Goodman sells Christchurch properties and development land

Total value of sales for the financial year are almost $280 million.

Goodman Property Trust, the NZX-listed commercial and industrial property investor, sold commercial buildings and associated development land in Christchurch to a local investor for $14 million.

This latest transaction brings the total value of sales for the current financial year to almost $280 million, the company said in a release to the stock exchange.

"An active sales programme is reducing debt and providing funding capacity for GMT's development activity. It's a strategy that is improving the quality of the portfolio and increasing investment in the favoured Auckland industrial market, a sector we expect to deliver superior growth," said chief executive John Dakin.

The unconditional sale is expected to settle before the end of March 2017.

GMT has a market capitalisation of around $1.6 billion and a property portfolio with a value in excess of $2.3 billion that accommodates more than 250 customers.

The units last traded at $1.175 and have fallen 3.7 percent over the past year.

(BusinessDesk)