20 May 2015

Property trust posts record profit

2:06 pm on 20 May 2015

Goodman Property Trust has lifted its annual profit by a third.

Goodman Property Trust has sold its industrial facility at Wiri for $53.2m.

Goodman Property Trust sold its industrial facility at Wiri for $53.2 million in December 2014. Photo: Supplied

The property developer made a record high profit of $179.7 million in the year to the end of March, an increase of 34 percent compared with the previous year.

Rental income rose 5 percent to $134.7 million, while the value of its property portfolio rose 3 percent to $2.2 billion.

New Zealand's largest property trust sold $149 million in assets and reinvested $112 million in new, as well as ongoing property developments.

Goodman Property Trust's manager John Dakin said that strategy would continue.

"We expect to do development starts of around $100 to $150 million in the next 12 months and probably a similar level of sales."

"The reality is trying to buy good assets on markets is incredibly challenging, so our strategy is effectively to create our own assets for long-term ownership," he said.

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