Industrial property deal nets $38m
The deal comes hard on the heels of two similarly valued sales - with special audio feature.
Click the NBR Radio box for on-demand special feature audio: Colliers general manager Mark Macauley talks about Canterbury's investment property market
A property fund managed by Mainland Capital has bought three buildings from NZX-listed Goodman Property Trust [NZX: GMT] for $38 million.
The three properties are in the Goodman-owned Glassworks Industry Park, Hornby on the west of the city.
Tenants include MOVE Logistics, DHL, Packaging House, Cirtex and Bridgestone.
All the buildings were completed in 2014 to 100% of new building standard and have a staggered lease expiry profile.
In the biggest commercial office sale in Christchurch this year, Goodman Property Trust also recently sold the buildings mainly occupied by IAG’s Christchurch offices in Addington.
The buildings fetched $33.2 million, representing a 7.8% yield, and were bought by a group of Queenstown investors led by lawyer Ron Mackersy.
Earlier, in the biggest industrial property transaction in the South Island this year, Progressive Enterprises’s distribution centre in Christchurch was sold for $39.525 million to NZX listed property funds manager Augusta Capital.
Augusta is selling the property to investors in a syndicated sell down, due to close on December 15.
Augusta is seeking to raise $25.15 million in investor equity, of which $6 million will be subscribed by the vendor. The sell down is understood to be nearly full.
The three big deals have been brokered by a team led by Mark Macauley, general manager of Colliers in Christchurch.
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Chris Hutching
Mon, 07 Dec 2015
Mon, 07 Dec 2015
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Industrial property deal nets $38m
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