Revenue:Net property income up 13.5% to $230.5 million
Cash distributions: Up at 6.5c from 6.2c the prior year
Main takeaway: Sale of a minority 27.7% stake in industrial Highbrook Business Park estate, to pay down debt and pursue property expansion.
Fund manager Mercer and property investor Goodman Group will take $150 million and $200m stakes respectively for a minority 27.7% of a new Highbrook Fund from Goodman Property Trust (GMT).
The $350m price tag for the fund gives the 78-building East Tāmaki Highbrook Business Park an implied value of
