Goodman Property scales unit purchase plan after over-subscription

Goodman Property Trust, the second-biggest property investor on the NZX, has scaled its unit purchase plan after over-subscriptions top out.

The Auckland-based company has scaled applications to 77.95 percent after receiving $38.5 million of bids in the offer to unit-holders, some $8.5 million above its limit, the company says in a statement.

The UPP was seeking to raise $20 million at $1 per unit as part of an $80 million capital raising to partially fund its buy-out of Auckland's half-developed Highbrook Business Park.

Last year, Goodman Property raised the first $60 million from institutional investors in a private placement, meaning it raised a total of $90 million of new equity after the over-subscription.

The $186.6 million acquisition of the 100ha property in East Tamaki got investor approval last month after a special meeting.

Goodman Property 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 Sir Woolf Fisher, the original owner of the land.

The remaining 25 percent of Highbrook Business is being acquired from Fisher Highbrook.

Units in the property trust fell 0.5 percent to $1.015 in trading today. The stock is rated an average "hold" based on six analyst recommendations compiled by Reuters, with a median target price of $1.041.

(BusinessDesk)

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7820 -0.0012 -0.15%
AUD 0.9158 0.0010 0.11%
EUR 0.6272 -0.0004 -0.06%
GBP 0.4981 -0.0001 -0.02%
HKD 6.0655 -0.0075 -0.12%
JPY 92.1290 -0.1290 -0.14%

Commods

Commodity Price Change Time
Gold Index 1197.1 1.400 2014-11-25T00:
Oil Brent 80.1 -0.140 2014-11-25T00:
Oil Nymex 74.1 -1.660 2014-11-25T00:
Silver Index 16.6 0.170 2014-11-25T00:

Indices

Symbol Open High Last %
NZX 50 5442.7 5465.6 5442.7 0.37%
NASDAQ 4762.4 4774.5 4754.9 0.07%
DAX 9790.0 9921.5 9785.5 0.77%
DJI 17819.0 17854.7 17817.9 -0.02%
FTSE 6729.8 6750.9 6729.8 0.02%
HKSE 23833.2 23912.2 23843.9 0.11%
NI225 17348.0 17399.5 17407.6 -0.07%