GMT Active with new development and further sale

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT”), is pleased to announce further development progress at Highbrook Business Park, together with the disposal of a non-core industrial asset in Manukau.

Specialist building products and glass manufacturers, CSR Viridian (New Zealand) Limited, has committed to a purpose built warehouse and office facility totalling 6,517 sqm at Highbrook Business Park in East Tamaki.

Scheduled to complete in mid 2009, the new facility has an estimated total project cost of $11.8 million. The 12 year lease has further rights of renewal and includes an expansion option over adjoining land.

The development is being undertaken by Highbrook Development Limited, the joint venture entity in which GMT has a 50% interest.

Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “The attraction of our development estates and customer service model continues to draw high quality customers into the portfolio. This is the sixth development pre-commitment undertaken by the Trust and its development partners this financial year. The total value of all these new pre-commitments is $68.4 million.”

CSR Viridian (New Zealand) Limited is a subsidiary of the ASX-Listed company CSR Limited which operates sugar refining, building products, aluminium production and property businesses in Australia, New Zealand and Asia.

Goodman (NZ) Limited is also pleased to announce the sale by GMT of the APN News and Media Building in Manukau to a local syndicate for $15.6 million. John Dakin said, “The sale follows the Trust’s recent sale of its two Stanley Street properties and is consistent with the strategy of divesting smaller stand alone assets to strengthen the balance sheet and recycle the capital into other activities.”