent audit and
will be confirmed with the Trust's annual result, expected to be announced on
19 May 2016.
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
About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market
capitalisation of around $1.5 billion, ranking it in the top 15 of all listed
investment vehicles. The Manager of the Trust is a subsidiary of the ASX
listed Goodman Group, Goodman Group are also the Trust's largest investor
with a cornerstone unitholding of 20.62%.
GMT is New Zealand's leading industrial and business space provider. It has a
substantial property portfolio with a value in excess of $2.1 billion that
accommodates more than 250 customers. The Trust holds an investment grade
credit rating of BBB from Standard & Poor's.
End CA:00279199 For:GMB Type:FORECAST Time:2016-03-14 11:10:39
