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)

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)

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

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7864 -0.0021 -0.27%
AUD 0.9123 0.0039 0.43%
EUR 0.6320 -0.0055 -0.86%
GBP 0.5007 -0.0035 -0.69%
HKD 6.0969 -0.0228 -0.37%
JPY 93.0180 0.1320 0.14%

Commods

Commodity Price Change Time
Gold Index 1201.1 7.690 2014-11-21T00:
Oil Brent 78.6 -0.120 2014-11-21T00:
Oil Nymex 76.5 0.710 2014-11-21T00:
Silver Index 16.4 0.260 2014-11-21T00:

Indices

Symbol Open High Last %
NZX 50 5471.7 5471.7 5471.7 -0.32%
NASDAQ 4725.2 4755.0 4713.0 0.89%
DAX 9722.3 9832.4 9732.5 0.54%
DJI 17812.6 17855.3 17810.1 0.04%
FTSE 6750.8 6764.0 6750.8 -0.31%
HKSE 23883.3 23936.3 23437.1 1.95%
NI225 17285.7 17381.6 17300.9 0.33%