GMT Secures Balance of Show Place Office Park

Goodman (NZ) Limited, the Manager of GMT is pleased to announce that the Trust has acquired the balance of Show Place Office Park (“Show Place”) in Addington, Christchurch from its joint venture partner.

GMT has acquired the remaining 50% interest in the entity that owns the premier office park development for an equity investment of $23.0 million. Show Place provides over 22,000 sqm of high quality office space and offers further potential with up to 7,000 sqm of additional space able to be developed.

The acquisition follows the decision of Ernest Henshaw, GMT’s joint venture partner to retire from property-market business activities. 

Goodman (NZ) Limited’s Chief Executive Officer, John Dakin said, “Show Place is a premium estate that accommodates many leading customers including state-owned enterprises, multi-national companies and local businesses. This strategic acquisition complements the wider portfolio and reinforces our commitment to the important Christchurch market.”

Consideration for the acquisition is a combination of GMT units and cash with a deferred settlement component as follows:

• $11,500,000 has been satisfied by the issue of 11,734,694 GMT units, at an issue price of $0.98 per unit.
• $11,500,000 will be paid in cash on 30 June 2013.

The structure and size of the acquisition means it has no material impact on the forecast operating earnings of the Trust or its overall gearing level.

For further information please contact:

John Dakin                                Scott Pritchard 
Chief Executive Officer              Fund Manager 
Goodman (NZ) Limited              Goodman (NZ) Limited
(09) 375 6063                          (09) 966 3653   
(021) 321 541                          (021) 431 581

Released on behalf of GMT by Network PR (Clare England) 021 615 915.