Along with its notice of 1.935 cents a unit cash distribution being paid to its investors, Goodman Property Trust has told investors how it leased more of its portfolio out and bought out the entirety of a Christchurch office park.The listed property vehi
Along with its notice of 1.935 cents a unit cash distribution being paid to its investors, Goodman Property Trust has told investors how it leased more of its portfolio out and bought out the entirety of a Christchurch office park.
The listed property vehicle recently announced it completed a $45 million seven year wholesale bond issue.
With a weighted average lease term of five and a half years, the trust secured 28,000sq m of leases to take its total portfolio occupancy to 95%.
New leases included Shears and Mac 4 committing to a twelve year lease for 6,590sq m at its Penrose property The Gate Industry Park.
At its Greenlane property Central Park Corporate Centre, ADT Armourguard renewed nearly 4000sq m for six more years.
In June the trust bought the remaining 50% of Christchurch property Show Place Office Park for $23 million to make it the sole owner.
The property is 22,000sq m with another 7,000sq m that could be developed later.
“It is a premium estate where the latest buildings have been designed to a much higher earthquake standard than required under the building code,” chief executive John Dakin said in an NZX announcement.
“Despite the intensity of the recent earthquake and its aftershocks the estate performed as it was designed to, ensuring the safety of customers and the continuation of their business operations.”
Since June, Goodman secured bank Westpac and insurer AMI at the Show Park Office Place property, which signed up to about 3000sq m on short term leases – part of the trust’s plan to tenant property in the earthquake-affected region.
“A flexible leasing strategy and a quick response from the property services team has ensured that the accommodation needs of local businesses disrupted by the earthquake can be met,” Mr Dakin said.
“Short term leasing activity is continuing with a variety of customers committing to space at Show Place Office Park and Glassworks Industry Park as a result.”
At press time its share price was down slightly to 95 cents a unit.
