Goodman Property Trust manager Goodman (NZ) Ltd said yesterday it had completed the $65 million acquisition of the T&G Global Ltd facility in Mt Wellington and $29 million purchase of 3 adjoining sites in Mangere.
The trust also opened its $15 million retail equity offer yesterday, to support 5 new industrial developments with a total project cost of $74.9 million.
The Overseas Investment Office approved Goodman’s acquisition of 42, 60 & 70 Favona Rd in Mangere on 13 September. The 7ha site backs on to the Manukau Harbour and is predominantly leased to T&G Global. Goodman sees the potential to develop 30,000m² of new warehouse space there.
In Mt Wellington, the 5.8ha T&G Global headquarters property at 2-6 Monahan Rd has just 31% site coverage, including 17,989m² of warehouse & office space.
Goodman closed a $150 million placement fully subscribed a week ago and launched its retail offer yesterday. It’s seeking $15 million of new equity – and up to $10 million more in oversubscriptions – at $2.10/unit, the same price as the placement. NZ-resident unitholders will be able to subscribe for up to $50,000 of new units.
Applications will close on Friday 18 October and Goodman expects to allot the new units on 24 October.
23 September 2019: Revaluation boosts Goodman placement, retail offer out Thursday, 5 new projects
18 September 2019: Goodman launches 2 equity initiatives, plans 5 new buildings
15 September 2019: Update: Goodman’s Mangere buy gets OIO approval
13 September 2019: Goodman buys industrial 5.8ha at Mt Wellington
Attribution: Company releases.