Kiwibank exits Goodman Property's $600m lending syndicate

Andy Eakin, Goodman Property Trust Chief Financial Officer
Goodman Property Trust 12-month price history (NZX.com)

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Kiwibank has exited a five-year, $30 million, lending relationship with Goodman Property Trust [NZX: GMT], New Zealand's largest listed property investor with the remaining 'big four' banks to boost their funding to $150 million each.

The property trust's $600 million lending syndicate is now evenly split across the Commonwealth Bank of Australia, Westpac Banking Corp, Australia & New Zealand Banking Group and National Australia Bank, the Auckland-based property investor's manager said in a statement. Kiwibank exited the syndicate, withdrawing $30 million in funds.

"Their business saw opportunities elsewhere, and we were very happy to help facilitate them leaving," said Andy Eakin, chief financial officer of the trust's manager Goodman (NZ). "'Kiwibank have been a very supportive lending partner to the trust, committing to the business at a time when global credit markets were stressed and corporate lending was difficult to secure."

It had been a "positive relationship", Eakin said, and he hoped to work with the bank again.

Goodman lifted distributable earnings after tax, a measure of profit that strips out valuation movements, 10 percent to $92.9 million in the year ended March 31, as rental income came on stream from new acquisitions, and flagged asset sales to fund future developments.

Units in the trust gained 0.5 percent to $1.075.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

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

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7179 -0.0061 -0.84%
AUD 0.9379 0.0014 0.15%
EUR 0.6558 -0.0088 -1.32%
GBP 0.4688 -0.0028 -0.59%
HKD 5.5677 -0.0483 -0.86%
JPY 88.9640 -0.6160 -0.69%

Commods

Commodity Price Change Time
Gold Index 1185.6 0.900 2015-05-27T00:
Oil Brent 62.7 -1.190 2015-05-27T00:
Oil Nymex 57.6 -0.470 2015-05-27T00:
Silver Index 16.6 -0.099 2015-05-27T00:

Indices

Symbol Open High Last %
NZX 50 5757.9 5777.6 5757.9 0.34%
NASDAQ 5096.3 5106.6 5106.6 -0.17%
DAX 11716.1 11773.8 11771.1 -0.79%
DJI 18154.1 18154.1 18163.0 -0.20%
FTSE 7033.3 7049.6 7033.3 0.11%
HKSE 28162.2 28162.2 28081.2 -2.23%
NI225 20590.3 20655.3 20472.6 0.39%