8 Jun 2015

'Good sound business expansion'

1:58 pm on 8 June 2015

Goodman Property Trust has announced four new industrial projects in Auckland.

The property developer is selling assets and reinvesting the money to speed up its development plans, worth between $100 and $150 million a year.

Trust chief John Dakin said the four new industrial projects will cost a combined $45.8 million, which will add an additional 27,000-plus square-metres of rentable area to the trust's investment portfolio.

Mr Dakin said the properties include a new industrial space for Orora Packaging, Holden and Veridian Glass, which are expected to generate around $3.4 million dollars in annual rental income.

"Ít's just evidence of some good sound business expansion"

The projects are expected to be finished next year.

The Trust's wholly owned subsidiary, GMT Bond Issuer, has announced an offer of $75 million of fixed rate, senior secured bonds, with the ability to accept another $25 million in oversubscriptions.

The bonds will mature in seven years and are being offered in a range of between 1.25 and 1.4 percent, to be set on 16 June, following a bookbuild.

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