The Goodman Property Trust closed its $25 million retail capital-raising heavily oversubscribed on Tuesday and will allot the new units tomorrow.
Goodman sought $15 million at $2.10/unit, and up to $10 million in oversubscriptions. Applications exceeded that maximum of $25 million by $35 million – 140%.
Trust manager Goodman (NZ) Ltd’s chair, Keith Smith, said applications would be scaled and excess application money will be refunded next Friday.
He said retail investors’ overwhelming support was a positive endorsement of an investment strategy now exclusively focused on the Auckland industrial market.
The retail offer followed a $150 million placement, also fully subscribed.
The 2 unit issues follow Goodman’s $65 million acquisition of the T&G Global Ltd facility in Mt Wellington and $29 million purchase of 3 adjoining sites in Mangere.
27 September 2019: Goodman completes $94 million of purchases, opens retail capital-raising
Attribution: Company release.