Unitholders of Goodman Property Trust, the second-biggest property investor on the NZX, voted in favour of the acquisition of remaining shares in Auckland's Highbrook Business Park for $186.6 million in cash and shares.
The deal required a vote at an extraordinary meeting because the vendors are both related parties to the trust.
Ownership of the 100ha property in East Tamaki, which is currently a half-developed business park, is split between Highbrook Development and Highbrook Business Park Ltd, of which the trust already owned 50 percent and 75 percent respectively.
It is buying 25 percent of Highbrook Development from Goodman Group, the Australian parent of the trust's manager Goodman (NZ), and the remaining 25 percent from Fisher Highbrook, a company associated with the family of Woolf Fisher, the original owner of the land.
ASX-listed Goodman Group will be paid in units of the trust, listing its holding to about 20 percent from 16 percent. Fisher Highbrook will be paid in units and cash for its interests in the development.
To help fund the deal, the trust last month made a private placement to institutions raising $60 million investors was undertaken on November 13 and aims to raise a further $20 million via a unit purchase plan.
The transaction was deemed fair to non-Goodman unitholders in an appraisal report by Deloitte.
Units of the trust last traded at $1.025 and have gained 3.5 percent this year.