Ann: GENERAL: GMT: New development and leasing ac

• Release Date: 27/11/13 12:41
• Summary: GENERAL: GMT: New development and leasing activity at Highbrook
• Price Sensitive: No
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					GMT
27/11/2013 10:41
GENERAL

REL: 1041 HRS Goodman Property Trust

GENERAL: GMT: New development and leasing activity at Highbrook

Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), is pleased to announce new development and leasing activity at
Highbrook Business Park.

Leading glass and glazing supplier Metropolitan Glass and Glazing Limited
(Metroglass) has committed, subject to obtaining consents, to a new 16,500
sqm warehouse, office and showroom facility (on a 25,465 sqm corner site) at
the northern edge of the estate.

Metroglass is a major manufacturer and supplier of flat glass products and
glazing services to the building and retail sectors. The new facility will
consolidate their Auckland manufacturing and distribution functions in one
central location.

Metroglass has also secured expansion rights over adjoining land.

Scheduled to complete in September 2014, the project has an estimated total
cost of $25.2 million. The 15 year lease is set at market rental levels and
includes fixed annual increases.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "Customer
enquiry continues to improve as business confidence strengthens and we are
extremely pleased to be announcing another new development commitment. The
facility for Metroglass is the sixth new project we have announced at
Highbrook this year, building on the momentum created with the earlier
commitments from Big Chill, Contract Logistics, Trio, Viridian and the
expansion and reconfiguration of the Just Group facility."

These projects will provide almost 34,000 sqm of high quality business space
to the portfolio and contribute more than $4.4 million of annual rental, on a
blended yield of 8.1%, once complete.

The Trust has also recently completed The Crossing, a mixed use development
at Highbrook, which was opened by the Prime Minister at an official ceremony
on 18th October 2013. Following a new office lease to industry training
specialists, The Skills Organisation the first phase of this commercial,
retail and hospitality precinct is now 90% leased.

John Dakin said "We are more than halfway through the planned development at
Highbrook and are excited by the progress that has been achieved to date. We
expect The Crossing to be a further catalyst that helps drive the next phase
of our development programme."

Strong leasing results have also been achieved elsewhere at Highbrook with
packaging suppliers, Charta Packaging Limited, committing to a long term
lease over a 10,047 sqm industrial facility previously occupied by GEON.

For further information please contact:
Murray Barclay
General Manager - Property
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 New Zealand's leading industrial and business space provider. It has a
substantial property portfolio, with a value of $2.0 billion.

It is a high quality business with an investment grade corporate credit
rating of BBB from Standard & Poor's.

GMT is an externally managed unit trust, listed on the NZX. It has a market
capitalisation in excess of $1.2 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 17.5%.
End CA:00244358 For:GMT    Type:GENERAL    Time:2013-11-27 10:41:03