- Release Date: 18/02/16 15:24
- Summary: GENERAL: GMT: GMT Expanding Savill Link
- Price Sensitive: No
- Download Document 3.69KB
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
- Forums
- NZX - By Stock
- Ann: GENERAL: GMT: GMT Expanding Savill Link
Ann: GENERAL: GMT: GMT Expanding Savill Link
Featured News
Add GMT (NZSX) to my watchlist
The Watchlist
1CG
ONE CLICK GROUP LIMITED
Mark Waller, MD
Mark Waller
MD
Previous Video
Next Video
SPONSORED BY The Market Online