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Goodman Property Trust placement goes without a hitch

Goodman Property Trust reports it successfully placed $60 million of new units with local and offshore investors yesterday, as part of an $80 million equity-raising to help fund the $186.6 million buy-out of Auckland's Highbrook business park.

Allotment will occur on November 16. The placement was fully subscribed at the fixed issue price of $1.015625 cents per unit.

"Our institutional investors have recognised the value of the Highbrook transaction and the many benefits that it offers," says John Dakin, chief executive of Goodman (NZ), which manages the trust.

The company will seek a further $20 million from New Zealand-resident retail investors in an offer scheduled to open on November 30.

GMT units were unchanged at $1.06 in trading on the NZX yesterday.

(BusinessDesk)