13 Nov 2012

Goodman Property Trust profit up

12:38 pm on 13 November 2012

Goodman Property Trust has lifted its half year profit by 9% to $31.6 million and announced a major investment and plans to raise more capital.

The property investment company says profit in the six months to September rose by $2.5 million from the same period last year, due to new developments and modest rental growth.

It unveiled plans to buy the remaining half of Highbrook Business Park, a joint venture in Auckland, from Fisher and its parent, Goodman Group, for $190 million.

Goodman chief executive, John Dakin said the acquisition comes at a time when investor sentiment is improving despite the flat economy.

He said the Highbrook acquisition will be partly funded by raising $80 million in capital.