GMT
18/02/2016 15:24
GENERAL
NOT PRICE SENSITIVE
REL: 1524 HRS Goodman Property Trust
GENERAL: GMT: GMT Expanding Savill Link
Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), is pleased to announce a new development commitment at Savill Link.
Coda Group LP, a leading New Zealand freight management business, has
committed to a 4,950 sqm warehouse extension at GMT's industrial estate in
Otahuhu. The new facility will also feature a 6,500 sqm freight canopy and
rail siding, providing direct access to KiwiRail services along the main
trunk line.
The warehouse extension is scheduled to complete in December 2016 while the
rail access is expected to be available from May 2016.
The project has an estimated total cost of $20.7 million (including land,
construction costs and all professional fees).
As part of the new commitment, Coda will extend its lease over the existing
8,051 sqm warehouse and office facility. The restructured lease is for a 10
year term, commencing in December 2016.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "Coda is an
important customer in the GMT portfolio and it is extremely pleasing to be
utilising Savill Link's rail access with this new development commitment.
With further expansion rights available to Coda, the integrated rail and road
distribution facility can be expanded by a further 8,000 sqm over time."
With this latest commitment GMT has now announced six new development
projects this financial year, providing over 46,000 sqm of rentable area.
With a total project cost of around $93.3 million these projects provide a
blended yield on cost of 7.5%.
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.
About Coda Group
Coda Group, a leading New Zealand freight management business, optimises
freight flows to create leaner, more efficient pathways to and from freight
hubs and key New Zealand ports. Coda specialises in connecting export cargo
flows, with import cargo flows, into one transport system, by better
co-ordinating road and rail movements.
The business, which employs more than 200 staff, provides end-to-end freight
management services, including import/export customs clearance, storage and
warehousing, cross-docking and container management services. Coda provides
services to over 70 major customers and partners with over 60 trucking
companies and KiwiRail.
Coda, a joint venture between Kotahi and Port of Tauranga launched in May,
brings together five of New Zealand's leading freight brands including DTL,
Tapper Transport, Priority Logistics, MetroPack and a 37.5 percent
shareholding in MetroBox.
Coda has introduced New Zealand's newest fleet of fully intermodal 25 foot
curtain-sided containers and is developing a new intermodal freight hub
network to support the flow of cargo around the supply chain.
For more information about Coda please visit www.codagroup.co.nz
End CA:00277894 For:GMT Type:GENERAL Time:2016-02-18 15:24:57
